70 ILCS 200/160-15
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 160 - Maywood Civic Center

Sec. 160-15.     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  authorized by the Bond Authorization Act, as amended at the time of the  making of the contract, 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, 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 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 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, sports 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 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.)