Rep. Emanuel Chris Welch

Filed: 3/13/2013

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 676

2    AMENDMENT NO. ______. Amend House Bill 676 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the
5Illinois Veterans' Education and Technology District Act.
 
6    Section 5. Purpose. The purpose of this Act is to
7facilitate and promote the redevelopment of underutilized and
8vacant property located in Maywood and Melrose Park, Illinois
9for the benefit of all Illinois veterans. The District is
10created to construct a grade separation of the 5th Avenue rail
11grade crossing and the Union Pacific Railroad and to attract,
12construct, and maintain technology academic centers,
13technology training centers, technology enterprises,
14commercial and manufacturing enterprises, veteran educational
15training centers, and residential housing for the benefit of
16all veterans, especially disabled, returning, and senior

 

 

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1veterans, and other uses as permitted by this Act.
 
2    Section 10. Creation.
3    (a) The Illinois Veterans' Education and Technology
4District is created as a political subdivision, body politic,
5and municipal corporation.
6    (b) The boundaries of the District shall extend over the
7approximately 240 acres, more or less, of largely industrial,
8commercial, and residential property located in Maywood and
9Melrose Park, Illinois. The boundaries of the District consist
10of the Des Plaines River on the east, Chicago Avenue on the
11north, Oak Street on the south, and 9th Avenue in Maywood and
1215th Avenue in Melrose Park on the west.
13    (c) The governing and administrative powers of the District
14shall vest in its Board of Directors consisting of 5 members
15and appointed as follows:
16        (1) Two shall be appointed by the Mayor of Maywood.
17        (2) Two shall be appointed by the Mayor of Melrose
18    Park.
19        (3) One shall be appointed by the Governor.
20    All persons appointed as members of the Board shall have
21recognized ability and experience in one or more of the
22following areas: economic development, finance, banking,
23industrial development, business management, real estate,
24community development, organized labor or civic, community, or
25neighborhood organization.

 

 

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1    (d) The terms of the 5 initial appointees to the District
2shall commence 30 days after the effective date of this Act.
3The first members shall be appointed as follows: (1) one each
4of Maywood's and Melrose Park's appointees and one of the
5Governor's appointees shall be appointed to serve 2-year terms;
6(2) one each of Maywood's and Melrose Park's appointees shall
7serve 4-year terms. After the initial terms, members shall be
8appointed by the original appointing authority and serve 4-year
9terms commencing the third Monday in January of the year of the
10appointment. Vacancies occurring other than at the end of a
11term shall be filled by the appropriate appointing authority
12for the remainder of the term. Each member appointed to the
13Board shall serve until his or her successor is appointed and
14qualified.
15    (e) The Chairperson of the Board shall be elected annually
16by the Board from among its members.
17    (f) The appointing authority may remove any member of the
18Board in case of incompetence, neglect of duty, or malfeasance
19in office.
20    (g) Members of the Board shall serve without compensation
21but may be reimbursed for all necessary expenses incurred in
22connection with the performance of their duties as members.
23    (h) The Board may appoint an Executive Director who shall
24have a background in administration, planning, real estate,
25economic development, finance, or law. The Executive Director
26shall hold office at the discretion of the Board. The Executive

 

 

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1Director shall be the chief administrative and operational
2officer of the District, shall direct and supervise its
3administrative affairs and general management, shall perform
4other duties as may be prescribed from time to time by the
5Board, and shall receive compensation fixed by the Board. The
6Executive Director shall attend all meetings of the Board;
7however, no action of the Board or the District shall be
8invalid on account of the absence of the Executive Director
9from the meeting. The Board may engage the services of other
10agents and employees, including planners, attorneys,
11appraisers, engineers, accountants, credit analysts, and other
12consultants, and may prescribe their duties and fix their
13compensation.
14    (i) The Board shall meet on the call of its Chairperson or
15upon written notice of 3 members of the Board.
16    (j) All official acts of the District shall require the
17affirmative vote of at least 3 of the members of the Board
18present and voting at a meeting of the Board.
 
