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1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Central Illinois Economic Development
5Authority Act is amended by changing Sections 10 and 35 as
6follows:
 
7    (70 ILCS 504/10)
8    Sec. 10. Definitions. In this Act:
9    "Authority" means the Central Illinois Economic
10Development Authority.
11    "Governmental agency" means any federal, State, or local
12governmental body and any agency or instrumentality thereof,
13corporate or otherwise.
14    "Person" means any natural person, firm, partnership,
15corporation, both domestic and foreign, company, association
16or joint stock association and includes any trustee, receiver,
17assignee or personal representative thereof.
18    "Revenue bond" means any bond issued by the Authority, the
19principal and interest of which is payable solely from revenues
20or income derived from any project or activity of the
21Authority.
22    "Board" means the Board of Directors of the Central
23Illinois Economic Development Authority.

 

 

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1    "Governor" means the Governor of the State of Illinois.
2    "City" means any city, village, incorporated town, or
3township within the geographical territory of the Authority.
4    "Industrial project" means the following:
5        (1) a capital project, including one or more buildings
6    and other structures, improvements, machinery and
7    equipment whether or not on the same site or sites now
8    existing or hereafter acquired, suitable for use by any
9    manufacturing, industrial, research, transportation or
10    commercial enterprise including but not limited to use as a
11    factory, mill, processing plant, assembly plant, packaging
12    plant, fabricating plant, ethanol plant, office building,
13    industrial distribution center, warehouse, repair,
14    overhaul or service facility, freight terminal, research
15    facility, test facility, railroad facility, port facility,
16    solid waste and wastewater treatment and disposal sites and
17    other pollution control facilities, resource or waste
18    reduction, recovery, treatment and disposal facilities,
19    and including also the sites thereof and other rights in
20    land therefore whether improved or unimproved, site
21    preparation and landscaping and all appurtenances and
22    facilities incidental thereto such as utilities, access
23    roads, railroad sidings, truck docking and similar
24    facilities, parking facilities, dockage, wharfage,
25    railroad roadbed, track, trestle, depot, terminal,
26    switching and signaling equipment or related equipment and

 

 

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1    other improvements necessary or convenient thereto; or
2        (2) any land, buildings, machinery or equipment
3    comprising an addition to or renovation, rehabilitation or
4    improvement of any existing capital project.
5    "Housing project" or "residential project" includes a
6specific work or improvement undertaken to provide dwelling
7accommodations, including the acquisition, construction or
8rehabilitation of lands, buildings and community facilities
9and in connection therewith to provide nonhousing facilities
10which are an integral part of a planned large-scale project or
11new community.
12    "Commercial project" means any project, including, but not
13limited to, one or more buildings and other structures,
14improvements, machinery, and equipment, whether or not on the
15same site or sites now existing or hereafter acquired, suitable
16for use by any retail or wholesale concern, distributorship, or
17agency.
18    "Project" means an industrial, housing, residential,
19commercial, or service project, or any combination thereof,
20provided that all uses fall within one of the categories
21described above. Any project automatically includes all site
22improvements and new construction involving sidewalks, sewers,
23solid waste and wastewater treatment and disposal sites and
24other pollution control facilities, resource or waste
25reduction, recovery, treatment and disposal facilities, parks,
26open spaces, wildlife sanctuaries, streets, highways, and

 

 

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1runways.
2    "Lease agreement" means an agreement in which a project
3acquired by the Authority by purchase, gift, or lease is leased
4to any person or corporation that will use, or cause the
5project to be used, as a project, upon terms providing for
6lease rental payments at least sufficient to pay, when due, all
7principal of and interest and premium, if any, on any bonds,
8notes, or other evidences of indebtedness of the Authority,
9issued with respect to the project, providing for the
10maintenance, insurance, and operation of the project on terms
11satisfactory to the Authority and providing for disposition of
12the project upon termination of the lease term, including
13purchase options or abandonment of the premises, with other
14terms as may be deemed desirable by the Authority.
15    "Loan agreement" means any agreement in which the Authority
16agrees to loan the proceeds of its bonds, notes, or other
17evidences of indebtedness, issued with respect to a project, to
18any person or corporation which will use or cause the project
19to be used as a project, upon terms providing for loan
20repayment installments at least sufficient to pay, when due,
21all principal of and interest and premium, if any, on any
22bonds, notes, or other evidences of indebtedness of the
23Authority issued with respect to the project, providing for
24maintenance, insurance, and operation of the project on terms
25satisfactory to the Authority and providing for other terms
26deemed advisable by the Authority.

 

 

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1    "Financial aid" means the expenditure of Authority funds or
2funds provided by the Authority for the development,
3construction, acquisition or improvement of a project, through
4the issuance of revenue bonds, notes, or other evidences of
5indebtedness.
6    "Costs incurred in connection with the development,
7construction, acquisition or improvement of a project" means
8the following:
9        (1) the cost of purchase and construction of all lands
10    and improvements in connection therewith and equipment and
11    other property, rights, easements, and franchises acquired
12    which are deemed necessary for the construction;
13        (2) financing charges;
14        (3) interest costs with respect to bonds, notes, and
15    other evidences of indebtedness of the Authority prior to
16    and during construction and for a period of 6 months
17    thereafter;
18        (4) engineering and legal expenses; and
19        (5) the costs of plans, specifications, surveys, and
20    estimates of costs and other expenses necessary or incident
21    to determining the feasibility or practicability of any
22    project, together with such other expenses as may be
23    necessary or incident to the financing, insuring,
24    acquisition, and construction of a specific project and the
25    placing of the same in operation.
26(Source: P.A. 94-995, eff. 7-3-06.)
 

 

 

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1    (70 ILCS 504/35)
2    Sec. 35. Bonds.
3    (a) The Authority, with the written approval of the
4Governor, shall have the continuing power to issue bonds,
5notes, or other evidences of indebtedness in an aggregate
6amount outstanding not to exceed $250,000,000 for the following
7purposes: (i) development, construction, acquisition, or
8improvement of projects, including those established by
9business entities locating or expanding property within the
10territorial jurisdiction of the Authority; (ii) entering into
11venture capital agreements with businesses locating or
12expanding within the territorial jurisdiction of the
13Authority; and (iii) acquisition and improvement of any
14property necessary and useful in connection therewith. For the
15purpose of evidencing the obligations of the Authority to repay
16any money borrowed, the Authority may, pursuant to resolution,
17from time to time, issue and dispose of its interest-bearing
18revenue bonds, notes, or other evidences of indebtedness and
19may also from time to time issue and dispose of such bonds,
20notes, or other evidences of indebtedness to refund, at
21maturity, at a redemption date or in advance of either, any
22bonds, notes, or other evidences of indebtedness pursuant to
23redemption provisions or at any time before maturity. All such
24bonds, notes, or other evidences of indebtedness shall be
25payable solely and only from the revenues or income to be

 

 

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1derived from loans made with respect to projects, from the
2leasing or sale of the projects, or from any other funds
3available to the Authority for such purposes. The bonds, notes,
4or other evidences of indebtedness may bear such date or dates,
5may mature at such time or times not exceeding 40 years from
6their respective dates, may bear interest at such rate or rates
7not exceeding the maximum rate permitted by the Bond
8Authorization Act, may be in such form, may carry such
9registration privileges, may be executed in such manner, may be
10payable at such place or places, may be made subject to
11redemption in such manner and upon such terms, with or without
12premium, as is stated on the face thereof, may be authenticated
13in such manner and may contain such terms and covenants as may
14be provided by an applicable resolution.
15    (b) The holder or holders of any bonds, notes, or other
16evidences of indebtedness issued by the Authority may bring
17suits at law or proceedings in equity to compel the performance
18and observance by any corporation or person or by the Authority
19or any of its agents or employees of any contract or covenant
20made with the holders of the bonds, notes, or other evidences
21of indebtedness, to compel such corporation, person, the
22Authority, and any of its agents or employees to perform any
23duties required to be performed for the benefit of the holders
24of the bonds, notes, or other evidences of indebtedness by the
25provision of the resolution authorizing their issuance and to
26enjoin the corporation, person, the Authority, and any of its

 

 

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1agents or employees from taking any action in conflict with any
2contract or covenant.
3    (c) If the Authority fails to pay the principal of or
4interest on any of the bonds or premium, if any, as the bond
5becomes due, a civil action to compel payment may be instituted
6in the appropriate circuit court by the holder or holders of
7the bonds on which the default of payment exists or by an
8indenture trustee acting on behalf of the holders. Delivery of
9a summons and a copy of the complaint to the chairman of the
10Board shall constitute sufficient service to give the circuit
11court jurisdiction over the subject matter of the suit and
12jurisdiction over the Authority and its officers named as
13defendants for the purpose of compelling such payment. Any
14case, controversy, or cause of action concerning the validity
15of this Act relates to the revenue of the State of Illinois.
16    (d) Notwithstanding the form and tenor of any bond, note,
17or other evidence of indebtedness and in the absence of any
18express recital on its face that it is non-negotiable, all such
19bonds, notes, and other evidences of indebtedness shall be
20negotiable instruments. Pending the preparation and execution
21of any bonds, notes, or other evidences of indebtedness,
22temporary bonds, notes, or evidences of indebtedness may be
23issued as provided by ordinance.
24    (e) To secure the payment of any or all of such bonds,
25notes, or other evidences of indebtedness, the revenues to be
26received by the Authority from a lease agreement or loan

 

 

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1agreement shall be pledged, and, for the purpose of setting
2forth the covenants and undertakings of the Authority in
3connection with the issuance of the bonds, notes, or other
4evidences of indebtedness and the issuance of any additional
5bonds, notes or other evidences of indebtedness payable from
6such revenues, income, or other funds to be derived from
7projects, the Authority may execute and deliver a mortgage or
8trust agreement. A remedy for any breach or default of the
9terms of any mortgage or trust agreement by the Authority may
10be by mandamus proceeding in the appropriate circuit court to
11compel performance and compliance under the terms of the
12mortgage or trust agreement, but the trust agreement may
13prescribe by whom or on whose behalf the action may be
14instituted.
15    (f) Bonds or notes shall be secured as provided in the
16authorizing ordinance which may include, notwithstanding any
17other provision of this Act, in addition to any other security,
18a specific pledge, assignment of and lien on, or security
19interest in any or all revenues or money of the Authority, from
20whatever source, which may, by law, be used for debt service
21purposes and a specific pledge, or assignment of and lien on,
22or security interest in any funds or accounts established or
23provided for by ordinance of the Authority authorizing the
24issuance of the bonds or notes.
25    (g) The State of Illinois pledges to and agrees with the
26holders of the bonds and notes of the Authority issued pursuant

 

 

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1to this Section that the State will not limit or alter the
2rights and powers vested in the Authority by this Act so as to
3impair the terms of any contract made by the Authority with the
4holders of bonds or notes or in any way impair the rights and
5remedies of those holders until the bonds and notes, together
6with interest thereon, with interest on any unpaid installments
7of interest, and all costs and expenses in connection with any
8action or proceedings by or on behalf of the holders, are fully
9met and discharged. In addition, the State pledges to and
10agrees with the holders of the bonds and notes of the Authority
11issued pursuant to this Section that the State will not limit
12or alter the basis on which State funds are to be paid to the
13Authority as provided in this Act, or the use of such funds, so
14as to impair the terms of any such contract. The Authority is
15authorized to include these pledges and agreements of the State
16in any contract with the holders of bonds or notes issued
17pursuant to this Section.
18    (h) (Blank). Not less than 30 days prior to the commitment
19to issue bonds, notes, or other evidences of indebtedness for
20the purpose of developing, constructing, acquiring, or
21improving housing or residential projects, as defined in this
22Act, the Authority shall provide notice to the Executive
23Director of the Illinois Housing Development Authority. Within
2430 days after the notice is provided, the Illinois Housing
25Development Authority shall, in writing, either express
26interest in financing the project or notify the Authority that

 

 

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1it is not interested in providing financing and that the
2Authority may finance the project or seek alternative
3financing.
4(Source: P.A. 94-995, eff. 7-3-06.)
 
