Sen. David Koehler

Filed: 3/13/2014

 

 


 

 


 
09800SB0498sam001LRB098 04715 JLK 55683 a

1
AMENDMENT TO SENATE BILL 498

2    AMENDMENT NO. ______. Amend Senate Bill 498 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Central Illinois Economic Development
5Authority Act is amended by changing Sections 10 and 35 as
6follows:
 
7    (70 ILCS 504/10)
8    Sec. 10. Definitions. In this Act:
9    "Authority" means the Central Illinois Economic
10Development Authority.
11    "Governmental agency" means any federal, State, or local
12governmental body and any agency or instrumentality thereof,
13corporate or otherwise.
14    "Person" means any natural person, firm, partnership,
15corporation, both domestic and foreign, company, association
16or joint stock association and includes any trustee, receiver,

 

 

09800SB0498sam001- 2 -LRB098 04715 JLK 55683 a

1assignee or personal representative thereof.
2    "Revenue bond" means any bond issued by the Authority, the
3principal and interest of which is payable solely from revenues
4or income derived from any project or activity of the
5Authority.
6    "Board" means the Board of Directors of the Central
7Illinois Economic Development Authority.
8    "Governor" means the Governor of the State of Illinois.
9    "City" means any city, village, incorporated town, or
10township within the geographical territory of the Authority.
11    "Industrial project" means the following:
12        (1) a capital project, including one or more buildings
13    and other structures, improvements, machinery and
14    equipment whether or not on the same site or sites now
15    existing or hereafter acquired, suitable for use by any
16    manufacturing, industrial, research, transportation or
17    commercial enterprise including but not limited to use as a
18    factory, mill, processing plant, assembly plant, packaging
19    plant, fabricating plant, ethanol plant, office building,
20    industrial distribution center, warehouse, repair,
21    overhaul or service facility, freight terminal, research
22    facility, test facility, railroad facility, port facility,
23    solid waste and wastewater treatment and disposal sites and
24    other pollution control facilities, resource or waste
25    reduction, recovery, treatment and disposal facilities,
26    and including also the sites thereof and other rights in

 

 

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1    land therefore whether improved or unimproved, site
2    preparation and landscaping and all appurtenances and
3    facilities incidental thereto such as utilities, access
4    roads, railroad sidings, truck docking and similar
5    facilities, parking facilities, dockage, wharfage,
6    railroad roadbed, track, trestle, depot, terminal,
7    switching and signaling equipment or related equipment and
8    other improvements necessary or convenient thereto; or
9        (2) any land, buildings, machinery or equipment
10    comprising an addition to or renovation, rehabilitation or
11    improvement of any existing capital project.
12    "Housing project" or "residential project" includes a
13specific work or improvement undertaken to provide dwelling
14accommodations, including the acquisition, construction or
15rehabilitation of lands, buildings and community facilities
16and in connection therewith to provide nonhousing facilities
17which are an integral part of a planned large-scale project or
18new community.
19    "Commercial project" means any project, including, but not
20limited to, one or more buildings and other structures,
21improvements, machinery, and equipment, whether or not on the
22same site or sites now existing or hereafter acquired, suitable
23for use by any retail or wholesale concern, distributorship, or
24agency.
25    "Project" means an industrial, housing, residential,
26commercial, or service project, or any combination thereof,

 

 

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1provided that all uses fall within one of the categories
2described above. Any project automatically includes all site
3improvements and new construction involving sidewalks, sewers,
4solid waste and wastewater treatment and disposal sites and
5other pollution control facilities, resource or waste
6reduction, recovery, treatment and disposal facilities, parks,
7open spaces, wildlife sanctuaries, streets, highways, and
8runways.
9    "Lease agreement" means an agreement in which a project
10acquired by the Authority by purchase, gift, or lease is leased
11to any person or corporation that will use, or cause the
12project to be used, as a project, upon terms providing for
13lease rental payments at least sufficient to pay, when due, all
14principal of and interest and premium, if any, on any bonds,
15notes, or other evidences of indebtedness of the Authority,
16issued with respect to the project, providing for the
17maintenance, insurance, and operation of the project on terms
18satisfactory to the Authority and providing for disposition of
19the project upon termination of the lease term, including
20purchase options or abandonment of the premises, with other
21terms as may be deemed desirable by the Authority.
22    "Loan agreement" means any agreement in which the Authority
23agrees to loan the proceeds of its bonds, notes, or other
24evidences of indebtedness, issued with respect to a project, to
25any person or corporation which will use or cause the project
26to be used as a project, upon terms providing for loan

 

 

09800SB0498sam001- 5 -LRB098 04715 JLK 55683 a

1repayment installments at least sufficient to pay, when due,
2all principal of and interest and premium, if any, on any
3bonds, notes, or other evidences of indebtedness of the
4Authority issued with respect to the project, providing for
5maintenance, insurance, and operation of the project on terms
6satisfactory to the Authority and providing for other terms
7deemed advisable by the Authority.
8    "Financial aid" means the expenditure of Authority funds or
9funds provided by the Authority for the development,
10construction, acquisition or improvement of a project, through
11the issuance of revenue bonds, notes, or other evidences of
12indebtedness.
13    "Costs incurred in connection with the development,
14construction, acquisition or improvement of a project" means
15the following:
16        (1) the cost of purchase and construction of all lands
17    and improvements in connection therewith and equipment and
18    other property, rights, easements, and franchises acquired
19    which are deemed necessary for the construction;
20        (2) financing charges;
21        (3) interest costs with respect to bonds, notes, and
22    other evidences of indebtedness of the Authority prior to
23    and during construction and for a period of 6 months
24    thereafter;
25        (4) engineering and legal expenses; and
26        (5) the costs of plans, specifications, surveys, and

 

 

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1    estimates of costs and other expenses necessary or incident
2    to determining the feasibility or practicability of any
3    project, together with such other expenses as may be
4    necessary or incident to the financing, insuring,
5    acquisition, and construction of a specific project and the
6    placing of the same in operation.
7(Source: P.A. 94-995, eff. 7-3-06.)
 
