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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
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4 | Section 1. Short title. This Act may be cited as the School | ||||||
5 | District Intergovernmental Cooperation Renewable Energy Act. | ||||||
6 | Section 5. Findings. The General Assembly finds that there | ||||||
7 | is a need to promote the use of renewable energy resources, | ||||||
8 | including facilities designed to convert wind or solar power to | ||||||
9 | energy, and to promote employment in the construction and | ||||||
10 | operation of such facilities, and further finds that a means of | ||||||
11 | meeting such need is to authorize school districts to join | ||||||
12 | together to acquire and construct facilities for such purposes. | ||||||
13 | Section 10. Definitions. In this Act: | ||||||
14 | "Agency" means a joint action agency organized and | ||||||
15 | operating under this Act.
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16 | "Applicable law" means any provision of law, including this | ||||||
17 | Act, authorizing school districts to issue bonds as that term | ||||||
18 | is defined in the Local Government Debt Reform Act.
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19 | "Board" means the board of directors of an agency organized | ||||||
20 | under this Act.
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21 | "Bond" means a bond as such term is defined in the Local | ||||||
22 | Government Debt Reform Act issued by an agency payable from one |
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1 | or more of the agency's revenue sources and other sources as | ||||||
2 | the agency may lawfully pledge, which sources may include | ||||||
3 | school district bonds or proceeds or payments to be made | ||||||
4 | pursuant to an intergovernmental agreement.
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5 | "Eligible project" means any land or rights in land, plant, | ||||||
6 | works, system, facility, machinery, intellectual property, or | ||||||
7 | other real or personal property of any nature whatsoever, | ||||||
8 | together with all parts thereof and appurtenances thereto, used | ||||||
9 | or useful in the generation, production, such distribution or | ||||||
10 | transmission as may be required in a relevant electric service | ||||||
11 | agreement, purchase, sale, exchange, or interchange of | ||||||
12 | electrical energy derived from renewable energy sources | ||||||
13 | including wind, solar power, and other renewable sources, and | ||||||
14 | in the acquisition, extraction, conversion, transportation, | ||||||
15 | storage, or reprocessing of ancillary fuel of any kind for any | ||||||
16 | of those purposes, or any interest in, or right to the use, | ||||||
17 | services, output, or capacity of any plant, works, system, or | ||||||
18 | facilities.
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19 | "Governing body" means the school board having charge of | ||||||
20 | the corporate affairs of a school district.
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21 | "Intergovernmental agreement" means the agreement by which | ||||||
22 | an agency is formed by school districts pursuant to this Act.
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23 | "Members" means the school districts joining pursuant to | ||||||
24 | intergovernmental agreement to organize an agency under this | ||||||
25 | Act.
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26 | "Resolution" means a resolution duly adopted by a governing |
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1 | body.
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2 | "Revenue source" means any revenue source as such term is | ||||||
3 | defined in the Local Government Debt Reform Act.
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4 | "School district" means a combined elementary district, a | ||||||
5 | combined high school district, a combined unit district, a unit | ||||||
6 | district, a combined high school unit district, an elementary | ||||||
7 | district, or an optional elementary unit district organized and | ||||||
8 | operating under the School Code of the State of Illinois, but | ||||||
9 | does not include any office, officer, department, division, | ||||||
10 | bureau, board, commission, or similar agency of the State of | ||||||
11 | Illinois.
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12 | "School district bond" means any bond as such term is | ||||||
13 | defined in the Local Government Debt Reform Act authorized or | ||||||
14 | issued by or on behalf of a school district under applicable | ||||||
15 | law.
