70 ILCS 200/185-20
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 185 - Oak Park Civic Center

Sec. 185-20.     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 mandamus, injunction, or other civil  actions or  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, 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 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 authorized  by the Bond Authorization Act, as amended at the time of the making of the  contract,  the bonds shall be  sold for not less than par and accrued interest and except that the selling  price of bonds bearing interest at a rate of less than  the maximum rate  authorized by the Bond Authorization Act, as amended at the time of the  making of the contract, shall  be such that the interest cost to the Authority of the money received from  the sale of bonds shall not exceed the maximum rate  authorized by the  Bond Authorization Act, as amended at the time of the making of the contract,  computed to absolute  maturity of said bonds or certificates according to standard tables of bond  values.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, cultural, expositions, sport 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, injunction, or other civil  actions  or 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.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of this amendatory  Act of 1989, it is and always has been the intention of the General  Assembly (i) that the Omnibus Bond Acts are and always have been  supplementary grants of power to issue instruments in accordance with the  Omnibus Bond Acts, regardless of any provision of this Article that  may appear  to be or to have been more restrictive than those Acts, (ii) that the  provisions of this Section are not a limitation on the supplementary  authority granted by the Omnibus Bond Acts, and (iii) that instruments  issued under this Section within the supplementary authority granted  by the Omnibus Bond Acts are not invalid because of any provision of  this Article that may appear to be or to have been more restrictive  than  those Acts.    (Source: P.A. 90-328, eff. 1-1-98.)