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� � ' , <br /> .,- �', , �; . <br /> Section 8. Liability for Bonds. All bonds issued under and <br /> pursuant to this Ordinance shall be limited obligations .of the municipality <br /> payable solely out of the revenues and receipts derived from the pro�ect <br /> with respect to which such bonds are issued. No holder of any bonds issued <br /> under this Ordinance has the right to campel any exercise of taxing power <br />' of the municipality to pay the bonds, the interest or premium, if any, <br /> thereon, and the bonds do not constitute an indebtedness of the municipality <br /> or a loan of credit thereof within the meaning of any constitutional or <br /> statutory provision. It shall be plainly stated on the face of each bond <br /> that it has been issued under the provisions of this Ordinance and that <br /> it does not constitute an indebtedness of the municipality or a loan of <br /> credit thereof within the meaning of any constitutional or statutory <br /> provisions. <br /> Section 9. Investment of Funds. The municipality, or any <br /> trustee on behalf of the municipality, may invest any funds held by it <br /> pursuant to this Ordinance in bonds, notes, certificates of indebtedness, <br /> treasury bills or other securities constituting direct obligations of <br /> the United States of America; in certificates of deposit or time deposits <br /> constituting direct obligations of any bank as defined by the Illinois <br /> Banking Act, as heretofore and hereafter amended, provided, however, that <br /> investments may be made only in those certif icates of deposit or time <br /> deposits in banks which are insured by the Federal Deposit Insurance <br /> Corporation, if then in existence; or in short term discount obligations <br /> of the Federal National Mortgage Association. Any such securities may <br /> be purchased at the offering or market price thereof at the time of such <br /> purchase. <br /> Section 10. Exemption from Construction and Bidding Require- <br /> ments for Public Buildin�s. The acquisition and construction of a pro�ect <br /> shall not be sub�ect to any requirements relating to public buildings, <br /> structures, grounds, works or improvements imposed by the Illinois Revised <br /> Statutes or any other similar requirements which may be lawfully waived by <br /> this section and any requirement of competitive bidding or restriction <br /> imposed on the procedure for award of contracts for such purpose or the <br /> lease, sale or other disposition of property of the municipality is not <br /> applicable to any action taken under authority of this Ordinance. <br /> Section 11. Powers Conferred as Additional and Supplemental - <br /> Limitations Imposed - Effect. The powers conferred by this Ordinance are <br /> in addition and supplemental to, and the limitations i.mposed by this <br /> Ordinance shall not affect, the powers conferred by any law or any other <br /> ordinance. Projects may be acquired, purchased, constructed, reconstructed <br /> i.mproved, bettered, equipped, extended and financed, and bonds may be <br /> issued under this Ordinance for such purposes, notwithstanding that any law <br /> or any other ordinance may provide for the acquisition, purchase, construc- <br /> tion, reconstruction, improvement, equipping, betterment, extension and <br /> financing of a like project, or the issuance of bonds for like purposes, <br /> and without regard to the requirements, restrictions, li.mitations or other <br /> - provisions contained in any law or any other ordinance. <br /> Section 12. Severability Clause. The provisions of this <br /> Ordinance are severable and if any of its provisions or any sentence, <br /> clause or paragraph shall be held unconstitutional by any court of competent <br /> jurisdiction, the decision of such court shall not affect or impair any <br /> of the remaining provisions. <br /> -5- <br />