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16 | Section 15. Powers supplemental. The provisions of this Act | ||||||
17 | are intended to be supplemental and, in addition to all other | ||||||
18 | powers or authorities granted to any school district, shall be | ||||||
19 | construed liberally and shall not be construed as a limitation | ||||||
20 | of any power or authority otherwise granted. | ||||||
21 | Section 20. Actions by resolution. All actions to be taken | ||||||
22 | by a school district or an agency pursuant to this Act shall be | ||||||
23 | fully effective if taken by resolution. |
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1 | Section 25. Agency status. An agency organized under this | ||||||
2 | Act shall be a unit of local government of the State of | ||||||
3 | Illinois and a body politic and corporate. | ||||||
4 | Section 30. Organization. Any 2 or more school districts, | ||||||
5 | whether contiguous or noncontiguous, may form an agency by the | ||||||
6 | execution of an intergovernmental agreement authorized by | ||||||
7 | resolution adopted by the governing body of each school | ||||||
8 | district. The intergovernmental agreement shall state or may | ||||||
9 | state, as applicable, the following:
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10 | (1) the name of the agency and the date of its | ||||||
11 | establishment, which may be by reference to a date or the | ||||||
12 | dates of the resolutions adopted by the governing bodies, | ||||||
13 | and the duration of its existence, which may be perpetual;
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14 | (2) the names of the school districts that have adopted | ||||||
15 | the intergovernmental agreement and constitute the initial | ||||||
16 | members;
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17 | (3) the names and addresses of the persons initially | ||||||
18 | appointed in the resolutions adopting the | ||||||
19 | intergovernmental agreement to serve as initial directors | ||||||
20 | on the board and provision for the organizational meeting | ||||||
21 | of the agency;
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22 | (4) provision for the terms of office of the directors | ||||||
23 | and for alternate directors, if so provided, but such | ||||||
24 | directors and alternate directors shall always be selected | ||||||
25 | and vacancies in their offices declared and filled by |
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1 | resolutions adopted by the governing body of the respective | ||||||
2 | school districts;
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3 | (5) if so provided, provision for weighted voting among | ||||||
4 | the school districts or by the directors;
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5 | (6) the location by city, village, or incorporated town | ||||||
6 | in the State of Illinois of the principal office of the | ||||||
7 | agency;
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8 | (7) provision for amendment of the intergovernmental | ||||||
9 | agreement;
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10 | (8) if provided, initial funding for the agency, which | ||||||
11 | may include binding agreements of the school districts to | ||||||
12 | provide money or to issue school district bonds for the | ||||||
13 | benefit of the agency;
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14 | (9) provisions for the disposition, division, or | ||||||
15 | distribution of obligations, property, and assets of the | ||||||
16 | agency upon dissolution; and
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17 | (10) any other provisions for regulating the business | ||||||
18 | of the agency or the conduct of its affairs consistent with | ||||||
19 | this Act.
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20 | Section 35. Officers; board; bylaws. | ||||||
21 | (a) At the organizational meeting of the board, the | ||||||
22 | directors shall elect from their members a presiding officer to | ||||||
23 | preside over the meetings of the board and an alternate | ||||||
24 | presiding officer and may elect an executive board. The board | ||||||
25 | shall determine and designate in the agency's bylaws the titles |
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1 | for the presiding officers. The directors shall also elect a | ||||||
2 | secretary and treasurer, who need not be directors. The board | ||||||
3 | may select such other officers, employees, and agents as deemed | ||||||
4 | to be necessary, who need not be directors or residents of any | ||||||
5 | of the school districts that are members. The board may | ||||||
6 | designate appropriate titles for all other officers, | ||||||
7 | employees, and agents. All persons selected by the board shall | ||||||
8 | hold their respective offices at the pleasure of the board, and | ||||||
9 | give bond as may be required by the board.
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10 | (b) The board is the corporate authority of the agency and | ||||||
11 | shall exercise all the powers and manage and control all of the | ||||||
12 | affairs and property of the agency. The board shall have full | ||||||
13 | power to pass all necessary resolutions and rules for the | ||||||
14 | proper management and conduct of the business of the agency and | ||||||
15 | for carrying into effect the objects for which the agency was | ||||||
16 | established. The board shall have not less than one meeting | ||||||
17 | each year for the election of officers and the transaction of | ||||||
18 | any other business. Unless otherwise provided by this Act, the | ||||||
19 | intergovernmental agreement, or the bylaws, an act of the | ||||||
20 | majority of the directors present at a meeting at which a | ||||||
21 | quorum is present is required for an act of the board.
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22 | (c) The board shall adopt bylaws that may include without | ||||||
23 | limitation the following provisions:
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24 | (1) the rights and obligations of members consistent | ||||||
25 | with the intergovernmental agreement and this Act;
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26 | (2) if not governed in the intergovernmental |
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1 | agreement, then the manner of adding new members and the | ||||||
2 | rights and obligations of the members;
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3 | (3) the time, place, and date of the regular meeting or | ||||||
4 | meetings and the procedures for calling special meetings of | ||||||
5 | the board;
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6 | (4) procedural rules;
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7 | (5) the composition, powers, and responsibilities of | ||||||
8 | any committee or executive board;
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9 | (6) the criteria as called for in item (20) of Section | ||||||
10 | 55 of this Act; and
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11 | (7) other rules or provisions for regulating the | ||||||
12 | affairs of the agency as the board shall determine to be | ||||||
13 | advisable.
