(70 ILCS 535/9) (from Ch. 85, par. 7459)
Sec. 9.
Bridges.
(a) In addition to the power and authority heretofore conferred
upon the Authority, the Authority, in its own name, shall have full power
and authority: to acquire and thereafter operate and maintain any existing
vehicular toll bridge across any waters which form a common boundary
between any city within the territory of the Authority and any other city
either within or without the State and to reconstruct, improve and repair
such existing bridge; to construct, maintain and operate an additional
vehicular toll bridge and approaches across these waters at a point
suitable to the interests of navigation and to reconstruct, repair and
improve the same; to construct, maintain and operate a tunnel under
these waters and to reconstruct, repair and improve the same; and to issue
and sell negotiable revenue bonds of the Authority for such purposes.
(b) Such bonds shall be authorized by ordinances as the Authority may
determine from time to time, such ordinances to contain such provisions
with respect to the form thereof and maturity, interest rate, sinking fund,
redemption and refunding as are customary and usual. Such bonds shall
be issued under a trust indenture from the Authority to a corporate
trustee, which indenture shall contain the usual and customary provisions
with respect to the issuance of bonds, the application of the revenues of
such bridge or tunnel for the creation of a sinking fund to provide for the
payment of such bonds and interest thereon, the holding of the
proceeds of the bonds in a special trust for the purpose of acquiring or
constructing such bridge or tunnel and a first priority pledge and
assignment by the Authority to the trustee under such trust indenture of
the revenues of such bridge or tunnel over and above the cost of operation
and maintenance thereof as security for the payment of the principal of and
interest on such bonds. The Authority shall establish, maintain and
collect tolls for transit over such bridge or through such tunnel acquired
or constructed hereunder sufficient at all times to pay the cost of the
operation and maintenance thereof and to pay the principal of and interest
on the bonds issued hereunder. Such bonds and the coupons evidencing
interest thereon shall constitute an irrevocable contract between the
holders thereof and the Authority that such tolls shall always be
sufficient therefor. No bonds issued hereunder shall bear interest at a
rate exceeding the market prime rate and all such bonds so issued hereunder
shall be sold for not less than par and accrued interest to the date of
delivery and payment and may be sold at private sale without prior
publication of notice thereof. Such bonds shall be payable solely and only
from the revenues of the Authority pledged to the payment thereof.
(Source: P.A. 86-1481.)
|