(65 ILCS 5/11-74-7) (from Ch. 24, par. 11-74-7)
Sec. 11-74-7.
Any resolution authorizing the issuance of bonds under this Division
74 may contain covenants as to (a) the use and disposition of the
income and revenues from or with respect to the industrial
project for which the bonds are to be
issued, including the creation and maintenance of reserves; (b) the
issuance of other or additional bonds payable from the income and
revenues from or with respect to such industrial project; (c) the maintenance
and repair of
such industrial project; (d) the insurance to be carried thereon and the
use and disposition of insurance moneys; and (e) 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 by
a court of competent jurisdiction
in such proceedings,
and which receiver may enter and take possession of the industrial
project if it is then owned by the municipality and lease, sell or otherwise
dispose of it and maintain it, prescribe rentals or other payments and collect,
receive, and apply all income and revenues thereafter arising therefrom
in the same manner and to the same extent as the municipality itself
might do. Any resolution authorizing the issuance of bonds under this
Division 74 may provide that the principal of and interest on any bonds
issued under this Division 74 shall be secured by a mortgage or deed of
trust covering such industrial project for which the bonds are issued
and may include any improvements or extensions thereafter made. Such
mortgage or deed of trust may contain such covenants and agreements to
properly safeguard the bonds as may be provided for in the resolution
authorizing such bonds but not inconsistent with this Division 74 and
shall be executed in the manner as may be provided for in the
resolution. A mortgage or deed of trust by which a security interest is
created or a financing statement relating thereto need not be filed or recorded
under the Uniform Commercial Code, or otherwise, except in the records of
the municipality. The provisions of this Division 74 and any such resolution
or resolutions and any such mortgage or deed of trust is a contract with
the holder or holders of the bonds and continues in effect until the
principal of and the interest on the bonds so issued has been fully
paid, and the duties of the municipality and its corporate authorities
and officers under this Division 74 and any such resolution or
resolutions and any such mortgage or deed of trust are enforceable by
any bondholder by mandamus, injunction, foreclosure of any such mortgage or deed of
trust or other appropriate suit, action or proceedings in any court of
competent jurisdiction.
(Source: P.A. 83-345.)
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