(70 ILCS 1825/9) (from Ch. 19, par. 259)
Sec. 9.
All revenue bonds shall be payable solely from the revenues or
income to be derived from the terminals, terminal facilities, airfields,
airports or port facilities 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 bonds, whether revenue or general obligation, 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 such bonds 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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