(20 ILCS 3515/10) (from Ch. 127, par. 730)
Sec. 10.
Security for bonds.
The principal of, and interest and
premiums, if any, on any bonds issued by the State authority shall be
secured by a pledge of the revenues and receipts out of which the same
shall be made payable and may also be payable out of proceeds from the
sale of the environmental facility acquired with proceeds of such
bonds. The resolution under which the bonds are authorized to be
issued, and any indenture executed as security for the bonds, may
contain any agreements and provisions respecting the maintenance of the
properties covered thereby, the fixing and collection of rents for any
portions thereof leased by the State authority to others, the creation
and maintenance of special funds from such revenues and the rights and
remedies available in the event of default, including the designation of
a trustee, all as the directing body shall deem advisable and not in
conflict with the provisions hereof. Each pledge and agreement made for
the benefit or security of any of the bonds of the authority shall
continue effective until the principal of, and interest and premiums, if
any, on the bonds for the benefit of which the same were made shall have
been fully paid or provision for such payment duly made. In the event
of default in such payment or in any agreements of the authority made as
a part of the contract under which the bonds were issued, whether
contained in the proceedings authorizing the bonds or in any indenture
executed as security therefor, the payment or agreement may be enforced
by mandamus, injunction, civil action or proceeding or the
appointment of a receiver or any one or more of these remedies.
(Source: P.A. 83-345.)
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