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65 ILCS 5/11-103-14

(65 ILCS 5/11-103-14) (from Ch. 24, par. 11-103-14)

Sec. 11-103-14.

Whenever revenue bonds are issued under Section 11-103-12,
all revenue derived from the operation of the specified airport, landing
field, and facilities or appurtenances thereof, shall be set aside as
collected and shall be deposited in a separate fund designated as the
airport fund of the municipality. This fund shall be used only in paying
the cost of operation and maintenance of the airport or landing field, in
providing an adequate depreciation fund, and in paying the principal of and
interest upon the revenue bonds issued under Section 11-103-12.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-103-15

(65 ILCS 5/11-103-15) (from Ch. 24, par. 11-103-15)

Sec. 11-103-15.

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 11-103-12.  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 11-103-12 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
municipality set forth in Sections 11-103-12 through 11-103-15.

If there is a default in the payment of the principal of or interest
upon any of these bonds, the circuit court in any proper action
may appoint a receiver to administer the airport or landing field and the
facilities and appurtenances thereof on behalf of the municipality 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 Sections
11-103-12 through 11-103-15 and the ordinance providing for the issuance of
these bonds.

(Source: P.A. 79-1361.)