(70 ILCS 1505/26.8) (from Ch. 105, par. 333.23s)
Sec. 26.8.
Whenever revenue bonds are issued under Sections 26.1 to 26.10,
both inclusive, of this Act as now enacted and as may hereafter be
amended, the revenues received from the operation of the harbor or
facilities shall be deposited in a separate fund which shall be used only
in paying the principal and interest of these revenue bonds and reserves
therefor and the cost of maintenance, operation and depreciation of the
harbor and facilities in such order of priority as shall be provided by the
respective ordinances authorizing revenue bonds, provided, however, no
priority accorded by such an ordinance may be impaired by a subsequent
ordinance authorizing revenue bonds unless specifically so permitted by a
covenant of the kind authorized to be included in an ordinance by Section
26.7. Such revenue in excess of requirements for payment of principal of
and interest upon these bonds and reserves and for payment of cost of
maintenance, operation and depreciation of the harbor and facilities may be
used for rehabilitation of the harbor and facilities, necessary
reconstructions and expansion, construction of new facilities or for
retirement of any outstanding bonds issued for harbor purposes. After all
such bonds have been paid, such revenues may be transferred to the general
corporate fund of the Chicago Park District and be used for the
maintenance, operation, repair and development of the harbor or facilities
or for any corporate purpose.
(Source: Laws 1959, p. 2014.)
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