(65 ILCS 5/11-74.5-4) (from Ch. 24, par. 11-74.5-4)
Sec. 11-74.5-4.
(Repealed).
(Source: P.A. 82-783. Repealed by P.A. 90-706, eff. 8-7-98.)
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(65 ILCS 5/11-74.5-5) (from Ch. 24, par. 11-74.5-5)
Sec. 11-74.5-5.
The exercise of any or all powers granted by this Division
shall be authorized and the bonds shall be authorized to be issued under
this Division for the purposes set forth in this Act, by an ordinance adopted
by the corporate authorities of a municipality which shall take effect
immediately
upon adoption.
Any such ordinance shall set forth a finding and declaration (i) of the
public purpose therefor and (ii) that such ordinance is adopted pursuant
to this Division, which finding and declaration shall be conclusive evidence
of the existence and sufficiency of the public purpose and of the
power to carry out and give effect to such public purposes.
The bonds shall bear interest at such rate or rates (subject only to the
limitations set forth in paragraph (a) of Section 11-74.5-4 and without
regard to any other law pertaining to interest rate limitations),
may be payable at such time or times, may be in one or more series, may
bear such
date or dates, may mature at such time or times not exceeding 40 years from
their respective dates, may be payable in such medium of payment at such
place or places, may carry such registration privileges, may be subject
to such terms of redemption at such premiums, may be executed in such manner,
may contain such terms, covenants and conditions and may be in such form,
either coupon or registered, as the corporate authorities shall provide.
The bonds may be sold at public or private sale at such price, in such manner
and upon such terms as the corporate authorities may determine. Pending
the preparation of definitive bonds and in anticipation thereof, interim
notes, in such form and with such provisions as may be authorized by the
corporate authorities, may be issued to the purchaser or purchasers of bonds
sold pursuant to this Division. The bonds and interim notes shall be deemed
to be securities and negotiable instruments within the meaning and for all
purposes of the Uniform Commercial Code.
(Source: P.A. 90-706, eff. 8-7-98.)
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(65 ILCS 5/11-74.5-6) (from Ch. 24, par. 11-74.5-6)
Sec. 11-74.5-6.
Any ordinance authorizing the issuance of the bonds under
this Division may contain covenants regarding (a) the use and disposition
of the revenues and receipts from any home mortgage loans for which the
bonds are to be issued, including the creation and maintenance of such reasonable
and adequate
reserves as the corporate authorities may determine; (b) the insurance to
be carried on any home mortgage loan or bonds and the use and disposition
of the proceeds of such insurance; (c) the appointment of one or more trustees
for the benefit of the bondholders, paying agents or bond registrars; (d)
the investment of any funds held by such trustees or lender; (e) the maximum
interest rate payable on any home mortgage loan (subject to the provisions
of paragraph (a) of Section 11-74.5-4); and (f) the terms and conditions
upon which the holders of the bonds or any portion thereof, or any trustees
therefor, are entitled to the appointment of a receiver by a court of competent
jurisdiction, and such terms and conditions may provide that the receiver
may take possession of the home mortgage loans or any part thereof and maintain,
sell or otherwise dispose of such home mortgage loans, prescribe other payments
and collect, receive and apply all income and revenues thereafter derived
therefrom. An ordinance authorizing the issuance of bonds under this Division
may provide that payment of the principal of, redemption premium, if any,
and interest on any bonds issued under this Division shall be secured by
a mortgage, pledge, security interest, insurance agreement or indenture
of trust of or with respect to such home mortgage loans and a lien upon
the revenues and receipts derived therefrom or from any notes or other obligations of
lending institutions, with respect to which the bonds are issued. Such
mortgage, pledge, security interest, insurance agreement or indenture of
trust may contain such covenants and agreements as may be necessary or
appropriate to safeguard the interests of the holders of the bonds and shall
be executed in the manner authorized by the ordinance authorizing the bonds.
The provisions of this Division and any such ordinance and any such mortgage,
pledge, security interest, insurance agreement or indenture of trust shall
constitute a contract with the holder or holders of the bonds and continue
in effect until the principal of, the interest on, and the redemption premiums,
if any, on the bonds have been fully paid or provision made for the payment
thereof, and the duties of the municipality and its corporate authorities
and officers under this Division and any such ordinance and any such mortgage,
pledge, security interest, insurance agreement or indenture of trust shall
be enforceable as provided therein by any bondholder by mandamus, foreclosure
of any such mortgage, pledge, security interest or indenture of trust or
other appropriate suit, action or proceeding in any court of competent jurisdiction;
provided the ordinance or any mortgage, pledge, security interest, insurance
agreement or indenture of trust under which the bonds are issued may provide
that all such remedies and rights to enforcement may be vested in a trustee
(with full power of appointment) for the benefit of all the bondholders,
which trustee shall be subject to the control of such number of holders
or owners of any outstanding bonds as provided therein.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-7) (from Ch. 24, par. 11-74.5-7)
Sec. 11-74.5-7.
