(110 ILCS 610/5) (from Ch. 144, par. 1015)
Sec. 5.
The provisions of this Act and of any resolution or other
proceeding authorizing the issuance of bonds constitute a contract with
the holders of such bonds and the provisions thereof shall be
enforceable by action,
mandamus, injunction or
other proceeding in any court of competent jurisdiction to enforce and
compel the performance of any duties required by this Act and any
resolution authorizing the issuance of bonds adopted responsive hereto,
including the establishment of sufficient charges or fees for use of any
such building or buildings or structures and the application of the
income and revenue thereof, and such Board or its successor upon the
issuance of any bonds under the provisions of this Act to establish by
resolution from time to time the fees or charges to be made for the use
of any such building or buildings or structures, which fees or charges
shall be adjusted from time to time in order to always provide
sufficient income for maintenance and operation and payment of the
principal of and interest on such bonds issued as provided for in this
Act.
All contracts made by the Teachers College Board or by the Board of
Governors of State Colleges and Universities and all things done or
actions taken by either Board under this Act shall be deemed to be
contracts of, actions taken and things done by their respective
successors and any such successor shall be bound by all such contracts,
actions taken and things done by either Board and any such successor
shall be subject to all the obligations and duties of such Boards under
this Act.
(Source: P.A. 83-345.)
|