(70 ILCS 1860/9) (from Ch. 19, par. 292)
Sec. 9.
All revenue bonds shall be payable solely from the revenues
or income to be derived from the terminals, terminal facilities,
airfields, airports or port facilities 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 such 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. Such interest may be paid semiannually.
All such bonds 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 civil actions or mandamus, injunction
or other proceedings 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 the 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 the 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 contract or covenant, including the establishment of charges,
fees and rate for the use of facilities as hereinafter provided.
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 bonds are negotiable
instruments. Pending the preparation and execution of any bonds,
temporary bonds may be issued with or without interest coupons as may be
provided by ordinance.
(Source: P.A. 83-345.)
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