(620 ILCS 45/19) (from Ch. 15 1/2, par. 102)
Sec. 19.
The Board of Directors from time to time may execute and deliver
bonds, notes or certificates of indebtedness in such form as may be
approved by the Board of Directors, and payable at such place and subject
to such terms as may be specified and in such denominations and amounts as
the resolution authorizing the issuance thereof may provide. Any such
bonds, notes or certificates of indebtedness shall mature within fifteen
(15) years from the date thereof and shall be payable solely from revenue
derived from the operation, management or use of the airport, landing
field, airdrome, hangar, building, structure or other facility in
accordance with the rules, regulations, contracts, leases or sub-leases of
the Board of Directors. Such revenue obligations shall not be payable out
of any funds derived by the Board of Directors from taxation or by funds
derived from the sale of any property belonging to said airport, except
notes or obligations incident to the purchase or acquisition of such
personal property as may be purchased by the Board of Directors under a
conditional sales contract, revenue from which personal property is pledged
to secure payment of the balance due on the purchase price thereof, which
is evidenced by any such notes or obligations. Any bond, note or
certificate of indebtedness issued under this section shall recite in the
body thereof that the same is payable solely from the revenue pledged to
pay the same, and shall state the nature or source of such revenue, and
shall state on its face that the same is not payable from taxation and that
it is not a debt within the meaning of any statutory or constitutional
limitation.
(Source: Laws 1943, vol. 1, p. 516.)
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