(70 ILCS 1830/23.1) (from Ch. 19, par. 523.1)
Sec. 23.1.
All revenue bonds shall be payable solely from the revenues
or income to be derived from the terminals, terminal facilities, port facilities,
aquariums, museums, planetariums, climatrons and any other building or facility
which the District has the power to acquire, construct, reconstruct, extend
or improve, or any part thereof, may bear such date or dates and may mature
at such time or times not exceeding 40 years from their respective dates,
all as may be provided in the ordinance authorizing their issuance. All
general obligation bonds and revenue bonds may bear interest at such rate
or rates not to exceed that permitted in "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. Such interest may be paid
semiannually.
All bonds, whether revenue or general obligations, 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
authenticated in such manner and may contain such terms and covenants, all
as may be provided in the ordinance authorizing issuance.
The holder or holders of any bonds or interest coupons appertaining
thereto issued by the District may bring a civil suit to compel the performance
and observance by the District or any of
its officers, agents or employees of any contract or covenant made by the
District with the holders of such bonds or interest coupons and to compel
the District 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 provision in the ordinance authorizing
their issuance, and to enjoin the District and any of its officers, agents
or employees from taking any action in conflict with any such contract or
covenant, including the establishment of charges, fees and rates for the
use of facilities as provided in this Act.
Notwithstanding the form and tenor of any bond, whether revenue or
general obligation, and in the absence of any express recital on the face
thereof that it is nonnegotiable, all such bonds are negotiable
instruments. Pending the preparation and execution of any such bonds,
temporary bonds may be issued with or without interest coupons as may be
provided by ordinance.
(Source: P.A. 82-902.)
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