5    Section 10. The Eastern Illinois Economic Development
6Authority Act is amended by changing Sections 10 and 35 as
7follows:
 
8    (70 ILCS 506/10)
9    Sec. 10. Definitions. In this Act:
10    "Authority" means the Eastern Illinois Economic
11Development Authority.
12    "Governmental agency" means any federal, State, or local
13governmental body and any agency or instrumentality thereof,
14corporate or otherwise.
15    "Person" means any natural person, firm, partnership,
16corporation, both domestic and foreign, company, association
17or joint stock association and includes any trustee, receiver,
18assignee or personal representative thereof.
19    "Revenue bond" means any bond issued by the Authority, the
20principal and interest of which is payable solely from revenues
21or income derived from any project or activity of the
22Authority.
23    "Board" means the Board of Directors of the Eastern
24Illinois Economic Development Authority.

 

 

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1    "Governor" means the Governor of the State of Illinois.
2    "City" means any city, village, incorporated town, or
3township within the geographical territory of the Authority.
4    "Industrial project" means the following:
5        (1) a capital project, including one or more buildings
6    and other structures, improvements, machinery and
7    equipment whether or not on the same site or sites now
8    existing or hereafter acquired, suitable for use by any
9    manufacturing, industrial, research, transportation or
10    commercial enterprise including but not limited to use as a
11    factory, mill, processing plant, assembly plant, packaging
12    plant, fabricating plant, ethanol plant, office building,
13    industrial distribution center, warehouse, repair,
14    overhaul or service facility, freight terminal, research
15    facility, test facility, railroad facility, port facility,
16    solid waste and wastewater treatment and disposal sites and
17    other pollution control facilities, resource or waste
18    reduction, recovery, treatment and disposal facilities,
19    and including also the sites thereof and other rights in
20    land therefore whether improved or unimproved, site
21    preparation and landscaping and all appurtenances and
22    facilities incidental thereto such as utilities, access
23    roads, railroad sidings, truck docking and similar
24    facilities, parking facilities, dockage, wharfage,
25    railroad roadbed, track, trestle, depot, terminal,
26    switching and signaling equipment or related equipment and

 

 

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1    other improvements necessary or convenient thereto; or
2        (2) any land, buildings, machinery or equipment
3    comprising an addition to or renovation, rehabilitation or
4    improvement of any existing capital project.
5    "Housing project" or "residential project" includes a
6specific work or improvement undertaken to provide dwelling
7accommodations, including the acquisition, construction, or
8rehabilitation of lands, buildings, and community facilities,
9and to provide non-housing facilities which are an integral
10part of a planned large-scale project or new community.
11    "Commercial project" means any project, including, but not
12limited to, one or more buildings and other structures,
13improvements, machinery, and equipment, whether or not on the
14same site or sites now existing or hereafter acquired, suitable
15for use by any retail or wholesale concern, distributorship, or
16agency.
17    "Project" means an industrial, housing, residential,
18commercial, or service project, or any combination thereof,
19provided that all uses fall within one of the categories
20described above. Any project automatically includes all site
21improvements and new construction involving sidewalks, sewers,
22solid waste and wastewater treatment and disposal sites and
23other pollution control facilities, resource or waste
24reduction, recovery, treatment and disposal facilities, parks,
25open spaces, wildlife sanctuaries, streets, highways, and
26runways.

 

 

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1    "Lease agreement" means an agreement in which a project
2acquired by the Authority by purchase, gift, or lease is leased
3to any person or corporation that will use, or cause the
4project to be used, as a project, upon terms providing for
5lease rental payments at least sufficient to pay, when due, all
6principal of and interest and premium, if any, on any bonds,
7notes, or other evidences of indebtedness of the Authority,
8issued with respect to the project, providing for the
9maintenance, insurance, and operation of the project on terms
10satisfactory to the Authority and providing for disposition of
11the project upon termination of the lease term, including
12purchase options or abandonment of the premises, with other
13terms as may be deemed desirable by the Authority.
14    "Loan agreement" means any agreement in which the Authority
15agrees to loan the proceeds of its bonds, notes, or other
16evidences of indebtedness, issued with respect to a project, to
17any person or corporation which will use or cause the project
18to be used as a project, upon terms providing for loan
19repayment installments at least sufficient to pay, when due,
20all principal of and interest and premium, if any, on any
21bonds, notes, or other evidences of indebtedness of the
22Authority issued with respect to the project, providing for
23maintenance, insurance, and operation of the project on terms
24satisfactory to the Authority and providing for other terms
25deemed advisable by the Authority.
26    "Financial aid" means the expenditure of Authority funds or

 

 

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1funds provided by the Authority for the development,
2construction, acquisition or improvement of a project, through
3the issuance of revenue bonds, notes, or other evidences of
4indebtedness.
5    "Costs incurred in connection with the development,
6construction, acquisition or improvement of a project" means
7the following:
8        (1) the cost of purchase and construction of all lands
9    and improvements in connection therewith and equipment and
10    other property, rights, easements, and franchises acquired
11    which are deemed necessary for the construction;
12        (2) financing charges;
13        (3) interest costs with respect to bonds, notes, and
14    other evidences of indebtedness of the Authority prior to
15    and during construction and for a period of 6 months
16    thereafter;
17        (4) engineering and legal expenses; and
18        (5) the costs of plans, specifications, surveys, and
19    estimates of costs and other expenses necessary or incident
20    to determining the feasibility or practicability of any
21    project, together with such other expenses as may be
22    necessary or incident to the financing, insuring,
23    acquisition, and construction of a specific project and the
24    placing of the same in operation.
25(Source: P.A. 94-203, eff. 7-13-05.)
 

 

 

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1    (70 ILCS 506/35)
2    Sec. 35. Bonds.
3    (a) The Authority, with the written approval of the
4Governor, shall have the continuing power to issue bonds,
5notes, or other evidences of indebtedness in an aggregate
6amount outstanding not to exceed $250,000,000 for the following
7purposes: (i) development, construction, acquisition, or
8improvement of projects, including those established by
9business entities locating or expanding property within the
10territorial jurisdiction of the Authority; (ii) entering into
11venture capital agreements with businesses locating or
12expanding within the territorial jurisdiction of the
13Authority; (iii) acquisition and improvement of any property
14necessary and useful in connection therewith; and (iv) for the
15purposes of the Employee Ownership Assistance Act. For the
16purpose of evidencing the obligations of the Authority to repay
17any money borrowed, the Authority may, pursuant to resolution,
18from time to time, issue and dispose of its interest-bearing
19revenue bonds, notes, or other evidences of indebtedness and
20may also from time to time issue and dispose of such bonds,
21notes, or other evidences of indebtedness to refund, at
22maturity, at a redemption date or in advance of either, any
23bonds, notes, or other evidences of indebtedness pursuant to
24redemption provisions or at any time before maturity. All such
25bonds, notes, or other evidences of indebtedness shall be
26payable solely and only from the revenues or income to be

 

 

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1derived from loans made with respect to projects, from the
2leasing or sale of the projects, or from any other funds
3available to the Authority for such purposes. The bonds, notes,
4or other evidences of indebtedness may bear such date or dates,
5may mature at such time or times not exceeding 40 years from
6their respective dates, may bear interest at such rate or rates
7not exceeding the maximum rate permitted by the Bond
8Authorization Act, may be in such form, may carry such
9registration privileges, may be executed in such manner, may be
10payable at such place or places, may be made subject to
11redemption in such manner and upon such terms, with or without
12premium, as is stated on the face thereof, may be authenticated
13in such manner and may contain such terms and covenants as may
14be provided by an applicable resolution.
15    (b) The holder or holders of any bonds, notes, or other
16evidences of indebtedness issued by the Authority may bring
17suits at law or proceedings in equity to compel the performance
18and observance by any corporation or person or by the Authority
19or any of its agents or employees of any contract or covenant
20made with the holders of the bonds, notes, or other evidences
21of indebtedness, to compel such corporation, person, the
22Authority, and any of its agents or employees to perform any
23duties required to be performed for the benefit of the holders
24of the bonds, notes, or other evidences of indebtedness by the
25provision of the resolution authorizing their issuance and to
26enjoin the corporation, person, the Authority, and any of its

 

 

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1agents or employees from taking any action in conflict with any
2contract or covenant.
3    (c) If the Authority fails to pay the principal of or
4interest on any of the bonds or premium, if any, as the bond
5becomes due, a civil action to compel payment may be instituted
6in the appropriate circuit court by the holder or holders of
7the bonds on which the default of payment exists or by an
8indenture trustee acting on behalf of the holders. Delivery of
9a summons and a copy of the complaint to the chairman of the
10Board shall constitute sufficient service to give the circuit
11court jurisdiction over the subject matter of the suit and
12jurisdiction over the Authority and its officers named as
13defendants for the purpose of compelling such payment. Any
14case, controversy, or cause of action concerning the validity
15of this Act relates to the revenue of the State of Illinois.
16    (d) Notwithstanding the form and tenor of any bond, note,
17or other evidence of indebtedness and in the absence of any
18express recital on its face that it is non-negotiable, all such
19bonds, notes, and other evidences of indebtedness shall be
20negotiable instruments. Pending the preparation and execution
21of any bonds, notes, or other evidences of indebtedness,
22temporary bonds, notes, or evidences of indebtedness may be
23issued as provided by ordinance.
24    (e) To secure the payment of any or all of such bonds,
25notes, or other evidences of indebtedness, the revenues to be
26received by the Authority from a lease agreement or loan

 

 