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14 | Section 40. Filing. Within 3 months after the | ||||||
15 | organizational meeting, the board shall cause a certified copy | ||||||
16 | of the intergovernmental agreement to be filed with the | ||||||
17 | Secretary of State of Illinois. The Secretary of State shall | ||||||
18 | accept such filing and issue a certificate of approval over his | ||||||
19 | or her signature and the Great Seal of the State. The Secretary | ||||||
20 | of State shall make and keep a register of agencies established | ||||||
21 | under this Act. | ||||||
22 | Section 45. Place of business. Every agency shall maintain | ||||||
23 | an office in the State of Illinois to be known as its principal | ||||||
24 | office. When an agency desires to change the location of such |
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1 | office, it shall file with the Secretary of State a certificate | ||||||
2 | of change of location, stating the new address and the | ||||||
3 | effective date of change. Meetings of the board may be held at | ||||||
4 | any place within the State of Illinois designated by the board | ||||||
5 | after notice. | ||||||
6 | Section 50. Lawful expense of school district. Each member | ||||||
7 | shall have full power and authority to appropriate money from | ||||||
8 | its operation and maintenance fund, by whatever name now or | ||||||
9 | hereafter known, for the payment of the expenses of the agency | ||||||
10 | and of its representative in exercising its functions as a | ||||||
11 | member of the agency, which expenses may include payment of | ||||||
12 | principal of and interest on bonds of the agency for a period | ||||||
13 | not greater than 40 years after the dated date of any bonds. | ||||||
14 | Each member shall have full power and authority, subject to the | ||||||
15 | provisions of applicable law, to agree to the issuance and | ||||||
16 | delivery of school district bonds to aid the agency. | ||||||
17 | Section 55. Powers and duties generally. An agency shall | ||||||
18 | have all the powers and duties enumerated in this Section in | ||||||
19 | furtherance of the purposes of this Act. In the exercise | ||||||
20 | thereof it shall be deemed to be performing an essential | ||||||
21 | governmental function and exercising a part of the sovereign | ||||||
22 | powers of the State of Illinois, separate and distinct from | ||||||
23 | member school districts, and shall have the privileges, | ||||||
24 | immunities, and rights of a public body politic and corporate, |
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1 | municipal corporation, and unit of local government, but shall | ||||||
2 | not have taxing power. All powers of the agency shall be | ||||||
3 | exercised by its board unless otherwise provided by the bylaws. | ||||||
4 | (1) An agency may plan, finance, acquire, construct, | ||||||
5 | reconstruct, own, lease, operate, maintain, repair, | ||||||
6 | improve, extend, or otherwise participate in, individually | ||||||
7 | or jointly with other persons or other entities of any | ||||||
8 | type, one or more eligible projects, proposed, existing, or | ||||||
9 | under construction, within or without the State of | ||||||
10 | Illinois, acquire any interest in or any right to products | ||||||
11 | and services of an eligible project, purchase, own, sell, | ||||||
12 | dispose of, or otherwise participate in securities issued | ||||||
13 | in connection with the financing of an eligible project or | ||||||
14 | any portion thereof, create such subsidiary entity or | ||||||
15 | entities of any type as may be necessary or desirable, and | ||||||
16 | may act as agent, or designate one or more persons, public | ||||||
17 | agencies, or other entities of any type, whether or not | ||||||
18 | participating in an eligible project, to act as its agent, | ||||||
19 | in connection with the planning, financing, acquisition, | ||||||
20 | construction, reconstruction, ownership, lease, operation, | ||||||
21 | maintenance, repair, extension, or improvement of the | ||||||
22 | eligible project.
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23 | (2) An agency may investigate the desirability of and | ||||||
24 | necessity for additional means of providing electrical | ||||||
25 | energy from wind sources of any kind for such purpose and | ||||||
26 | make studies, surveys, and estimates as may be necessary to |
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1 | determine its feasibility and cost.