8    (70 ILCS 504/35)
9    Sec. 35. Bonds.
10    (a) The Authority, with the written approval of the
11Governor, shall have the continuing power to issue bonds,
12notes, or other evidences of indebtedness in an aggregate
13amount outstanding not to exceed $250,000,000 for the following
14purposes: (i) development, construction, acquisition, or
15improvement of projects, including those established by
16business entities locating or expanding property within the
17territorial jurisdiction of the Authority; (ii) entering into
18venture capital agreements with businesses locating or
19expanding within the territorial jurisdiction of the
20Authority; and (iii) acquisition and improvement of any
21property necessary and useful in connection therewith. For the
22purpose of evidencing the obligations of the Authority to repay
23any money borrowed, the Authority may, pursuant to resolution,
24from time to time, issue and dispose of its interest-bearing
25revenue bonds, notes, or other evidences of indebtedness and

 

 

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1may also from time to time issue and dispose of such bonds,
2notes, or other evidences of indebtedness to refund, at
3maturity, at a redemption date or in advance of either, any
4bonds, notes, or other evidences of indebtedness pursuant to
5redemption provisions or at any time before maturity. All such
6bonds, notes, or other evidences of indebtedness shall be
7payable solely and only from the revenues or income to be
8derived from loans made with respect to projects, from the
9leasing or sale of the projects, or from any other funds
10available to the Authority for such purposes. The bonds, notes,
11or other evidences of indebtedness may bear such date or dates,
12may mature at such time or times not exceeding 40 years from
13their respective dates, may bear interest at such rate or rates
14not exceeding the maximum rate permitted by the Bond
15Authorization Act, may be in such form, may carry such
16registration privileges, may be executed in such manner, may be
17payable at such place or places, may be made subject to
18redemption in such manner and upon such terms, with or without
19premium, as is stated on the face thereof, may be authenticated
20in such manner and may contain such terms and covenants as may
21be provided by an applicable resolution.
22    (b) The holder or holders of any bonds, notes, or other
23evidences of indebtedness issued by the Authority may bring
24suits at law or proceedings in equity to compel the performance
25and observance by any corporation or person or by the Authority
26or any of its agents or employees of any contract or covenant

 

 

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1made with the holders of the bonds, notes, or other evidences
2of indebtedness, to compel such corporation, person, the
3Authority, and any of its agents or employees to perform any
4duties required to be performed for the benefit of the holders
5of the bonds, notes, or other evidences of indebtedness by the
6provision of the resolution authorizing their issuance and to
7enjoin the corporation, person, the Authority, and any of its
8agents or employees from taking any action in conflict with any
9contract or covenant.
10    (c) If the Authority fails to pay the principal of or
11interest on any of the bonds or premium, if any, as the bond
12becomes due, a civil action to compel payment may be instituted
13in the appropriate circuit court by the holder or holders of
14the bonds on which the default of payment exists or by an
15indenture trustee acting on behalf of the holders. Delivery of
16a summons and a copy of the complaint to the chairman of the
17Board shall constitute sufficient service to give the circuit
18court jurisdiction over the subject matter of the suit and
19jurisdiction over the Authority and its officers named as
20defendants for the purpose of compelling such payment. Any
21case, controversy, or cause of action concerning the validity
22of this Act relates to the revenue of the State of Illinois.
23    (d) Notwithstanding the form and tenor of any bond, note,
24or other evidence of indebtedness and in the absence of any
25express recital on its face that it is non-negotiable, all such
26bonds, notes, and other evidences of indebtedness shall be

 

 

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1negotiable instruments. Pending the preparation and execution
2of any bonds, notes, or other evidences of indebtedness,
3temporary bonds, notes, or evidences of indebtedness may be
4issued as provided by ordinance.
5    (e) To secure the payment of any or all of such bonds,
6notes, or other evidences of indebtedness, the revenues to be
7received by the Authority from a lease agreement or loan
8agreement shall be pledged, and, for the purpose of setting
9forth the covenants and undertakings of the Authority in
10connection with the issuance of the bonds, notes, or other
11evidences of indebtedness and the issuance of any additional
12bonds, notes or other evidences of indebtedness payable from
13such revenues, income, or other funds to be derived from
14projects, the Authority may execute and deliver a mortgage or
15trust agreement. A remedy for any breach or default of the
16terms of any mortgage or trust agreement by the Authority may
17be by mandamus proceeding in the appropriate circuit court to
18compel performance and compliance under the terms of the
19mortgage or trust agreement, but the trust agreement may
20prescribe by whom or on whose behalf the action may be
21instituted.
22    (f) Bonds or notes shall be secured as provided in the
23authorizing ordinance which may include, notwithstanding any
24other provision of this Act, in addition to any other security,
25a specific pledge, assignment of and lien on, or security
26interest in any or all revenues or money of the Authority, from

 

 

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1whatever source, which may, by law, be used for debt service
2purposes and a specific pledge, or assignment of and lien on,
3or security interest in any funds or accounts established or
4provided for by ordinance of the Authority authorizing the
5issuance of the bonds or notes.
6    (g) The State of Illinois pledges to and agrees with the
7holders of the bonds and notes of the Authority issued pursuant
8to this Section that the State will not limit or alter the
9rights and powers vested in the Authority by this Act so as to
10impair the terms of any contract made by the Authority with the
11holders of bonds or notes or in any way impair the rights and
12remedies of those holders until the bonds and notes, together
13with interest thereon, with interest on any unpaid installments
14of interest, and all costs and expenses in connection with any
15action or proceedings by or on behalf of the holders, are fully
16met and discharged. In addition, the State pledges to and
17agrees with the holders of the bonds and notes of the Authority
18issued pursuant to this Section that the State will not limit
19or alter the basis on which State funds are to be paid to the
20Authority as provided in this Act, or the use of such funds, so
21as to impair the terms of any such contract. The Authority is
22authorized to include these pledges and agreements of the State
23in any contract with the holders of bonds or notes issued
24pursuant to this Section.
25    (h) (Blank). Not less than 30 days prior to the commitment
26to issue bonds, notes, or other evidences of indebtedness for

 

 

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1the purpose of developing, constructing, acquiring, or
2improving housing or residential projects, as defined in this
3Act, the Authority shall provide notice to the Executive
4Director of the Illinois Housing Development Authority. Within
530 days after the notice is provided, the Illinois Housing
6Development Authority shall, in writing, either express
7interest in financing the project or notify the Authority that
8it is not interested in providing financing and that the
9Authority may finance the project or seek alternative
10financing.
11(Source: P.A. 94-995, eff. 7-3-06.)
 
