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1 | AN ACT concerning transportation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Toll Highway Act is amended by changing | ||||||||||||||||||||||||
5 | Section 17 as follows:
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6 | (605 ILCS 10/17) (from Ch. 121, par. 100-17)
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7 | Sec. 17. (a) The Authority may from time to time issue | ||||||||||||||||||||||||
8 | bonds for any
lawful purpose including, without limitation, the | ||||||||||||||||||||||||
9 | costs of issuance thereof
and all such bonds or other | ||||||||||||||||||||||||
10 | obligations of the Authority
issued pursuant to this Act shall | ||||||||||||||||||||||||
11 | be and are hereby declared to be
negotiable for all purposes | ||||||||||||||||||||||||
12 | notwithstanding their payment from a limited
source and without | ||||||||||||||||||||||||
13 | regard to any other law or laws.
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14 | (b) The bonds of every issue shall be payable solely out of | ||||||||||||||||||||||||
15 | revenues of
the Authority, accumulated reserves or sinking | ||||||||||||||||||||||||
16 | funds, bond proceeds,
proceeds of refunding bonds, or | ||||||||||||||||||||||||
17 | investment earnings as the Authority shall
specify in a bond | ||||||||||||||||||||||||
18 | resolution.
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19 | (c) The bonds may be issued as serial bonds or as term | ||||||||||||||||||||||||
20 | bonds, or the
Authority, in its discretion, may issue bonds of | ||||||||||||||||||||||||
21 | both types. The bonds
shall be authorized by a bond resolution | ||||||||||||||||||||||||
22 | of the Authority, may be issued
in one or more series and shall | ||||||||||||||||||||||||
23 | bear such date or dates, mature at such
time or times not | ||||||||||||||||||||||||
24 | exceeding 25 years from their respective date or dates of
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25 | issue, bear interest at such rate or rates, fixed or variable, | ||||||||||||||||||||||||
26 | without
regard to any limit contained in any other statute or | ||||||||||||||||||||||||
27 | law of
the State of Illinois, be payable as to principal and | ||||||||||||||||||||||||
28 | interest at such time
or times, be in such denominations, be in | ||||||||||||||||||||||||
29 | such form, either coupon or fully
registered, carry such | ||||||||||||||||||||||||
30 | registration and conversion privileges, be payable
in lawful | ||||||||||||||||||||||||
31 | money of the United States of America at such places, be
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32 | subject to such terms of redemption and may contain such other |
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1 | terms and
provisions, as such bond resolution or resolutions
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2 | may provide. The bonds shall be executed by the manual or | ||||||
3 | facsimile
signatures of the Chairman and the Secretary. In case | ||||||
4 | any of the officers
whose signature appears on the bonds or | ||||||
5 | coupons, if any, shall cease to be an
officer before the | ||||||
6 | delivery of such bonds, such signature shall
nevertheless be | ||||||
7 | valid and sufficient for all purposes, as if he had
remained in | ||||||
8 | office until such delivery. The bonds shall be sold in such
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9 | manner as the Authority shall determine. The proceeds from the | ||||||
10 | sale of
such bonds shall be paid to the Treasurer of the State | ||||||
11 | of Illinois as ex
officio custodian. Pending preparation of the | ||||||
12 | definitive bonds, the
Authority may issue interim receipts or | ||||||
13 | certificates which shall be
exchanged for such definitive | ||||||
14 | bonds.
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15 | (d) Any bond resolution, or trust indenture entered into | ||||||
16 | pursuant to a
bond resolution, may contain provisions, which | ||||||
17 | shall be a part of
the contract with the holders of the bonds | ||||||
18 | to be authorized, as to: (i)
pledging or creating a lien upon | ||||||
19 | all or part of the revenues of the
Authority or any reserves, | ||||||
20 | sinking funds, bond proceeds or investment
earnings; (ii) the | ||||||
21 | setting aside of reserves or sinking funds, and the
regulation, | ||||||
22 | investment and disposition thereof; (iii) the use and
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23 | maintenance requirements for the toll highways; (iv) the | ||||||
24 | purposes to which
or the investments in which the proceeds of | ||||||
25 | sale of any series or issue of
bonds then or thereafter to be | ||||||
26 | issued may be applied; (v)
the issuance of additional bonds, | ||||||
27 | the terms upon which
additional bonds may be issued and | ||||||
28 | secured, the purposes for such
additional bonds, and the terms | ||||||
29 | upon which additional
bonds may rank on a parity with, or be | ||||||
30 | subordinate or superior to other
bonds; (vi) the refunding of | ||||||
31 | outstanding bonds; (vii) the procedure, if
any, by which the | ||||||
32 | terms of any contract with bondholders may be amended or
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33 | abrogated, the amount of bonds the holders of which must | ||||||
34 | consent thereto,
and the manner in which such consent may be | ||||||
35 | given; (viii) defining the acts
or omissions to act which shall | ||||||
36 | constitute a default in the duties of the
Authority to holders |
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1 | of its obligations and providing the rights and
remedies of | ||||||
2 | such holders in the event of a default; (ix) any other matters
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3 | relating to the bonds which the Authority deems desirable. | ||||||
4 | (d-5) The Authority is authorized to enter into agreements | ||||||
5 | commonly known as interest rate swaps, subject to the | ||||||
6 | limitations set forth in Section 7 of the Bond Authorization | ||||||
7 | Act.