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2 | (3) An agency may cooperate with other persons, public | ||||||
3 | agencies, or other entities of any type in the development | ||||||
4 | of means of providing electrical energy from wind sources | ||||||
5 | of any kind for those purposes and give assistance with | ||||||
6 | personnel and equipment in any eligible project.
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7 | (4) An agency may structure the ownership and | ||||||
8 | investment in an eligible project in such a way as to | ||||||
9 | maximize the use of any available United States federal | ||||||
10 | incentives for such projects, including, but not limited | ||||||
11 | to, New Markets Tax Credits under Section 45D of the | ||||||
12 | Internal Revenue Code of 1986, as amended, or any successor | ||||||
13 | provision.
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14 | (5) An agency may apply for consents, authorizations, | ||||||
15 | or approvals required for any eligible project within its | ||||||
16 | powers and take all actions necessary to comply with the | ||||||
17 | conditions thereof.
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18 | (6) An agency may perform any act authorized by this | ||||||
19 | Act through, or by means of, its officers, agents, or | ||||||
20 | employees or by contract with others, including without | ||||||
21 | limitation the employment of engineers, architects, | ||||||
22 | attorneys, appraisers, financial advisors, and such other | ||||||
23 | consultants and employees as may be required in the | ||||||
24 | judgment of the agency, and fix and pay their compensation | ||||||
25 | from funds available to the agency.
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26 | (7) An agency may, individually or jointly with other |
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1 | persons, public agencies, or other entities of any type, | ||||||
2 | acquire, hold, use, and dispose of income, revenues, funds, | ||||||
3 | and money.
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4 | (8) An agency may, individually or jointly with other | ||||||
5 | persons, public agencies, or other entities of any type, | ||||||
6 | acquire, own, hire, use, operate and dispose of personal | ||||||
7 | property and any interest therein.
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8 | (9) An agency may, individually or jointly with other | ||||||
9 | persons, public agencies, or other entities of any type, | ||||||
10 | acquire, own, use, lease as lessor or lessee, operate, and | ||||||
11 | dispose of real property and interests in real property, | ||||||
12 | including eligible projects existing, proposed, or under | ||||||
13 | construction, and make improvements thereon.
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14 | (10) An agency may grant the use by franchise, lease, | ||||||
15 | or otherwise and make charges for the use of any property | ||||||
16 | or facility owned or controlled by it.
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17 | (11) An agency may borrow money and issue negotiable | ||||||
18 | bonds, secured or unsecured, in accordance with this Act.
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19 | (12) An agency may invest money of the agency not | ||||||
20 | required for immediate use, including proceeds from the | ||||||
21 | sale of any bonds, in such obligations, securities, and | ||||||
22 | other investments as authorized by the provisions of the | ||||||
23 | Public Funds Investment Act. | ||||||
24 | (13) An agency may determine the location and character | ||||||
25 | of, and all other matters in connection with, any and all | ||||||
26 | eligible projects it is authorized to acquire, hold, |
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1 | establish, effectuate, operate, or control.
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2 | (14) An agency may contract with any persons, public | ||||||
3 | agencies, or other entities of any type for the planning, | ||||||
4 | development, construction, or operation of any eligible | ||||||
5 | project or for the sale, transmission, or distribution of | ||||||
6 | the products and services of any eligible project, or for | ||||||
7 | any interest therein or any right to the products and | ||||||
8 | services thereof, on such terms and for such period not in | ||||||
9 | excess of 50 years of time as its board shall determine.
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10 | (15) An agency may enter into any contract or agreement | ||||||
11 | necessary, appropriate, or incidental to the effectuation | ||||||
12 | of its lawful purposes and the exercise of the powers | ||||||
13 | granted by this Act for a period not in excess of 50 years | ||||||
14 | in time, including without limitation contracts or | ||||||
15 | agreements for the purchase, sale, exchange, interchange, | ||||||
16 | wheeling, pooling, transmission, distribution, or storage | ||||||
17 | of electrical energy and fuel of any kind for any such | ||||||
18 | purposes, within and without the State of Illinois, in such | ||||||
19 | amounts as it shall determine to be necessary and | ||||||
20 | appropriate to make the most effective use of its powers | ||||||
21 | and to meet its responsibilities, on such terms and for | ||||||
22 | such period of time as its board determines. Any such | ||||||
23 | contract or agreement may include provisions for | ||||||
24 | requirements purchases, restraints on resale or other | ||||||
25 | dealings, exclusive dealing, pricing, territorial | ||||||
26 | division, and other conduct or arrangements that may have |
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1 | an anti-competitive effect.
