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Illinois Statutes Chapter 620. Air Transportation § 75/2-105. Rights of the Illinois Department of Transportation upon expiration or termination of the agreement

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 2-105. Rights of the Illinois Department of Transportation upon expiration or termination of the agreement.

(a) Upon the termination or expiration of the public-private agreement, including a termination for default, the Department shall have the right to take over the South Suburban Airport project and to succeed to all of the right, title, and interest in the South Suburban Airport project, subject to any liens on revenues previously granted by the contractor to any person providing financing for the South Suburban Airport project.

(b) If the Department elects to take over the South Suburban Airport project as provided in subsection (a) of this Section, the Department may, without limitation, do the following:

(1) develop, finance, construct, maintain, or operate the project, including through another public-private agreement entered into in accordance with this Act; or

(2) impose, collect, retain, and use user fees, if any, for the project.

(c) If the Department elects to take over the South Suburban Airport project as provided in subsection (a) of this Section, the Department may, without limitation, use the revenues, if any, for any lawful purpose, including to:

(1) make payments to individuals or entities in connection with any financing of the South Suburban Airport project;

(2) permit a contractor or third party to receive some or all of the revenues under the public-private agreement entered into under this Act;

(3) pay development costs of the South Suburban Airport;

(4) pay current operation costs of the South Suburban Airport; and

(5) pay the contractor for any compensation or payment owing upon termination.

(d) All real property acquired as a part of the South Suburban Airport shall be held in the name of the State of Illinois upon termination of the South Suburban Airport project.

(e) The full faith and credit of the State or any political subdivision of the State or the Department is not pledged to secure any financing of the contractor by the election to take over the South Suburban Airport project. Assumption of development, operation, or both, of the South Suburban Airport project does not obligate the State or any political subdivision of the State or the Department to pay any obligation of the contractor.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 620. Air Transportation § 75/2-105. Rights of the Illinois Department of Transportation upon expiration or termination of the agreement - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-620-air-transportation/il-st-sect-620-75-2-105/

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