12    Section 10. The Eastern Illinois Economic Development
13Authority Act is amended by changing Sections 1, 5, 10, 15, 20,
1425, 30, 35, 40, 45, 55, 60, 65, 70, and 999 as follows:
 
15    (70 ILCS 506/10)
16    Sec. 10. Definitions. In this Act:
17    "Authority" means the Eastern Illinois Economic
18Development Authority.
19    "Governmental agency" means any federal, State, or local
20governmental body and any agency or instrumentality thereof,
21corporate or otherwise.
22    "Person" means any natural person, firm, partnership,
23corporation, both domestic and foreign, company, association
24or joint stock association and includes any trustee, receiver,

 

 

09800SB0498sam001- 12 -LRB098 04715 JLK 55683 a

1assignee or personal representative thereof.
2    "Revenue bond" means any bond issued by the Authority, the
3principal and interest of which is payable solely from revenues
4or income derived from any project or activity of the
5Authority.
6    "Board" means the Board of Directors of the Eastern
7Illinois Economic Development Authority.
8    "Governor" means the Governor of the State of Illinois.
9    "City" means any city, village, incorporated town, or
10township within the geographical territory of the Authority.
11    "Industrial project" means the following:
12        (1) a capital project, including one or more buildings
13    and other structures, improvements, machinery and
14    equipment whether or not on the same site or sites now
15    existing or hereafter acquired, suitable for use by any
16    manufacturing, industrial, research, transportation or
17    commercial enterprise including but not limited to use as a
18    factory, mill, processing plant, assembly plant, packaging
19    plant, fabricating plant, ethanol plant, office building,
20    industrial distribution center, warehouse, repair,
21    overhaul or service facility, freight terminal, research
22    facility, test facility, railroad facility, port facility,
23    solid waste and wastewater treatment and disposal sites and
24    other pollution control facilities, resource or waste
25    reduction, recovery, treatment and disposal facilities,
26    and including also the sites thereof and other rights in

 

 

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1    land therefore whether improved or unimproved, site
2    preparation and landscaping and all appurtenances and
3    facilities incidental thereto such as utilities, access
4    roads, railroad sidings, truck docking and similar
5    facilities, parking facilities, dockage, wharfage,
6    railroad roadbed, track, trestle, depot, terminal,
7    switching and signaling equipment or related equipment and
8    other improvements necessary or convenient thereto; or
9        (2) any land, buildings, machinery or equipment
10    comprising an addition to or renovation, rehabilitation or
11    improvement of any existing capital project.
12    "Housing project" or "residential project" includes a
13specific work or improvement undertaken to provide dwelling
14accommodations, including the acquisition, construction, or
15rehabilitation of lands, buildings, and community facilities,
16and to provide non-housing facilities which are an integral
17part of a planned large-scale project or new community.
18    "Commercial project" means any project, including, but not
19limited to, one or more buildings and other structures,
20improvements, machinery, and equipment, whether or not on the
21same site or sites now existing or hereafter acquired, suitable
22for use by any retail or wholesale concern, distributorship, or
23agency.
24    "Project" means an industrial, housing, residential,
25commercial, or service project, or any combination thereof,
26provided that all uses fall within one of the categories

 

 

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1described above. Any project automatically includes all site
2improvements and new construction involving sidewalks, sewers,
3solid waste and wastewater treatment and disposal sites and
4other pollution control facilities, resource or waste
5reduction, recovery, treatment and disposal facilities, parks,
6open spaces, wildlife sanctuaries, streets, highways, and
7runways.
8    "Lease agreement" means an agreement in which a project
9acquired by the Authority by purchase, gift, or lease is leased
10to any person or corporation that will use, or cause the
11project to be used, as a project, upon terms providing for
12lease rental payments at least sufficient to pay, when due, all
13principal of and interest and premium, if any, on any bonds,
14notes, or other evidences of indebtedness of the Authority,
15issued with respect to the project, providing for the
16maintenance, insurance, and operation of the project on terms
17satisfactory to the Authority and providing for disposition of
18the project upon termination of the lease term, including
19purchase options or abandonment of the premises, with other
20terms as may be deemed desirable by the Authority.
21    "Loan agreement" means any agreement in which the Authority
22agrees to loan the proceeds of its bonds, notes, or other
23evidences of indebtedness, issued with respect to a project, to
24any person or corporation which will use or cause the project
25to be used as a project, upon terms providing for loan
26repayment installments at least sufficient to pay, when due,

 

 

09800SB0498sam001- 15 -LRB098 04715 JLK 55683 a

1all principal of and interest and premium, if any, on any
2bonds, notes, or other evidences of indebtedness of the
3Authority issued with respect to the project, providing for
4maintenance, insurance, and operation of the project on terms
5satisfactory to the Authority and providing for other terms
6deemed advisable by the Authority.
7    "Financial aid" means the expenditure of Authority funds or
8funds provided by the Authority for the development,
9construction, acquisition or improvement of a project, through
10the issuance of revenue bonds, notes, or other evidences of
11indebtedness.
12    "Costs incurred in connection with the development,
13construction, acquisition or improvement of a project" means
14the following:
15        (1) the cost of purchase and construction of all lands
16    and improvements in connection therewith and equipment and
17    other property, rights, easements, and franchises acquired
18    which are deemed necessary for the construction;
19        (2) financing charges;
20        (3) interest costs with respect to bonds, notes, and
21    other evidences of indebtedness of the Authority prior to
22    and during construction and for a period of 6 months
23    thereafter;
24        (4) engineering and legal expenses; and
25        (5) the costs of plans, specifications, surveys, and
26    estimates of costs and other expenses necessary or incident

 

 

09800SB0498sam001- 16 -LRB098 04715 JLK 55683 a

1    to determining the feasibility or practicability of any
2    project, together with such other expenses as may be
3    necessary or incident to the financing, insuring,
4    acquisition, and construction of a specific project and the
5    placing of the same in operation.
6(Source: P.A. 94-203, eff. 7-13-05.)
 