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2 | (16) An agency may procure insurance against any losses | ||||||
3 | in connection with its property, operations, or assets in | ||||||
4 | such amounts and from such insurers as it deems desirable | ||||||
5 | or may self-insure or enter into pooled insurance | ||||||
6 | arrangements with other school districts against such | ||||||
7 | losses.
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8 | (17) An agency may contract for and accept any gifts or | ||||||
9 | grants or loans of funds or property or financial or other | ||||||
10 | aid in any form from any source and may comply, subject to | ||||||
11 | the provisions of this Act, with the terms and conditions | ||||||
12 | thereof.
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13 | (18) An agency may mortgage, pledge, or grant a | ||||||
14 | security interest in any or all of its real and personal | ||||||
15 | property to secure the payment of its bonds or contracts.
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16 | (19) That part of an eligible project owned by an | ||||||
17 | agency shall be exempt from property taxes.
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18 | (20) An agency shall not be subject to any taxes of the | ||||||
19 | State of Illinois based on or measured by income or | ||||||
20 | receipts or revenue.
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21 | (21) An agency may adopt a corporate seal and may sue | ||||||
22 | and be sued.
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23 | (22) An agency may exercise all other powers not | ||||||
24 | inconsistent with the Constitution of the State of Illinois | ||||||
25 | or the United States Constitution, which powers may be | ||||||
26 | reasonably necessary or appropriate for or incidental to |
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1 | effectuate its authorized purposes or to the exercise of | ||||||
2 | any of the powers enumerated in this Act.
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3 | Section 60. Bonds. An agency may issue bonds pursuant to | ||||||
4 | applicable law and the following provisions:
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5 | (1) An agency may from time to time issue its bonds in | ||||||
6 | such principal amounts as the agency shall deem necessary | ||||||
7 | to provide sufficient funds to carry out any of its | ||||||
8 | corporate purposes and powers, including without | ||||||
9 | limitation the acquisition, construction, or termination | ||||||
10 | of any eligible project to be owned or leased, as lessor or | ||||||
11 | lessee, by the agency, or the acquisition of any interest | ||||||
12 | therein or any right to the products or services thereof, | ||||||
13 | the funding or refunding of the principal of, redemption | ||||||
14 | premium, if any, and interest on, any bonds issued by it | ||||||
15 | whether or not such bonds or interest to be funded or | ||||||
16 | refunded have or have not become due, the payment of | ||||||
17 | engineering, legal and other expenses, together with | ||||||
18 | interest for a period of 3 years or to a date one year | ||||||
19 | subsequent to the estimated date of completion of the | ||||||
20 | project, whichever period is longer, the establishment or | ||||||
21 | increase of reserves to secure or to pay such bonds or | ||||||
22 | interest thereon, the providing of working capital and the | ||||||
23 | payment of all other costs or expenses of the agency | ||||||
24 | incident to and necessary or convenient to carry out its | ||||||
25 | corporate purposes and powers.
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1 | (2) Every issue of bonds of the agency shall be payable | ||||||
2 | out of the revenues or funds available to the agency, | ||||||
3 | subject to any agreements with the holders of particular | ||||||
4 | bonds pledging any particular revenues or funds. An agency | ||||||
5 | may issue types of bonds as it may determine, including | ||||||
6 | bonds as to which the principal and interest are payable | ||||||
7 | exclusively from the revenues from one or more projects, or | ||||||
8 | from an interest therein or a right to the products and | ||||||
9 | services thereof, or from one or more revenue producing | ||||||
10 | contracts made by the agency, or its revenues generally. | ||||||
11 | Any such bonds may be additionally secured by a pledge of | ||||||
12 | any grant, subsidy, or contribution from any source or a | ||||||
13 | pledge of any income or revenues, funds, or moneys of the | ||||||
14 | agency from any source whatsoever.
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15 | (3) All bonds of an agency shall have all the qualities | ||||||
16 | of negotiable instruments under the laws of this State.
