(70 ILCS 1810/9.01) (from Ch. 19, par. 160.1)
Sec. 9.01.
The District has the continuing power to borrow money for the
purpose of acquiring, constructing, reconstructing, extending, operating,
or improving terminals, terminal facilities and port facilities, and for
acquiring any property and equipment useful for the construction,
reconstruction, extension, improvement or operation of its terminals,
terminal 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 as aforesaid the District may
pursuant to ordinance 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 pursuant to redemption provisions or at any time
before maturity with the consent of the holders thereof. All such bonds,
notes, and certificates
shall be payable solely from the revenues or income to be derived from
the terminals, terminal facilities or port facilities or any part
thereof, may bear such date or dates, may mature at such time or times
not exceeding forty years from their respective dates, may bear interest
at such rate or rates payable semiannually, 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 said ordinance. The
holder or holders of any bonds, notes, certificates, 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, 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 such
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
hereinafter provided.
Notwithstanding the form and tenor of any such bonds, notes, or
certificates and in the absence of any express recital on the face thereof that
it is nonnegotiable, all such bonds, notes, and certificates shall be
negotiable instruments. Pending the preparation and execution of any such
bonds, notes, or certificates, temporary bonds, notes, or certificates
may be issued with or without interest coupons as may be provided by ordinance.
The bonds, notes, or certificates shall be sold by the corporate
authorities of the district in such manner as 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.
From and after the issue of any bonds, notes, or certificates as herein
provided 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: (a) the cost
of maintaining, repairing, regulating and operating the facilities;
and (b) the bonds, notes, or certificates and interest thereon as they
shall become due, and all sinking fund requirements and 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 such bonds, notes, or certificates
and for the purpose of setting forth the covenants and undertaking of the
district in connection with the issuance thereof and the issuance of any
additional bonds, notes, or certificates payable from such revenue income
to be derived from the terminals, terminal 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 thereby. A remedy for any
breach or default of the terms
of any such trust agreement by the district may be by mandamus proceedings
in the circuit court to compel performance and compliance therewith, but
the trust agreement may prescribe by whom or on whose behalf such action
may be instituted.
(Source: P.A. 88-539.)
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