7    (70 ILCS 506/35)
8    Sec. 35. Bonds.
9    (a) The Authority, with the written approval of the
10Governor, shall have the continuing power to issue bonds,
11notes, or other evidences of indebtedness in an aggregate
12amount outstanding not to exceed $250,000,000 for the following
13purposes: (i) development, construction, acquisition, or
14improvement of projects, including those established by
15business entities locating or expanding property within the
16territorial jurisdiction of the Authority; (ii) entering into
17venture capital agreements with businesses locating or
18expanding within the territorial jurisdiction of the
19Authority; (iii) acquisition and improvement of any property
20necessary and useful in connection therewith; and (iv) for the
21purposes of the Employee Ownership Assistance Act. For the
22purpose of evidencing the obligations of the Authority to repay
23any money borrowed, the Authority may, pursuant to resolution,
24from time to time, issue and dispose of its interest-bearing
25revenue bonds, notes, or other evidences of indebtedness and

 

 

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1may also from time to time issue and dispose of such bonds,
2notes, or other evidences of indebtedness to refund, at
3maturity, at a redemption date or in advance of either, any
4bonds, notes, or other evidences of indebtedness pursuant to
5redemption provisions or at any time before maturity. All such
6bonds, notes, or other evidences of indebtedness shall be
7payable solely and only from the revenues or income to be
8derived from loans made with respect to projects, from the
9leasing or sale of the projects, or from any other funds
10available to the Authority for such purposes. The bonds, notes,
11or other evidences of indebtedness may bear such date or dates,
12may mature at such time or times not exceeding 40 years from
13their respective dates, may bear interest at such rate or rates
14not exceeding the maximum rate permitted by the Bond
15Authorization Act, may be in such form, may carry such
16registration privileges, may be executed in such manner, may be
17payable at such place or places, may be made subject to
18redemption in such manner and upon such terms, with or without
19premium, as is stated on the face thereof, may be authenticated
20in such manner and may contain such terms and covenants as may
21be provided by an applicable resolution.
22    (b) The holder or holders of any bonds, notes, or other
23evidences of indebtedness issued by the Authority may bring
24suits at law or proceedings in equity to compel the performance
25and observance by any corporation or person or by the Authority
26or any of its agents or employees of any contract or covenant

 

 

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1made with the holders of the bonds, notes, or other evidences
2of indebtedness, to compel such corporation, person, the
3Authority, and any of its agents or employees to perform any
4duties required to be performed for the benefit of the holders
5of the bonds, notes, or other evidences of indebtedness by the
6provision of the resolution authorizing their issuance and to
7enjoin the corporation, person, the Authority, and any of its
8agents or employees from taking any action in conflict with any
9contract or covenant.
10    (c) If the Authority fails to pay the principal of or
11interest on any of the bonds or premium, if any, as the bond
12becomes due, a civil action to compel payment may be instituted
13in the appropriate circuit court by the holder or holders of
14the bonds on which the default of payment exists or by an
15indenture trustee acting on behalf of the holders. Delivery of
16a summons and a copy of the complaint to the chairman of the
17Board shall constitute sufficient service to give the circuit
18court jurisdiction over the subject matter of the suit and
19jurisdiction over the Authority and its officers named as
20defendants for the purpose of compelling such payment. Any
21case, controversy, or cause of action concerning the validity
22of this Act relates to the revenue of the State of Illinois.
23    (d) Notwithstanding the form and tenor of any bond, note,
24or other evidence of indebtedness and in the absence of any
25express recital on its face that it is non-negotiable, all such
26bonds, notes, and other evidences of indebtedness shall be

 

 

09800SB0498sam001- 19 -LRB098 04715 JLK 55683 a

1negotiable instruments. Pending the preparation and execution
2of any bonds, notes, or other evidences of indebtedness,
3temporary bonds, notes, or evidences of indebtedness may be
4issued as provided by ordinance.
5    (e) To secure the payment of any or all of such bonds,
6notes, or other evidences of indebtedness, the revenues to be
7received by the Authority from a lease agreement or loan
8agreement shall be pledged, and, for the purpose of setting
9forth the covenants and undertakings of the Authority in
10connection with the issuance of the bonds, notes, or other
11evidences of indebtedness and the issuance of any additional
12bonds, notes or other evidences of indebtedness payable from
13such revenues, income, or other funds to be derived from
14projects, the Authority may execute and deliver a mortgage or
15trust agreement. A remedy for any breach or default of the
16terms of any mortgage or trust agreement by the Authority may
17be by mandamus proceeding in the appropriate circuit court to
18compel performance and compliance under the terms of the
19mortgage or trust agreement, but the trust agreement may
20prescribe by whom or on whose behalf the action may be
21instituted.
22    (f) Bonds or notes shall be secured as provided in the
23authorizing ordinance which may include, notwithstanding any
24other provision of this Act, in addition to any other security,
25a specific pledge, assignment of and lien on, or security
26interest in any or all revenues or money of the Authority, from

 

 

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1whatever source, which may, by law, be used for debt service
2purposes and a specific pledge, or assignment of and lien on,
3or security interest in any funds or accounts established or
4provided for by ordinance of the Authority authorizing the
5issuance of the bonds or notes.
6    (g) The State of Illinois pledges to and agrees with the
7holders of the bonds and notes of the Authority issued pursuant
8to this Section that the State will not limit or alter the
9rights and powers vested in the Authority by this Act so as to
10impair the terms of any contract made by the Authority with the
11holders of bonds or notes or in any way impair the rights and
12remedies of those holders until the bonds and notes, together
13with interest thereon, with interest on any unpaid installments
14of interest, and all costs and expenses in connection with any
15action or proceedings by or on behalf of the holders, are fully
16met and discharged. In addition, the State pledges to and
17agrees with the holders of the bonds and notes of the Authority
18issued pursuant to this Section that the State will not limit
19or alter the basis on which State funds are to be paid to the
20Authority as provided in this Act, or the use of such funds, so
21as to impair the terms of any such contract. The Authority is
22authorized to include these pledges and agreements of the State
23in any contract with the holders of bonds or notes issued
24pursuant to this Section.
25    (h)(Blank). Not less than 30 days prior to the commitment
26to issue bonds, notes, or other evidences of indebtedness for

 

 

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1the purpose of developing, constructing, acquiring, or
2improving housing or residential projects, as defined in this
3Act, the Authority shall provide notice to the Executive
4Director of the Illinois Housing Development Authority. Within
530 days after the notice is provided, the Illinois Housing
6Development Authority shall, in writing, either express
7interest in financing the project or notify the Authority that
8it is not interested in providing financing and that the
9Authority may finance the project or seek alternative
10financing.
11(Source: P.A. 94-203, eff. 7-13-05.)
 