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17 | (4) Bonds of an agency shall be authorized by | ||||||
18 | resolution of its board and may be issued under such | ||||||
19 | resolution or under a trust indenture or other security | ||||||
20 | agreement, in one or more series, and shall bear the date | ||||||
21 | or dates, mature at a time or times within the estimated | ||||||
22 | period of usefulness of the project involved and in any | ||||||
23 | event not more than 40 years after the date thereof, bear | ||||||
24 | interest at such rate or rates without regard to any | ||||||
25 | limitation in any other law, be in such denominations, be | ||||||
26 | in such form, either coupon or registered, carry such |
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1 | conversion, registration, and exchange privileges, have | ||||||
2 | such rank or priority, be executed in such manner, be | ||||||
3 | payable in such medium of payment at such place or places | ||||||
4 | within or without the State of Illinois, be subject to such | ||||||
5 | terms of redemption with or without premium, and contain or | ||||||
6 | be subject to such other terms as the resolution, trust | ||||||
7 | indenture, or other security agreement may provide, and | ||||||
8 | shall not be restricted by the provisions of any other law | ||||||
9 | limiting the amounts, maturities, interest rates, or other | ||||||
10 | terms of obligations of units of local government or | ||||||
11 | private parties. The bonds shall be sold in a manner and at | ||||||
12 | such price as the board shall determine at private or | ||||||
13 | public sale.
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14 | (5) Bonds of an agency may be issued under the | ||||||
15 | provisions of this Act without obtaining the consent of any | ||||||
16 | department, division, commission, board, bureau, or agency | ||||||
17 | of the State of Illinois or of any member, except as may be | ||||||
18 | limited in an intergovernmental agreement, and without any | ||||||
19 | other proceeding or the happening of any other condition or | ||||||
20 | occurrence except as specifically required by this Act.
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21 | (6) The resolution, trust indenture, or other security | ||||||
22 | agreement under which any bonds are issued shall constitute | ||||||
23 | a contract with the holders of the bonds and may contain | ||||||
24 | provisions, among others, prescribing:
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25 | (A) the terms and provisions of the bonds;
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26 | (B) the mortgage or pledge of and the grant of a |
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1 | security interest in any real or personal property and | ||||||
2 | all or any part of the revenue from any project or any | ||||||
3 | revenue producing contract made by the agency to secure | ||||||
4 | the payment of bonds, subject to any agreements with | ||||||
5 | the holders of bonds which might then exist;
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6 | (C) the custody, collection, securing, | ||||||
7 | investments, and payment of any revenues, assets, | ||||||
8 | money, funds, or property with respect to which the | ||||||
9 | agency may have any rights or interest;
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10 | (D) the rates or charges for the products or | ||||||
11 | services rendered by the agency, the amount to be | ||||||
12 | raised by the rates or charges, and the use and | ||||||
13 | disposition of any or all revenue;
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14 | (E) the creation of reserves or sinking funds and | ||||||
15 | the regulation and disposition thereof;
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16 | (F) the purposes to which the proceeds from the | ||||||
17 | sale of any bonds then or thereafter to be issued may | ||||||
18 | be applied, and the pledge of revenues to secure the | ||||||
19 | payment of the bonds;
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20 | (G) the limitations on the issuance of any | ||||||
21 | additional bonds, the terms upon which additional | ||||||
22 | bonds may be issued and secured, and the refunding of | ||||||
23 | outstanding bonds;
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24 | (H) the rank or priority of any bonds with respect | ||||||
25 | to any lien or security;
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26 | (I) the creation of special funds or moneys to be |
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1 | held in trust or otherwise for operational expenses, | ||||||
2 | payment, or redemption of bonds, reserves or other | ||||||
3 | purposes, and the use and disposition of moneys held in | ||||||
4 | such funds;
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5 | (J) the procedure by which the terms of any | ||||||
6 | contract with or for the benefit of the holders of | ||||||
7 | bonds may be amended or revised, the amount of bonds | ||||||
8 | the holders of which must consent thereto, and the | ||||||
9 | manner in which consent may be given;
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10 | (K) the definition of the acts or omissions to act | ||||||
11 | that shall constitute a default in the duties of the | ||||||
12 | agency to holders of its bonds, and the rights and | ||||||
13 | remedies of the holders in the event of default, | ||||||
14 | including, if the agency so determines, the right to | ||||||
15 | accelerate the due date of the bonds or the right to | ||||||
16 | appoint a receiver or receivers of the property or | ||||||
17 | revenues subject to the lien of the resolution, trust | ||||||
18 | indenture, or other security agreement;
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19 | (L) any other or additional agreements with or for | ||||||
20 | the benefit of the holders of bonds or any covenants or | ||||||
21 | restrictions necessary or desirable to safeguard the | ||||||
22 | interests of the holders;
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23 | (M) the custody of its properties or investments, | ||||||
24 | the safekeeping thereof, the insurance to be carried | ||||||
25 | thereon, and the use and disposition of insurance | ||||||
26 | proceeds;
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1 | (N) the vesting in a trustee or trustees, within or | ||||||
2 | without the State of Illinois, of such properties, | ||||||
3 | rights, powers, and duties in trust as the agency may | ||||||
4 | determine; or the limiting or abrogating of the rights | ||||||
5 | of the holders of any bonds to appoint a trustee, or | ||||||
6 | the limiting of the rights, powers, and duties of such | ||||||
7 | trustee; or
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8 | (O) the appointment of and the establishment of the | ||||||
9 | duties and obligations of any paying agent or other | ||||||
10 | fiduciary within or without the State of Illinois.
