(70 ILCS 1835/12) (from Ch. 19, par. 712)
Sec. 12.
All revenue bonds shall be
payable solely from the revenues or income to
be derived from the terminals, terminal facilities, airfields, airports,
port facilities, aquariums, museums, planetariums, climatrons and any other
building or facilities which the District has the power to acquire,
construct, reconstruct, extend or improve, or any part thereof. The revenue
bonds may bear such date or dates and may mature at such time or times not
exceeding 40 years from their respective dates, as may be provided in the
ordinance authorizing their issuance. Both revenue and general obligation
bonds may bear interest at such rate or rates as 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, payable semi-annually,
as provided
in the ordinance authorizing issuance. 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 as
provided in the ordinance authorizing issuance.
The holder or holders of any bonds or interest coupons attached thereto
issued by the District may bring 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.
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 shall be negotiable
instruments. Pending the preparation and execution of any such bonds,
temporary bonds may be issued with or without interest coupons as provided
by ordinance.
(Source: P.A. 82-902.)
|