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Any bond ordinance may contain covenants as to a) the use and disposition of the income and revenues from or with respect to the industrial project for which the bonds are to be issued, including the creation and maintenance of reserves; b) the issuance of other or additional bonds payable from the income and revenues from or with respect to such industrial project; c) the maintenance and repair of such industrial project; d) the insurance to be carried thereon and the use and disposition of the insurance moneys; and e) the terms and conditions upon which the holders of the bonds or any portion thereof or any trustees therefor, are entitled to the appointment of a receiver by the chancery court, which court has jurisdiction in such proceedings, and which receiver may enter and take possession of the industrial project if it is then owned by the Village and lease, sell or otherwise dispose of it and maintain it, prescribe rentals or other payments and collect, receive and apply all income and revenues thereafter arising therefrom in the same manner and to the same extent as the Village itself might do.
Any bond ordinance may provide that the principal of and interest on any bonds issued under this Article shall be secured by a mortgage or deed of trust covering such industrial project for which the bonds are issued and may include any improvements or extensions thereafter made. Such mortgage or deed of trust may contain such covenants and agreements to properly safeguard the bonds as may be provided for in the bond ordinance but not inconsistent with this Article and shall be executed in the manner as may be provided for in the bond ordinance. A mortgage or deed of trust by which a security interest is created or a financing statement relating thereto need not be filed or recorded under the Uniform Commercial Code, or otherwise, except in the records of the Village. The provisions of this Article and any such bond ordinance or bond ordinances and any such mortgage or deed of trust is a contract with the holder or holders of the bonds and continues in effect until the principal of and the interest on the bonds so issued has been fully paid, and the duties of the Village and its President and Board of Trustees and officers under this Article and any such bond ordinance or bond ordinances and any such mortgage or deed of trust are enforceable by any bondholder by mandamus, foreclosure of any such mortgage or deed of trust or other appropriate suit, action or proceedings in any court of competent jurisdiction. (1985 Code)
The bonds bearing the signatures of officers in office on the date of the signing thereof are valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all the persons whose signatures appear thereon ceased to be officers of the Village. The validity of the bonds is not dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, betterment or extension of the industrial project for which the bonds are issued. The bond ordinance may provide that the bonds shall contain a recital that they are issued pursuant to the Illinois Revised Statutes, chapter 24, sections 11-74-1 et seq., and this Article, which recital is conclusive evidence of their validity and of the regularity of their issuance. (1985 Code)
All bonds issued under this Article have a lien upon the income and revenues delivered by the Village with respect to the industrial project for which the bonds have been issued, and the President and Board of Trustees may provide in any bond ordinance for the issuance of additional bonds to be equally and ratably secured by a lien upon such income and revenues or may provide that the lien upon such income and revenues for future bonds is subordinate. (1985 Code)
No holder of any bonds issued under this Article has the right to compel any exercise of taxing power of the Village to pay the bonds or the interest thereon, and the bonds do not constitute an indebtedness of the Village or a loan of credit thereof within the meaning of any constitutional or statutory provision. It shall be plainly stated on the face of each bond that it has been issued under the provisions of Illinois Revised Statutes, chapter 24, sections 11-74-1 et seq., and this Article, and that it does not constitute an indebtedness of the Village or a loan of credit thereof within the meaning of any constitutional or statutory provision. (1985 Code)
The President and Board of Trustees of the Village shall prescribe and collect revenues with respect to an industrial project and shall review such from time to time whenever necessary so that such revenues are always sufficient to pay when due all bonds and interest thereon for the payment of which such revenues are pledged, including reserves therefor. (1985 Code)
It is not necessary for the Village, proceeding under this Article, to obtain any certificate of convenience or necessity, franchise, license, permit, or other authorization from any bureau, board, commission, or other lay instrumentality of the State of Illinois in order to acquire, construct, purchase, reconstruct, improve, better or extend any industrial project or for the issuance of bonds in connection therewith. (1985 Code)
The powers conferred by this Article are in addition and supplemental to, and the limitations imposed by this Article shall not affect, the powers conferred by any other law. Industrial projects may be acquired, purchased, constructed, reconstructed, improved, bettered and extended, and bonds may be issued under this Article for such purposes, notwithstanding that any other law may provide for the acquisition, purchase, construction, reconstruction, improvement, betterment and extension of a like industrial project, or the issuance of bonds for like purposes, and without regard to the requirements, restrictions, limitation or other provisions contained in any other law. (1985 Code)
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