(620 ILCS 40/10) (from Ch. 15 1/2, par. 78)
Sec. 10.
The county board of every county, for the purpose of acquiring
land for an airport or landing field or airport facility, or constructing
an airport, landing field or airport facility, or to exercise any of the
powers enumerated in Section 1, may borrow money and may issue bonds,
payable solely from the revenue derived from the operation or leasing of
the airport, landing field, and facilities or appurtenances thereof. These
bonds may be issued in such amounts as may be necessary to provide
sufficient funds to pay all costs of acquiring the land for an airport or
landing field or constructing an airport or landing field, or to pay the
costs of exercising the powers enumerated in Section 1, including
engineering, legal, and other expenses, together with interest on these
bonds, to a date 2 years after the estimated date of completion of the
airport or landing field, or to a date as determined by the bond sale
contract.
Whenever the county board determines to acquire land for an airport or
landing field or to construct an airport or landing field or to pay the
costs of exercising the powers enumerated in Section 1, and to issue bonds
under this Section for the payment of the cost thereof, the county board
shall adopt a resolution describing in a general way the contemplated
project and refer to the plans and specifications therefor.
This resolution shall set out the estimated cost of the project, fix the
amount of revenue bonds to be issued, the maturity or maturities thereof,
the interest rate, which shall not exceed 6 1/2% annually, payable annually
or semi-annually, and all details in connection with the bonds. The
resolution shall also declare that a statutory mortgage lien shall exist
upon the property of the airport or landing field, and shall pledge the
revenue derived from the operation or leasing of the airport, landing
field, and the facilities and appurtenances thereof for the payment of
maintenance and operating costs, providing an adequate depreciation fund,
and paying the principal and interest of the revenue bonds issued
thereunder.
Bonds issued under this Section are negotiable instruments.
(Source: P.A. 76-1876.)
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