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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-102-7
(65 ILCS 5/11-102-7) (from Ch. 24, par. 11-102-7)
Sec. 11-102-7.
The corporate authorities of any municipality availing
itself of the provisions of Section 11-102-6 shall adopt an ordinance
describing in a general way the airport or airports or facilities thereof
or relating thereto to be purchased, established or improved and refer to
the plans and specifications therefor prepared for that purpose. These
plans and specifications shall be open to the inspection of the public. Any
such ordinance shall set out the estimated cost of the airport or airports
or facilities thereof or relating thereto or of the improvement and shall
fix the maximum amount of revenue bonds proposed to be issued therefor.
This amount shall not exceed the estimated cost of the airport or airports
or facilities thereof or relating thereto or of the improvement including
engineering, legal, and other expenses together with interest cost to a
date 6 months subsequent to the estimated date of completion. Such
ordinance may contain such covenants, which shall be part of the contract
between the municipality and the holders of such bonds and the trustee, if
any, for such bondholders having such rights and duties as may be provided
therein for the enforcement and protection of such covenants, as may be
deemed necessary or advisable as to:
(a) the issuance of additional bonds that may thereafter be issued
payable from the revenues derived from the operation of any such airport or
airports, buildings, structures and facilities and for the payment of the
principal and interest upon such bonds;
(b) the regulations as to the use of any such airport or airports and
facilities to assure the maximum use or occupancy thereof;
(c) the kind and amount of insurance to be carried, including use and
occupancy insurance, the cost of which shall be payable only from the
revenues derived from the airport or airports and facilities;
(d) operation, maintenance, management, accounting and auditing,
employment of airport engineers and consultants and the keeping of records,
reports and audits of any such airport or airports and facilities;
(e) the obligation of the municipality to maintain the airport or
airports and facilities in good condition and to operate the same in an
economical and efficient manner;
(f) providing for setting aside of sinking funds, reserve funds,
depreciation funds and such other special funds as may be found needful and
the regulation and disposition thereof;
(g) providing for the setting aside of a sinking fund, into which shall
be payable from the revenues of such airport or airports, buildings,
structures and facilities from month to month, as such revenues are
collected, such sums as will be sufficient to pay the accruing interest and
retire the bonds at maturity;
(h) agreeing to fix and collect rents, rates of toll and other charges
for the use of such airport or airports or any buildings, structures or
facilities located thereon or related thereto, sufficient, together with
other available money, to produce revenue adequate to pay the bonds at
maturity and accruing interest and reserves therefor and sufficient to pay
cost of maintenance, operation and depreciation thereof in such order of
priority as shall be provided by the ordinance authorizing the bonds;
(i) fixing procedure by which the terms of any contract with the holders
of the bonds may be amended, the amount of bonds the holders of which must
consent thereto and the manner in which such consent may be given;
(j) providing the procedure for refunding such bonds;
(k) providing whether and to what extent and upon what terms and
conditions, if any, the holder of bonds or coupons issued under such
ordinance or the trustee, if any, therefor may,
by action, mandamus, injunction or other proceeding, enforce or compel the
performance of all duties required by this Division 102 including the
fixing, maintaining and collecting of such rents, rates or other charges
for the use of such airport or airports or of any buildings, structures or
other facilities located thereon or relating thereto or for any service
rendered by the municipality in the operation thereof as will be
sufficient, together with other available money, to pay the principal of
and interest upon these revenue bonds as the same become due and reserves
therefor and sufficient to pay the cost of maintenance, operation and
depreciation of the airport or airports and facilities in the order of
priority as provided in the ordinance authorizing the bonds, and the
application of the income and revenue thereof;
(m) such other covenants as may be deemed necessary or desirable to
assure a successful and profitable operation of the airport or airports and
facilities and prompt payment of the principal of and interest upon the
bonds so authorized. After this ordinance has been adopted it shall be
published once in a newspaper published and having a general circulation in
the municipality and may not thereafter be amended or rescinded except as
may be provided by specific covenant contained therein as hereinabove
authorized. After the expiration of 10 days from the date of this
publication the ordinance shall be in effect.
(Source: P.A. 83-345.)
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65 ILCS 5/11-102-8
(65 ILCS 5/11-102-8) (from Ch. 24, par. 11-102-8)
Sec. 11-102-8.
Whenever revenue bonds are issued and outstanding under
Sections 11-102-6 and 11-102-7, the entire revenue received from the
operation of the airport or airports or from any building, structures, or
facilities thereof or relating thereto shall be deposited in a separate
fund which shall be used only in paying the principal and interest of these
revenue bonds and reserves therefor and the cost of maintenance, operation
and depreciation of the airport or airports and facilities in such order of
priority as shall be provided by the respective ordinances authorizing
revenue bonds. However, no priority accorded by such an ordinance may be
impaired by a subsequent ordinance authorizing revenue bonds unless
specifically so permitted by a covenant of the kind authorized to be
included in an ordinance by Section 11-102-7. Such revenue in excess of
requirements for payment of principal of and interest upon these bonds and
reserves therefor and for payment of cost of maintenance, operation and
depreciation of the airport or airports and facilities may be used for
rehabilitation of existing airports and facilities, necessary
reconstruction and expansion, construction of new facilities or for
retirement of any outstanding bonds issued for airport purposes. After all
such bonds have been paid, such revenues may be transferred to the general
corporate fund of any such municipality and may be used for the
maintenance, operation, repair and development of such airport or airports
or buildings, structures or facilities thereof or relating thereto or for
any corporate purpose.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-102-9
(65 ILCS 5/11-102-9) (from Ch. 24, par. 11-102-9)
Sec. 11-102-9.
Every municipality specified in Section 11-102-1 may secure
grants and loans, or either, from the United States government, or any
agency thereof, for financing the establishment and construction of any
airport, or any part thereof, authorized by this Division 102. For such
purposes it may issue and sell or pledge to the United States government,
or any agency thereof, all or any part of the revenue bonds authorized
under Section 11-102-6, and execute contracts and documents and do all
things that may be required by the United States government, or any agency
thereof, provided that such contracts and documents do not conflict with
the provisions of any ordinance authorizing and securing the payment of
outstanding bonds of the municipality theretofore issued that are payable
from the revenues derived from the operation of the airport or airports or
from any buildings, structures or facilities thereof or relating thereto.
(Source: Laws 1961, p. 576.)
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