(70 ILCS 5/21) (from Ch. 15 1/2, par. 68.21)
Sec. 21.
Validation.
All contracts, leases, agreements, or other
obligations entered into by any airport authority that is authorized under
this amendatory Act of 1992 to acquire, own, operate, and finance any
commercial or recreational facilities in connection with or relating to any
commercial or recreational facility that were entered into or authorized to
be entered into by proceedings adopted by the Board of Commissioners of the
authority before the effective date of this amendatory Act of 1992 are
valid and legally binding obligations of the authority. All instruments
providing for the payment of money executed, issued, and delivered by any
airport authority that is authorized under this
amendatory Act of 1992 to acquire, own, operate, and finance any commercial
or recreational facilities, or that any airport authority that is
authorized under this amendatory Act of 1992 to acquire, own, operate, and
finance any commercial or recreational facilities has assumed or agreed to
pay, that were issued and delivered, or assumed, or authorized to be issued
and delivered or assumed, by proceedings adopted by the Board of
Commissioners of the authority before the effective date of this amendatory
Act of 1992, that were authorized for the purpose of financing all or any
portion of the cost of any commercial or recreational facility, are valid
and legally binding obligations of the airport authority issuing or
assuming the obligation to pay the instruments. The acquisition,
construction, improvement, equipping, expansion, ownership, or operation by
any airport authority that is authorized under this amendatory Act of 1992
to acquire, own, operate, and finance any commercial or recreational
facilities before the effective date of this amendatory Act of 1992 is
approved, ratified, confirmed, authorized, and validated.
(Source: P.A. 87-854.)
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