(70 ILCS 5/15.2)
(from Ch. 15 1/2, par. 68.15b)
An Airport Authority may construct office, aircraft hangar
and service buildings and appurtenant facilities upon a public airport owned
and operated by the authority for the use and occupancy of the State Department
of Transportation under a lease to the State of Illinois for such purpose.
The rents and charges payable thereunder shall be not greater than the total
costs to the authority of constructing and maintaining said airport improvements
and of funding such costs under the provisions of Sections 8.03, 8.04, 8.08,
15 and 15.1, as amended, of this Act as hereinafter provided. The rentals
payable to the authority under such lease, together with such non-tax revenues
as are available to the authority, shall also be adequate in amount for
the authority to establish and maintain a bond reserve account. Such lease
shall not be effective for a longer term than is reasonably required to
enable such funding to occur, and in no event shall the term thereof exceed
thirty years. Such airport improvements shall be constructed upon plans
and specifications approved by the
Department of Transportation. The lease of said improvements and the site
thereof to the State of Illinois shall be executed by the Department of
Central Management Services for the use of the Department of Transportation.
In the event the General Assembly does not appropriate the necessary funds
for paying the rentals on the lease entered into by the authority under
this Section, the authority may lease such facilities to another lessee.
The authority may secure the funds required for the construction of said
improvements through the issuance and sale of revenue bonds as authorized
by and subject to the conditions stated in said Sections 15 and 15.1 of
this Act, which bonds shall bear interest at a rate not to exceed that permitted
in "An Act to authorize public corporations to issue bonds, other evidences
of indebtedness and tax anticipation warrants subject to interest rate limitations
set forth therein", approved May 26, 1970, as now or hereafter amended.
Such revenue bonds
shall be primarily secured by the income receivable by the authority under
said lease. Other available and unpledged airport operating income may
be pledged by the authority to meet any deficiency in the income from the
lease in meeting the principal and interest maturities of said revenue bonds
and the maintenance and depreciation requirements of said Section 15.1.
The principal amount of such revenue bonds shall be based upon the actual
total costs of said improvements including costs of engineering and
architects services, the costs incidental to the issuance of the bonds,
including legal costs, the costs of selling and printing the bonds, and
the interest on the bonds during the time of construction. Construction
contracts for said improvements shall be awarded upon competitive bids
and such bids and the making of awards shall be subject to approval by the
Authority and the Department of Transportation.
(Source: P.A. 82-1057.)