5768 AUTHORIZING ACQUISITION, CONSTRUCTION AND FINANCING POLLUTION CONTROL FACILITIES AND ECONOMIC DEVELOPMENT PROJECTS

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, t - . � • � � � � of bonds sold pursuant to this Ordinance. The bonds and interim receipts or certificates shall be deemed to be securities and negotiable instru- ments within the meaning and for all purposes of the "Uniform Commercial Code." Section 5. Covenants in Bonds. Any ordinance authorizing the issuance of bonds under this Ordinance may contain covenants as to (a) the use and disposition of the revenues and receipts from the pro�ect for which the bonds are to be issued, including the creation and maintenance of reserves; (b) the issuance of other or additional bonds relating to the project or any rehabilitation, improvements, renovations, enlargements or additions thereto; (c) the maintenance and repair of such project; (d) the insurance to be carried thereon and the use and disposition of insurance moneys; (e) the appointment of any bank or trust company within or outside the State of Illinois, having the necessary trust powers as trustee for the benefit of the bondholders, paying agent, and bond registrar; (f) the investment of any funds held by such trustee; and (g) the terms and con- ditions upon which the holders of the bonds or any portion thereof or any trustees therefor, are entitled to the appointment of a receiver. Any ordinance authorizing the issuance of bonds under this Ordinance may provide that the principal of and interest on any bonds issued under this Ordinance shall be secured by a mortgage or indenture of trust covering such project for which the bonds are issued and may include any improvements or extensions thereafter made. Such mortgage or indenture of trust may contain such covenants and agreements to properly safeguard the bonds as may be provided for in the ordinance authorizing such bonds and shall be executed in the manner as may be provided for in the ordinance. The provisions of this Ordinance and any such ordinance or ordinances and any such mortgage or indenture of trust shall constitute a contract with the holder or holders of the bonds and continue in effect until the principal of, the interest on, and the redemption premiums, if any, on the bonds so issued have been fully paid, and the duties of the municipality and its corporate authorities and officers under this Ordinance and any such ordinance or ordinances and any such mortgage or indenture of trust shall be enforceable by any bond- holder by mandamus, foreclosure of any such mortgage or indenture of trust or other appropriate suit, action or proceedings in any court of competent jurisdiction; provided the ordinance or any mortgage or indenture of trust under which the bonds are issued may provide that all such remedies and rights to enforcement may be vested in a trustee for the benefit of all the bondholders which trustee shall be subject to the control of a majority of the holders or owners or any outstanding bonds. Section 6. Signatures of Officers on Bonds - Validity of Bonds. The bonds shall bear the signatures of such officers of the municipality as may be designated in the ordinance authorizing such bonds and such signatures shall be the valid and binding signatures of the officers of the municipality, notwithstanding that before the delivery thereof and payments therefor any or all of the persons whose signatures appear thereon have ceased to be officers of the municipality issuing such bonds. The validity of the bonds is not dependent on nor affected by the validity or regularity of any pro- ceedings relating to the acquisition, purchase, construction, reconstruc- tion, improvement, equipping, betterment or extension of the project for which the bonds are issued. The ordinance authorizing the bonds may provide that the bonds shall contain a recital that they are issued pursuant to this Ordinance, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. Section 7. Lien of Bonds. All bonds issued under this Ordinance have a lien upon the revenues and receipts derived from the project for which the bonds have been issued, and the governing body may provide in the ordinance or ordinances authorizing such bonds for the issuance of additional bonds to be �;.qually and ratably secured by a lien upon such revenues and receipts or may provide that th� lien upon such revenues and receipts is subordinate. -4-