70 ILCS 200/155-25
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 155 - Matteson Civic Center

Sec. 155-25.         Power to borrow money; bonds; issuance  and sale. The  Authority shall have continuing power to borrow money for the purpose of  carrying out and performing its duties and exercising its powers under this  Article.For the purpose of evidencing the obligation of the Authority to repay  any money borrowed as aforesaid, the Authority may, pursuant to an  ordinance  adopted by the Board, from time to time issue and sell its revenue bonds,  and may also from time to time issue and sell its revenue bonds to refund  or advance refund any bonds.  All such bonds shall be payable solely from  the revenues or income to be derived from the fairs, expositions,  exhibitions, rentals and leases and other authorized activities operated by  the Authority, and from funds, if any,  received and to be received by the Authority or pledged as security for  such bonds from any other source.  Such bonds may bear such date or dates,  may mature at such time or times not exceeding 40 years from their  respective date, may bear interest at such rate or rates, may be in such  form, may carry such conversion, registration and exchange privileges, may  be subject to defeasance on such terms, 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 and may contain such terms and covenants, all as may be  provided in the ordinance.  In case any officer whose signature appears on  any bond ceases (after attaching his or her signature) to hold office, his  or her signature shall nevertheless be valid and effective for all purposes.  The  holder or holders of any bonds, or interest coupons appertaining thereto,  issued by  the Authority may bring mandamus, injunction, or other civil actions or proceedings  to compel the performance and observance by the Authority or any of its  officers, agents or employees of any contract or covenant made by  the Authority  with the holders of such bonds or interest coupons, to compel the  Authority  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 provisions of the ordinance  authorizing their issuance, and to enjoin the Authority and any of its  officers,  agents or employees from taking any action in conflict with any such contract  or covenant.Notwithstanding the form and tenor of any such bonds and in the absence  of any express recital on the face thereof that it is nonnegotiable, all  such bonds shall be negotiable instruments under the Uniform Commercial  Code, as now or hereafter amended.From and after the issuance of any bonds as herein provided it shall be  the duty of the corporate authorities of the Authority to fix and establish  rates, charges, rents, and fees for the use of facilities acquired,  constructed, reconstructed, extended or improved with the proceeds of the  sale of said bonds sufficient at all times, with other revenues of the Authority, to pay:(a) the cost of leasing, maintaining, repairing, regulating and  operating the facilities; and(b) the bonds 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 or as provided by any trust agreement  executed to secure payment thereof.To secure the payment of any or all of such bonds and for the purpose of  setting forth the covenants and undertakings of the Authority in connection  with the issuance thereof and the issuance of any additional bonds payable  from such revenue to be derived from the fairs, recreational, theatrical or  cultural expositions, sport activities, exhibitions, office rentals, and  air space leases and rentals, and other revenue, if any, the Authority may  execute and deliver a trust agreement or agreements; provided that no lien  upon any physical property of the Authority shall be created thereby.A remedy for any breach or default of the terms of any such trust  agreement by the Authority may be by mandamus, injunction, or other civil  actions  or proceedings in any court of competent jurisdiction to compel  performance and compliance therewith, but the trust agreement may prescribe  by whom or on whose behalf such action may be instituted.The Authority shall have the right to sell its bonds by negotiated sale  or pursuant to advertisement and sealed bid.    (Source: P.A. 90-328, eff. 1-1-98.)