(70 ILCS 3605/37) (from Ch. 111 2/3, par. 337)
Sec. 37.
It shall be the duty of the Board, as promptly as possible, to
rehabilitate, reconstruct and modernize all portions of any transportation
system acquired by the Authority and to maintain at all times an adequate
and modern transportation system suitable and adapted to the needs of the
municipalities served by the Authority, and for safe, comfortable and
convenient service. To that end the Board shall establish a modernization
fund which shall include, but is not limited to, cash in renewal, equipment
or depreciation funds which are part of public utility transportation
systems acquired by the Authority and any excess cash derived from the sale
of revenue bonds or certificates. The moneys in the modernization fund
shall be disbursed for the purpose of acquiring or constructing extensions
and improvements and betterment of the system, to make replacements of
property damaged or destroyed or in necessary cases where depreciation fund
is insufficient, to purchase and cancel its revenue bonds and certificates
prior to their maturity at the price of not to exceed their par value, and
to redeem and cancel its revenue bonds and certificates according to their
terms. The Board may make temporary loans from the modernization fund for
use as initial working capital.
(Source: Laws 1945, p. 1171.)
|