65 ILCS 5/11-48.3-11
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-48.3-11)Sec. 11-48.3-11.         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 Division.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 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 40 years from their respective dates, may bear interest at  such rate or rates, not exceeding the maximum rate permitted by "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, 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 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, civil actions and 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 and 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, or  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.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 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 exhibitions, office  rentals, 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, civil action  and 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.Before any such bonds (excepting refunding bonds) are sold the entire  authorized issue, or any part thereof, shall be offered for sale as a unit  after advertising for bids at least 3 times in a daily newspaper of  general circulation published in the metropolitan area, the last  publication to be at least 10 days before bids are required to be filed.  Copies of such advertisement may be published in any newspaper or financial  publication in the United States. All bids shall be sealed, filed and  opened as provided by ordinance and the bonds shall be awarded to the  highest and best bidder or bidders therefor. The Authority shall have the  right to reject all bids and readvertise for bids in the manner provided  for in the initial advertisement.  If no bids are received, however, such  bonds may be sold at not less than par value, without further advertising,  within 60 days after the bids are required to be filed pursuant to any  advertisement.    (Source: P.A. 86-279.)