(70 ILCS 3715/12) (from Ch. 111 2/3, par. 235)
Sec. 12.
Any ordinance or resolution authorizing the issuance of revenue
bonds under this Act may in the discretion of the authority provide that
the bonds be secured by a trust agreement or depository agreement by and
between the authority and a corporate trustee, which may be a trust
company, or a bank having the powers of a trust company, within the state
of Illinois, containing such provisions for directing and supervising the
rights and remedies of the bondholders as may be deemed reasonable and
proper, including the terms upon which the trustee under such trust
agreement or depository agreement and the bondholders, or either of them,
may enforce their rights; but no such trust agreement or depository
agreement shall convey, mortgage or create any lien upon the waterworks
properties of such authority.
(Source: Laws 1955, p. 1801.)
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