70 ILCS 200/205-35
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 205 - Peoria Civic Center

Sec. 205-35.         Borrowing money; revenue bonds; nature  of indebtedness; investment in bonds.  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 ordinance  adopted by the Board, from time to time issue and dispose of its interest  bearing revenue bonds, and may also from time to time issue and dispose of  its interest bearing revenue bonds to refund any bonds at maturity or  pursuant to redemption provisions or at any time before maturity with the  consent of the holders thereof. 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  it, and from funds, if any, received and to be received by the Authority  from any other source. Such bonds 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, not exceeding  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract,  payable semi-annually, 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  executed in such manner and may contain such terms and covenants, all as  may be provided in said ordinance. In case any officer whose signature  appears on any bond ceases (after attaching his signature) to hold office,  his 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 non-negotiable, all  such bonds shall be negotiable instruments under the Uniform Commercial  Code.The bonds shall be sold by the corporate authorities of the Authority in  such manner as said corporate authorities shall determine except that if  issued to bear interest at the maximum rate authorized by the Bond  Authorization Act, as amended at the time of the making of the contract,  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 of less  than the maximum rate authorized by the Bond Authorization Act, as amended  at the time of the making of the contract, shall be such that the interest  cost to the Authority of the money received from the sale of bonds shall  not exceed the maximum rate authorized by the Bond Authorization Act, as  amended at the time of the making of the contract, computed to absolute  maturity of said bonds or certificates according to standard tables of bond  values.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 its facilities sufficient at  all times with other revenues of the Authority to pay:(a) the cost of maintaining, repairing, regulating and operating the  said 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 income to be derived from the fairs, recreational,  theatrical, 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.Under no circumstances shall any revenue bonds issued by the Authority  be or become an indebtedness or obligation of the State of Illinois or of  any other political subdivision of or municipality within the State, nor  shall any such bond or obligation be or become an indebtedness of the  Authority within the purview of any constitutional limitation or provision,  and it shall be plainly stated on the face of each bond that it does not  constitute such an indebtedness or obligation but is payable solely from  the revenues or income as aforesaid.The State and all counties, cities, villages, incorporated towns and  other municipal corporations; political subdivisions and public bodies, and  public officers of any thereof, all banks, bankers, trust companies,  savings banks and institutions, building and loan associations, savings and  loan associations, investment companies and other persons carrying on an  insurance business and all executors, administrators, guardians, trustees  and other fiduciaries may legally invest any sinking funds, moneys or other  funds belonging to them or within their control in any bonds issued  pursuant to this Article, it being the purpose of this Section to  authorize the  investment in such bonds of all sinking, insurance, retirement,  compensation, pension and trust funds, whether owned or controlled by  private or public persons or officers; provided, however, that nothing  contained in this Section may be construed as relieving any person from any  duty of exercising reasonable care in selecting securities for investment.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of Public Act 86-4, it is and always has been the intention of the  General Assembly (i) that the Omnibus Bond Acts are and always have been  supplementary grants of power to issue instruments in accordance with the  Omnibus Bond Acts, regardless of any provision of this Article that  may appear to be or to have been more restrictive than those Acts, (ii) that  the  provisions of this Section are not a limitation on the supplementary  authority granted by the Omnibus Bond Acts, and (iii) that instruments  issued under this Section within the supplementary authority granted  by the Omnibus Bond Acts are not invalid because of any provision of  this Article that may appear to be or to have been more restrictive  than those Acts.    (Source: P.A. 90-328, eff. 1-1-98.)