(620 ILCS 40/14) (from Ch. 15 1/2, par. 82)
Sec. 14.
A statutory mortgage lien exists upon the airport or landing field
and the facilities and appurtenances thereof acquired by or constructed
from the proceeds of the revenue bonds authorized to be issued under
Section 10 of this Act. This lien shall exist in favor of the holders of
these bonds, and each of them, and in favor of the holders of the coupons
attached to these bonds. The airport or landing field and the facilities
and appurtenances thereof shall remain subject to this statutory mortgage
lien until payment in full of the principal and interest of these revenue
bonds. Any holder of a bond issued under Section 10 of this Act or of any
coupon representing interest accrued thereon, may, in any civil action,
enforce the statutory mortgage lien created by this Section and may, by
proper suit, compel the performance of the duties of the officials of the
issuing county set forth in this Act.
If there is a default in the payment of the principal of or interest
upon any of these bonds, the circuit court
may appoint a receiver to administer the airport or landing field and the
facilities and appurtenances thereof on behalf of the county with power to
charge and collect fees sufficient to provide for the payment of the
operating expenses and for the payment of these bonds and interest thereon
and to apply the income and revenue in conformity with this Act and the
resolution providing for the issuance of these bonds.
(Source: P.A. 79-1361.)
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