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1agreement shall be pledged, and, for the purpose of setting
2forth the covenants and undertakings of the Authority in
3connection with the issuance of the bonds, notes, or other
4evidences of indebtedness and the issuance of any additional
5bonds, notes or other evidences of indebtedness payable from
6such revenues, income, or other funds to be derived from
7projects, the Authority may execute and deliver a mortgage or
8trust agreement. A remedy for any breach or default of the
9terms of any mortgage or trust agreement by the Authority may
10be by mandamus proceeding in the appropriate circuit court to
11compel performance and compliance under the terms of the
12mortgage or trust agreement, but the trust agreement may
13prescribe by whom or on whose behalf the action may be
14instituted.
15    (f) Bonds or notes shall be secured as provided in the
16authorizing ordinance which may include, notwithstanding any
17other provision of this Act, in addition to any other security,
18a specific pledge, assignment of and lien on, or security
19interest in any or all revenues or money of the Authority, from
20whatever source, which may, by law, be used for debt service
21purposes and a specific pledge, or assignment of and lien on,
22or security interest in any funds or accounts established or
23provided for by ordinance of the Authority authorizing the
24issuance of the bonds or notes.
25    (g) The State of Illinois pledges to and agrees with the
26holders of the bonds and notes of the Authority issued pursuant

 

 

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1to this Section that the State will not limit or alter the
2rights and powers vested in the Authority by this Act so as to
3impair the terms of any contract made by the Authority with the
4holders of bonds or notes or in any way impair the rights and
5remedies of those holders until the bonds and notes, together
6with interest thereon, with interest on any unpaid installments
7of interest, and all costs and expenses in connection with any
8action or proceedings by or on behalf of the holders, are fully
9met and discharged. In addition, the State pledges to and
10agrees with the holders of the bonds and notes of the Authority
11issued pursuant to this Section that the State will not limit
12or alter the basis on which State funds are to be paid to the
13Authority as provided in this Act, or the use of such funds, so
14as to impair the terms of any such contract. The Authority is
15authorized to include these pledges and agreements of the State
16in any contract with the holders of bonds or notes issued
17pursuant to this Section.
18    (h) (Blank). Not less than 30 days prior to the commitment
19to issue bonds, notes, or other evidences of indebtedness for
20the purpose of developing, constructing, acquiring, or
21improving housing or residential projects, as defined in this
22Act, the Authority shall provide notice to the Executive
23Director of the Illinois Housing Development Authority. Within
2430 days after the notice is provided, the Illinois Housing
25Development Authority shall, in writing, either express
26interest in financing the project or notify the Authority that

 

 

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1it is not interested in providing financing and that the
2Authority may finance the project or seek alternative
3financing.
4(Source: P.A. 94-203, eff. 7-13-05.)
 
5    Section 15. The Southeastern Illinois Economic Development
6Authority Act is amended by changing Sections 15, 35, and 70 as
7follows:
 
8    (70 ILCS 518/15)
9    Sec. 15. Definitions. In this Act:
10    "Authority" means the Southeastern Illinois Economic
11Development Authority.
12    "Governmental agency" means any federal, State, or local
13governmental body and any agency or instrumentality thereof,
14corporate or otherwise.
15    "Person" means any natural person, firm, partnership,
16corporation, both domestic and foreign, company, association
17or joint stock association and includes any trustee, receiver,
18assignee or personal representative thereof.
19    "Revenue bond" means any bond issued by the Authority, the
20principal and interest of which is payable solely from revenues
21or income derived from any project or activity of the
22Authority.
23    "Board" means the Board of Directors of the Southeastern
24Illinois Economic Development Authority.

 

 

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1    "Governor" means the Governor of the State of Illinois.
2    "City" means any city, village, incorporated town, or
3township within the geographical territory of the Authority.
4    "Industrial project" means the following:
5        (1) a capital project, including one or more buildings
6    and other structures, improvements, machinery and
7    equipment whether or not on the same site or sites now
8    existing or hereafter acquired, suitable for use by any
9    manufacturing, industrial, research, transportation or
10    commercial enterprise including but not limited to use as a
11    factory, mill, processing plant, assembly plant, packaging
12    plant, fabricating plant, ethanol plant, office building,
13    industrial distribution center, warehouse, repair,
14    overhaul or service facility, freight terminal, research
15    facility, test facility, power generation facility, mining
16    operation, railroad facility, solid waste and wastewater
17    treatment and disposal sites and other pollution control
18    facilities, resource or waste reduction, recovery,
19    treatment and disposal facilities, tourism-related
20    facilities, including hotels, theaters, water parks, and
21    amusement parks, and including also the sites thereof and
22    other rights in land therefore whether improved or
23    unimproved, site preparation and landscaping and all
24    appurtenances and facilities incidental thereto such as
25    utilities, access roads, railroad sidings, truck docking
26    and similar facilities, parking facilities, dockage,

 

 

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1    wharfage, railroad roadbed, track, trestle, depot,
2    terminal, switching and signaling equipment or related
3    equipment and other improvements necessary or convenient
4    thereto; or
5        (2) any land, buildings, machinery or equipment
6    comprising an addition to or renovation, rehabilitation or
7    improvement of any existing capital project.
8    "Housing project" or "residential project" includes a
9specific work or improvement undertaken to provide dwelling
10accommodations, including the acquisition, construction or
11rehabilitation of lands, buildings and community facilities
12and in connection therewith to provide nonhousing facilities
13which are an integral part of a planned large-scale project or
14new community.
15    "Commercial project" means any project, including, but not
16limited to, one or more buildings and other structures,
17improvements, machinery, and equipment, whether or not on the
18same site or sites now existing or hereafter acquired, suitable
19for use by any retail or wholesale concern, distributorship, or
20agency, or health facility or retirement facility.
21    "Project" means an industrial, housing, residential,
22commercial, or service project, or any combination thereof,
23provided that all uses fall within one of the categories
24described above. Any project automatically includes all site
25improvements and new construction involving sidewalks, sewers,
26solid waste and wastewater treatment and disposal sites and

 

 

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1other pollution control facilities, resource or waste
2reduction, recovery, treatment and disposal facilities, parks,
3open spaces, wildlife sanctuaries, streets, highways, and
4runways.
5    "Lease agreement" means an agreement in which a project
6acquired by the Authority by purchase, gift, or lease is leased
7to any person or corporation that will use, or cause the
8project to be used, as a project, upon terms providing for
9lease rental payments at least sufficient to pay, when due, all
10principal of and interest and premium, if any, on any bonds,
11notes, or other evidences of indebtedness of the Authority,
12issued with respect to the project, providing for the
13maintenance, insurance, and operation of the project on terms
14satisfactory to the Authority and providing for disposition of
15the project upon termination of the lease term, including
16purchase options or abandonment of the premises, with other
17terms as may be deemed desirable by the Authority.
18    "Loan agreement" means any agreement in which the Authority
19agrees to loan the proceeds of its bonds, notes, or other
20evidences of indebtedness, issued with respect to a project, to
21any person or corporation which will use or cause the project
22to be used as a project, upon terms providing for loan
23repayment installments at least sufficient to pay, when due,
24all principal of and interest and premium, if any, on any
25bonds, notes, or other evidences of indebtedness of the
26Authority issued with respect to the project, providing for

 

 

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1maintenance, insurance, and operation of the project on terms
2satisfactory to the Authority and providing for other terms
3deemed advisable by the Authority.
4    "Financial aid" means the expenditure of Authority funds or
5funds provided by the Authority for the development,
6construction, acquisition or improvement of a project, through
7the issuance of revenue bonds, notes, or other evidences of
8indebtedness.
9    "Costs incurred in connection with the development,
10construction, acquisition or improvement of a project" means
11the following:
12        (1) the cost of purchase and construction of all lands
13    and improvements in connection therewith and equipment and
14    other property, rights, easements, and franchises acquired
15    which are deemed necessary for the construction;
16        (2) financing charges;
17        (3) interest costs with respect to bonds, notes, and
18    other evidences of indebtedness of the Authority prior to
19    and during construction and for a period of 6 months
20    thereafter;
21        (4) engineering and legal expenses; and
22        (5) the costs of plans, specifications, surveys, and
23    estimates of costs and other expenses necessary or incident
24    to determining the feasibility or practicability of any
25    project, together with such other expenses as may be
26    necessary or incident to the financing, insuring,

 

 

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1    acquisition, and construction of a specific project and the
2    placing of the same in operation.
3(Source: P.A. 93-968, eff. 8-20-04.)
 
4    (70 ILCS 518/35)
5    Sec. 35. Bonds.
6    (a) The Authority, with the written approval of the
7Governor, shall have the continuing power to issue bonds,
8notes, or other evidences of indebtedness in an aggregate
9amount outstanding not to exceed $250,000,000 for the following
10purposes: (i) development, construction, acquisition, or
11improvement of projects, including those established by
12business entities locating or expanding property within the
13territorial jurisdiction of the Authority; (ii) entering into
14venture capital agreements with businesses locating or
15expanding within the territorial jurisdiction of the
16Authority; (iii) acquisition and improvement of any property
17necessary and useful in connection therewith; and (iv) for the
18purposes of the Employee Ownership Assistance Act. For the
19purpose of evidencing the obligations of the Authority to repay
20any money borrowed, the Authority may, pursuant to resolution,
21from time to time, issue and dispose of its interest-bearing
22revenue bonds, notes, or other evidences of indebtedness and
23may also from time to time issue and dispose of such bonds,
24notes, or other evidences of indebtedness to refund, at
25maturity, at a redemption date or in advance of either, any

 

 

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1bonds, notes, or other evidences of indebtedness pursuant to
2redemption provisions or at any time before maturity. All such
3bonds, notes, or other evidences of indebtedness shall be
4payable solely and only from the revenues or income to be
5derived from loans made with respect to projects, from the
6leasing or sale of the projects, or from any other funds
7available to the Authority for such purposes. The bonds, notes,
8or other evidences of indebtedness may bear such date or dates,
9may mature at such time or times not exceeding 40 years from
10their respective dates, may bear interest at such rate or rates
11not exceeding the maximum rate permitted by the Bond
12Authorization Act, may be in such form, may carry such
13registration privileges, may be executed in such manner, may be
14payable at such place or places, may be made subject to
15redemption in such manner and upon such terms, with or without
16premium, as is stated on the face thereof, may be authenticated
17in such manner and may contain such terms and covenants as may
18be provided by an applicable resolution.
19    (b) The holder or holders of any bonds, notes, or other
20evidences of indebtedness issued by the Authority may bring
21suits at law or proceedings in equity to compel the performance
22and observance by any corporation or person or by the Authority
23or any of its agents or employees of any contract or covenant
24made with the holders of the bonds, notes, or other evidences
25of indebtedness, to compel such corporation, person, the
26Authority, and any of its agents or employees to perform any

 

 

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1duties required to be performed for the benefit of the holders
2of the bonds, notes, or other evidences of indebtedness by the
3provision of the resolution authorizing their issuance and to
4enjoin the corporation, person, the Authority, and any of its
5agents or employees from taking any action in conflict with any
6contract or covenant.
7    (c) If the Authority fails to pay the principal of or
8interest on any of the bonds or premium, if any, as the bond
9becomes due, a civil action to compel payment may be instituted
10in the appropriate circuit court by the holder or holders of
11the bonds on which the default of payment exists or by an
12indenture trustee acting on behalf of the holders. Delivery of
13a summons and a copy of the complaint to the chairman of the
14Board shall constitute sufficient service to give the circuit
15court jurisdiction over the subject matter of the suit and
16jurisdiction over the Authority and its officers named as
17defendants for the purpose of compelling such payment. Any
18case, controversy, or cause of action concerning the validity
19of this Act relates to the revenue of the State of Illinois.
20    (d) Notwithstanding the form and tenor of any bond, note,
21or other evidence of indebtedness and in the absence of any
22express recital on its face that it is non-negotiable, all such
23bonds, notes, and other evidences of indebtedness shall be
24negotiable instruments. Pending the preparation and execution
25of any bonds, notes, or other evidences of indebtedness,
26temporary bonds, notes, or evidences of indebtedness may be

