(70 ILCS 5/15.1) (from Ch. 15 1/2, par. 68.15a)
Sec. 15.1.
Ordinance authorizing obligations payable from operating
revenue; Disposition of revenue; Enforcement of contract against
airport authority. The ordinance authorizing the issuance of any such
bonds, notes, or certificates of indebtedness payable solely from operating
revenue of an airport or airport facility or facilities shall describe such
airport, airport facility or facilities, state the purpose or purposes for
which the funds derived from the issuance of such bonds, notes, or
certificates of indebtedness shall be used and specify the interest rate
thereof, which may include a variable interest rate, and any other details
in respect thereto as to the Board of Commissioners seem necessary or
desirable. The ordinance shall set forth the operating revenues which are
to be, and are thereby pledged and apportioned or allocated in whole or in
part to the payment of such revenue bonds, notes, or certificates of
indebtedness, and which the Board of Commissioners of the Authority
determine to be sufficient to pay the cost to the Authority of maintaining
such airport, airport facility or facilities, to provide an adequate
depreciation fund therefor, adequate reserve funds for the security of the
bonds, notes, or certificates of indebtedness, and to pay the principal of,
and interest upon, such revenue bonds, notes, or certificates of
indebtedness, if apportioned in the manner proposed. The Board of
Commissioners shall establish a depreciation fund and may establish one or
more reserve funds, to be maintained as a separate account of the Authority
for the purpose of providing for the continued and efficient maintenance of
such airport, airport facility or facilities during the period such bonds,
notes, or certificates of indebtedness may be outstanding and shall make
and adopt by appropriate action, all needful rules and regulations for the
occupancy, use, maintenance and operation thereof. The charges, tolls,
fees, rates or rentals from which the operating revenues so pledged and
apportioned or allocated are derived shall be designated by the ordinance
and shall be sufficient to pay the cost to the Authority of maintaining
such airport, airport facility or facilities, to provide an adequate
depreciation fund therefor and adequate reserve funds for the security of
the bonds, notes, or certificates of indebtedness, and to pay the principal
of, and interest upon, such revenue bonds, notes, or certificates of
indebtedness. The Authority may provide by ordinance for the appointment of
a trustee on behalf of the owners of any bonds, notes, or certificates of
indebtedness of the Authority and may authorize a trust indenture to set
forth the duties and obligations of such trustee, which may include the
custody and investment of any or all funds of the Authority. While the
bonds, notes, or certificates of indebtedness are outstanding, the
accounts, books or records of the Authority shall at all times reflect the
amount of revenue received from the occupancy or use of such airport,
airport facility or facilities, the sums credited to and deposited in any
such depreciation fund or reserve fund and the amount of such revenue
bonds, notes, or certificates of indebtedness issued and outstanding. The
Authority may provide by the ordinance authorizing the issuance of such
bonds, notes, or certificates of indebtedness that they shall be
registerable, and may be called or accelerated in retirement with or
without the payment of a premium or charge therefor, and in such case the
bonds, notes, or certificates of indebtedness shall so state. Until payment
in full of the bonds, notes, or certificates of indebtedness and
interest thereon, the portion of the revenues
pledged and allocated to the payment of such bonds, notes, or
certificates of indebtedness shall be set aside as a
separate fund and used solely for such purpose. The ordinance of the
Authority authorizing any revenue bonds, notes, or certificates of
indebtedness and any trust indenture with respect thereto may provide that
in the event of any failure to pay principal of, premiums on, if any, or
interest on the revenue bonds, notes, or certificates of indebtedness, the
entire principal of any such revenue bonds, notes, or certificates of
indebtedness together with all interest thereon may be declared to be
immediately due and payable. In the event the fund becomes sufficient for
the payment in full of all outstanding bonds, notes, or certificates of
indebtedness due within the current fiscal year for which it is
established, and premium, if any, and interest thereon, the surplus above
the amount required for such payment from time to time accumulated in such
fund may be transferred to the general corporate fund of the Authority by
appropriate action of the Board and used for other expenses of the
Authority. The ordinance and the provisions of this Act authorizing the
issuance of bonds, notes, or certificates of indebtedness shall constitute
a contract with the holder of any such bond, note, or
certificate of indebtedness, or any coupon
evidencing interest thereon, and may be enforced as against such Airport
Authority and its corporate officers, in a civil action. Mandamus,
injunction or any other appropriate proceeding may be brought and
maintained to secure such enforcement.
(Source: P.A. 87-854.)
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