(70 ILCS 15/15) (from Ch. 15 1/2, par. 715)
Sec. 15.
Resolution for bonds.
The Authority, if it desires to issue bonds pursuant to Section 14 of
this Act, shall adopt a resolution describing in a general way the airport
or airports, the related facility or facilities, the perimeter area or
areas, and perimeter area facility or facilities to be acquired,
established, constructed, reconstructed, expanded, or improved and refer to
the plans and specifications therefor prepared for that purpose, or if
refunding bonds, describing the bonds or other obligations to be refunded,
or both. Any such resolution shall set out the estimated cost therefor, or
in the case of refunding bonds, the amount of the bonds to be refunded, and
shall fix the maximum amount of revenue bonds proposed to be issued
therefor. This amount shall not exceed the estimated cost thereof,
including engineering, legal, and other expenses together with interest
cost to a date 6 months subsequent to the estimated date of completion, or,
in the case of refunding bonds, the principal amount of the bonds to be
refunded and legal and other expenses, and such other sums as in the
discretion of the Authority may be desirable to create a reserve fund
sufficient to pay the maximum amount of principal and interest estimated to
fall due on the bonds in any future 12 month period. Such resolution may
contain such covenants, which shall be part of the contract between the
Authority and the holder of the 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:
(1) the issuance of additional bonds that may thereafter be issued
payable from the income and revenues derived from the operation of any such
airport or airports, related facility or facilities, perimeter area or
areas and perimeter area facility or facilities and for the payment of the
principal and interest upon such bonds;
(2) the regulations as to the use of any such airport or airports,
related facility or facilities, perimeter area or areas and perimeter area
facility or facilities to assure the maximum use or occupancy thereof;
(3) the kind and amount of insurance to be carried, including use and
occupancy insurance, the cost of which shall be payable only from the
income and revenues derived from such airport or airports, related facility
or facilities, perimeter area or areas and perimeter area facility or
facilities;
(4) the 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, related facility or
facilities, perimeter area or areas and perimeter area facility or
facilities;
(5) the obligation of the Authority to maintain the airport or airports,
related facility or facilities, perimeter area or areas and perimeter area
facility or facilities in good condition and to operate the same in an
economical and efficient manner;
(6) provide 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;
(7) provide for the setting aside of a sinking fund, into which shall be
payable from the income and revenues of such airport or airports, related
facility or facilities, perimeter area or areas and perimeter area facility
or facilities from month to month, as such income and revenues are
collected, such sums as will be sufficient to pay the accruing interest and
retire the bonds at maturity;
(8) fix and collect rents, rates of toll and other charges for the use
of such airport or airports, related facility or facilities, perimeter area
or areas and perimeter area facility or facilities, sufficient, together
with other available money, to produce income and revenues 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 resolution
authorizing the bonds;
(9) fix procedures 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;
(10) provide the procedure for refunding such bonds;
(11) provide whether and to what extent and upon what terms and
conditions, if any, the holder of bonds or coupons issued under such
resolution or the Trustee, if any, therefor may, by civil action, mandamus,
injunction or other proceeding, enforce or compel
the performance of all duties required by Sections 14 and 15
inclusive, including the fixing, maintaining and collecting of such rents,
rates or other charges for the use of such airport or airports, related
facility or facilities, perimeter areas and perimeter area facilities or
for any service rendered by the Authority 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, related facility or facilities,
perimeter areas and perimeter area facilities in the order of priority as
provided in the resolution authorizing the bonds, and the application of
the income and revenues thereof; and
(12) such other covenants as may be deemed necessary or desirable to
assure a successful and profitable operation of the airport or airports,
related facility or facilities, perimeter area or areas and perimeter area
facility or facilities and prompt payment of the principal
and interest upon the bonds so authorized.
(Source: P.A. 86-1400.)
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