(20 ILCS 3501/820-45)
Pledge of Revenues by the Authority.
Any pledge of revenues
other moneys made by the Authority shall be binding from the time the pledge is
made. Revenues and other moneys so pledged shall be held outside of the State
treasury and in the custody of either the Treasurer of the Authority or a
trustee or a depository appointed by the Authority. Revenues or other moneys so
pledged and thereafter received by the Authority or such trustee or depository
shall immediately be subject to the lien of the pledge without any physical
delivery thereof or further act, and the lien of any pledge shall be binding
against all parties having claims of any kind of tort, contract or otherwise
against the Authority, irrespective of whether the parties have notice thereof.
Neither the resolution nor any other instrument by which a pledge is created
need be filed or recorded except in the records of the Authority.
The State does pledge to and agree with the holders of bonds, and the
owners of the local government securities, that the State will not limit or
restrict the rights hereby vested in the Authority to purchase, acquire, hold,
sell or dispose of local government securities or other investments or to
establish and collect such fees or other charges as may be convenient or
necessary to produce sufficient revenues to meet the expenses of operation of
the Authority, and to fulfill the terms of any agreement made with the holders
of the bonds or the beneficial owners of the local government securities or in
any way impair the rights or remedies of the holders of those bonds or the
beneficial owners of the local government securities until such bonds or local
government securities are fully paid and discharged or provision for their
payment has been made.
(Source: P.A. 93-205, eff. 1-1-04.)