(70 ILCS 200/115-13)
Sec. 115-13.
Borrowing; revenue bonds.
The Authority
shall have continuing power to borrow money
for the purpose of carrying out and performing its duties and exercising
its powers under this Article.
For the purpose of evidencing the obligation of the Authority to repay
any money borrowed as aforesaid, the Authority may, pursuant to an
ordinance
adopted by the Board, from time to time issue and dispose of its interest
bearing revenue bonds, and may also from time to time issue and dispose
of its interest bearing revenue bonds to refund any bonds at maturity or
pursuant to redemption provisions or at any time before maturity with the
consent of the holders thereof. All such bonds shall be payable solely from
the revenues or income to be derived from the fairs, expositions, exhibitions,
rentals and leases and other authorized activities operated by it, and from
funds, if any, received and to be received by the Authority from any other
source. Such bonds may bear such date or dates, may mature at such time
or times not exceeding 40 years from their respective dates, may
bear
interest at such rate or rates, not exceeding the maximum rate permitted
by the Bond Authorization Act, may be in such form,
may carry such registration privileges, may be executed in such manner,
may be payable at such place or places, may be made subject to redemption
in such manner and upon such terms, with or without
premium as is stated on the face thereof, may be executed in such manner
and may contain such terms and covenants, all as may be provided in said
ordinance. In case any officer whose signature appears on any bond ceases
(after attaching his signature) to hold office, his signature shall
nevertheless
be valid and effective for all purposes. The holder or holders of any bonds,
or interest coupons appertaining thereto issued by the Authority may bring
suits at law or proceedings in equity to compel the performance and observance
by the Authority or any of its officers, agents or employees of any
contract
or covenant made by the Authority with the holders of such bonds or interest
coupons, to compel the Authority and any of its officers, agents or
employees
to perform any duties required to be performed for the benefit of the holders
of any such bonds or interest coupons by the provisions of the ordinance
authorizing their issuance, and to enjoin the Authority and any of its
officers,
agents or employees from taking any action in conflict with any such contract
or covenant.
Notwithstanding the form and tenor of any such bonds and in the absence
of any express recital on the face thereof that it is non-negotiable, all
such bonds shall be negotiable instruments under the Uniform Commercial Code.
From and after the issuance of any bonds as herein provided it shall be the
duty of the corporate authorities of the Authority to fix and establish
rates, charges, rents, and fees for the use of facilities acquired,
constructed,
reconstructed, extended or improved with the proceeds of the sale of said
bonds sufficient at all times, with other revenues of the Authority to pay:
(a) The cost of maintaining, repairing, regulating and operating the said
facilities; and
(b) The bonds and interest thereon as they shall become due, and all sinking
fund requirements and other requirements provided by the ordinance authorizing
the issuance of the bonds or as provided by any trust agreement executed
to secure payment thereof.
To secure the payment of any or all of such bonds and for the purpose of
setting forth the covenants and undertakings of the Authority in connection
with the issuance thereof and the issuance of any additional bonds payable
from such revenue income to be derived from the fairs, recreational,
theatrical,
and cultural expositions, sport activities, exhibitions, office
rentals, and
air space leases and rentals and from other revenue, if any, the
Authority may
execute and deliver a trust agreement or agreements; provided that no lien
upon any physical property of the Authority shall be created thereby.
A remedy for any breach or default of the terms of any such trust agreement
by the Authority may be by mandamus proceedings in the circuit court of Jasper
County
to compel performance and compliance therewith, but the trust
agreement may prescribe by whom or on whose behalf such action may be
instituted.
Before any such bonds (excepting refunding bonds) are sold the entire
authorized
issue, or any part thereof, shall be offered for sale as a unit after
advertising
for bids at least 3 times in a daily newspaper of general
circulation
published in the metropolitan area, the last publication to be at least
10 days before bids are required to be filed. Copies of such
advertisement
may be published in any newspaper or financial publication in the United
States. All bids shall be sealed, filed and opened as provided by ordinance
and the bonds shall be awarded to the highest and best bidder or bidders
therefor. The Authority shall have the right to reject all bids and readvertise
for bids in the manner provided for in the initial advertisement. However,
if no bids are received such bonds may be sold at not less than par value,
without further advertising, within 60 days after the bids are required
to be filed pursuant to any advertisement.
(Source: P.A. 90-328, eff. 1-1-98.)
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