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2416 CORPORATION v. FIRST NATIONAL BANK

Nos. 47560, 47561 cons.

64 Ill.2d 364 (1976)

356 N.E.2d 20

THE 2416 CORPORATION, Appellee, v. THE FIRST NATIONAL BANK OF CHICAGO, Trustee, Appellee. — (Chicago Transit Authority et al., Appellants.)

Supreme Court of Illinois.

Opinion filed October 1, 1976.

Attorney(s) appearing for the Case

Foran, Wiss and Schultz, of Chicago (Robert E. Wiss and John M. Cregor, Jr., of counsel), for appellant Chicago Transit Authority.

Ralph F. Huck, Richard A. Makarski, and Richard G. Smolev, of Chicago (Chapman and Cutler, of counsel), for appellant Harris Trust and Savings Bank.

DeWolfe, DeWolfe and Markley (John C. DeWolfe, Jr., and George F. DeWolfe, of counsel), for appellee 2416 Corporation.

Jack S. Levin and Tefft W. Smith, of Chicago (Kirkland & Ellis, of counsel), for appellee First National Bank of Chicago.

Leonard M. Ring, of Chicago, for appellee Lois Beck.

Judgment affirmed.

MR. CHIEF JUSTICE WARD delivered the opinion of the court:

This appeal involves the construction of the trust agreement under which revenue bonds were issued to finance the establishment and initial operations of the Chicago Transit Authority (hereafter CTA), which operates the public transportation system in the city of Chicago and in certain areas beyond the limits of Chicago. The proceeding is directly related to operating deficits of...

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