Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 5/14.1

(70 ILCS 5/14.1) (from Ch. 15 1/2, par. 68.14a)

Sec. 14.1. Bond limitation.

An Authority may secure the necessary
funds to finance part or all of the cost of (i)
acquiring, establishing,
constructing, developing, expanding, extending or further improving a
public airport, public airports, or airport facilities within
or without its corporate limits or within or upon any body of water
adjacent thereto; and (ii) studying, designing, acquiring, constructing, developing, expanding, extending, or improving any rail facility or related facility as provided in this Act for a Rail Authority established by the Board of Commissioners of the Authority, upon a determination by the Board of Commissioners, that, in its judgment, the rail or other service to be provided by those rail facilities or related facilities will benefit the airport operated by the Airport Authority, through the issuance of bonds as hereinafter provided in
Sections 14.1 to 14.5 inclusive, to the principal amount of which at any
one time outstanding, together with other outstanding indebtedness of the
Authority, shall not exceed 2.3% of the aggregate valuation of all taxable
property within the Authority, as equalized or assessed by the Department
of Revenue or, until January 1, 1983, if greater, the sum that is produced
by multiplying the Authority's 1978 equalized assessed valuation by the
debt limitation percentage in effect on January 1, 1979. No such airport
project shall be financed by the issuance of bonds under this Section
unless such proposed airport project has been approved by the Department of
Transportation as to location and size and found by the Department to be in
the public interest; provided that the approval of the Department of
Transportation as provided in Sections 14.1 through 14.5 is not required in
the case of airport projects consisting solely of commercial or
recreational facilities or rail facilities or related facilities.

(Source: P.A. 95-641, eff. 10-11-07.)