 

 

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1issued as provided by ordinance.
2    (e) To secure the payment of any or all of such bonds,
3notes, or other evidences of indebtedness, the revenues to be
4received by the Authority from a lease agreement or loan
5agreement shall be pledged, and, for the purpose of setting
6forth the covenants and undertakings of the Authority in
7connection with the issuance of the bonds, notes, or other
8evidences of indebtedness and the issuance of any additional
9bonds, notes or other evidences of indebtedness payable from
10such revenues, income, or other funds to be derived from
11projects, the Authority may execute and deliver a mortgage or
12trust agreement. A remedy for any breach or default of the
13terms of any mortgage or trust agreement by the Authority may
14be by mandamus proceeding in the appropriate circuit court to
15compel performance and compliance under the terms of the
16mortgage or trust agreement, but the trust agreement may
17prescribe by whom or on whose behalf the action may be
18instituted.
19    (f) Bonds or notes shall be secured as provided in the
20authorizing ordinance which may include, notwithstanding any
21other provision of this Act, in addition to any other security,
22a specific pledge, assignment of and lien on, or security
23interest in any or all revenues or money of the Authority, from
24whatever source, which may, by law, be used for debt service
25purposes and a specific pledge, or assignment of and lien on,
26or security interest in any funds or accounts established or

 

 

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1provided for by ordinance of the Authority authorizing the
2issuance of the bonds or notes.
3    (g) In the event that the Authority determines that moneys
4of the Authority will not be sufficient for the payment of the
5principal of and interest on its bonds during the next State
6fiscal year, the chairman, as soon as practicable, shall
7certify to the Governor the amount required by the Authority to
8enable it to pay the principal of and interest on the bonds.
9The Governor shall submit the certified amount to the General
10Assembly as soon as practicable, but no later than the end of
11the current State fiscal year. This Section shall not apply to
12any bonds or notes to which the Authority determines, in the
13resolution authorizing the issuance of the bonds or notes, that
14this Section shall not apply. Whenever the Authority makes this
15determination, it shall be plainly stated on the face of the
16bonds or notes and the determination shall also be reported to
17the Governor. In the event of a withdrawal of moneys from a
18reserve fund established with respect to any issue or issues of
19bonds of the Authority to pay principal or interest on those
20bonds, the chairman of the Authority, as soon as practicable,
21shall certify to the Governor the amount required to restore
22the reserve fund to the level required in the resolution or
23indenture securing those bonds. The Governor shall submit the
24certified amount to the General Assembly as soon as
25practicable, but no later than the end of the current State
26fiscal year. This subsection (g) shall not apply to any bond

 

 

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1issued on or after the effective date of this amendatory Act of
2the 97th General Assembly.
3    (h) The State of Illinois pledges to and agrees with the
4holders of the bonds and notes of the Authority issued pursuant
5to this Section that the State will not limit or alter the
6rights and powers vested in the Authority by this Act so as to
7impair the terms of any contract made by the Authority with the
8holders of bonds or notes or in any way impair the rights and
9remedies of those holders until the bonds and notes, together
10with interest thereon, with interest on any unpaid installments
11of interest, and all costs and expenses in connection with any
12action or proceedings by or on behalf of the holders, are fully
13met and discharged. In addition, the State pledges to and
14agrees with the holders of the bonds and notes of the Authority
15issued pursuant to this Section that the State will not limit
16or alter the basis on which State funds are to be paid to the
17Authority as provided in this Act, or the use of such funds, so
18as to impair the terms of any such contract. The Authority is
19authorized to include these pledges and agreements of the State
20in any contract with the holders of bonds or notes issued
21pursuant to this Section.
22(Source: P.A. 97-717, eff. 6-29-12.)
 
23    (70 ILCS 518/70)
24    Sec. 70. Reports and audit.
25    (a) The Authority shall annually submit a report of its

 

 

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1finances to the Auditor General. The Authority shall annually
2submit a report of its activities to the Governor and to the
3General Assembly.
4    (b) (Blank). Beginning 5 years after the effective date of
5this Act and every 5 years thereafter, the Auditor General
6shall conduct a financial audit of the Authority.
7(Source: P.A. 93-968, eff. 8-20-04.)
 
8    Section 20. The Southern Illinois Economic Development
9Authority Act is amended by changing Sections 5-15 and 5-40 as
10follows:
 
11    (70 ILCS 519/5-15)
12    Sec. 5-15. Definitions. In this Act:
13    "Authority" means the Southern Illinois Economic
14Development Authority.
15    "Governmental agency" means any federal, State, or local
16governmental body and any agency or instrumentality thereof,
17corporate or otherwise.
18    "Person" means any natural person, firm, partnership,
19corporation, both domestic and foreign, company, association
20or joint stock association and includes any trustee, receiver,
21assignee or personal representative thereof.
22    "Revenue bond" means any bond issued by the Authority, the
23principal and interest of which is payable solely from revenues
24or income derived from any project or activity of the

 

 

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1Authority.
2    "Board" means the Board of Directors of the Southern
3Illinois Economic Development Authority.
4    "Governor" means the Governor of the State of Illinois.
5    "City" means any city, village, incorporated town, or
6township within the geographical territory of the Authority.
7    "Industrial project" means the following:
8        (1) a capital project, including one or more buildings
9    and other structures, improvements, machinery and
10    equipment whether or not on the same site or sites now
11    existing or hereafter acquired, suitable for use by any
12    manufacturing, industrial, research, transportation or
13    commercial enterprise including but not limited to use as a
14    factory, mill, processing plant, assembly plant, packaging
15    plant, fabricating plant, ethanol plant, office building,
16    industrial distribution center, warehouse, repair,
17    overhaul or service facility, freight terminal, research
18    facility, test facility, railroad facility, port facility,
19    solid waste and wastewater treatment and disposal sites and
20    other pollution control facilities, resource or waste
21    reduction, recovery, treatment and disposal facilities,
22    and including also the sites thereof and other rights in
23    land therefore whether improved or unimproved, site
24    preparation and landscaping and all appurtenances and
25    facilities incidental thereto such as utilities, access
26    roads, railroad sidings, truck docking and similar

 

 

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1    facilities, parking facilities, dockage, wharfage,
2    railroad roadbed, track, trestle, depot, terminal,
3    switching and signaling equipment or related equipment and
4    other improvements necessary or convenient thereto; or
5        (2) any land, buildings, machinery or equipment
6    comprising an addition to or renovation, rehabilitation or
7    improvement of any existing capital project.
8    "Housing project" or "residential project" includes a
9specific work or improvement undertaken to provide dwelling
10accommodations, including the acquisition, construction or
11rehabilitation of lands, buildings and community facilities
12and in connection therewith to provide nonhousing facilities
13which are an integral part of a planned large-scale project or
14new community.
15    "Commercial project" means any project, including, but not
16limited to, one or more buildings and other structures,
17improvements, machinery, and equipment, whether or not on the
18same site or sites now existing or hereafter acquired, suitable
19for use by any retail or wholesale concern, distributorship, or
20agency.
21    "Project" means an industrial, housing, residential,
22commercial, or service project, or any combination thereof,
23provided that all uses fall within one of the categories
24described above. Any project automatically includes all site
25improvements and new construction involving sidewalks, sewers,
26solid waste and wastewater treatment and disposal sites and

 

 

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1other pollution control facilities, resource or waste
2reduction, recovery, treatment and disposal facilities, parks,
3open spaces, wildlife sanctuaries, streets, highways, and
4runways.
5    "Lease agreement" means an agreement in which a project
6acquired by the Authority by purchase, gift, or lease is leased
7to any person or corporation that will use, or cause the
8project to be used, as a project, upon terms providing for
9lease rental payments at least sufficient to pay, when due, all
10principal of and interest and premium, if any, on any bonds,
11notes, or other evidences of indebtedness of the Authority,
12issued with respect to the project, providing for the
13maintenance, insurance, and operation of the project on terms
14satisfactory to the Authority and providing for disposition of
15the project upon termination of the lease term, including
16purchase options or abandonment of the premises, with other
17terms as may be deemed desirable by the Authority.
18    "Loan agreement" means any agreement in which the Authority
19agrees to loan the proceeds of its bonds, notes, or other
20evidences of indebtedness, issued with respect to a project, to
21any person or corporation which will use or cause the project
22to be used as a project, upon terms providing for loan
23repayment installments at least sufficient to pay, when due,
24all principal of and interest and premium, if any, on any
25bonds, notes, or other evidences of indebtedness of the
26Authority issued with respect to the project, providing for

 

 

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1maintenance, insurance, and operation of the project on terms
2satisfactory to the Authority and providing for other terms
3deemed advisable by the Authority.
4    "Financial aid" means the expenditure of Authority funds or
5funds provided by the Authority for the development,
6construction, acquisition or improvement of a project, through
7the issuance of revenue bonds, notes, or other evidences of
8indebtedness.
9    "Costs incurred in connection with the development,
10construction, acquisition or improvement of a project" means
11the following:
12        (1) the cost of purchase and construction of all lands
13    and improvements in connection therewith and equipment and
14    other property, rights, easements, and franchises acquired
15    which are deemed necessary for the construction;
16        (2) financing charges;
17        (3) interest costs with respect to bonds, notes, and
18    other evidences of indebtedness of the Authority prior to
19    and during construction and for a period of 6 months
20    thereafter;
21        (4) engineering and legal expenses; and
22        (5) the costs of plans, specifications, surveys, and
23    estimates of costs and other expenses necessary or incident
24    to determining the feasibility or practicability of any
25    project, together with such other expenses as may be
26    necessary or incident to the financing, insuring,

 

 

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1    acquisition, and construction of a specific project and the
2    placing of the same in operation.
3(Source: P.A. 94-1021, eff. 7-12-06.)
 