19    Section 15. Duties. The District shall promote development
20within its territorial jurisdiction for the benefit of Illinois
21veterans and shall use the powers conferred on it by this Act
22to assist in the planning, development, acquisition,
23construction, and marketing of residential, industrial,
24commercial, or freight-oriented projects with its territorial
25jurisdiction. The District shall:

 

 

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1    (a) undertake joint planning for property within its
2territorial jurisdiction that identifies and addresses its
3development, transportation, transit, zoning, workforce, and
4environmental priorities and objectives;
5    (b) assemble and prepare parcels for development;
6    (c) oversee environmental studies and remediation
7necessary to identify and remove any hazards or toxins that
8impede development;
9    (d) develop, construct, and improve, either under its own
10direction or through collaboration with any approved
11applicant, or to acquire through purchase or otherwise, any
12project, using for that purpose the proceeds derived from its
13sale of revenue bonds, notes, or other evidences of
14indebtedness or governmental loans or grants, and to hold title
15in the name of the District to those projects;
16    (e) market the District to prospective developers and
17businesses;
18    (f) make its best effort to annex parcels of unincorporated
19property that are subject to the jurisdiction of the District
20to a contiguous municipality; and
21    (g) maintain relationships with local residents,
22industries, businesses, nonprofit organizations, elected and
23appointed officials, other government and private entities,
24and any other interested parties in the course of achieving its
25objectives and exercising its powers.
 

 

 

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1    Section 20. Powers. The District shall possess all powers
2of a body corporate necessary and convenient to accomplish the
3purpose of this Act, including, without limitation, the power
4to:
5    (a) enter into loans, contracts, agreements, and mortgages
6in any matter connected with any of its corporate purposes and
7to invest its funds;
8    (b) sue and be sued;
9    (c) employ agents and employees necessary to carry out its
10purposes;
11    (d) have, use, and alter a common seal;
12    (e) adopt all needful ordinances, resolutions, bylaws,
13rules, and regulations for the conduct of its business and
14affairs and for the management and use of the projects
15developed, constructed, acquired, and improved in furtherance
16of its purposes;
17    (f) designate the fiscal year for the District;
18    (g) accept and expend appropriations;
19    (h) have and exercise all powers and be subject to all
20duties usually incident to boards of directors of corporations;
21    (i) engage in any activity or operation, including
22Brownfield remediation under the Environmental Protection Act,
23that is incidental to and in furtherance of efficient operation
24to accomplish the District's primary purpose;
25    (j) accept donations, contributions, capital grants, or
26gifts from individuals, associations, and private corporations

 

 

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1in aid of any purposes of this Act and to enter into agreements
2in connection therewith;
3    (k) enter into intergovernmental agreements with the State
4of Illinois, Cook County, the Illinois Finance Authority, the
5United States government, any agency or instrumentality of the
6United States, any unit of local government located within the
7territory of the District, or any other unit of government to
8the extent allowed by Article VII, Section 10 of the Illinois
9Constitution and the Intergovernmental Cooperation Act;
10    (l) enter into agreements with businesses, form
11public-private partnership entities, and appropriate funds to
12certain entities as needed to achieve the purpose of this Act;
13    (m) share employees with other units of government,
14including agencies of the United States, agencies of the State
15of Illinois, and agencies or personnel of any unit of local
16government;
17    (n) provide relocation assistance to persons and entities
18displaced by the District's acquisition of property and
19improvement of the District; and
20    (o) acquire private real property by gift or voluntary
21purchase if the District finds that the acquisition by gift or
22by purchase is reasonably necessary to further the intent of
23this Act.
 
24    Section 25. Acquisition of real estate. The District is
25authorized to acquire the fee simple title to real property

 

 

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1lying within the District and personal property required for
2its purposes by gift, purchase, or otherwise, and title shall
3be taken in the corporate name of the District. The District
4may acquire by lease real and personal property found by the
5District to be necessary for its purposes and to which the
6District finds that it need not acquire the fee simple title
7for carrying out of its purposes. All real and personal
8property within the District, except property owned and used
9for purposes authorized under this Act, may be acquired by the
10District in its corporate name under the provisions of the
11exercise of the right of eminent domain under the Eminent
12Domain Act.
 
