(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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