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11 | (7) For the security of bonds issued or to be issued by | ||||||
12 | an agency, the agency may mortgage or execute deeds of | ||||||
13 | trust of the whole or any part of its property and | ||||||
14 | franchises. Any pledge of revenues, securities, contract | ||||||
15 | rights, or other personal property made by an agency | ||||||
16 | pursuant to this Act shall be valid and binding from the | ||||||
17 | date the pledge is made. The revenues, securities, contract | ||||||
18 | rights, or other personal property so pledged and then held | ||||||
19 | or thereafter received by the agency or any fiduciary shall | ||||||
20 | immediately be subject to the lien of the pledge without | ||||||
21 | any physical delivery thereof or further act, and the lien | ||||||
22 | of the pledge shall be valid and binding as against all | ||||||
23 | parties having claims of any kind in tort, contract, or | ||||||
24 | otherwise against the agency without regard to whether the | ||||||
25 | parties have notice. The resolution, trust indenture, | ||||||
26 | security agreement, or other instrument by which a pledge |
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1 | is created shall be recorded in the county in which the | ||||||
2 | principal office is located in the manner provided by law.
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3 | (8) Neither the officials, the directors, nor the | ||||||
4 | members of an agency nor any person executing bonds shall | ||||||
5 | be liable personally on the bonds or be subject to any | ||||||
6 | personal liability or accountability by reason of the | ||||||
7 | issuance thereof. An agency shall have power to indemnify | ||||||
8 | and to purchase and maintain insurance on behalf of any | ||||||
9 | director, officer, employee, or agent of the agency, in | ||||||
10 | connection with any threatened, pending, or completed | ||||||
11 | action, suit, or proceeding.
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12 | (9) An agency shall have power to purchase out of any | ||||||
13 | funds available therefor, bonds, and to hold for | ||||||
14 | re-issuance, pledge, cancel, or retire the bonds and | ||||||
15 | coupons prior to maturity, subject to and in accordance | ||||||
16 | with any agreements with the holders.
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17 | (10) The principal of and interest upon any bonds | ||||||
18 | issued by an agency shall be payable solely from the | ||||||
19 | revenue sources or funds pledged or available for their | ||||||
20 | payment as authorized in this Act. Each bond shall contain | ||||||
21 | a statement that it constitutes an obligation of the agency | ||||||
22 | issuing the bond, that its principal and interest are | ||||||
23 | payable solely from revenues or funds of the agency and | ||||||
24 | that neither the State of Illinois nor any political | ||||||
25 | subdivision thereof, except the issuer, nor any school | ||||||
26 | district that is a member of the agency, is obligated to |
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1 | pay the principal or interest on the bonds and that neither | ||||||
2 | the faith and credit nor the taxing power of the State of | ||||||
3 | Illinois or any such political subdivision thereof or of | ||||||
4 | any such school district is pledged to the payment of the | ||||||
5 | principal of or the interest on the bonds.