12    Section 15. The Southeastern Illinois Economic Development
13Authority Act is amended by changing Sections 15, 35, and 70 as
14follows:
 
15    (70 ILCS 518/15)
16    Sec. 15. Definitions. In this Act:
17    "Authority" means the Southeastern Illinois Economic
18Development Authority.
19    "Governmental agency" means any federal, State, or local
20governmental body and any agency or instrumentality thereof,
21corporate or otherwise.
22    "Person" means any natural person, firm, partnership,
23corporation, both domestic and foreign, company, association
24or joint stock association and includes any trustee, receiver,

 

 

09800SB0498sam001- 22 -LRB098 04715 JLK 55683 a

1assignee or personal representative thereof.
2    "Revenue bond" means any bond issued by the Authority, the
3principal and interest of which is payable solely from revenues
4or income derived from any project or activity of the
5Authority.
6    "Board" means the Board of Directors of the Southeastern
7Illinois Economic Development Authority.
8    "Governor" means the Governor of the State of Illinois.
9    "City" means any city, village, incorporated town, or
10township within the geographical territory of the Authority.
11    "Industrial project" means the following:
12        (1) a capital project, including one or more buildings
13    and other structures, improvements, machinery and
14    equipment whether or not on the same site or sites now
15    existing or hereafter acquired, suitable for use by any
16    manufacturing, industrial, research, transportation or
17    commercial enterprise including but not limited to use as a
18    factory, mill, processing plant, assembly plant, packaging
19    plant, fabricating plant, ethanol plant, office building,
20    industrial distribution center, warehouse, repair,
21    overhaul or service facility, freight terminal, research
22    facility, test facility, power generation facility, mining
23    operation, railroad facility, solid waste and wastewater
24    treatment and disposal sites and other pollution control
25    facilities, resource or waste reduction, recovery,
26    treatment and disposal facilities, tourism-related

 

 

09800SB0498sam001- 23 -LRB098 04715 JLK 55683 a

1    facilities, including hotels, theaters, water parks, and
2    amusement parks, and including also the sites thereof and
3    other rights in land therefore whether improved or
4    unimproved, site preparation and landscaping and all
5    appurtenances and facilities incidental thereto such as
6    utilities, access roads, railroad sidings, truck docking
7    and similar facilities, parking facilities, dockage,
8    wharfage, railroad roadbed, track, trestle, depot,
9    terminal, switching and signaling equipment or related
10    equipment and other improvements necessary or convenient
11    thereto; or
12        (2) any land, buildings, machinery or equipment
13    comprising an addition to or renovation, rehabilitation or
14    improvement of any existing capital project.
15    "Housing project" or "residential project" includes a
16specific work or improvement undertaken to provide dwelling
17accommodations, including the acquisition, construction or
18rehabilitation of lands, buildings and community facilities
19and in connection therewith to provide nonhousing facilities
20which are an integral part of a planned large-scale project or
21new community.
22    "Commercial project" means any project, including, but not
23limited to, one or more buildings and other structures,
24improvements, machinery, and equipment, whether or not on the
25same site or sites now existing or hereafter acquired, suitable
26for use by any retail or wholesale concern, distributorship, or

 

 

09800SB0498sam001- 24 -LRB098 04715 JLK 55683 a

1agency, or health facility or retirement facility.
2    "Project" means an industrial, housing, residential,
3commercial, or service project, or any combination thereof,
4provided that all uses fall within one of the categories
5described above. Any project automatically includes all site
6improvements and new construction involving sidewalks, sewers,
7solid waste and wastewater treatment and disposal sites and
8other pollution control facilities, resource or waste
9reduction, recovery, treatment and disposal facilities, parks,
10open spaces, wildlife sanctuaries, streets, highways, and
11runways.
12    "Lease agreement" means an agreement in which a project
13acquired by the Authority by purchase, gift, or lease is leased
14to any person or corporation that will use, or cause the
15project to be used, as a project, upon terms providing for
16lease rental payments at least sufficient to pay, when due, all
17principal of and interest and premium, if any, on any bonds,
18notes, or other evidences of indebtedness of the Authority,
19issued with respect to the project, providing for the
20maintenance, insurance, and operation of the project on terms
21satisfactory to the Authority and providing for disposition of
22the project upon termination of the lease term, including
23purchase options or abandonment of the premises, with other
24terms as may be deemed desirable by the Authority.
25    "Loan agreement" means any agreement in which the Authority
26agrees to loan the proceeds of its bonds, notes, or other

 

 

09800SB0498sam001- 25 -LRB098 04715 JLK 55683 a

1evidences of indebtedness, issued with respect to a project, to
2any person or corporation which will use or cause the project
3to be used as a project, upon terms providing for loan
4repayment installments at least sufficient to pay, when due,
5all principal of and interest and premium, if any, on any
6bonds, notes, or other evidences of indebtedness of the
7Authority issued with respect to the project, providing for
8maintenance, insurance, and operation of the project on terms
9satisfactory to the Authority and providing for other terms
10deemed advisable by the Authority.
11    "Financial aid" means the expenditure of Authority funds or
12funds provided by the Authority for the development,
13construction, acquisition or improvement of a project, through
14the issuance of revenue bonds, notes, or other evidences of
15indebtedness.
16    "Costs incurred in connection with the development,
17construction, acquisition or improvement of a project" means
18the following:
19        (1) the cost of purchase and construction of all lands
20    and improvements in connection therewith and equipment and
21    other property, rights, easements, and franchises acquired
22    which are deemed necessary for the construction;
23        (2) financing charges;
24        (3) interest costs with respect to bonds, notes, and
25    other evidences of indebtedness of the Authority prior to
26    and during construction and for a period of 6 months

 

 

09800SB0498sam001- 26 -LRB098 04715 JLK 55683 a

1    thereafter;
2        (4) engineering and legal expenses; and
3        (5) the costs of plans, specifications, surveys, and
4    estimates of costs and other expenses necessary or incident
5    to determining the feasibility or practicability of any
6    project, together with such other expenses as may be
7    necessary or incident to the financing, insuring,
8    acquisition, and construction of a specific project and the
9    placing of the same in operation.
10(Source: P.A. 93-968, eff. 8-20-04.)
 