13    Section 30. Development. The District may, in its corporate
14capacity, construct, cause, or permit to be constructed
15facilities within the District that the District determines
16should be established and operated to carry out any aspect of
17the District's purpose under this Act. The facility may be
18established and operated for the study, diagnosis, and
19treatment of human ailments and injuries, whether physical or
20mental, or to promote medical, surgical, and scientific
21research and knowledge, or for any uses the District shall
22determine shall support and nurture facilities, and uses
23permitted by this Act.
24    (a) The District shall administer the development and
25operation of the District at its discretion, and any extensions

 

 

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1or expansion thereof. The District shall, among other things,
2create a development area within the District. Within its
3boundaries, the District may acquire or construct commercial
4and other types of development, public and private, if the
5District determines in its discretion that the commercial
6developments are ancillary to and necessary for the support of
7facilities within the District and any other purposes of the
8District.
9    (b) The District may sell, lease, develop, operate, and
10manage for any person, firm, partnership, or corporation,
11either public or private, all or any part of the land,
12buildings, facilities, equipment, or other property included
13in the District area.
14    (c) The District may enter into any contract or agreement
15with any person, firm, partnership, or corporation, either
16public or private, or any combination of the foregoing, as may
17be necessary or suitable for the creation, marketing,
18development, construction, reconstruction, rehabilitation,
19financing, operation and maintenance, and management of the
20District and any technology park, residential property, or
21commercial development. The District may sell or lease to any
22person, firm, partnership, or corporation, either public or
23private, any part or all of the land, building, facilities,
24equipment, or other property of the District upon the rentals,
25terms, and conditions as the District may deem advisable. The
26District may finance all or part of the cost of the District's

 

 

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1development and operation of the District, including the
2creation, marketing, development, purchase, lease,
3construction, reconstruction, rehabilitation, improvement,
4remodeling, addition to, extension, and maintenance of all or
5part of the high technology park or the designated development
6area, and all equipment and furnishings, by legislative
7appropriations, government grants, contracts, private gifts,
8loans bonds, receipts from the sale of lease of land for the
9operation of the District, any high technology park, the
10commercial development or residential property, rentals, and
11similar receipts or other sources of revenue legally available
12for these purposes.
13    (d) The District shall promulgate rules concerning the
14procurement of contracts and purchases.
15    (e) The District may defray the expenses of the operation
16of the District area and technology park improvements to the
17District area and technology park provision of shared services,
18common facilities, and common area expenses, benefitting
19owners and occupants of property within the District and the
20technology park by general assessment, special assessment, or
21the imposition of service or user fees.
22    (f) Fees and assessments under subsection (e) may only be
23imposed after public notice.
24    (g) The District may acquire any real and personal property
25within the District by immediate vesting of title, commonly
26referred to as "quick-take", pursuant to Sections 7-103 through

 

 

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17-112 of the Code of Civil Procedure.
 
2    Section 35. Sale or Lease of Real Estate. The District may
3sell, convey, transfer, or lease any title or interest in real
4estate owned by it to any person or entity to be used, subject
5to the restrictions of this Act, for the purpose of serving
6persons using the facilities offered within the District or for
7carrying out of any aspect of the District's purpose under
8Section 5 of this Act.
9    (a) To assure that the use of the real property sold or
10leased is in accordance with the provisions of this Act, the
11District shall inquire into the financial ability of the
12purchaser to complete the project for which the real estate is
13sold or leased in accordance with a plan to be presented by the
14purchaser or lessee. That plan shall be submitted in writing to
15the District. In accordance with the plan, the purchaser or
16lessee shall: (1) use the land for the purposes designated in
17the plan as presented; (2) commence and complete the
18construction of the buildings or other structures to be
19included in the project within periods of time determined by
20the District to be reasonable; and (3) comply with other
21conditions as the District shall determine are necessary to
22carry out the project.
23    (b) Any real property sold by the District pursuant to the
24provisions of this Act shall be sold at its use value, which
25may be more or less than its acquisition cost, and which

 

 

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1represents the value at which the District determines, after a
2hearing by the District, or its designee, that the real
3property should be made available for sale or rental so that it
4may be developed for the accomplishment of the purposes of this
5Act. In determining the use value of the real property, the
6District shall take into consideration whether or not the
7property is to be used by a wholly or partially tax supported
8body created under the laws of the State of Illinois, by any
9department of the State government or any political subdivision
10of the State, by a charitable institution, or by a private
11person or institution operating for profit. In determining the
12use price, the District shall also consider the contribution
13that the project shall make toward the development of the
14District and in furtherance of the purposes of this Act.
15However, the District may convey the fee simple title to land
16acquired by it, without the payment of any consideration, to
17the State of Illinois, any political subdivision thereof, or to
18any body politic and corporate or public corporation created
19under the laws of the State of Illinois to carry out any
20function of the State.
21    (c) At any hearing to make determinations under this
22Section, an investigation shall be made and witnesses and
23documentary evidence bearing on the use value of the property
24to be sold or leased shall be examined. All conveyances and
25leases authorized in this Section shall be on condition that,
26in the event of use for purposes other than the purposes

