(310 ILCS 10/11) (from Ch. 67 1/2, par. 11)
Sec. 11.
An Authority shall have power to issue bonds from time to time in
its discretion to finance in whole or in part the cost of acquisition,
purchase, construction, reconstruction, improvement, alteration, extension
or repair of any project or undertaking hereunder. An Authority shall also
have power to issue refunding bonds for the purpose of paying or retiring
bonds previously issued by it. An Authority may issue such types of bonds
as it may determine by resolution, including bonds on which the principal
and interest are payable; (a) exclusively from the income and revenues of
the housing project financed with the proceeds of such bonds (including,
without limitation, income and revenues derived from a loan agreement
with respect to a project located within the municipality having a population
in excess of
1,000,000), or
with such
proceeds together with a grant from the Federal Government or any political
subdivision of the State in aid of such project; (b) exclusively from the
income and revenues of certain designated housing projects of such
Authority whether or not they were financed in whole or in part with the
proceeds of such bonds; or (c) from its revenues generally. Any of such
bonds may be additionally secured by a pledge of any revenues of any
housing project, projects or other property of the Authority.
In addition to powers conferred by this Act and other laws concerning
housing
authorities in general, an
Authority
for a municipality having a population in excess of 1,000,000
may grant a specific pledge or assignment of, and lien on or
security interest in, the income and revenues of the Authority derived from the
loan agreement with respect to the project or projects, as well as in any
reserves, funds, or accounts established in the resolution authorizing the
bonds or the indenture or other instrument under which the bonds are issued.
As evidence of such pledge, assignment, lien, and security interest, the
Authority may execute and deliver a mortgage, trust agreement, indenture,
security agreement, or an assignment thereof.
The provisions of this amendatory Act of the 92nd General Assembly create
additional
powers for housing authorities having a population in excess of 1,000,000;
these
provisions do not limit the powers conferred on housing authorities in
general.
Neither the commissioners of an Authority nor any person executing the
bonds shall be liable personally on the bonds by reason of the issuance
thereof. The bonds and other obligations of an Authority (and such bonds
and obligations shall so state on their face) shall not be a debt of any
city, village, incorporated town, county, the State or any political
subdivision thereof and neither the city, village, incorporated town or the
county, nor the State or any political subdivision thereof shall be liable
thereon, nor in any event shall such bonds or obligations be payable out of
any funds or properties other than those of said Authority. The bonds shall
not constitute an indebtedness within the meaning of any constitutional or
statutory debt limitation or restriction.
(Source: P.A. 92-481, eff. 8-23-01.)
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