(70 ILCS 1855/11) (from Ch. 19, par. 461)
Sec. 11.
All revenue bonds shall be payable solely from the revenues or
income to be derived from the terminals, terminal facilities, airfields,
airports, port facilities, aquariums, museums, planetariums, climatrons
and any other building or facility which the District has the power to acquire,
construct, reconstruct, extend or improve, or any part thereof. The bonds
may bear such date or dates and may mature at such time or times not exceeding
40 years from their respective dates, all as may be provided in the ordinance
authorizing their issuance. All general obligation bonds and revenue bonds
may bear interest at such rate or rates as permitted in "An Act
to authorize public corporations to issue bonds, other evidences of indebtedness
and tax anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as now or hereafter amended. Such
interest may be paid semiannually. All bonds, whether revenue or general
obligations, may be in such form, may carry such registration privileges,
may be executed in such
manner, may be payable at such place or places, may be made subject to
redemption in such manner and upon such terms, with or without premium as
is stated on the face thereof, may be authenticated in such manner and may
contain such terms and covenants, all as may be provided in the ordinance
authorizing issuance.
The holder or holders of any bonds or interest coupons appertaining
thereto 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 such bonds 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 such bonds 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
hereinafter provided.
Notwithstanding the form and tenor of any bond, whether revenue or
general obligation, and in the absence of any express recital on the face
thereof that it is nonnegotiable, all such bonds shall be negotiable
instruments. Pending the preparation and execution of any such bonds,
temporary bonds may be issued with or without interest coupons as may be
provided by ordinance.
(Source: P.A. 82-902.)
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