70 ILCS 200/115-13
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 115 - Jasper County Civic Center

Sec. 115-13.     Borrowing; revenue 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 an  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 40 years from their respective dates, may  bear  interest at such rate or rates, not exceeding the maximum rate permitted  by the Bond Authorization Act, 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  suits at law or proceedings in equity 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.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 fairs, recreational,  theatrical,  and cultural expositions, sport activities, exhibitions, office  rentals, and  air space leases and rentals and from 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 proceedings in the circuit court of Jasper  County  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. However,  if no bids are received 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. 90-328, eff. 1-1-98.)