11    (70 ILCS 518/35)
12    Sec. 35. Bonds.
13    (a) The Authority, with the written approval of the
14Governor, shall have the continuing power to issue bonds,
15notes, or other evidences of indebtedness in an aggregate
16amount outstanding not to exceed $250,000,000 for the following
17purposes: (i) development, construction, acquisition, or
18improvement of projects, including those established by
19business entities locating or expanding property within the
20territorial jurisdiction of the Authority; (ii) entering into
21venture capital agreements with businesses locating or
22expanding within the territorial jurisdiction of the
23Authority; (iii) acquisition and improvement of any property
24necessary and useful in connection therewith; and (iv) for the
25purposes of the Employee Ownership Assistance Act. For the

 

 

09800SB0498sam001- 27 -LRB098 04715 JLK 55683 a

1purpose of evidencing the obligations of the Authority to repay
2any money borrowed, the Authority may, pursuant to resolution,
3from time to time, issue and dispose of its interest-bearing
4revenue bonds, notes, or other evidences of indebtedness and
5may also from time to time issue and dispose of such bonds,
6notes, or other evidences of indebtedness to refund, at
7maturity, at a redemption date or in advance of either, any
8bonds, notes, or other evidences of indebtedness pursuant to
9redemption provisions or at any time before maturity. All such
10bonds, notes, or other evidences of indebtedness shall be
11payable solely and only from the revenues or income to be
12derived from loans made with respect to projects, from the
13leasing or sale of the projects, or from any other funds
14available to the Authority for such purposes. The bonds, notes,
15or other evidences of indebtedness may bear such date or dates,
16may mature at such time or times not exceeding 40 years from
17their respective dates, may bear interest at such rate or rates
18not exceeding the maximum rate permitted by the Bond
19Authorization Act, may be in such form, may carry such
20registration privileges, may be executed in such manner, may be
21payable at such place or places, may be made subject to
22redemption in such manner and upon such terms, with or without
23premium, as is stated on the face thereof, may be authenticated
24in such manner and may contain such terms and covenants as may
25be provided by an applicable resolution.
26    (b) The holder or holders of any bonds, notes, or other

 

 

09800SB0498sam001- 28 -LRB098 04715 JLK 55683 a

1evidences of indebtedness issued by the Authority may bring
2suits at law or proceedings in equity to compel the performance
3and observance by any corporation or person or by the Authority
4or any of its agents or employees of any contract or covenant
5made with the holders of the bonds, notes, or other evidences
6of indebtedness, to compel such corporation, person, the
7Authority, and any of its agents or employees to perform any
8duties required to be performed for the benefit of the holders
9of the bonds, notes, or other evidences of indebtedness by the
10provision of the resolution authorizing their issuance and to
11enjoin the corporation, person, the Authority, and any of its
12agents or employees from taking any action in conflict with any
13contract or covenant.
14    (c) If the Authority fails to pay the principal of or
15interest on any of the bonds or premium, if any, as the bond
16becomes due, a civil action to compel payment may be instituted
17in the appropriate circuit court by the holder or holders of
18the bonds on which the default of payment exists or by an
19indenture trustee acting on behalf of the holders. Delivery of
20a summons and a copy of the complaint to the chairman of the
21Board shall constitute sufficient service to give the circuit
22court jurisdiction over the subject matter of the suit and
23jurisdiction over the Authority and its officers named as
24defendants for the purpose of compelling such payment. Any
25case, controversy, or cause of action concerning the validity
26of this Act relates to the revenue of the State of Illinois.

 

 

09800SB0498sam001- 29 -LRB098 04715 JLK 55683 a

1    (d) Notwithstanding the form and tenor of any bond, note,
2or other evidence of indebtedness and in the absence of any
3express recital on its face that it is non-negotiable, all such
4bonds, notes, and other evidences of indebtedness shall be
5negotiable instruments. Pending the preparation and execution
6of any bonds, notes, or other evidences of indebtedness,
7temporary bonds, notes, or evidences of indebtedness may be
8issued as provided by ordinance.
9    (e) To secure the payment of any or all of such bonds,
10notes, or other evidences of indebtedness, the revenues to be
11received by the Authority from a lease agreement or loan
12agreement shall be pledged, and, for the purpose of setting
13forth the covenants and undertakings of the Authority in
14connection with the issuance of the bonds, notes, or other
15evidences of indebtedness and the issuance of any additional
16bonds, notes or other evidences of indebtedness payable from
17such revenues, income, or other funds to be derived from
18projects, the Authority may execute and deliver a mortgage or
19trust agreement. A remedy for any breach or default of the
20terms of any mortgage or trust agreement by the Authority may
21be by mandamus proceeding in the appropriate circuit court to
22compel performance and compliance under the terms of the
23mortgage or trust agreement, but the trust agreement may
24prescribe by whom or on whose behalf the action may be
25instituted.
26    (f) Bonds or notes shall be secured as provided in the

 

 

09800SB0498sam001- 30 -LRB098 04715 JLK 55683 a

1authorizing ordinance which may include, notwithstanding any
2other provision of this Act, in addition to any other security,
3a specific pledge, assignment of and lien on, or security
4interest in any or all revenues or money of the Authority, from
5whatever source, which may, by law, be used for debt service
6purposes and a specific pledge, or assignment of and lien on,
7or security interest in any funds or accounts established or
8provided for by ordinance of the Authority authorizing the
9issuance of the bonds or notes.
10    (g) In the event that the Authority determines that moneys
11of the Authority will not be sufficient for the payment of the
12principal of and interest on its bonds during the next State
13fiscal year, the chairman, as soon as practicable, shall
14certify to the Governor the amount required by the Authority to
15enable it to pay the principal of and interest on the bonds.
16The Governor shall submit the certified amount to the General
17Assembly as soon as practicable, but no later than the end of
18the current State fiscal year. This Section shall not apply to
19any bonds or notes to which the Authority determines, in the
20resolution authorizing the issuance of the bonds or notes, that
21this Section shall not apply. Whenever the Authority makes this
22determination, it shall be plainly stated on the face of the
23bonds or notes and the determination shall also be reported to
24the Governor. In the event of a withdrawal of moneys from a
25reserve fund established with respect to any issue or issues of
26bonds of the Authority to pay principal or interest on those

 

 

09800SB0498sam001- 31 -LRB098 04715 JLK 55683 a

1bonds, the chairman of the Authority, as soon as practicable,
2shall certify to the Governor the amount required to restore
3the reserve fund to the level required in the resolution or
4indenture securing those bonds. The Governor shall submit the
5certified amount to the General Assembly as soon as
6practicable, but no later than the end of the current State
7fiscal year. This subsection (g) shall not apply to any bond
8issued on or after the effective date of this amendatory Act of
9the 97th General Assembly.
10    (h) The State of Illinois pledges to and agrees with the
11holders of the bonds and notes of the Authority issued pursuant
12to this Section that the State will not limit or alter the
13rights and powers vested in the Authority by this Act so as to
14impair the terms of any contract made by the Authority with the
15holders of bonds or notes or in any way impair the rights and
16remedies of those holders until the bonds and notes, together
17with interest thereon, with interest on any unpaid installments
18of interest, and all costs and expenses in connection with any
19action or proceedings by or on behalf of the holders, are fully
20met and discharged. In addition, the State pledges to and
21agrees with the holders of the bonds and notes of the Authority
22issued pursuant to this Section that the State will not limit
23or alter the basis on which State funds are to be paid to the
24Authority as provided in this Act, or the use of such funds, so
25as to impair the terms of any such contract. The Authority is
26authorized to include these pledges and agreements of the State

 

 

09800SB0498sam001- 32 -LRB098 04715 JLK 55683 a

1in any contract with the holders of bonds or notes issued
2pursuant to this Section.
3(Source: P.A. 97-717, eff. 6-29-12.)
 
