(70 ILCS 1807/70)
Sec. 70.
Borrowing money; revenue bonds.
(a) The district has the continuing power to borrow money for the purpose of
acquiring, constructing, reconstructing, extending, operating, or improving
terminals,
terminal facilities, intermodal facilities, and port facilities; for acquiring
any property and
equipment useful
for the construction, reconstruction, extension, improvement, or operation of
its
terminals, terminal facilities, intermodal facilities, and port facilities; and
for acquiring
necessary cash
working funds. For the purpose of evidencing the obligation of the district to
repay
any money borrowed, the district may, by ordinances adopted by the Board from
time to
time, issue and dispose of its interest bearing revenue bonds, notes, or
certificates and
may also from time to time issue and dispose of its interest bearing revenue
bonds, notes,
or certificates to refund any bonds, notes, or certificates at maturity or by
redemption
provisions or at any time before maturity with the consent of the holders
thereof.
(b) All bonds, notes, and certificates shall be payable solely from the
revenues or
income to be derived from the terminals, terminal facilities, intermodal
facilities, and port
facilities or any
part thereof; may bear any date or dates; may mature at any time or times not
exceeding
40 years from their respective dates; may bear interest at any
rate or rates payable semiannually; may be in any form; may carry any
registration
privileges; may be executed in any manner; may be payable at any place or
places; may
be made subject to redemption in any manner and upon any terms, with or without
premium that is stated on the face thereof; may be authenticated in any manner;
and may
contain any terms and covenants as may be provided in the ordinance. The holder
or holders of any bonds, notes, certificates,
or interest coupons appertaining to the
bonds, notes, and certificates issued by the district may bring civil actions
to
compel the performance and observance by the district or any of its officers,
agents, or
employees of any contract or covenant made by the district with the holders of
those
bonds, notes, certificates, or interest coupons and to compel the district and
any of its
officers, agents, or employees to perform any duties required to be performed
for the
benefit of the holders of any bonds, notes, certificates, or interest coupons
by the
provision in the ordinance authorizing their issuance, and to enjoin the
district and any of
its officers, agents, or employees from taking any action in conflict with any
such
contract or covenant, including the establishment
of charges, fees, and rates for the use
of facilities as provided in this Act. Notwithstanding the form and tenor of
any
bonds, notes, or certificates and in the absence of any express recital on the
face
thereof that it is nonnegotiable, all bonds, notes, and certificates shall be
negotiable
instruments. Pending the preparation and execution of any bonds, notes, or
certificates, temporary bonds, notes, or certificates may be issued with or
without
interest coupons as may be provided by ordinance.
(c) The bonds, notes, or certificates shall be sold by the corporate
authorities of the district in any manner that the corporate authorities shall
determine,
except that if issued to bear interest at the minimum rate permitted by the
Bond
Authorization Act, the bonds shall be sold for not less than par and accrued
interest
and except that the selling price of bonds bearing interest at a rate less than
the
maximum rate permitted in that Act shall be such that the interest cost to the
district of
the money received from the bond sale shall not exceed such maximum rate
annually
computed to absolute maturity of said bonds or certificates according to
standard tables
of bond values.
(d) From and after the issue of any bonds, notes, or certificates as
provided in
this Section, it shall be the duty of the corporate authorities of the district
to fix and
establish rates, charges, and fees for the use of facilities acquired,
constructed,
reconstructed, extended, or improved with the proceeds derived from the sale of
the
bonds, notes, or certificates sufficient at all times with other revenues of
the district,
if any, to pay (i) the cost of maintaining,
repairing, regulating, and operating the
facilities and (ii) the bonds, notes, or certificates and interest thereon as
they shall
become due, all sinking fund requirements, and all other requirements provided
by
the ordinance authorizing the issuance of the bonds, notes, or certificates or
as
provided by any trust agreement executed to secure payment thereof. To secure
the
payment of any or all of bonds, notes, or certificates and for the purpose of
setting
forth the covenants and undertaking of the district in connection with the
issuance of
those bonds, notes, or certificates and the issuance of any additional bonds,
notes, or
certificates payable from revenue income
to be derived from the terminals, terminal
facilities, intermodal facilities, and port facilities the district may execute
and deliver a trust
agreement or
agreements. A lien upon any physical property of the district may be created by
the
trust agreement. A remedy for any breach or default of the terms of any trust
agreement by the district may be by mandamus proceedings in the circuit court
to compel
performance and compliance with the agreement, but the trust agreement may
prescribe
by whom or on whose behalf the action may be instituted.
(Source: P.A. 93-262, eff. 7-22-03.)
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