(50 ILCS 455/6) (from Ch. 85, par. 2406)
Sec. 6.
Any resolution or ordinance authorizing the issuance of bonds
under this Act may contain covenants as to (a) the use and disposition of
the revenues and receipts from the facility for which the bonds are to be
issued, including the creation and maintenance of reserves; (b) the issuance
of other or additional bonds relating to the facility or any rehabilitation,
improvements, renovations, enlargements or additions thereto; (c) the maintenance
and repair of such facility; (d) the insurance to be carried thereon and
the use and disposition of insurance moneys; (e) the appointment of any
bank or trust company within or outside the State of Illinois, having the
necessary trust powers as trustee for the benefit of the bondholders, paying
agent and bond registrar; (f) the investment of any funds held by such trustee;
and (g) the terms and conditions upon which the holders of the bonds or
any portion thereof or any trustees therefor, are entitled to the appointment
of a receiver. Any resolution or ordinance authorizing the issuance of
bonds under this Act may provide that the principal of and interest on any
bonds issued under this Act shall be secured by a mortgage or indenture
of trust covering such facility for which the bonds are issued and may include
any improvements or extensions thereafter made. Such mortgage or indenture
of trust may contain such covenants and agreements to properly safeguard
the bonds as may be provided for in the resolution or ordinance authorizing
such bonds and shall be executed in the manner as may be provided for in
the resolution or ordinance. The provisions of this Act and any such resolution
or ordinance and any such mortgage or indenture of trust shall constitute
a contract with the holder or holders of the bonds and continue in effect
until the principal of, the interest on, and the redemption premiums, if
any, on the bonds so issued have been fully paid, and the duties of the
authority and its corporate authorities and officers under this Act and
any such resolution or ordinance and any such mortgage or indenture of trust
shall be enforceable by any bondholder by mandamus, foreclosure of any such
mortgage or indenture of trust or other appropriate suit, action or proceedings
in any court of competent jurisdiction; provided the resolution or ordinance
or any mortgage or indenture of trust under which the bonds are issued may
provide that all such remedies and rights to enforcement may be vested in
a trustee for the benefit of all the bondholders which trustee shall be
subject to the control of a majority of the holders or owners of any outstanding bonds.
(Source: P.A. 81-1529.)
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