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8 | (e) Neither the directors of the Authority nor any person | ||||||
9 | executing the
bonds shall be liable personally on the bonds or | ||||||
10 | be subject to any personal
liability or accountability by | ||||||
11 | reason of the issuance thereof.
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12 | (f) The Authority shall have power out of any funds | ||||||
13 | available therefor
to purchase its bonds. The Authority may | ||||||
14 | hold, pledge, cancel or resell
such bonds subject to and in | ||||||
15 | accordance with agreements with bondholders.
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16 | (g) In the discretion of the Authority any bonds issued | ||||||
17 | under the
provisions of this Act may be secured by a trust | ||||||
18 | indenture by and between
the Authority and a trustee or | ||||||
19 | trustees, which may be any trust
company or bank in the State | ||||||
20 | of Illinois having the powers of a trust
company and possessing | ||||||
21 | capital and surplus of not less than $50,000,000.
The bond | ||||||
22 | resolution or trust indenture providing for the issuance of | ||||||
23 | bonds
so secured shall pledge such revenues of the Authority, | ||||||
24 | sinking funds,
bond proceeds, or investment earnings as may be | ||||||
25 | specified therein, may
contain such provisions for protecting | ||||||
26 | and enforcing the rights and
remedies of the bondholders as may | ||||||
27 | be reasonable and proper and not in
violation of law, including | ||||||
28 | particularly such provisions as have
hereinabove been | ||||||
29 | specifically authorized to be included in any bond
resolution | ||||||
30 | or trust indenture of the Authority, and may restrict the
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31 | individual right of action by bondholders. In addition to the | ||||||
32 | foregoing,
any bond resolution or trust indenture may contain | ||||||
33 | such other provisions as
the Authority may deem reasonable and | ||||||
34 | proper for the security of the
bondholders, including, but not | ||||||
35 | limited to, the purchase of bond insurance
and the arrangement | ||||||
36 | of letters of credit, lines of credit or other credit
or |
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1 | liquidity enhancement facilities; provided there shall be no | ||||||
2 | pledge of
the toll highway or any part thereof. All expenses | ||||||
3 | incurred in carrying
out the provisions of any bond resolution | ||||||
4 | or trust indenture may be treated
as a part of the cost of the | ||||||
5 | operation of the toll highways.
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6 | (h) Bonds issued under the authority of this Act do not, | ||||||
7 | and shall state
upon the face of each bond that they do not, | ||||||
8 | represent or constitute a debt
of the Authority or of the State | ||||||
9 | of Illinois within the meaning of any
constitutional or | ||||||
10 | statutory limitation or a pledge of the faith and credit
of the | ||||||
11 | Authority or the State of Illinois, or grant to the owners or | ||||||
12 | holders
thereof any right to have the Authority or the General | ||||||
13 | Assembly levy any
taxes or appropriate any funds for the | ||||||
14 | payment of the principal thereof or
interest thereon. Such | ||||||
15 | bonds shall be payable and shall state that they are
payable | ||||||
16 | solely from the revenues and the sources authorized under this | ||||||
17 | Act
and pledged for their payment in accordance with the bond | ||||||
18 | resolution or trust indenture.
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19 | Nothing in this Act shall be construed to authorize the | ||||||
20 | Authority or any
department, board, commission or other agency | ||||||
21 | to create an obligation of
the State of Illinois within the | ||||||
22 | meaning of the Constitution or Statutes
of Illinois.
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23 | (i) Any resolution or trust indenture authorizing the | ||||||
24 | issuance
of the bonds may include provision for the issuance of | ||||||
25 | additional bonds. All
resolutions of the Authority to
carry | ||||||
26 | such adopted bond resolutions into effect, to provide
for the | ||||||
27 | sale and delivery of the bonds, for letting of contracts for | ||||||
28 | the
construction of toll highways and the acquisition of real | ||||||
29 | and personal
property deemed by the Authority necessary or | ||||||
30 | convenient for the
construction thereof, shall not require the | ||||||
31 | approval of the Governor or of
any other department, division, | ||||||
32 | commission, bureau, board or other agency of the State.
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33 | (Source: P.A. 83-1258.)
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34 | Section 99. Effective date. This Act takes effect upon | ||||||
35 | becoming law.
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