4    (70 ILCS 519/5-40)
5    Sec. 5-40. Bonds.
6    (a) The Authority, with the written approval of the
7Governor, shall have the continuing power to issue bonds,
8notes, or other evidences of indebtedness in an aggregate
9amount outstanding not to exceed $250,000,000 for the following
10purposes: (i) development, construction, acquisition, or
11improvement of projects, including those established by
12business entities locating or expanding property within the
13territorial jurisdiction of the Authority; (ii) entering into
14venture capital agreements with businesses locating or
15expanding within the territorial jurisdiction of the
16Authority; and (iii) acquisition and improvement of any
17property necessary and useful in connection therewith. For the
18purpose of evidencing the obligations of the Authority to repay
19any money borrowed, the Authority may, pursuant to resolution,
20from time to time, issue and dispose of its interest-bearing
21revenue bonds, notes, or other evidences of indebtedness and
22may also from time to time issue and dispose of such bonds,
23notes, or other evidences of indebtedness to refund, at
24maturity, at a redemption date or in advance of either, any
25bonds, notes, or other evidences of indebtedness pursuant to

 

 

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1redemption provisions or at any time before maturity. All such
2bonds, notes, or other evidences of indebtedness shall be
3payable solely and only from the revenues or income to be
4derived from loans made with respect to projects, from the
5leasing or sale of the projects, or from any other funds
6available to the Authority for such purposes. The bonds, notes,
7or other evidences of indebtedness may bear such date or dates,
8may mature at such time or times not exceeding 40 years from
9their respective dates, may bear interest at such rate or rates
10not exceeding the maximum rate permitted by the Bond
11Authorization Act, may be in such form, may carry such
12registration privileges, may be executed in such manner, may be
13payable at such place or places, may be made subject to
14redemption in such manner and upon such terms, with or without
15premium, as is stated on the face thereof, may be authenticated
16in such manner and may contain such terms and covenants as may
17be provided by an applicable resolution.
18    (b) The holder or holders of any bonds, notes, or other
19evidences of indebtedness issued by the Authority may bring
20suits at law or proceedings in equity to compel the performance
21and observance by any corporation or person or by the Authority
22or any of its agents or employees of any contract or covenant
23made with the holders of the bonds, notes, or other evidences
24of indebtedness, to compel such corporation, person, the
25Authority, and any of its agents or employees to perform any
26duties required to be performed for the benefit of the holders

 

 

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1of the bonds, notes, or other evidences of indebtedness by the
2provision of the resolution authorizing their issuance and to
3enjoin the corporation, person, the Authority, and any of its
4agents or employees from taking any action in conflict with any
5contract or covenant.
6    (c) If the Authority fails to pay the principal of or
7interest on any of the bonds or premium, if any, as the bond
8becomes due, a civil action to compel payment may be instituted
9in the appropriate circuit court by the holder or holders of
10the bonds on which the default of payment exists or by an
11indenture trustee acting on behalf of the holders. Delivery of
12a summons and a copy of the complaint to the chairman of the
13Board shall constitute sufficient service to give the circuit
14court jurisdiction over the subject matter of the suit and
15jurisdiction over the Authority and its officers named as
16defendants for the purpose of compelling such payment. Any
17case, controversy, or cause of action concerning the validity
18of this Act relates to the revenue of the State of Illinois.
19    (d) Notwithstanding the form and tenor of any bond, note,
20or other evidence of indebtedness and in the absence of any
21express recital on its face that it is non-negotiable, all such
22bonds, notes, and other evidences of indebtedness shall be
23negotiable instruments. Pending the preparation and execution
24of any bonds, notes, or other evidences of indebtedness,
25temporary bonds, notes, or evidences of indebtedness may be
26issued as provided by ordinance.

 

 

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1    (e) To secure the payment of any or all of such bonds,
2notes, or other evidences of indebtedness, the revenues to be
3received by the Authority from a lease agreement or loan
4agreement shall be pledged, and, for the purpose of setting
5forth the covenants and undertakings of the Authority in
6connection with the issuance of the bonds, notes, or other
7evidences of indebtedness and the issuance of any additional
8bonds, notes or other evidences of indebtedness payable from
9such revenues, income, or other funds to be derived from
10projects, the Authority may execute and deliver a mortgage or
11trust agreement. A remedy for any breach or default of the
12terms of any mortgage or trust agreement by the Authority may
13be by mandamus proceeding in the appropriate circuit court to
14compel performance and compliance under the terms of the
15mortgage or trust agreement, but the trust agreement may
16prescribe by whom or on whose behalf the action may be
17instituted.
18    (f) Bonds or notes shall be secured as provided in the
19authorizing ordinance which may include, notwithstanding any
20other provision of this Act, in addition to any other security,
21a specific pledge, assignment of and lien on, or security
22interest in any or all revenues or money of the Authority, from
23whatever source, which may, by law, be used for debt service
24purposes and a specific pledge, or assignment of and lien on,
25or security interest in any funds or accounts established or
26provided for by ordinance of the Authority authorizing the

 

 

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1issuance of the bonds or notes.
2    (g) The State of Illinois pledges to and agrees with the
3holders of the bonds and notes of the Authority issued pursuant
4to this Section that the State will not limit or alter the
5rights and powers vested in the Authority by this Act so as to
6impair the terms of any contract made by the Authority with the
7holders of bonds or notes or in any way impair the rights and
8remedies of those holders until the bonds and notes, together
9with interest thereon, with interest on any unpaid installments
10of interest, and all costs and expenses in connection with any
11action or proceedings by or on behalf of the holders, are fully
12met and discharged. In addition, the State pledges to and
13agrees with the holders of the bonds and notes of the Authority
14issued pursuant to this Section that the State will not limit
15or alter the basis on which State funds are to be paid to the
16Authority as provided in this Act, or the use of such funds, so
17as to impair the terms of any such contract. The Authority is
18authorized to include these pledges and agreements of the State
19in any contract with the holders of bonds or notes issued
20pursuant to this Section.
21    (h) (Blank). Not less than 30 days prior to the commitment
22to issue bonds, notes, or other evidences of indebtedness for
23the purpose of developing, constructing, acquiring, or
24improving housing or residential projects, as defined in this
25Act, the Authority shall provide notice to the Executive
26Director of the Illinois Housing Development Authority. Within

 

 

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130 days after the notice is provided, the Illinois Housing
2Development Authority shall, in writing, either express
3interest in financing the project or notify the Authority that
4it is not interested in providing financing and that the
5Authority may finance the project or seek alternative
6financing.
7(Source: P.A. 94-1021, eff. 7-12-06.)
 
8    Section 25. The Tri-County River Valley Development
9Authority Law is amended by changing Section 2007 and by adding
10Section 2007.1 as follows:
 
11    (70 ILCS 525/2007)  (from Ch. 85, par. 7507)
12    Sec. 2007. Bonds.
13    (a) The Authority, with the written approval of the
14Governor, shall have the continuing power to issue bonds,
15notes, or other evidences of indebtedness in an aggregate
16amount outstanding not to exceed $250,000,000 $100,000,000 for
17the purpose of developing, constructing, acquiring or
18improving projects, including those established by business
19entities locating or expanding property within the territorial
20jurisdiction of the Authority, for entering into venture
21capital agreements with businesses locating or expanding
22within the territorial jurisdiction of the Authority, for
23acquiring and improving any property necessary and useful in
24connection therewith and for the purposes of the Employee

 

 

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1Ownership Assistance Act. For the purpose of evidencing the
2obligations of the Authority to repay any money borrowed, the
3Authority may, pursuant to resolution, from time to time issue
4and dispose of its interest bearing revenue bonds, notes or
5other evidences of indebtedness and may also from time to time
6issue and dispose of such bonds, notes or other evidences of
7indebtedness to refund, at maturity, at a redemption date or in
8advance of either, any bonds, notes or other evidences of
9indebtedness pursuant to redemption provisions or at any time
10before maturity. All such bonds, notes or other evidences of
11indebtedness shall be payable from the revenues or income to be
12derived from loans made with respect to projects, from the
13leasing or sale of the projects or from any other funds
14available to the Authority for such purposes. The bonds, notes
15or other evidences of indebtedness may bear such date or dates,
16may mature at such time or times not exceeding 40 years from
17their respective dates, may bear interest at such rate or rates
18not exceeding the maximum rate permitted by the Bond
19Authorization Act, may be in such form, may carry such
20registration privileges, may be executed in such manner, may be
21payable at such place or places, may be made subject to
22redemption in such manner and upon such terms, with or without
23premium as is stated on the face thereof, may be authenticated
24in such manner and may contain such terms and covenants as may
25be provided by an applicable resolution.
26    (b-1) The holder or holders of any bonds, notes or other

 

 

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1evidences of indebtedness issued by the Authority may bring
2suits at law or proceedings in equity to compel the performance
3and observance by any corporation or person or by the Authority
4or any of its agents or employees of any contract or covenant
5made with the holders of such bonds, notes or other evidences
6of indebtedness, to compel such corporation, person, the
7Authority and any of its agents or employees to perform any
8duties required to be performed for the benefit of the holders
9of any such bonds, notes or other evidences of indebtedness by
10the provision of the resolution authorizing their issuance and
11to enjoin such corporation, person, the Authority and any of
12its agents or employees from taking any action in conflict with
13any such contract or covenant.
14    (b-2) If the Authority fails to pay the principal of or
15interest on any of the bonds or premium, if any, as the same
16become due, a civil action to compel payment may be instituted
17in the appropriate circuit court by the holder or holders of
18the bonds on which such default of payment exists or by an
19indenture trustee acting on behalf of such holders. Delivery of
20a summons and a copy of the complaint to the Chairman of the
21Board shall constitute sufficient service to give the circuit
22court jurisdiction of the subject matter of such a suit and
23jurisdiction over the Authority and its officers named as
24defendants for the purpose of compelling such payment. Any
25case, controversy or cause of action concerning the validity of
26this Article relates to the revenue of the State of Illinois.

 

 

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1    (c) Notwithstanding the form and tenor of any such bonds,
2notes or other evidences of indebtedness and in the absence of
3any express recital on the face thereof that it is
4non-negotiable, all such bonds, notes and other evidences of
5indebtedness shall be negotiable instruments. Pending the
6preparation and execution of any such bonds, notes or other
7evidences of indebtedness, temporary bonds, notes or evidences
8of indebtedness may be issued as provided by ordinance.
9    (d) To secure the payment of any or all of such bonds,
10notes or other evidences of indebtedness, the revenues to be
11received by the Authority from a lease agreement or loan
12agreement shall be pledged, and, for the purpose of setting
13forth the covenants and undertakings of the Authority in
14connection with the issuance thereof and the issuance of any
15additional bonds, notes or other evidences of indebtedness
16payable from such revenues, income or other funds to be derived
17from projects, the Authority may execute and deliver a mortgage
18or trust agreement. A remedy for any breach or default of the
19terms of any such mortgage or trust agreement by the Authority
20may be by mandamus proceedings in the appropriate circuit court
21to compel the performance and compliance therewith, but the
22trust agreement may prescribe by whom or on whose behalf such
23action may be instituted.
24    (e) Such bonds or notes shall be secured as provided in the
25authorizing ordinance which may, notwithstanding any other
26provision of this Article, include in addition to any other

 

 

