(70 ILCS 508/25)
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 (12) 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.
(Source: P.A. 90-83, eff. 7-10-97; 91-357, eff. 7-29-99.)
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Last modified: February 18, 2015