Sec. 25. Powers.

340 words·~2 min read·/il/chapter-70/act-508/25

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 25. Powers. The Authority possesses all powers of a body corporate necessary and convenient to accomplish the purpose of this Act, including without limitation the following:

(1)to enter into loans, contracts, agreements, and mortgages in any matter connected

with any of its corporate purposes and to invest its funds;

(2)to sue and be sued;

(3)to employ agents and employees necessary to carry out its purposes;

(4)to have, use, and alter a common seal;

(5)to adopt all needful ordinances, resolutions, by-laws, rules, and regulations for

the conduct of its business and affairs and for the management and use of the projects developed, constructed, acquired, and improved in furtherance of its purposes;

(6)to designate the fiscal year for the Authority;

(7)to accept and expend appropriations;

(8)to have and exercise all powers and be subject to all duties usually incident to

boards of directors of corporations;

(9)to acquire, own, lease, sell, or otherwise dispose of interests in and to real

property and improvements situated thereon and in personal property necessary to fulfill the purposes of the Authority;

(10)to engage in any activity or operation that is incidental to and in furtherance of

efficient operation to accomplish the Authority's primary purpose;

(11)to acquire, own, construct, lease, operate, and maintain within its corporate

limits terminals and terminal facilities and to fix and collect just, reasonable, and nondiscriminatory charges for the use of those facilities;

(12)to collect fees and charges in connection with its loans, commitments, and

services;

(13)to use the charges and fees collected as authorized under paragraphs

(11)and

of this Section to defray the reasonable expenses of the Authority and to pay the principal and interest of any revenue bonds issued by the Authority;

(14)to use ground water resources of Will County; and

(15)to borrow money and to issue revenue bonds, notes, or other evidences of

indebtedness as provided in Section 35 of this Act to evidence the obligation of the Authority to repay the borrowings.