(65 ILCS 5/11-48.3-11) (from Ch. 24, par. 11-48.3-11)
Sec. 11-48.3-11.
The Authority shall have continuing power to borrow
money for the purpose of carrying out and performing its duties and
exercising its powers under this Division.
For the purpose of evidencing the obligation of the Authority to repay
any money borrowed as aforesaid, the Authority may, pursuant to ordinance
adopted by the Board, from time to time issue and dispose of its interest
bearing revenue bonds, and may also from time to time issue and dispose of
its interest bearing revenue bonds to refund any bonds at maturity or
pursuant to redemption provisions or at any time before maturity with the
consent of the holders thereof. All such bonds shall be payable solely from
the revenues or income to be derived from the exhibitions, rentals and
leases and other authorized activities operated by it, and from funds, if
any, received and to be received by the Authority from any other source.
Such bonds may bear such date or dates, may mature at such time or times
not exceeding 40 years from their respective dates, may bear interest at
such rate or rates, not exceeding the maximum rate permitted by "An Act to
authorize public corporations to issue bonds, other evidences of
indebtedness and tax anticipation warrants subject to interest rate
limitations set forth therein", approved May 26, 1970, as now or hereafter
amended, may be in such form, may carry such registration
privileges, may be executed in such manner, may be payable at such place or
places, may be made subject to redemption in such manner and upon such
terms, with or without premium as is stated on the face thereof, may be
executed in such manner and may contain such terms and covenants, all as
may be provided in the ordinance. In case any officer whose signature
appears on any bond ceases (after attaching his or her signature) to hold
office, his or her signature shall nevertheless be valid and effective for
all purposes. The holder or holders of any bonds or interest coupons
appertaining thereto issued by the Authority may bring mandamus,
injunction, civil actions and proceedings to compel the performance and
observance by the Authority or any of its officers, agents or employees of
any contract or covenant made by the Authority with the holders of such
bonds or interest coupons and to compel the Authority and any of its
officers, agents or employees to perform any duties required to be
performed for the benefit of the holders of any such bonds or interest
coupons by the provisions of the ordinance authorizing their issuance, or
to enjoin the Authority and any of its officers, agents or employees from
taking any action in conflict with any such contract or covenant.
Notwithstanding the form and tenor of any such bonds and in the absence
of any express recital on the face thereof that it is non-negotiable, all
such bonds shall be negotiable instruments under the Uniform Commercial Code.
From and after the issuance of any bonds as herein provided it shall be
the duty of the corporate authorities of the Authority to fix and establish
rates, charges, rents and fees for the use of facilities acquired,
constructed, reconstructed, extended or improved with the proceeds of the
sale of said bonds sufficient at all times, with other revenues of the
Authority, to pay:
(a) The cost of maintaining, repairing, regulating and operating the
said facilities; and
(b) The bonds and interest thereon as they shall become due, and all
sinking fund requirements and other requirements provided by the ordinance
authorizing the issuance of the bonds or as provided by any trust agreement
executed to secure payment thereof.
To secure the payment of any or all of such bonds and for the purpose of
setting forth the covenants and undertakings of the Authority in connection
with the issuance thereof and the issuance of any additional bonds payable
from such revenue income to be derived from the exhibitions, office
rentals, air space leases and rentals, and other revenue, if any, the
Authority may execute and deliver a trust agreement or agreements; provided
that no lien upon any physical property of the Authority shall be created
thereby.
A remedy for any breach or default of the terms of any such trust
agreement by the Authority may be by mandamus, injunction, civil action
and proceedings in any court of competent jurisdiction to compel
performance and compliance therewith, but the trust agreement may prescribe
by whom or on whose behalf such action may be instituted.
Before any such bonds (excepting refunding bonds) are sold the entire
authorized issue, or any part thereof, shall be offered for sale as a unit
after advertising for bids at least 3 times in a daily newspaper of
general circulation published in the metropolitan area, the last
publication to be at least 10 days before bids are required to be filed.
Copies of such advertisement may be published in any newspaper or financial
publication in the United States. All bids shall be sealed, filed and
opened as provided by ordinance and the bonds shall be awarded to the
highest and best bidder or bidders therefor. The Authority shall have the
right to reject all bids and readvertise for bids in the manner provided
for in the initial advertisement. If no bids are received, however, such
bonds may be sold at not less than par value, without further advertising,
within 60 days after the bids are required to be filed pursuant to any
advertisement.
(Source: P.A. 86-279.)
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