(65 ILCS 5/11-121-5) (from Ch. 24, par. 11-121-5)
Sec. 11-121-5.
To secure the payment of any or all of such revenue bonds or
certificates and for the purpose of setting forth the covenants and
undertakings of the municipality in connection with the issuance thereof,
and the issuance of any additional revenue bonds or certificates payable
from such revenues or income, as well as the use and application of the
revenues or income to be derived from the operation of local transportation
facilities within such municipality, including but not limited to the
operation of all subways owned by such municipality, the municipality may
execute and deliver a trust agreement or agreements or all such covenants
and undertakings to secure the payment of the bonds or certificates may be
included in the ordinance authorizing the bonds or certificates. However,
no lien upon any physical property of the municipality shall be created
thereby. A remedy for any breach or default of the terms of any such trust
agreement or ordinance by the municipality may be by mandamus proceedings
in any court of competent jurisdiction to compel performance and compliance
therewith, but the trust agreement or ordinance may prescribe by whom or
upon whose behalf such action may be instituted. Under no circumstances
shall any revenue bonds or certificates issued by the municipality
hereunder be or become an indebtedness or obligation of the municipality
within the purview of any constitutional limitation or provision. It shall
be plainly stated on the face of each revenue bond and certificate that it
does not constitute such an indebtedness or obligation, but is payable
solely from the revenues or income as aforesaid.
In case any officer whose signature appears on any bond or certificate
or interest coupon, issued under this Division 121 ceases to hold his
office before delivery thereof, his signature shall be valid and sufficient
for all purposes with the same effect as if he had remained in office until
delivery thereof.
(Source: Laws 1961, p. 576.)
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