(60 ILCS 1/205-25)
Security for bonds.
An ordinance authorizing the issuance of
bonds under this Article may in the discretion of the township board provide
that the bonds be secured by a trust agreement or depositary agreement by and
between the board and a corporate trustee, which may be a trust company or a
bank having powers of a trust company within this State. The agreement may
contain provisions for directing and enforcing the rights and remedies of the
bondholders deemed reasonable and proper, including the terms upon which the
trustee and the bondholders, or either of them, may enforce their rights, but
no trust agreement or depositary agreement shall convey, mortgage, or create
any lien upon the properties constituting the system.
(Source: P.A. 82-783; 88-62.)