(65 ILCS 5/11-103-13) (from Ch. 24, par. 11-103-13)
Sec. 11-103-13.
Bonds issued under Section 11-103-12 shall be payable
solely from the revenue derived from the operation or leasing of the
airport, landing field, and facilities or appurtenances thereof. These
bonds shall not, in any event, constitute an indebtedness of the
municipality, within the meaning of any constitutional or statutory
limitation. Each bond shall plainly state on its face that it has been
issued under the provisions of Section 11-103-12 and that it does not
constitute an indebtedness of the municipality within any constitutional or
statutory limitation.
These bonds shall be sold in such manner and upon such terms as the
corporate authorities shall determine. If the bonds are issued to bear
interest at a rate not to exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
they shall be sold for not less than par and accrued interest. If the bonds
are issued to bear interest at a rate of less than the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, the minimum price at which they may be sold shall
be such that the interest cost of the municipality of the proceeds of the
bonds shall not exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
computed to maturity, according to the standard table of bond values.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 86-4.)
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(65 ILCS 5/11-103-14) (from Ch. 24, par. 11-103-14)
Sec. 11-103-14.
Whenever revenue bonds are issued under Section 11-103-12,
all revenue derived from the operation of the specified airport, landing
field, and facilities or appurtenances thereof, shall be set aside as
collected and shall be deposited in a separate fund designated as the
airport fund of the municipality. This fund shall be used only in paying
the cost of operation and maintenance of the airport or landing field, in
providing an adequate depreciation fund, and in paying the principal of and
interest upon the revenue bonds issued under Section 11-103-12.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/11-103-15) (from Ch. 24, par. 11-103-15)
Sec. 11-103-15.
A statutory mortgage lien exists upon the airport or
landing field and the facilities and appurtenances thereof acquired by or
constructed from the proceeds of the revenue bonds authorized to be issued
under Section 11-103-12. This lien shall exist in favor of the holders of
these bonds, and each of them, and in favor of the holders of the coupons
attached to these bonds. The airport or landing field and the facilities
and appurtenances thereof shall remain subject to this statutory mortgage
lien until payment in full of the principal and interest of these revenue
bonds. Any holder of a bond issued under Section 11-103-12 or of any coupon
representing interest accrued thereon, may, in any civil action, enforce
the statutory mortgage lien created by this section, and may, by proper
suit, compel the performance of the duties of the officials of the issuing
municipality set forth in Sections 11-103-12 through 11-103-15.
If there is a default in the payment of the principal of or interest
upon any of these bonds, the circuit court in any proper action
may appoint a receiver to administer the airport or landing field and the
facilities and appurtenances thereof on behalf of the municipality with
power to charge and collect fees sufficient to provide for the payment of
the operating expenses and for the payment of these bonds and interest
thereon and to apply the income and revenue in conformity with Sections
11-103-12 through 11-103-15 and the ordinance providing for the issuance of
these bonds.
(Source: P.A. 79-1361.)
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(65 ILCS 5/11-103-16) (from Ch. 24, par. 11-103-16)
Sec. 11-103-16.
Subject to the provisions of Section 11-103-17 the corporate
authorities of a municipality under this Division 103 may levy and
collect annually a tax of not exceeding .10% of the value, as equalized
or assessed by the Department of Revenue, of all the
taxable property within the corporate limits of such municipality, for
the purpose set forth in Section 11-103-1. This annual tax shall be
designated as the "Airport Tax" and shall be in addition to and
exclusive of all other taxes which such municipality is now or hereafter
authorized to levy and collect.
(Source: P.A. 81-1509.)
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