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1security a specific pledge or assignment of and lien on or
2security interest in any or all revenues or money of the
3Authority from whatever source which may by law be used for
4debt service purposes and a specific pledge or assignment of
5and lien on or security interest in any funds or accounts
6established or provided for by ordinance of the Authority
7authorizing the issuance of such bonds or notes.
8    (f) In the event that the Authority determines that monies
9of the Authority will not be sufficient for the payment of the
10principal of and interest on its bonds during the next State
11fiscal year, the Chairman, as soon as practicable, shall
12certify to the Governor the amount required by the Authority to
13enable it to pay such principal of and interest on the bonds.
14The Governor shall submit the amount so certified to the
15General Assembly as soon as practicable, but no later than the
16end of the current State fiscal year. This subsection shall not
17apply to any bonds or notes as to which the Authority shall
18have determined, in the resolution authorizing the issuance of
19the bonds or notes, that this subsection shall not apply.
20Whenever the Authority makes such a determination, that fact
21shall be plainly stated on the face of the bonds or notes and
22that fact shall also be reported to the Governor.
23    In the event of a withdrawal of moneys from a reserve fund
24established with respect to any issue or issues of bonds of the
25Authority to pay principal or interest on those bonds, the
26Chairman of the Authority, as soon as practicable, shall

 

 

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1certify to the Governor the amount required to restore the
2reserve fund to the level required in the resolution or
3indenture securing those bonds. The Governor shall submit the
4amount so certified to the General Assembly as soon as
5practicable, but no later than the end of the current state
6fiscal year. This subsection (f) shall not apply to any bond
7issued on or after the effective date of this amendatory Act of
8the 98th General Assembly.
9    (g) The State of Illinois pledges to and agrees with the
10holders of the bonds and notes of the Authority issued pursuant
11to this Section that the State will not limit or alter the
12rights and powers vested in the Authority by this Article so as
13to impair the terms of any contract made by the Authority with
14such holders or in any way impair the rights and remedies of
15such holders until such bonds and notes, together with interest
16thereon, with interest on any unpaid installments of interest,
17and all costs and expenses in connection with any action or
18proceedings by or on behalf of such holders, are fully met and
19discharged. In addition, the State pledges to and agrees with
20the holders of the bonds and notes of the Authority issued
21pursuant to this Section that the State will not limit or alter
22the basis on which State funds are to be paid to the Authority
23as provided in this Act, or the use of such funds, so as to
24impair the terms of any such contract. The Authority is
25authorized to include these pledges and agreements of the State
26in any contract with the holders of bonds or notes issued

 

 

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1pursuant to this Section.
2    (h) (Blank). Not less than 30 days prior to the commitment
3to issue bonds, notes, or other evidences of indebtedness for
4the purpose of developing, constructing, acquiring or
5improving housing or residential projects, as defined in
6Section 2003, the Authority shall provide notice to the
7Executive Director of the Illinois Housing Development
8Authority. Within 30 days after receipt of the notice, the
9Illinois Housing Development Authority shall notify the
10Authority as to its interest in financing the project. If the
11Illinois Housing Development Authority notifies the Authority
12that it is not interested in financing the project, the
13Authority may finance the project or seek alternative financing
14for the project.
15(Source: P.A. 91-357, eff. 7-29-99.)
 
16    (70 ILCS 525/2007.1 new)
17    Sec. 2007.1. Bonds and notes; exemption from taxation. The
18creation of the Authority is in all respects for the benefit of
19the people of Illinois and for the improvement of their health,
20safety, welfare, comfort, and security, and its purposes are
21public purposes. In consideration thereof, the notes and bonds
22of the Authority issued pursuant to this Act and the income
23from these notes and bonds may be free from all taxation by the
24State or its political subdivisions, except for estate,
25transfer, and inheritance taxes. The exemption from taxation

 

 

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1set forth in this Section shall apply to the income on any
2notes or bonds of the Authority only if the Authority in its
3sole judgment determines that the exemption enhances the
4marketability of the bonds or notes or reduces the interest
5rates that would otherwise be borne by the bonds or notes. For
6purposes of Section 250 of the Illinois Income Tax Act, the
7exemption of the Authority shall terminate after all of the
8bonds have been paid. The amount of the income that shall be
9added and then subtracted on the Illinois income tax return of
10a taxpayer, subject to Section 203 of the Illinois Income Tax
11Act, from federal adjusted gross income or federal taxable
12income in computing Illinois base income shall be the interest
13net of any bond premium amortization.
 
14    Section 30. The Upper Illinois River Valley Development
15Authority Act is amended by changing Section 7 as follows:
 
16    (70 ILCS 530/7)  (from Ch. 85, par. 7157)
17    Sec. 7. Bonds.
18    (a) The Authority, with the written approval of the
19Governor, shall have the continuing power to issue bonds,
20notes, or other evidences of indebtedness in an aggregate
21amount outstanding not to exceed $500,000,000 for the purpose
22of developing, constructing, acquiring or improving projects,
23including those established by business entities locating or
24expanding property within the territorial jurisdiction of the

 

 

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1Authority, for entering into venture capital agreements with
2businesses locating or expanding within the territorial
3jurisdiction of the Authority, for acquiring and improving any
4property necessary and useful in connection therewith and for
5the purposes of the Employee Ownership Assistance Act. For the
6purpose of evidencing the obligations of the Authority to repay
7any money borrowed, the Authority may, pursuant to resolution,
8from time to time issue and dispose of its interest bearing
9revenue bonds, notes or other evidences of indebtedness and may
10also from time to time issue and dispose of such bonds, notes
11or other evidences of indebtedness to refund, at maturity, at a
12redemption date or in advance of either, any bonds, notes or
13other evidences of indebtedness pursuant to redemption
14provisions or at any time before maturity. All such bonds,
15notes or other evidences of indebtedness shall be payable
16solely and only from the revenues or income to be derived from
17loans made with respect to projects, from the leasing or sale
18of the projects or from any other funds available to the
19Authority for such purposes. The bonds, notes or other
20evidences of indebtedness may bear such date or dates, may
21mature at such time or times not exceeding 40 years from their
22respective dates, may bear interest at such rate or rates not
23exceeding the maximum rate permitted by "An Act to authorize
24public corporations to issue bonds, other evidences of
25indebtedness and tax anticipation warrants subject to interest
26rate limitations set forth therein", approved May 26, 1970, as

 

 

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1amended, may be in such form, may carry such registration
2privileges, may be executed in such manner, may be payable at
3such place or places, may be made subject to redemption in such
4manner and upon such terms, with or without premium as is
5stated on the face thereof, may be authenticated in such manner
6and may contain such terms and covenants as may be provided by
7an applicable resolution.
8    (b-1) The holder or holders of any bonds, notes or other
9evidences of indebtedness issued by the Authority may bring
10suits at law or proceedings in equity to compel the performance
11and observance by any corporation or person or by the Authority
12or any of its agents or employees of any contract or covenant
13made with the holders of such bonds, notes or other evidences
14of indebtedness, to compel such corporation, person, the
15Authority and any of its agents or employees to perform any
16duties required to be performed for the benefit of the holders
17of any such bonds, notes or other evidences of indebtedness by
18the provision of the resolution authorizing their issuance and
19to enjoin such corporation, person, the Authority and any of
20its agents or employees from taking any action in conflict with
21any such contract or covenant.
22    (b-2) If the Authority fails to pay the principal of or
23interest on any of the bonds or premium, if any, as the same
24become due, a civil action to compel payment may be instituted
25in the appropriate circuit court by the holder or holders of
26the bonds on which such default of payment exists or by an

 

 

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1indenture trustee acting on behalf of such holders. Delivery of
2a summons and a copy of the complaint to the Chairman of the
3Board shall constitute sufficient service to give the circuit
4court jurisdiction of the subject matter of such a suit and
5jurisdiction over the Authority and its officers named as
6defendants for the purpose of compelling such payment. Any
7case, controversy or cause of action concerning the validity of
8this Act relates to the revenue of the State of Illinois.
9    (c) Notwithstanding the form and tenor of any such bonds,
10notes or other evidences of indebtedness and in the absence of
11any express recital on the face thereof that it is
12non-negotiable, all such bonds, notes and other evidences of
13indebtedness shall be negotiable instruments. Pending the
14preparation and execution of any such bonds, notes or other
15evidences of indebtedness, temporary bonds, notes or evidences
16of indebtedness may be issued as provided by ordinance.
17    (d) To secure the payment of any or all of such bonds,
18notes or other evidences of indebtedness, the revenues to be
19received by the Authority from a lease agreement or loan
20agreement shall be pledged, and, for the purpose of setting
21forth the covenants and undertakings of the Authority in
22connection with the issuance thereof and the issuance of any
23additional bonds, notes or other evidences of indebtedness
24payable from such revenues, income or other funds to be derived
25from projects, the Authority may execute and deliver a mortgage
26or trust agreement. A remedy for any breach or default of the

 

 

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1terms of any such mortgage or trust agreement by the Authority
2may be by mandamus proceedings in the appropriate circuit court
3to compel the performance and compliance therewith, but the
4trust agreement may prescribe by whom or on whose behalf such
5action may be instituted.
6    (e) Such bonds or notes shall be secured as provided in the
7authorizing ordinance which may, notwithstanding any other
8provision of this Act, include in addition to any other
9security a specific pledge or assignment of and lien on or
10security interest in any or all revenues or money of the
11Authority from whatever source which may by law be used for
12debt service purposes and a specific pledge or assignment of
13and lien on or security interest in any funds or accounts
14established or provided for by ordinance of the Authority
15authorizing the issuance of such bonds or notes.
16    (f) In the event that the Authority determines that monies
17of the Authority will not be sufficient for the payment of the
18principal of and interest on its bonds during the next State
19fiscal year, the Chairman, as soon as practicable, shall
20certify to the Governor the amount required by the Authority to
21enable it to pay such principal of and interest on the bonds.
22The Governor shall submit the amount so certified to the
23General Assembly as soon as practicable, but no later than the
24end of the current State fiscal year. This Section shall not
25apply to any bonds or notes as to which the Authority shall
26have determined, in the resolution authorizing the issuance of

 

 

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1the bonds or notes, that this Section shall not apply. Whenever
2the Authority makes such a determination, that fact shall be
3plainly stated on the face of the bonds or notes and that fact
4shall also be reported to the Governor.
5    In the event of a withdrawal of moneys from a reserve fund
6established with respect to any issue or issues of bonds of the
7Authority to pay principal or interest on those bonds, the
8Chairman of the Authority, as soon as practicable, shall
9certify to the Governor the amount required to restore the
10reserve fund to the level required in the resolution or
11indenture securing those bonds. The Governor shall submit the
12amount so certified to the General Assembly as soon as
13practicable, but no later than the end of the current State
14fiscal year. This subsection (f) shall not apply to any bond
15issued on or after the effective date of this amendatory Act of
16the 97th General Assembly.
17    (g) The State of Illinois pledges to and agrees with the
18holders of the bonds and notes of the Authority issued pursuant
19to this Section that the State will not limit or alter the
20rights and powers vested in the Authority by this Act so as to
21impair the terms of any contract made by the Authority with
22such holders or in any way impair the rights and remedies of
23such holders until such bonds and notes, together with interest
24thereon, with interest on any unpaid installments of interest,
25and all costs and expenses in connection with any action or
26proceedings by or on behalf of such holders, are fully met and

 

 

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1discharged. In addition, the State pledges to and agrees with
2the holders of the bonds and notes of the Authority issued
3pursuant to this Section that the State will not limit or alter
4the basis on which State funds are to be paid to the Authority
5as provided in this Act, or the use of such funds, so as to
6impair the terms of any such contract. The Authority is
7authorized to include these pledges and agreements of the State
8in any contract with the holders of bonds or notes issued
9pursuant to this Section.
10    (h) (Blank). Not less than 30 days prior to the commitment
11to issue bonds, notes, or other evidences of indebtedness for
12the purpose of developing, constructing, acquiring or
13improving housing or residential projects, as defined in
14Section 3, the Authority shall provide notice to the Executive
15Director of the Illinois Housing Development Authority. Within
1630 days after notice is provided, the Illinois Housing
17Development Authority shall either in writing express interest
18in financing the project or notify the Authority that it is not
19interested in providing such financing and the Authority may
20finance the project or seek alternative financing.
21(Source: P.A. 97-312, eff. 8-11-11.)
 
