(310 ILCS 10/21) (from Ch. 67 1/2, par. 21)
Sec. 21.
In connection with the issuance of bonds or the incurring of
obligations under leases and in order to secure the payment of such bonds or
obligations, an Authority, in addition to its other powers, shall have power:
(a) To pledge all or any part of its gross or net rents, fees or
revenues to which its right then exists or may thereafter come into existence.
(b) To covenant against pledging all or any part of its rents, fees and
revenues, or against permitting or allowing any lien on such revenues or
property; to covenant with respect to limitations on its right to sell,
lease or otherwise dispose of any housing project or any part thereof; and
to covenant as to what other, or additional debts or obligations may be
incurred by it.
(c) To covenant as to the bonds to be issued and as to the issuance of
such bonds in escrow or otherwise, and as to the use and disposition of the
proceeds thereof: to provide for the replacement of lost, destroyed or
mutilated bonds; to covenant against extending the time for the payment of
its bonds or interest thereon; and to redeem the bonds, and to covenant for
their redemption and to provide the terms and conditions thereof.
(d) To covenant (subject to the limitations contained in this Act) as to
the rents and fees to be charged in the operation of a housing project or
projects, the amount to be raised each year or other period of time by
rents, fees and other revenues, and as to the use and disposition to be
made thereof; to create or to authorize the creation of special funds for
moneys held for construction or operating costs, debt service, reserves, or
other purposes, and to covenant as to the use and disposition of the moneys
held in such funds.
(e) To prescribe the procedure, if any, by which the terms of any
contract with bondholders may be amended or abrogated, the amount of bonds
the holders of which must consent thereto and the manner in which such
consent may be given.
(f) To covenant as to the use of any or all of its real or personal
property; and to covenant as to the maintenance of its real and personal
property, the replacement thereof, the insurance to be carried thereon and
the use and disposition of insurance moneys.
(g) To covenant as to the rights, liabilities, powers and duties arising
upon the breach by it of any covenant, condition, or obligation; and to
covenant and prescribe as to events of default and terms and conditions
upon which any or all of its bonds or obligations shall become or may be
declared due before maturity, and as to the terms and conditions upon which
such declaration and its consequences may be waived.
(h) To vest in a trustee or trustees or the holders of bonds or any
specified proportion of them the right to enforce the payment of the bonds
or any covenants securing or relating to the bonds; to vest in a trustee or
trustees the right, in the event of a default by the Authority, to take
possession of any housing project or part thereof, and (so long as the
Authority shall continue in default) to retain such possession and use,
operate and manage the project, and to collect the rents and revenues
arising therefrom and to dispose of such moneys in accordance with the
agreement of the Authority with the trustee; to provide for the powers and
duties of a trustee or trustees and to limit the liabilities thereof; and
to provide the terms and conditions upon which the trustee or trustees or
the holders of bonds or any proportion of them may enforce any covenant or
rights securing or relating to the bonds.
(i) In the case of an Authority for a municipality having a population in
excess of 1,000,000,
to
enter into loan agreements, regulatory agreements, and all other
instruments or documentation with private borrowers of the proceeds of the
Authority's multifamily housing revenue bonds and to accept guaranties from
persons of its loans or the resultant evidences of obligations to the
Authority.
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.
(j) To exercise all or any part or combination of the powers herein
granted; to make covenants other than and in addition to the covenants
herein expressly authorized, of like or different character; to make such
covenants and to do any and all such acts and things as may be necessary or
convenient or desirable in order to secure its bonds, or, in the absolute
discretion of the Authority, as will tend to make the bonds more
marketable notwithstanding that such covenants, acts or things may not be
enumerated herein.
(Source: P.A. 92-481, eff. 8-23-01.)
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