78-137 AUTHORIZING PROVISION OF HOME RULE MORTGAGE FINANCING AND PROVIDING ISSUANCE OF REVENUE BONDS

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. � �� (6) To issue its bonds to refund in whole or in part at any time bonds theretofore issued by the munici- pality under authority of this Ordinance. (7) To make and execute contracts and other instruments necessary or convenient to the exercise of any of the powers granted herein. Bonds shall not be issued under the powers granted by this Ordinance unless such bonds are rated "A" or better by one of the nationally recognized rating agencies. Section 4 . Exercise of Powers, Bonds. The exercise of any or all powers granted by t is Ordinance may be authorized, and the bonds may be authorized to be issued under this Ordinance, for the purposes set forth in this Ordinance, by ordinance of the governing body of the municipality, and said ordinance may be adopted at the same meeting at which it is introduced and shall take effect immed- . iately upon adoption. Any such ordinance shall set forth a legislative finding and declaration (i) of the public purpose therefore and (ii) that such ordinance is being enacted pursuant to the powers granted by this Ordinance. The bonds shall bear interest at such rate or rates , may be payable at such times, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding 40 years from their respective dates, may be payable in such medium of payment at such place or places, may carry such registration privileges, may be subject to such terms of redemption at such premiums, may be executed in such manner, may contain such terms , covenants and conditions, may be in such form, either coupon or registered, and may bear such name as such ordinance may provide. The bonds may be sold at private sale in such manner and upon such terms as may be provided in such ordinance. Pending the preparation of definitive bonds, interim receipts or certificates in such form and with such provisions as may be provided in such ordinance, may be issued to the purchaser or purchasers of bonds sold pursuant to this Ordinance. The bonds and interim receipts or certificates shall be deemed to be securities and negotiable instruments within the meaning and for all purposes of the "Uniform Commercial Code. " Section 5 . Covenants in Bonds. Any ordinance authorizing the issuance of bonds authorized under this Ordinance may contain covenants as to (a) the use and disposition of the revenues and receipts from any home mortgages for which the bonds are to be issued, including the creation and maintenance of reserves ; (b) the insurance to be carried of any home, home mortgage or bonds and the use and disposition of insurance moneys; (c) the appointment of one or more banks or trust companies within or outside the State of Illinois , having the necessary trust powers , as trustee and/or custodian for the benefit of the bondholders , paying agent or bond registrar; (d) the investment of any funds held by such trustee or custodian; (e) the maximum interest rate payable on any home - 5 -