4    (70 ILCS 518/70)
5    Sec. 70. Reports and audit.
6    (a) The Authority shall annually submit a report of its
7finances to the Auditor General. The Authority shall annually
8submit a report of its activities to the Governor and to the
9General Assembly.
10    (b) (Blank). Beginning 5 years after the effective date of
11this Act and every 5 years thereafter, the Auditor General
12shall conduct a financial audit of the Authority.
13(Source: P.A. 93-968, eff. 8-20-04.)
 
14    Section 20. The Southern Illinois Economic Development
15Authority Act is amended by changing Sections 5-15 and 5-40 as
16follows:
 
17    (70 ILCS 519/5-15)
18    Sec. 5-15. Definitions. In this Act:
19    "Authority" means the Southern Illinois Economic
20Development Authority.
21    "Governmental agency" means any federal, State, or local
22governmental body and any agency or instrumentality thereof,
23corporate or otherwise.

 

 

09800SB0498sam001- 33 -LRB098 04715 JLK 55683 a

1    "Person" means any natural person, firm, partnership,
2corporation, both domestic and foreign, company, association
3or joint stock association and includes any trustee, receiver,
4assignee or personal representative thereof.
5    "Revenue bond" means any bond issued by the Authority, the
6principal and interest of which is payable solely from revenues
7or income derived from any project or activity of the
8Authority.
9    "Board" means the Board of Directors of the Southern
10Illinois Economic Development Authority.
11    "Governor" means the Governor of the State of Illinois.
12    "City" means any city, village, incorporated town, or
13township within the geographical territory of the Authority.
14    "Industrial project" means the following:
15        (1) a capital project, including one or more buildings
16    and other structures, improvements, machinery and
17    equipment whether or not on the same site or sites now
18    existing or hereafter acquired, suitable for use by any
19    manufacturing, industrial, research, transportation or
20    commercial enterprise including but not limited to use as a
21    factory, mill, processing plant, assembly plant, packaging
22    plant, fabricating plant, ethanol plant, office building,
23    industrial distribution center, warehouse, repair,
24    overhaul or service facility, freight terminal, research
25    facility, test facility, railroad facility, port facility,
26    solid waste and wastewater treatment and disposal sites and

 

 

09800SB0498sam001- 34 -LRB098 04715 JLK 55683 a

1    other pollution control facilities, resource or waste
2    reduction, recovery, treatment and disposal facilities,
3    and including also the sites thereof and other rights in
4    land therefore whether improved or unimproved, site
5    preparation and landscaping and all appurtenances and
6    facilities incidental thereto such as utilities, access
7    roads, railroad sidings, truck docking and similar
8    facilities, parking facilities, dockage, wharfage,
9    railroad roadbed, track, trestle, depot, terminal,
10    switching and signaling equipment or related equipment and
11    other improvements necessary or convenient thereto; or
12        (2) any land, buildings, machinery or equipment
13    comprising an addition to or renovation, rehabilitation or
14    improvement of any existing capital project.
15    "Housing project" or "residential project" includes a
16specific work or improvement undertaken to provide dwelling
17accommodations, including the acquisition, construction or
18rehabilitation of lands, buildings and community facilities
19and in connection therewith to provide nonhousing facilities
20which are an integral part of a planned large-scale project or
21new community.
22    "Commercial project" means any project, including, but not
23limited to, one or more buildings and other structures,
24improvements, machinery, and equipment, whether or not on the
25same site or sites now existing or hereafter acquired, suitable
26for use by any retail or wholesale concern, distributorship, or

 

 

09800SB0498sam001- 35 -LRB098 04715 JLK 55683 a

1agency.
2    "Project" means an industrial, housing, residential,
3commercial, or service project, or any combination thereof,
4provided that all uses fall within one of the categories
5described above. Any project automatically includes all site
6improvements and new construction involving sidewalks, sewers,
7solid waste and wastewater treatment and disposal sites and
8other pollution control facilities, resource or waste
9reduction, recovery, treatment and disposal facilities, parks,
10open spaces, wildlife sanctuaries, streets, highways, and
11runways.
12    "Lease agreement" means an agreement in which a project
13acquired by the Authority by purchase, gift, or lease is leased
14to any person or corporation that will use, or cause the
15project to be used, as a project, upon terms providing for
16lease rental payments at least sufficient to pay, when due, all
17principal of and interest and premium, if any, on any bonds,
18notes, or other evidences of indebtedness of the Authority,
19issued with respect to the project, providing for the
20maintenance, insurance, and operation of the project on terms
21satisfactory to the Authority and providing for disposition of
22the project upon termination of the lease term, including
23purchase options or abandonment of the premises, with other
24terms as may be deemed desirable by the Authority.
25    "Loan agreement" means any agreement in which the Authority
26agrees to loan the proceeds of its bonds, notes, or other

 

 

09800SB0498sam001- 36 -LRB098 04715 JLK 55683 a

1evidences of indebtedness, issued with respect to a project, to
2any person or corporation which will use or cause the project
3to be used as a project, upon terms providing for loan
4repayment installments at least sufficient to pay, when due,
5all principal of and interest and premium, if any, on any
6bonds, notes, or other evidences of indebtedness of the
7Authority issued with respect to the project, providing for
8maintenance, insurance, and operation of the project on terms
9satisfactory to the Authority and providing for other terms
10deemed advisable by the Authority.
11    "Financial aid" means the expenditure of Authority funds or
12funds provided by the Authority for the development,
13construction, acquisition or improvement of a project, through
14the issuance of revenue bonds, notes, or other evidences of
15indebtedness.
16    "Costs incurred in connection with the development,
17construction, acquisition or improvement of a project" means
18the following:
19        (1) the cost of purchase and construction of all lands
20    and improvements in connection therewith and equipment and
21    other property, rights, easements, and franchises acquired
22    which are deemed necessary for the construction;
23        (2) financing charges;
24        (3) interest costs with respect to bonds, notes, and
25    other evidences of indebtedness of the Authority prior to
26    and during construction and for a period of 6 months

 

 

09800SB0498sam001- 37 -LRB098 04715 JLK 55683 a

1    thereafter;
2        (4) engineering and legal expenses; and
3        (5) the costs of plans, specifications, surveys, and
4    estimates of costs and other expenses necessary or incident
5    to determining the feasibility or practicability of any
6    project, together with such other expenses as may be
7    necessary or incident to the financing, insuring,
8    acquisition, and construction of a specific project and the
9    placing of the same in operation.
10(Source: P.A. 94-1021, eff. 7-12-06.)
 
