(70 ILCS 1845/9)
(from Ch. 19, par. 359)
All revenue bonds shall be payable solely from the revenues or
income to be derived from the terminals, terminal facilities, airfields,
airports or port facilities or any part thereof, may bear such date or dates
and may mature at such time or times not exceeding 40 years from their respective
dates, all as may be provided in the ordinance authorizing their issuance.
All bonds, whether revenue or general obligation, may bear interest at such
rate or rates as 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 interest may be paid semiannually.
All such bonds 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 authenticated in such manner and may contain
such terms and covenants, all as may be provided in the ordinance authorizing issuance.
The holder or holders of any bonds or interest coupons appertaining
thereto issued by the District may bring civil actions or mandamus, injunction
or other proceedings to compel the performance and observance by the
District or any of
its officers, agents or employees of any contract or covenant made by the
District with the holders of such bonds or interest coupons and to compel
the District 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 provision in the ordinance authorizing
their issuance, and to enjoin the District and any of its officers, agents
or employees from taking any action in conflict with any such contract or
covenant, including the establishment of charges, fees and rates for the
use of facilities as hereinafter provided.
Notwithstanding the form and tenor of any bond, whether revenue or
general obligation, and in the absence of any express recital on the face
thereof that it is nonnegotiable, all such bonds shall be negotiable
instruments. Pending the preparation and execution of any such bonds,
temporary bonds may be issued with or without interest coupons as may be
provided by ordinance.
(Source: P.A. 83-345.)