The bonds shall bear the manual or facsimile signatures
of such officers of a municipality as may be designated in the ordinance
authorizing such bonds and such signatures shall constitute the valid and
binding signatures of such officers, notwithstanding that before the delivery
thereof and payment therefor any or all of the persons whose signatures
appear thereon have ceased to be officers of such municipality. The validity
of the bonds shall not be dependent on nor affected by the validity or regularity
of any proceedings relating to the home mortgage loans acquired or made
from proceeds of the bonds. A recital in the bonds that they are issued
pursuant to this Division shall be conclusive evidence of their validity
and of the regularity of their issuance.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-8) (from Ch. 24, par. 11-74.5-8)
Sec. 11-74.5-8.
Any pledge made to secure bonds shall be valid and binding
from the time when the pledge is made. The revenues and receipts or property
or interests in property pledged and thereafter received by a municipality
or trustee shall immediately be subject to the lien of such pledge without
any physical delivery thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having claims of any kind
in tort, contract or otherwise against such municipality or trustee irrespective
of whether the parties have notice thereof. Neither the ordinance, nor
any other instrument
by which a pledge is created, need be recorded.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-9) (from Ch. 24, par. 11-74.5-9)
Sec. 11-74.5-9.
All bonds issued under this Division shall be limited obligations
of the municipality issuing the same, payable solely from the (i) bond proceeds,
(ii) revenues and receipts derived from the home mortgage loans or from
any notes or other obligations of persons
with respect to which such bonds are issued and secured by a mortgage, pledge,
security interest, insurance agreement or indenture of trust of or with
respect to such home mortgage loans, (iii) certain insurance proceeds which
may relate to the bonds or the home mortgage loans, (iv) participation
fees, or (v) certain reserve funds. No municipality shall have any right
or authority to levy taxes to pay any of the principal of, redemption premium,
if any, or interest on any bonds issued pursuant to this Division or any
judgment against a municipality on account thereof. No holder of any bonds
issued under this Division shall have the right to compel any exercise of
the taxing power of a municipality to pay the bonds, the interest or redemption
premium, if any, thereon, and the bonds shall not constitute an indebtedness
of such municipality, or a loan of the faith and credit thereof, within
the meaning of any constitutional or statutory provision, nor shall the
bonds be construed to create
any moral obligation on the part of such municipality to provide for the
payment of such bonds. It shall be plainly stated on the face of each bond
that it has been issued under the provisions of this Division and that it
does not constitute an indebtedness of the municipality, or a loan of the
faith and credit thereof, within the meaning of any constitutional or statutory
provision. Bonds may be issued pursuant to this Division without regard
to (1) any statutory limitation as to bonded indebtedness and shall not
be included in computing total bonded indebtedness within the meaning of
any statutory limitation, (ii) any requirement of competitive bidding or procedure
for award of contracts applicable by any statute, (iii) any requirement of
publication of ordinance or other documents, or (iv) any requirement of
referendum or petition.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-10) (from Ch. 24, par. 11-74.5-10)
Sec. 11-74.5-10.
Neither the members of the corporate authorities of a
municipality, nor any official or employee thereof, nor any person executing
bonds issued under this Division shall be liable personally for payment
of the bonds or the interest or redemption premium, if any, thereon or be
subject to any personal liability or accountability by reason of the issuance
thereof.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-11) (from Ch. 24, par. 11-74.5-11)
Sec. 11-74.5-11.
One or more municipalities (whether or
not any of them are home rule units) may join together or cooperate with
one another in the exercise, either jointly or otherwise, of any one or
more of the powers conferred upon municipalities under this Division or
other enabling acts or powers. Such joint or cooperative action shall be
taken only in accordance with and pursuant to a written agreement
entered into between or among such cooperating parties.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-12) (from Ch. 24, par. 11-74.5-12)
Sec. 11-74.5-12.
Notwithstanding any other provision of law, bonds issued
pursuant to this Division shall be legal investments for all trust funds,
insurance companies, savings and loan associations, investment companies
and banks, both savings and commercial, and shall be legal investments for
executors, administrators, trustees and all other fiduciaries. Such bonds
shall be legal investments for state school funds and for any funds which
may be invested in county, municipal or school district bonds, and such
bonds shall be deemed to be securities which may properly and legally be
deposited with, and received by, any state or municipal officer or by any
agency or political subdivision of the State for any purpose for which the
deposit of bonds or obligations of the State is now, or may hereafter, be
authorized by law, including deposits to secure public funds.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-13) (from Ch. 24, par. 11-74.5-13)
Sec. 11-74.5-13.
