(70 ILCS 5/15) (from Ch. 15 1/2, par. 68.15)
Sec. 15.
Obligations payable from operating revenue.
The Board of
Commissioners of an Authority, from time to time, may execute and deliver
bonds, notes or certificates of indebtedness payable from revenues, in such
form as may be approved by the Board. Notwithstanding the provisions of
any other law to the contrary, including particularly but without
limitation the Bond Authorization Act, such bonds, notes or certificates of
indebtedness: may bear interest at any rate or rates (which may be
established by reference to an index or formula which may be implemented or
administered by persons appointed or retained therefor by the Authority),
may bear such date or dates, may be payable at such time or times and at
such place or places, may mature at any time not later than 30 years from
the date of issuance, may be sold at public or private sale at such time or
times and at such price or prices, may be secured by such pledges,
reserves, guarantees or insurance, may be executed in such manner, may be
subject to redemption prior to maturity, all upon such terms and conditions
as are provided by the Authority in the ordinance authorizing the issuance
of any bonds, notes or certificates of indebtedness. The bonds, notes, or
certificates of indebtedness shall be payable solely from revenue derived
from the operation, management or use of any public airport, or airport
facility or facilities in accordance with the rules, regulations,
contracts, leases or subleases of the Authority. Such revenue obligations
shall not be payable or paid out of funds derived by the Authority from
taxation or by funds derived from the sale of any property belonging to
said Authority. Any bond, note or certificate of indebtedness issued under
this section shall recite in the body thereof that the same is payable
solely from the revenue pledged to pay the same, and shall state on its
face that the same is not payable from taxation and that it is not a debt
within the meaning of any statutory or constitutional limitation. The
bonds, notes, or certificates of indebtedness may be issued in part under
the authority of, and may be additionally secured as provided in, the Local
Government Debt Reform Act.
(Source: P.A. 87-854.)
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