70 ILCS 200/105-25
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 105 - Illinois-Michigan Canal National Heritage Corridor Civic Center

Sec. 105-25.     Borrowing; revenue bonds.     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 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 as provided in Section 2 of 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 nonnegotiable, all  such bonds shall be negotiable instruments under the Uniform Commercial  Code of the State of Illinois.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 permitted by law, the bonds  shall be sold for not less than par and accrued interest.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 such  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 recreational activities  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 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. 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.)