70 ILCS 200/2-50
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 2 - Standard Civic Center Provisions

Sec. 2-50.     Borrowing; revenue bonds; suits to compel performance.     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 or  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, sports 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 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 to 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.)