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6 | Section 65. Charges. An agency may establish, levy, and | ||||||
7 | collect or may authorize, by contract, franchise, lease, or | ||||||
8 | otherwise, the establishment, levying, and collection of | ||||||
9 | rents, rates, and other charges for the products and services | ||||||
10 | afforded by the agency or by or in connection with any eligible | ||||||
11 | project or properties that it may construct, acquire, own, | ||||||
12 | operate, or control or with respect to which it may have any | ||||||
13 | interest or any right to the products and services thereof as | ||||||
14 | it may deem necessary, proper, desirable, or reasonable. Rents, | ||||||
15 | rates, and other charges shall be established so as to be | ||||||
16 | sufficient to meet the operation, maintenance, and other | ||||||
17 | expenses thereof, including reasonable reserves, interest, and | ||||||
18 | principal payments, including payments into one or more sinking | ||||||
19 | funds for the retirement of principal. An agency may pledge its | ||||||
20 | rates, rents, and other revenue, or any part thereof, as | ||||||
21 | security for the repayment, with interest and premium, if any, | ||||||
22 | of any moneys borrowed by it or advanced to it for any of its | ||||||
23 | authorized purposes and as security for the payment of amounts | ||||||
24 | due and owing by it under any contract. |
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1 | Section 70. School districts may contract. | ||||||
2 | (a) In order to accomplish the purposes of this Act, a | ||||||
3 | school district may enter into and carry out contracts and | ||||||
4 | agreements for the sale, lease, or other use of property, real | ||||||
5 | or personal, cooperative provision of services, such as police | ||||||
6 | services, or the purchase of power from an agency, or | ||||||
7 | transmission services, development services, and other | ||||||
8 | services.
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9 | (b) Any contract and agreement shall be for a period not to | ||||||
10 | exceed 50 years and shall contain other terms, conditions, and | ||||||
11 | provisions that are not inconsistent with the provisions of | ||||||
12 | this Act as the governing body of such school district shall | ||||||
13 | approve, including without limitation provisions whereby the | ||||||
14 | school district is obligated to pay for the products and | ||||||
15 | services of an agency without set-off or counterclaim and | ||||||
16 | irrespective of whether such products or services are | ||||||
17 | furnished, made available, or delivered to the school district, | ||||||
18 | or whether any project contemplated by any such contract and | ||||||
19 | agreement is completed, operable or operating, and | ||||||
20 | notwithstanding suspension, interruption, interference, | ||||||
21 | reduction, or curtailment of the products and services of the | ||||||
22 | project.
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23 | (c) Any contract and agreement may be pledged by the agency | ||||||
24 | to secure its obligations and may provide that if one or more | ||||||
25 | school districts defaults in the payment of its obligations | ||||||
26 | under such contract and agreement, the remaining school |
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1 | districts having such contracts and agreements shall be | ||||||
2 | required to pay for and shall be entitled proportionately to | ||||||
3 | use or otherwise dispose of the products and services that were | ||||||
4 | to be purchased by the defaulting school district.
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5 | (d) Any contract and agreement providing for payments by a | ||||||
6 | school district shall be an obligation of the school district | ||||||
7 | payable from and secured by such lawfully available funds as | ||||||
8 | may be made pursuant to applicable law. Notwithstanding the | ||||||
9 | sources of funds pledged, any contract between the agency and | ||||||
10 | its members with respect to an eligible project shall not | ||||||
11 | constitute an indebtedness of such members within any statutory | ||||||
12 | limitation.
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13 | (e) Nothing in this Act shall be construed to preclude a | ||||||
14 | school district from appropriating and using taxes and other | ||||||
15 | revenues received in any year to make payments due or to comply | ||||||
16 | with covenants to be performed during that year under any | ||||||
17 | contract or agreement for a term of years entered into as | ||||||
18 | contemplated in this Act, subject to the provisions of | ||||||
19 | applicable law.
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20 | (f) Any contract or agreement may include provisions for | ||||||
21 | requirements purchases, restraints on resale or other | ||||||
22 | dealings, exclusive dealing, pricing, territorial division, | ||||||
23 | and other conduct or arrangements that may have an | ||||||
24 | anti-competitive effect.
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25 | (g) Notwithstanding the provisions of any other law, in the | ||||||
26 | making of a contract or agreement between an agency and a |
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1 | member, the director of the agency who represents such member | ||||||
2 | must recuse himself or herself from participation in | ||||||
3 | discussions or voting as director, but may participate and vote | ||||||
4 | in his or her capacity as an officer of the governing body of | ||||||
5 | such member, and such participation and voting shall not be a | ||||||
6 | conflict of interest.
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7 | Section 97. Severability. The provisions of this Act are | ||||||
8 | severable under Section 1.31 of the Statute on Statutes.
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9 | Section 999. Effective date. This Act takes effect upon | ||||||
10 | becoming law.
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