(45 ILCS 35/80)
(from Ch. 85, par. 6248-80)
Bonds and notes payable from revenue.
(a) The bonds issued by the board pursuant to this Act shall be
authorized by resolution of the board
and shall be either term or serial bonds, shall bear the date, mature
at the time (not exceeding 40 years from their respective dates), bear
interest at the rate (not exceeding the rate permitted under the Bond
Authorization Act or the rate authorized by another state within the
greater metropolitan area, whichever rate is lower), be payable monthly or
semiannually, be in the denominations, be in the form (either coupon or
fully registered), carry the registration, exchangeability, and
interchangeability privileges, be payable in the medium of payment and at
the place (within or without the State), be subject to the terms of
redemption, and be entitled to the priorities on the revenues, rates, fees,
rentals, or other charges or receipts of the Authority as the resolution
may provide. The bonds shall be executed either by manual or facsimile
signature by the officers as the Authority shall determine, provided that
the bonds shall bear at least one signature that is manually executed on
the bond, the coupons attached to the bonds shall bear the facsimile
signature of the officer designated by the Authority, and the bonds shall
have the seal of the Authority affixed, imprinted, reproduced, or
lithographed on the bond, all as prescribed in a resolution of the board.
The bonds shall be sold at a public or private sale at the price the
Authority determines to be in the best
interests of the Authority, provided that the bonds shall not be sold at
less than 98% of the par value of the bond plus accrued interest, and
provided that the net interest cost shall not exceed that permitted by
applicable state law. Pending the preparation of definitive bonds, interim
certificates or temporary bonds, may be issued to the purchaser of the
bonds and may contain the terms and conditions the board determines.
(b) The board, after the issuance of bonds, may borrow moneys for the
purposes for which the bonds are to be issued in anticipation of the
receipt of the proceeds of the sale of the bonds and within the authorized
maximum amount of the bond issue. Any loan shall be paid within 3 years
after the date of the initial loan. Bond anticipation notes shall be issued
for all moneys borrowed under this Section, and the notes may be renewed,
but all the renewal notes shall mature within the time limited in subsection
(a) for the payment of the initial loan. The notes shall be authorized
by resolution of the board and shall be in the denominations, shall bear
interest at the rate (not exceeding the maximum rate permitted by the
resolution authorizing the issuance of the bonds), shall be in the form, and
shall be executed in the manner prescribed by the Authority. The notes
shall be sold at a public or private sale or, if the notes are renewal notes,
they may be exchanged for notes outstanding on the terms determined by
the board. The board may retire any notes from the revenues derived from
its metropolitan facilities, from other moneys of the Authority that are
lawfully available, or from a combination of revenues and other available
moneys instead of retiring them by means of bond proceeds. However, before
the retirement of the notes by any means other than the issuance of bonds,
the board shall amend or repeal the resolution authorizing the issuance of
the bonds in anticipation of the proceeds of the sale of the notes so as to
reduce the authorized amount of the bond issue by the amount of the notes
retired. The amendatory or repealing resolution shall take effect upon its passage.
(c) Any resolution authorizing the issuance of bonds may contain
provisions that shall be part of the contract with the holders of the bonds
as to any of the following:
(1) The pledging of all or any part of the revenues,
rates, fees, rentals, or other charges or receipts of the Authority derived by the Authority from any or all of its metropolitan facilities.
(2) The construction, improvement, operation,
extension, enlargement, maintenance, repair, or lease of metropolitan facilities and the duties of the Authority with reference to the facilities.
(3) Limitations on the purposes to which the proceeds
of the bonds, or of any loan or grant by the federal or State government, the county, or any city in the county, may be applied.
(4) The fixing, charging, establishing, and
collecting of rates, fees, rentals, or other charges for use of the services and facilities of the metropolitan facilities of an Authority or any part of the facilities.
(5) The setting aside of reserves, sinking funds,
repair and replacement funds, or other funds and the regulation and disposition of the funds.
(6) Limitations on the issuance of additional bonds.
(7) The terms and provisions of any deed of trust,
mortgage, or indenture securing the bonds or under which the bonds may be issued.
(8) Any other or additional agreements with the
holders of the bonds that are customary and proper and that, in the judgment of the Authority, will make the bonds more marketable.
(d) The board of the Authority may enter into any deeds of trust,
mortgages, indentures, or other agreements with any bank or trust company
or any other lender within or without
the State as security for the bonds and may assign and pledge any
or all of the revenues, rates, fees, rents, or other charges or receipts of the
Authority. The deeds of trust, mortgages, indentures, or other agreements
may contain the provisions that are customary in the instruments or that
are authorized by the board including, but without limitation, provisions
as to the following:
(1) The construction, improvement, operation,
leasing, maintenance, and repair of the metropolitan facilities and duties of the board with reference to the facilities.
(2) The application of funds and the safeguarding and
investment of funds on hand or on deposit.
(3) The appointment of consulting engineers or
architects and approval by the holders of the bonds.
(4) The rights and remedies of the trustee and the
(5) The terms and provisions of the bonds or the
resolution authorizing the issuance of the bonds.
(e) Bonds issued pursuant to this Section are negotiable instruments,
have all the qualities and incidents of negotiable instruments, and are
exempt from State taxation.
(Source: P.A. 87-622.)