(65 ILCS 5/11-12.1-5) (from Ch. 24, par. 11-12.1-5)
Sec. 11-12.1-5.
Whenever revenue bonds are issued and outstanding under
this Division 12.1, the entire revenues derived from the operation of the
mortgage loan fund thereby created shall be set aside as collected and
deposited in a separate fund, separate and apart from all other funds of
such municipality, which special fund shall be used only in paying the cost
of operation, maintenance and supervision of such mortgage loan fund and
paying the principal of and interest upon the revenue bonds of such
municipality issued under this Division 12.1 in such order or priority as
shall be provided by the respective ordinance authorizing revenue bonds;
provided, however, no priority accorded by such an ordinance may be
impaired by a subsequent ordinance authorizing revenue bonds unless
specifically so permitted by a covenant of the kind authorized to be
included in an ordinance by Section 11-12.1-4. After all such bonds have
been paid, such revenues shall then be applied for the retirement of any
other outstanding bonds issued by the municipality under this Division
12.1. After all such bonds issued under this Division 12.1 have been paid,
such revenues may be transferred to the general corporate fund of any such
municipality, only when and in the manner permitted and authorized in
accordance with the covenants and provisions and terms of the ordinance
authorizing the issuance of any bonds under the provisions of this Division
12.1.
(Source: Laws 1961, p. 3702.)
|
(65 ILCS 5/11-12.1-6) (from Ch. 24, par. 11-12.1-6)
Sec. 11-12.1-6.
The provisions of this Division 12.1 and of any ordinance
or other proceeding authorizing the issuance of bonds under this Division
12.1 shall constitute a contract with the holders of such bonds and any
holder of a bond or bonds or any of the coupons of any bond or bonds of
such municipality issued under this Division 12.1 may by action, mandamus,
injunction or other proceeding,
enforce and compel
the performance of all duties required by this Division 12.1 including the
application of income and revenue from such mortgage loan fund and the
faithful performance of any agreement or collateral trust indentures
securing the payment of such bonds.
(Source: P.A. 83-345.)
|