22    Section 35. The Western Illinois Economic Development
23Authority Act is amended by changing Sections 15 and 40 as
24follows:
 

 

 

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1    (70 ILCS 532/15)
2    Sec. 15. Definitions. In this Act:
3    "Authority" means the Western Illinois Economic
4Development Authority.
5    "Governmental agency" means any federal, State, or local
6governmental body and any agency or instrumentality thereof,
7corporate or otherwise.
8    "Person" means any natural person, firm, partnership,
9corporation, both domestic and foreign, company, association
10or joint stock association and includes any trustee, receiver,
11assignee or personal representative thereof.
12    "Revenue bond" means any bond issued by the Authority, the
13principal and interest of which is payable solely from revenues
14or income derived from any project or activity of the
15Authority.
16    "Board" means the Board of Directors of the Western
17Illinois Economic Development Authority.
18    "Governor" means the Governor of the State of Illinois.
19    "City" means any city, village, incorporated town, or
20township within the geographical territory of the Authority.
21    "Industrial project" means the following:
22        (1) a capital project, including one or more buildings
23    and other structures, improvements, machinery and
24    equipment whether or not on the same site or sites now
25    existing or hereafter acquired, suitable for use by any
26    manufacturing, industrial, research, transportation or

 

 

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1    commercial enterprise including but not limited to use as a
2    factory, mill, processing plant, assembly plant, packaging
3    plant, fabricating plant, ethanol plant, office building,
4    industrial distribution center, warehouse, repair,
5    overhaul or service facility, freight terminal, research
6    facility, test facility, railroad facility, port facility,
7    solid waste and wastewater treatment and disposal sites and
8    other pollution control facilities, resource or waste
9    reduction, recovery, treatment and disposal facilities,
10    and including also the sites thereof and other rights in
11    land therefore whether improved or unimproved, site
12    preparation and landscaping and all appurtenances and
13    facilities incidental thereto such as utilities, access
14    roads, railroad sidings, truck docking and similar
15    facilities, parking facilities, dockage, wharfage,
16    railroad roadbed, track, trestle, depot, terminal,
17    switching and signaling equipment or related equipment and
18    other improvements necessary or convenient thereto; or
19        (2) any land, buildings, machinery or equipment
20    comprising an addition to or renovation, rehabilitation or
21    improvement of any existing capital project.
22    "Housing project" or "residential project" includes a
23specific work or improvement undertaken to provide dwelling
24accommodations, including the acquisition, construction or
25rehabilitation of lands, buildings and community facilities
26and in connection therewith to provide nonhousing facilities

 

 

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1which are an integral part of a planned large-scale project or
2new community.
3    "Commercial project" means any project, including, but not
4limited to, one or more buildings and other structures,
5improvements, machinery, and equipment, whether or not on the
6same site or sites now existing or hereafter acquired, suitable
7for use by any retail or wholesale concern, distributorship, or
8agency.
9    "Project" means an industrial, housing, residential,
10commercial, or service project, or any combination thereof,
11provided that all uses fall within one of the categories
12described above. Any project automatically includes all site
13improvements and new construction involving sidewalks, sewers,
14solid waste and wastewater treatment and disposal sites and
15other pollution control facilities, resource or waste
16reduction, recovery, treatment and disposal facilities, parks,
17open spaces, wildlife sanctuaries, streets, highways, and
18runways.
19    "Lease agreement" means an agreement in which a project
20acquired by the Authority by purchase, gift, or lease is leased
21to any person or corporation that will use, or cause the
22project to be used, as a project, upon terms providing for
23lease rental payments at least sufficient to pay, when due, all
24principal of and interest and premium, if any, on any bonds,
25notes, or other evidences of indebtedness of the Authority,
26issued with respect to the project, providing for the

 

 

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1maintenance, insurance, and operation of the project on terms
2satisfactory to the Authority and providing for disposition of
3the project upon termination of the lease term, including
4purchase options or abandonment of the premises, with other
5terms as may be deemed desirable by the Authority.
6    "Loan agreement" means any agreement in which the Authority
7agrees to loan the proceeds of its bonds, notes, or other
8evidences of indebtedness, issued with respect to a project, to
9any person or corporation which will use or cause the project
10to be used as a project, upon terms providing for loan
11repayment installments at least sufficient to pay, when due,
12all principal of and interest and premium, if any, on any
13bonds, notes, or other evidences of indebtedness of the
14Authority issued with respect to the project, providing for
15maintenance, insurance, and operation of the project on terms
16satisfactory to the Authority and providing for other terms
17deemed advisable by the Authority.
18    "Financial aid" means the expenditure of Authority funds or
19funds provided by the Authority for the development,
20construction, acquisition or improvement of a project, through
21the issuance of revenue bonds, notes, or other evidences of
22indebtedness.
23    "Costs incurred in connection with the development,
24construction, acquisition or improvement of a project" means
25the following:
26        (1) the cost of purchase and construction of all lands

 

 

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1    and improvements in connection therewith and equipment and
2    other property, rights, easements, and franchises acquired
3    which are deemed necessary for the construction;
4        (2) financing charges;
5        (3) interest costs with respect to bonds, notes, and
6    other evidences of indebtedness of the Authority prior to
7    and during construction and for a period of 6 months
8    thereafter;
9        (4) engineering and legal expenses; and
10        (5) the costs of plans, specifications, surveys, and
11    estimates of costs and other expenses necessary or incident
12    to determining the feasibility or practicability of any
13    project, together with such other expenses as may be
14    necessary or incident to the financing, insuring,
15    acquisition, and construction of a specific project and the
16    placing of the same in operation.
17(Source: P.A. 93-874, eff. 8-6-04.)
 
18    (70 ILCS 532/40)
19    Sec. 40. Bonds.
20    (a) The Authority, with the written approval of the
21Governor, shall have the continuing power to issue bonds,
22notes, or other evidences of indebtedness in an aggregate
23amount outstanding not to exceed $250,000,000 for the following
24purposes: (i) development, construction, acquisition, or
25improvement of projects, including those established by

 

 

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1business entities locating or expanding property within the
2territorial jurisdiction of the Authority; (ii) entering into
3venture capital agreements with businesses locating or
4expanding within the territorial jurisdiction of the
5Authority; (iii) acquisition and improvement of any property
6necessary and useful in connection therewith; and (iv) for the
7purposes of the Employee Ownership Assistance Act. For the
8purpose of evidencing the obligations of the Authority to repay
9any money borrowed, the Authority may, pursuant to resolution,
10from time to time, issue and dispose of its interest-bearing
11revenue bonds, notes, or other evidences of indebtedness and
12may also from time to time issue and dispose of such bonds,
13notes, or other evidences of indebtedness to refund, at
14maturity, at a redemption date or in advance of either, any
15bonds, notes, or other evidences of indebtedness pursuant to
16redemption provisions or at any time before maturity. All such
17bonds, notes, or other evidences of indebtedness shall be
18payable solely and only from the revenues or income to be
19derived from loans made with respect to projects, from the
20leasing or sale of the projects, or from any other funds
21available to the Authority for such purposes. The bonds, notes,
22or other evidences of indebtedness may bear such date or dates,
23may mature at such time or times not exceeding 40 years from
24their respective dates, may bear interest at such rate or rates
25not exceeding the maximum rate permitted by the Bond
26Authorization Act, may be in such form, may carry such

 

 

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1registration privileges, may be executed in such manner, may be
2payable at such place or places, may be made subject to
3redemption in such manner and upon such terms, with or without
4premium, as is stated on the face thereof, may be authenticated
5in such manner and may contain such terms and covenants as may
6be provided by an applicable resolution.
7    (b) The holder or holders of any bonds, notes, or other
8evidences of indebtedness issued by the Authority may bring
9suits at law or proceedings in equity to compel the performance
10and observance by any corporation or person or by the Authority
11or any of its agents or employees of any contract or covenant
12made with the holders of the bonds, notes, or other evidences
13of indebtedness, to compel such corporation, person, the
14Authority, and any of its agents or employees to perform any
15duties required to be performed for the benefit of the holders
16of the bonds, notes, or other evidences of indebtedness by the
17provision of the resolution authorizing their issuance and to
18enjoin the corporation, person, the Authority, and any of its
19agents or employees from taking any action in conflict with any
20contract or covenant.
21    (c) If the Authority fails to pay the principal of or
22interest on any of the bonds or premium, if any, as the bond
23becomes due, a civil action to compel payment may be instituted
24in the appropriate circuit court by the holder or holders of
25the bonds on which the default of payment exists or by an
26indenture trustee acting on behalf of the holders. Delivery of

 

 

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1a summons and a copy of the complaint to the chairman of the
2Board shall constitute sufficient service to give the circuit
3court jurisdiction over the subject matter of the suit and
4jurisdiction over the Authority and its officers named as
5defendants for the purpose of compelling such payment. Any
6case, controversy, or cause of action concerning the validity
7of this Act relates to the revenue of the State of Illinois.
8    (d) Notwithstanding the form and tenor of any bond, note,
9or other evidence of indebtedness and in the absence of any
10express recital on its face that it is non-negotiable, all such
11bonds, notes, and other evidences of indebtedness shall be
12negotiable instruments. Pending the preparation and execution
13of any bonds, notes, or other evidences of indebtedness,
14temporary bonds, notes, or evidences of indebtedness may be
15issued as provided by ordinance.
16    (e) To secure the payment of any or all of such bonds,
17notes, or other evidences of indebtedness, the revenues to be
18received by the Authority from a lease agreement or loan
19agreement shall be pledged, and, for the purpose of setting
20forth the covenants and undertakings of the Authority in
21connection with the issuance of the bonds, notes, or other
22evidences of indebtedness and the issuance of any additional
23bonds, notes or other evidences of indebtedness payable from
24such revenues, income, or other funds to be derived from
25projects, the Authority may execute and deliver a mortgage or
26trust agreement. A remedy for any breach or default of the

 

 

