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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(70 ILCS 3605/13) (from Ch. 111 2/3, par. 313)
(Section scheduled to be repealed on June 1, 2026)
Sec. 13.
The Authority shall have power to purchase equipment such as cars,
trolley buses and motor buses, and may execute agreements, leases and
equipment trust certificates in the form customarily used in such cases
appropriate to effect such purchase and may dispose of such equipment trust
certificates. All money required to be paid by the Authority under the
provisions of such agreements, leases and equipment trust certificates
shall be payable solely from the revenue or income to be derived from the
transportation system and from grants and loans as provided in Section 15
of this Act. Payment for such equipment, or rentals therefor, may be made
in installments, and the deferred installments may be evidenced by
equipment trust certificates payable solely from such revenue or income,
and title to such equipment shall not vest in the Authority until the
equipment trust certificates are paid.
The agreement to purchase may direct the vendor to sell and assign the
equipment to a bank or trust company, duly authorized to transact business
in the State of Illinois, as Trustee, for the benefit and security of the
equipment trust certificates and may direct the Trustee to deliver the
equipment to one or more designated officers of the Authority and may
authorize the Trustee simultaneously therewith to execute and deliver a
lease of the equipment to the Authority.
The agreements and leases shall be duly acknowledged before some person
authorized by law to take acknowledgements of deeds and in the form
required for acknowledgement of deeds and such agreements, leases and
equipment trust certificates shall be authorized by ordinance of the Board
and shall contain such covenants, conditions and provisions as may be
deemed necessary or appropriate to insure the payment of the equipment
trust certificates from the revenue or income to be derived from the
transportation system.
The covenants, conditions and provisions of the agreements, leases and
equipment trust certificates shall not conflict with any of the provisions
of any trust agreement securing the payment of bonds or certificates of the
Authority.
An executed copy of each such agreement and lease shall be filed in the
office of the Secretary of State, who shall be entitled to receive one
dollar for each such copy filed with him and which filing shall constitute
notice to any subsequent judgment creditor or any subsequent purchaser.
Each vehicle so purchased and leased shall have the name of the owner and
lessor plainly marked upon both sides thereof, followed by the words "Owner
and Lessor."
(Source: Laws 1945, p. 1171. Repealed by P.A. 104-457, eff. 6-1-26.)
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