(70 ILCS 1832/70)
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, port facilities,
and intermodal facilities; for
acquiring any property and equipment useful for the construction,
reconstruction, extension, improvement, or operation of its terminals,
terminal facilities, port facilities, and intermodal 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, port facilities, and intermodal 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 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, port facilities, and
intermodal 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. 90-636, eff. 7-24-98.)
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