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1terms of any mortgage or trust agreement by the Authority may
2be by mandamus proceeding in the appropriate circuit court to
3compel performance and compliance under the terms of the
4mortgage or trust agreement, but the trust agreement may
5prescribe by whom or on whose behalf the action may be
6instituted.
7    (f) Bonds or notes shall be secured as provided in the
8authorizing ordinance which may include, notwithstanding any
9other provision of this Act, in addition to any other security,
10a specific pledge, assignment of and lien on, or security
11interest in any or all revenues or money of the Authority, from
12whatever source, which may, by law, be used for debt service
13purposes and a specific pledge, or assignment of and lien on,
14or security interest in any funds or accounts established or
15provided for by ordinance of the Authority authorizing the
16issuance of the bonds or notes.
17    (g) In the event that the Authority determines that moneys
18of the Authority will not be sufficient for the payment of the
19principal of and interest on its bonds during the next State
20fiscal year, the chairman, as soon as practicable, shall
21certify to the Governor the amount required by the Authority to
22enable it to pay the principal of and interest on the bonds.
23The Governor shall submit the certified amount to the General
24Assembly as soon as practicable, but no later than the end of
25the current State fiscal year. This Section shall not apply to
26any bonds or notes to which the Authority determines, in the

 

 

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1resolution authorizing the issuance of the bonds or notes, that
2this Section shall not apply. Whenever the Authority makes this
3determination, it shall be plainly stated on the face of the
4bonds or notes and the determination shall also be reported to
5the Governor. In the event of a withdrawal of moneys from a
6reserve fund established with respect to any issue or issues of
7bonds of the Authority to pay principal or interest on those
8bonds, the chairman of the Authority, as soon as practicable,
9shall certify to the Governor the amount required to restore
10the reserve fund to the level required in the resolution or
11indenture securing those bonds. The Governor shall submit the
12certified amount to the General Assembly as soon as
13practicable, but no later than the end of the current State
14fiscal year. This subsection (g) shall not apply to any bond
15issued on or after the effective date of this amendatory Act of
16the 98th General Assembly.
17    (h) The State of Illinois pledges to and agrees with the
18holders of the bonds and notes of the Authority issued pursuant
19to this Section that the State will not limit or alter the
20rights and powers vested in the Authority by this Act so as to
21impair the terms of any contract made by the Authority with the
22holders of bonds or notes or in any way impair the rights and
23remedies of those holders until the bonds and notes, together
24with interest thereon, with interest on any unpaid installments
25of interest, and all costs and expenses in connection with any
26action or proceedings by or on behalf of the holders, are fully

 

 

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1met and discharged. In addition, the State pledges to and
2agrees with the holders of the bonds and notes of the Authority
3issued pursuant to this Section that the State will not limit
4or alter the basis on which State funds are to be paid to the
5Authority as provided in this Act, or the use of such funds, so
6as to impair the terms of any such contract. The Authority is
7authorized to include these pledges and agreements of the State
8in any contract with the holders of bonds or notes issued
9pursuant to this Section.
10    (i) (Blank). Not less than 30 days prior to the commitment
11to issue bonds, notes, or other evidences of indebtedness for
12the purpose of developing, constructing, acquiring, or
13improving housing or residential projects, as defined in this
14Act, the Authority shall provide notice to the Executive
15Director of the Illinois Housing Development Authority. Within
1630 days after the notice is provided, the Illinois Housing
17Development Authority shall, in writing, either express
18interest in financing the project or notify the Authority that
19it is not interested in providing financing and that the
20Authority may finance the project or seek alternative
21financing.
22(Source: P.A. 93-874, eff. 8-6-04.)
 
23    Section 40. The Will-Kankakee Regional Development
24Authority Law is amended by changing Sections 3 and 5 as
25follows:
 

 

 

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1    (70 ILCS 535/3)  (from Ch. 85, par. 7453)
2    Sec. 3. Definitions. The following terms, whenever used or
3referred to in this Act, shall have the following meanings,
4except in such instances where the context may clearly indicate
5otherwise:
6    (a) "Authority" means the Will-Kankakee Regional
7Development Authority created by this Act.
8    (b) "Governmental agency" means any federal, State or local
9governmental body, and any agency or instrumentality thereof,
10corporate or otherwise.
11    (c) "Person" means any natural person, firm, partnership,
12corporation, both domestic and foreign, company, association
13or joint stock association and includes any trustee, receiver,
14assignee or personal representative thereof.
15    (d) "Revenue bond" means any bond issued by the Authority
16the principal and interest of which is payable solely from
17revenues or income derived from any project or activity of the
18Authority.
19    (e) "Board" means the Will-Kankakee Regional Development
20Authority Board of Directors.
21    (f) "Governor" means the Governor of the State of Illinois.
22    (g) "City" means any city, village, incorporated town or
23township within the geographical territory of the Authority.
24    (h) "Industrial project" means (1) a capital project,
25including one or more buildings and other structures,

 

 

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1improvements, machinery and equipment whether or not on the
2same site or sites now existing or hereafter acquired, suitable
3for use by any manufacturing, industrial, research,
4transportation or commercial enterprise including but not
5limited to use as a factory, mill, processing plant, assembly
6plant, packaging plant, fabricating plant, office building,
7industrial distribution center, warehouse, repair, overhaul or
8service facility, freight terminal, research facility, test
9facility, railroad facility, solid waste and wastewater
10treatment and disposal sites and other pollution control
11facilities, resource or waste reduction, recovery, treatment
12and disposal facilities, and including also the sites thereof
13and other rights in land therefor whether improved or
14unimproved, site preparation and landscaping and all
15appurtenances and facilities incidental thereto such as
16utilities, access roads, railroad sidings, truck docking and
17similar facilities, parking facilities, dockage, wharfage,
18railroad roadbed, track, trestle, depot, terminal, switching
19and signaling equipment or related equipment and other
20improvements necessary or convenient thereto; or (2) any land,
21buildings, machinery or equipment comprising an addition to or
22renovation, rehabilitation or improvement of any existing
23capital project.
24    (h-5) "Housing project" or "residential project" includes
25a specific work or improvement undertaken to provide dwelling
26accommodations, including the acquisition, construction or

 

 

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1rehabilitation of lands, buildings and community facilities
2and in connection therewith to provide nonhousing facilities
3which are an integral part of a planned large-scale project or
4new community.
5    (i) "Commercial project" means any project, including but
6not limited to one or more buildings and other structures,
7improvements, machinery and equipment whether or not on the
8same site or sites now existing or hereafter acquired, suitable
9for use by any retail or wholesale concern, distributorship or
10agency, any cultural facilities of a for-profit or
11not-for-profit type including but not limited to educational,
12theatrical, recreational and entertainment, sports facilities,
13racetracks, stadiums, convention centers, exhibition halls,
14arenas, opera houses and theaters, waterfront improvements,
15swimming pools, boat storage, moorage, docking facilities,
16restaurants, velodromes, coliseums, sports training
17facilities, parking facilities, terminals, hotels and motels,
18gymnasiums, medical facilities and port facilities.
19    (j) "Project" means an industrial, commercial or service
20project or any combination thereof provided that all uses shall
21fall within one of the categories described above. Any project,
22of any nature whatsoever, shall automatically include all site
23improvements and new construction involving sidewalks, sewers,
24solid waste and wastewater treatment and disposal sites and
25other pollution control facilities, resource or waste
26reduction, recovery, treatment and disposal facilities, parks,

 

 

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1open spaces, wildlife sanctuaries, streets, highways and
2runways.
3    (k) "Lease agreement" shall mean an agreement whereby a
4project acquired by the Authority by purchase, gift or lease is
5leased to any person or corporation which will use or cause the
6project to be used as a project as heretofore defined upon
7terms providing for lease rental payments at least sufficient
8to pay when due all principal of and interest and premium, if
9any, on any bonds, notes or other evidences of indebtedness of
10the Authority issued with respect to such project, providing
11for the maintenance, insurance and operation of the project on
12terms satisfactory to the Authority and providing for
13disposition of the project upon termination of the lease term,
14including purchase options or abandonment of the premises, with
15such other terms as may be deemed desirable by the Authority.
16    (l) "Loan agreement" means any agreement pursuant to which
17the Authority agrees to loan the proceeds of its bonds, notes
18or other evidences of indebtedness issued with respect to a
19project to any person or corporation which will use or cause
20the project to be used as a project as heretofore defined upon
21terms providing for loan repayment installments at least
22sufficient to pay when due all principal of and interest and
23premium, if any, on any bonds, notes or other evidences of
24indebtedness of the Authority issued with respect to the
25project, providing for maintenance, insurance and operation of
26the project on terms satisfactory to the Authority and

 

 

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1providing for other matters as may be deemed advisable by the
2Authority.
3    (m) "Financial aid" means the expenditure of Authority
4funds or funds provided by the Authority through the issuance
5of its revenue bonds, notes or other evidences of indebtedness
6for the development, construction, acquisition or improvement
7of a project.
8    (n) "Costs incurred in connection with the development,
9construction, acquisition or improvement of a project" means
10the following: the cost of purchase and construction of all
11lands and improvements in connection therewith and equipment
12and other property, rights, easements and franchises acquired
13which are deemed necessary for such construction; financing
14charges; interest costs with respect to bonds, notes and other
15evidences of indebtedness of the Authority prior to and during
16construction and for a period of 6 months thereafter;
17engineering and legal expenses; the costs of plans,
18specifications, surveys and estimates of costs and other
19expenses necessary or incident to determining the feasibility
20or practicability of any project, together with such other
21expenses as may be necessary or incident to the financing,
22insuring, acquisition and construction of a specific project
23and the placing of the same in operation.
24    (o) "Terminal" means a public place, station or depot for
25receiving and delivering passengers, baggage, mail, freight or
26express matter and any combination thereof in connection with

 

 

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1the transportation of persons and property on water or land or
2in the air.
3    (p) "Terminal facilities" means all land, buildings,
4structures, improvements, equipment and appliances useful in
5the operation of public warehouse, storage and transportation
6facilities and industrial, manufacturing or commercial
7activities for the accommodation of or in connection with
8commerce by water or land or in the air or useful as an aid, or
9constituting an advantage or convenience to, the safe landing,
10taking off and navigation of aircraft or the safe and efficient
11operation or maintenance of a public airport.
12    (q) "Port facilities" means all public structures, except
13terminal facilities as defined herein, that are in, over, under
14or adjacent to navigable waters and are necessary for or
15incident to the furtherance of water commerce and includes the
16widening and deepening of slips, harbors and navigable waters.
17    (r) "Airport" means any locality, either land or water,
18which is used or designed for the landing and taking off of
19aircraft or for the location of runways, landing fields,
20aerodromes, hangars, buildings, structures, airport roadways
21and other facilities.
22(Source: P.A. 86-1481.)
 
23    (70 ILCS 535/5)  (from Ch. 85, par. 7455)
24    Sec. 5. Duty. All official acts of the Authority shall
25require the approval of at least 6 members. It shall be the

 

 

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1duty of the Authority to promote development within the
2geographic confines of Will and Kankakee counties. The
3Authority shall use the powers herein conferred upon it to
4assist in the development, construction and acquisition of
5industrial, housing, residential, or commercial projects
6within those counties.
7(Source: P.A. 86-1481.)