 

 

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1prescribed in this Act or of nonuse for a period of one year,
2title to the property shall revert to the District.
3    (d) All conveyances and leases made by the District to any
4corporation or person for the purposes of serving the residents
5or any person using the facilities offered within the District
6shall be on condition that in the event of violation of any of
7the restrictions regarding the use of the property, the title
8to that property shall revert to the District.
9    (e) However, if the District finds in a public hearing that
10financing for the acquisition or lease of any real estate or
11for the construction of any building or improvement cannot be
12obtained if title to the land, building, or improvement is
13subject to such reverter provision, the District may cause the
14real property to be conveyed free of the reverter provision,
15provided that at least 5 members of the District vote in favor
16thereof. Notice of a public hearing held under this subsection
17shall be provided in a secular newspaper of general circulation
18in the City of Chicago at least 10 days prior to the date of the
19hearing and shall include the time, place and purpose for the
20hearing.
21    (f) The District may also provide in the conveyances,
22leases, or other documentation provisions for notice of
23violations or default, and the cure thereof, for the benefit of
24any lender or mortgagee, as the District shall determine to be
25appropriate.
26    (g) If, at a regularly scheduled meeting, the District

 

 

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1determines that a parcel of real estate leased by it, or in
2which it has sold the fee simple title or any lesser estate, is
3not being used for the purposes prescribed in this Act or has
4been in nonuse for a period of one year, the District may file
5a lawsuit in the circuit court of the county in which the
6property is located to enforce the terms of the sale or lease.
7    (h) Prior to the holding of any public hearing prescribed
8in this Section, or any meeting regarding the passage of any
9resolution to file a lawsuit, the District shall give notice to
10such grantee or lessee, or his or their legal representatives,
11successors or assigns, of the time and place of such
12proceeding. Such notice shall be accompanied by a statement
13signed by the secretary of the District, or by any person
14authorized by the District to sign the same, setting forth any
15act or things done or omitted to be done in violation, or
16claimed to be in violation, of any restriction as to the use of
17such property, whether such restriction be prescribed in any of
18the terms of this Act or by any restriction as to the use of
19such property determined by the District pursuant to the terms
20of this Act. Such notice of the time and place fixed for such
21proceeding shall also be given to such person or persons as the
22District shall deem necessary. Such notice may be given by
23registered mail, addressed to such grantee, lessee, or to their
24legal representatives, successors or assigns, at the last known
25address of such grantee, lessee, or their legal
26representatives, successors or assigns.
 

 

 

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1    Section 40. Grants. The District may apply for and accept
2grants, loans, or appropriations from the State of Illinois,
3the federal government, any state of federal agency or
4instrumentality, or any other person or entity, to be used for
5any of the purposes of the District and enter into any
6agreement with the State of Illinois, the federal government,
7any state or federal instrumentality, or any person or entity,
8in relation to the grants, matching grants, loans, or
9appropriations. The District may, by contractual agreement,
10accept and collect assessments or fees for District enhancement
11and improvements, common area shared services, shared
12facilities, or other activities or expenditures in furtherance
13of the purposes of this Act.
 
14    Section 45. Revenue bonds. The District has the power to
15obtain the funds necessary for financing the acquisition and
16construction of any building under this Act and for the
17operation of the District under this Act. The District may
18borrow money from any public or private agency, department,
19corporation or person, and may mortgage, pledge, or otherwise
20encumber the property or funds of the District.
21    (a) In evidence of and as security for funds borrowed, the
22District may issue revenue bonds in its corporate capacity to
23be payable from the revenues derived from the operation of the
24institutions or buildings owned, leased, or operated by or on

 

 

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1behalf of the District. Bonds shall in no event constitute any
2indebtedness of the District or a claim against the property of
3the District.
4    (b) Bonds may be issued in denominations as may be
5expedient, and in amounts and at rates of interest as the
6District shall deem necessary, to provide sufficient funds to
7pay all the costs of acquiring land, the construction,
8acquisition, equipping, and operation of buildings within the
9District, including engineering and other expenses.
10    (c) Bonds shall be executed by the Chairperson of the
11District, attested by the secretary, and sealed with the
12District's corporate seal. In case either the Chairperson or
13secretary is removed or replaced from office before delivery of
14the bonds, the signature of the officer shall be valid and
15sufficient, with the same effect as if the officer had remained
16in office at the time of the delivery. The District shall
17furnish the State Comptroller with a record of all bonds issued
18under this Act.
19    (d) The District shall have the continuing power to issue
20revenue bonds, notes, or other evidences of indebtedness in an
21aggregate amount not to exceed $200,000,000 for the purpose of
22developing, constructing, acquiring, or improving projects,
23including those established by business entities locating or
24expanding property within the territorial jurisdiction of the
25District, to acquire and improve any property necessary and
26useful in connection therewith, and for the purposes of the

