70 ILCS 200/255-30
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 200/ - Civic Center Code.|Article 255 - Springfield Metropolitan Exposition And Auditorium Authority

Sec. 255-30.     Borrowing; revenue bonds.     The Authority  shall have the continuing power to borrow money for  the purpose of carrying out and performing its duties and exercising its  rights and 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 of its interest bearing  revenue bonds or its general obligation bonds at maturity or pursuant to  redemption provisions or at any time before maturity with the consent of  the holders thereof.  All such interest bearing revenue bonds of the  Authority shall be payable solely from such of the revenues or income to be  derived from the fairs, exhibits, shows and events and other authorized  activities operated by it, the charges made for the use of its facilities  and the funds, if any, received and to be received by the Authority from  any other source as are pledged by the ordinance authorizing the bonds.  Such bonds may bear such date or dates, may mature at such time or times  not exceeding forty 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, payable semi-annually, may  be in such form, may carry such registration privileges, 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 a mandamus,  injunction, or other civil action or proceeding 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 law 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 the 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 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 so pledged 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 undertaking 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, exhibits, shows and  events and from charges made for the use of its facilities or for  admissions to its events, or 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 had 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 revenue 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 three times in a daily newspaper of  general circulation published in the metropolitan area, the last  publication to be at least ten 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 Public Act 86-4, 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.)