(70 ILCS 3110/19)
(from Ch. 111 1/2, par. 7119)
Rates, rentals, fees, and charges.
rates, rentals, fees, and charges of the Service in connection with the
project shall be so fixed, revised, and collected as to provide funds, with
other funds available for such purposes, sufficient at all times:
(1) To pay the cost of maintaining, repairing, and operating the project
on account of which the Service shall have issued bonds, including such
reserves as the Service may deem necessary or desirable for such purposes
and for replacement and depreciation and necessary extensions;
(2) To pay the principal of and redemption premium, if any, and interest
on the bonds as the same shall become due and payable and to create and
maintain such reserves as the Service may deem necessary or desirable for
such purposes; and
(3) To fulfill the terms and provisions of any agreements made with the
purchasers or holders of any of its bonds or with any person or subdivision.
(b) In cases where the character of the waste from any
source is such that it imposes an unreasonable burden upon any project, an
additional charge may be made therefor, or the Service may, if it deems
advisable, require that such waste be treated or processed in such manner
as shall be specified by the Service prior to the deposit of such waste
at the project. Such rentals and other rates, fees, and charges shall not
be subject to supervision or regulation by any department, division,
commission, board, bureau, or agency
of the State or any political subdivision thereof.
(c) The revenues, or any
part thereof, whether derived from the project or projects in connection
with which the bonds of any issue shall have been issued or from other
projects or sources, designated as security for such bonds by the
authorizing resolution or in the trust agreement securing the bonds shall
be set aside at such regular intervals as may be provided in such
resolution or trust agreement in a special fund which is hereby pledged to,
and charged with, the payment of:
(1) The interest upon such bonds as such interest falls due;
(2) The principal of such bonds as it falls due;
(3) The necessary charges of paying agents for paying principal and interest; and
(4) The redemption price or purchase price of bonds retired by call or
purchase as provided in such resolution or trust agreement.
Any amounts set aside in such special fund which are not needed to
provide for the payment of the items listed in paragraphs (1), (2), (3) and
(4) may be used for
any other lawful purpose, to the extent provided in such resolution or
trust agreement. Such pledge shall be valid and binding from the time when
the pledge is made. Such revenues or other moneys so pledged and
thereafter received by the Service shall immediately be subject to the
lien of such pledge without any physical delivery thereof or further act,
and the lien of any such pledge shall be valid and binding as against all
parties having any claims of any kind in tort, contract or otherwise
against the Service, irrespective of whether such parties have notice thereof.
Neither the resolution nor any trust agreement by which a pledge is
created need be filed or recorded except in the records of the Service,
any State or local law to the contrary notwithstanding.
The use and disposition of moneys to the credit of such special fund shall
be subject to the provisions of the resolution authorizing the issuance of
such bonds or of such trust agreement.
(d) Any net earnings of the Service,
beyond that necessary for the retirement of bonds or to implement the
public purposes or programs of the Service, shall not inure to the
benefit of any person, other than the State of Illinois for use to
accomplish the purposes of this Act.
(Source: P.A. 84-1320.)