95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4618


 
Introduced , by Rep. Wyvetter H. Younge
 
SYNOPSIS AS INTRODUCED:
 		













70 ILCS 930/27 new











    Amends the Mid-America Medical District Act.  Authorizes the District to issue revenue bonds.
















LRB095 18511 HLH 44597 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4618

LRB095 18511 HLH 44597 b






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    AN ACT concerning local government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:



 
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    Section 5. The Mid-America Medical District Act is amended  
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by adding Section 27 as follows:
 
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    (70 ILCS 930/27 new)

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    Sec. 27. Finance; bonds.  To obtain the funds necessary for 
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financing the acquisition
of land, the acquisition or 
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construction of any building, and for the operation of the 
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District as is set forth in this Act,  the Commission may borrow 
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money from any public or private agency,
department, 
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corporation,
or person. In
evidence of and as security for 
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funds borrowed, the Commission may issue
revenue bonds in its 
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corporate capacity to be payable from the
revenues derived from 
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the operation of the institutions or buildings,
owned, leased, 
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or operated by or on behalf of the Commission, but the
bonds 
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shall in no event constitute an
indebtedness of the Commission 
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or a claim against the property of the
Commission. Such bonds 
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may be issued in such denominations as may be
expedient, and in 
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such amounts and at such rates of interest as the
Commission 
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shall deem necessary to provide sufficient funds to pay all
the 
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costs of acquiring land, the construction, acquisition, 
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equipping,
and operation of buildings within the district, 
 


 






HB4618
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LRB095 18511 HLH 44597 b




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including engineering
and other expenses. The bonds shall be 
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executed by the president of the
Commission, attested by the 
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secretary, and sealed with the
Commission's corporate seal. In 
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case either of those officers of the
Commission who shall have 
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signed or attested any of such bonds shall
have ceased to be 
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that officer before delivery of the bonds, the
signature of the 
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officer shall be valid and sufficient to the same
effect as if 
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the officer had remained in office at the time of the
delivery. 
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The Commission shall furnish the State Comptroller
with a 
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record of all bonds issued under this Act.