Notwithstanding the provisions of any other Act, a member
of the corporate authorities, or an officer or employee of the municipality,
may be an officer, employee or stockholder of a lending institution or lender
participating in a residential housing finance plan of the corporate authorities
provided such member (if a member of such corporate authorities) declares
such position or interest at a regular meeting of the corporate authorities prior to
passage of an ordinance establishing the plan and abstains from voting on
such ordinance.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-14) (from Ch. 24, par. 11-74.5-14)
Sec. 11-74.5-14.
The powers conferred by this Division are in addition
and supplemental to, and the limitations imposed by this Division shall
not affect, the powers conferred upon municipalities by any other law.
This Division is not a limitation upon the powers of home rule units. Home
mortgage loans may be acquired, purchased and financed, and bonds may be
issued under this Division for such purposes, notwithstanding that any other
law or power may provide for the acquisition, purchase and financing of
like home mortgage loans, or the issuance of bonds for like purposes, and
without regard to the requirements, restrictions, limitations or other provisions
contained in any law, including
any law relating to any requirement of competitive bidding or restriction
imposed on the sale or disposition of property or award of contracts. Nothing
in this Division shall be deemed or construed to prohibit the exercise of
the powers conferred upon municipalities in connection with the financing
of federally assisted housing for persons of low and moderate income.
(Source: P.A. 81-580.)
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(65 ILCS 5/11-74.5-15) (from Ch. 24, par. 11-74.5-15)
Sec. 11-74.5-15.
This Act is necessary for the health, welfare and safety
of the State, its municipalities and its inhabitants; therefore, it shall
be liberally construed to effect its purposes.
(Source: P.A. 81-580.)
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(65 ILCS 5/Art. 11 Div. 74.6 heading) DIVISION 74.6.
INDUSTRIAL JOBS RECOVERY LAW
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(65 ILCS 5/11-74.6-1)
Sec. 11-74.6-1.
Short Title.
This Division 74.6 may be cited as the
Industrial Jobs Recovery Law.
(Source: P.A. 88-537.)
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(65 ILCS 5/11-74.6-5)
Sec. 11-74.6-5.
Findings and Declarations.
(a) It is hereby found and declared that the communities of the State
have lost over 300,000 manufacturing jobs over the last decade and that
these losses have resulted in persistent high levels of unemployment and
underemployment, substantial tax base losses in many areas of the State,
and have left a large inventory of vacant industrial space. As a result of
this decline in manufacturing, employment, and income there is an excessive
and disproportionate expenditure of public funds, inadequate public and
private investment, unmarketability of property, growth in crime, and
housing and zoning law violations in these areas together with an abnormal
exodus of occupants. The decline of these areas impairs the value of
private investments and threatens the sound growth and tax base of taxing
districts in these areas, and threatens the health, safety, morals and
welfare of the public. These areas also include underutilized plants and
facilities that, if redeveloped for industrial use, will promote industrial
and transportation activities, thereby reducing the evils attendant to
involuntary unemployment and enhancing the public health and welfare of this State.
(b) It is further found and declared that there exist in many
municipalities within the State numerous properties, both improved and
unimproved, that cannot be reused or sold for reuse because of environmental
contamination that causes them to be vacant for long
periods of time, less marketable or unmarketable unless cleaned
up, and dilapidated and detrimental to the surrounding community.
Many of these properties are in strategic locations within the
municipalities and cause disinvestment within the community and a loss of
tax base and employment opportunities.
(c) It is hereby found and declared, that in order to promote and
protect the health, safety, morals, and welfare of the public,
redevelopment of these areas must be undertaken. To reverse these
adverse economic conditions, it is necessary to encourage private investment
and restore and enhance the tax base of the taxing districts in these areas
by the development or redevelopment of project areas. The reversal of
these adverse economic conditions and the elimination of the negative
impact they have on communities through industrial redevelopment projects,
and the retention and expansion of the economic bases of Illinois
communities is hereby declared to be essential to the public interest.
(d) It is found and declared that the use of incremental tax revenues
derived from the tax levies of various taxing districts in redevelopment
project areas for the payment of redevelopment project costs is of benefit
to those taxing districts because taxing districts located in redevelopment
project areas will ultimately derive substantial benefits from the increased
assessment base developed by tax increment allocation financing. In
addition, if all surplus tax revenues are distributed to the taxing districts
in redevelopment project areas, all taxing districts will benefit from the
removal of adverse economic conditions, the development of industrial parks
and the development, retention and expansion of employment opportunities
for Illinois residents.
(Source: P.A. 88-537.)
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