 

 

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1Employee Ownership Assistance Act. The bonds shall be issued
2under the supervision of the Illinois Finance Authority
3pursuant to Section 825-13 of the Illinois Finance Authority
4Act. For the purpose of evidencing the obligations of the
5District to repay any money borrowed, the District may by
6resolution issue and dispose of its interest-bearing revenue
7bonds, notes, or other evidences of indebtedness and may also
8issue and dispose of bonds, notes, or other evidences of
9indebtedness to refund, at maturity, at a redemption date or in
10advance of either, any revenue bonds, notes, or other evidences
11of indebtedness pursuant to redemption provisions or at any
12time before maturity. All revenue bonds, notes, or other
13evidences of indebtedness shall be payable solely from the
14revenues or income to be derived from loans made with respect
15to projects, from the leasing or sale of the projects, or from
16any other funds available to the District for these purposes,
17including when so provided by ordinance of the District
18authorizing the issuance of revenue bonds or notes. The revenue
19bonds, notes, or other evidences of indebtedness may bear such
20date or dates, may mature at such time or times not exceeding
2140 years from their respective dates, may bear interest at a
22rate or rates not exceeding the maximum rate permitted by the
23Bond Authorization Act, may be in such form, may carry such
24registration privileges, may be executed in such manner, may be
25payable at such place or places, may be made subject to
26redemption in such manner and upon such terms, with or without

 

 

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1premium as is stated on the face thereof, may be authenticated
2such manner, and may contain such terms and covenants as may be
3provided by an applicable resolution.
4    (e) The holder or holders of any revenue bonds, notes, or
5other evidences of indebtedness issued by the District may
6bring lawsuits or proceedings in equity to compel the
7performance and observance by any corporation or person, or by
8the District or any of its agents or employees or any contract
9or covenant made with the holders of revenue bonds, notes, or
10other evidences of indebtedness, to compel a corporation,
11person, the District, and any of its agents or employees to
12perform any duties required for the benefit of the holders of
13any revenue bonds, notes, or other evidences of indebtedness by
14the provision of the resolution authorizing their issuance and
15to enjoin the corporation, person, the District, and any of its
16agents or employees from taking any action in conflict with any
17such contract or covenant.
18    (f) If the District fails to pay the principal of or
19interest on any of the revenue bonds or premium, if any, as
20they become due, a civil action to compel payment may be
21instituted in the appropriate circuit court by the holder or
22holders of the revenue bonds on which default of payment exists
23or by an indenture trustee acting on behalf of holders.
24Delivery of a summons and a copy of the complaint to the
25Chairperson of the Board shall constitute sufficient service to
26provide the circuit court with jurisdiction of the subject

 

 

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

 

 

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1District may be by mandamus proceedings in the appropriate
2circuit court to compel the performance and compliance
3therewith, but the trust agreement may prescribe by whom or on
4whose behalf the action may be instituted.
5    (i) The revenue bonds or notes shall be secured as provided
6in the authorizing ordinance and, notwithstanding any other
7provision of this Act, may include, in addition to any other
8security, a specific pledge or assignment of and lien on or
9security interest in any or all revenues or money of the
10District from whatever source that may by law be used for debt
11service purposes and a specific pledge or assignment of and
12lien on or security interest in any funds or accounts
13established or provided for by ordinance of the District
14authorizing the issuance of revenue bonds or notes.
15    (j) The State of Illinois pledges to and agrees with the
16holders of the revenue bonds and notes that the District issues
17pursuant to this Section and shall not limit or alter the
18rights and powers vested in the District by this Act so as to
19impair the terms of any contract made by the District with
20holders or in any way impair the rights and remedies of holders
21until the revenue bonds and notes, together with interest
22thereon, with interest on any unpaid installments of interest,
23and all costs and expenses in connection with any action or
24proceedings by or on behalf of holders, are fully met and
25discharged. The District is authorized to include these pledges
26and agreements of the State in any contract with the holders of

 

 

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1revenue bonds or notes issued pursuant to this Section.
2    (k) Under no circumstances shall any bonds issued by the
3District or any other obligation of the District be or become
4an indebtedness or obligation of the State of Illinois, of any
5other political subdivision, or of any municipality within the
6State, nor shall any bond or obligation be or become an
7indebtedness of the District within the purview of any
8constitutional limitation or provision. The face of each bond
9shall plainly state that it does not constitute an indebtedness
10or obligation but is payable solely from the revenues or income
11as aforesaid.
12    (l) For the purpose of financing a project pursuant to this
13Act, the District shall be authorized to apply for an
14allocation of tax-exempt bond financing authorization provided
15by the federal Moving Ahead for Progress in the 21st Century
16Act.
17    (m) The issuance of bonds under this Act is deemed an
18essential public and governmental purpose. For purposes of
19Section 250 of the Illinois Income Tax Act, the exemption of
20the interest from bonds granted under this Section shall
21terminate after all of the bonds have been paid. The amount of
22such income that shall be added and then subtracted on the
23Illinois income tax return of a taxpayer, pursuant to Section
24203 of the Illinois Income Tax Act, from federal adjusted gross
25income or federal taxable income in computing Illinois base
26income shall be the interest net of any bond premium

 

 

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1amortization.
 
2    Section 50. Rules. The District shall have power to adopt
3reasonable and proper rules and regulations relative to the
4exercise of its powers and to adopt proper rules to govern its
5proceedings. The District shall regulate the mode and manner of
6all hearings held by it or at its direction, and to alter and
7amend same.
 
8    Section 55. Official documents. Copies of all official
9documents, findings, and orders of the District, certified by
10the Chairperson or by the secretary of the District to be true
11copies of the originals, under the official seal of the
12District, shall be evidence in like manner as the originals.
 
13    Section 60. Park. The District may set apart any part of
14the District as a park and may construct, control, police and
15maintain the park or may provide by contract for the
16construction, control, policing, and maintenance of any area
17within the District set apart as a park.
 
18    Section 65. Depository of funds. The District shall
19biennially designate a national or state bank or banks as
20depositories of its money. Those depositories shall be
21designated only with the state and upon condition that bonds
22approved as to form and surety by the District and at least

 

 

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1equal in amount to the maximum sum expected to be on deposit at
2any one time shall be first given by the depositories to the
3District, those bonds to be conditioned for the safekeeping and
4prompt repayment of the deposits. When any of the funds of the
5District shall be deposited by the treasurer in any such
6depository, the treasurer and the sureties on his official bond
7shall, to that extent, be exempt from liability for the loss of
8any of the deposited funds by reason of the failure,
9bankruptcy, or any other act or default of the depository.
10However, the District may accept assignments of collateral by
11any depository of its funds to secure the deposits to the same
12extent and conditioned in the same manner as assignments of
13collateral are permitted by law to secure deposits of the funds
14of any municipality.
 
15    Section 70. Reports. The District shall annually submit a
16report of its finances to the Auditor General. The District
17shall annually subject a report of its activities to the
18Governor and to the General Assembly.
 
19    Section 75. Disposition of Funds. The District is
20authorized to use all money received from the sale or lease of
21any property as may be necessary to satisfy the obligation of
22any revenue bond issued pursuant to Section 45. The District
23may also use all money received as rentals for the purposes of
24planning, acquisition, and development of property within the

 

 

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1District and operations, maintenance, and improvement of
2property of the District, as well as for all purposes and
3powers set forth in this Act. The District shall enter into an
4intergovernmental agreement with the Auditor General who
5shall, at least biennially, audit or cause to be audited all
6records and accounts of the District pertaining to the
7operation of the District. The Auditor General shall provide
8the District and the General Assembly with the audits and shall
9submit a bill to the District for the costs associated with the
10review and the audit required under this Section. The District
11shall reimburse the Auditor General for costs in a timely
12manner.
 
13    Section 80. Attorney General. The Attorney General of the
14State of Illinois shall be the legal advisor to and shall
15prosecute or defend, as the case may be, all actions brought by
16or against the District.
 
17    Section 85. The provisions of the Open Meetings Act, the
18State Records Act, and the Freedom of Information Act shall
19apply to the District. For purposes of the Local Governmental
20and Governmental Employees Tort Immunity Act, the District is
21deemed to be a "local public entity".
 
22    Section 999. Effective date. This Act takes effect upon
23becoming law.".