11    (70 ILCS 519/5-40)
12    Sec. 5-40. Bonds.
13    (a) The Authority, with the written approval of the
14Governor, shall have the continuing power to issue bonds,
15notes, or other evidences of indebtedness in an aggregate
16amount outstanding not to exceed $250,000,000 for the following
17purposes: (i) development, construction, acquisition, or
18improvement of projects, including those established by
19business entities locating or expanding property within the
20territorial jurisdiction of the Authority; (ii) entering into
21venture capital agreements with businesses locating or
22expanding within the territorial jurisdiction of the
23Authority; and (iii) acquisition and improvement of any
24property necessary and useful in connection therewith. For the
25purpose of evidencing the obligations of the Authority to repay

 

 

09800SB0498sam001- 38 -LRB098 04715 JLK 55683 a

1any money borrowed, the Authority may, pursuant to resolution,
2from time to time, issue and dispose of its interest-bearing
3revenue bonds, notes, or other evidences of indebtedness and
4may also from time to time issue and dispose of such bonds,
5notes, or other evidences of indebtedness to refund, at
6maturity, at a redemption date or in advance of either, any
7bonds, notes, or other evidences of indebtedness pursuant to
8redemption provisions or at any time before maturity. All such
9bonds, notes, or other evidences of indebtedness shall be
10payable solely and only from the revenues or income to be
11derived from loans made with respect to projects, from the
12leasing or sale of the projects, or from any other funds
13available to the Authority for such purposes. The bonds, notes,
14or other evidences of indebtedness may bear such date or dates,
15may mature at such time or times not exceeding 40 years from
16their respective dates, may bear interest at such rate or rates
17not exceeding the maximum rate permitted by the Bond
18Authorization Act, may be in such form, may carry such
19registration privileges, may be executed in such manner, may be
20payable at such place or places, may be made subject to
21redemption in such manner and upon such terms, with or without
22premium, as is stated on the face thereof, may be authenticated
23in such manner and may contain such terms and covenants as may
24be provided by an applicable resolution.
25    (b) The holder or holders of any bonds, notes, or other
26evidences of indebtedness issued by the Authority may bring

 

 

09800SB0498sam001- 39 -LRB098 04715 JLK 55683 a

1suits at law or proceedings in equity to compel the performance
2and observance by any corporation or person or by the Authority
3or any of its agents or employees of any contract or covenant
4made with the holders of the bonds, notes, or other evidences
5of indebtedness, to compel such corporation, person, the
6Authority, and any of its agents or employees to perform any
7duties required to be performed for the benefit of the holders
8of the bonds, notes, or other evidences of indebtedness by the
9provision of the resolution authorizing their issuance and to
10enjoin the corporation, person, the Authority, and any of its
11agents or employees from taking any action in conflict with any
12contract or covenant.
13    (c) If the Authority fails to pay the principal of or
14interest on any of the bonds or premium, if any, as the bond
15becomes due, a civil action to compel payment may be instituted
16in the appropriate circuit court by the holder or holders of
17the bonds on which the default of payment exists or by an
18indenture trustee acting on behalf of the holders. Delivery of
19a summons and a copy of the complaint to the chairman of the
20Board shall constitute sufficient service to give the circuit
21court jurisdiction over the subject matter of the suit and
22jurisdiction over the Authority and its officers named as
23defendants for the purpose of compelling such payment. Any
24case, controversy, or cause of action concerning the validity
25of this Act relates to the revenue of the State of Illinois.
26    (d) Notwithstanding the form and tenor of any bond, note,

 

 

09800SB0498sam001- 40 -LRB098 04715 JLK 55683 a

1or other evidence of indebtedness and in the absence of any
2express recital on its face that it is non-negotiable, all such
3bonds, notes, and other evidences of indebtedness shall be
4negotiable instruments. Pending the preparation and execution
5of any bonds, notes, or other evidences of indebtedness,
6temporary bonds, notes, or evidences of indebtedness may be
7issued as provided by ordinance.
8    (e) To secure the payment of any or all of such bonds,
9notes, or other evidences of indebtedness, the revenues to be
10received by the Authority from a lease agreement or loan
11agreement shall be pledged, and, for the purpose of setting
12forth the covenants and undertakings of the Authority in
13connection with the issuance of the bonds, notes, or other
14evidences of indebtedness and the issuance of any additional
15bonds, notes or other evidences of indebtedness payable from
16such revenues, income, or other funds to be derived from
17projects, the Authority may execute and deliver a mortgage or
18trust agreement. A remedy for any breach or default of the
19terms of any mortgage or trust agreement by the Authority may
20be by mandamus proceeding in the appropriate circuit court to
21compel performance and compliance under the terms of the
22mortgage or trust agreement, but the trust agreement may
23prescribe by whom or on whose behalf the action may be
24instituted.
25    (f) Bonds or notes shall be secured as provided in the
26authorizing ordinance which may include, notwithstanding any

 

 

09800SB0498sam001- 41 -LRB098 04715 JLK 55683 a

1other provision of this Act, in addition to any other security,
2a specific pledge, assignment of and lien on, or security
3interest in any or all revenues or money of the Authority, from
4whatever source, which may, by law, be used for debt service
5purposes and a specific pledge, or assignment of and lien on,
6or security interest in any funds or accounts established or
7provided for by ordinance of the Authority authorizing the
8issuance of the bonds or notes.
9    (g) The State of Illinois pledges to and agrees with the
10holders of the bonds and notes of the Authority issued pursuant
11to this Section that the State will not limit or alter the
12rights and powers vested in the Authority by this Act so as to
13impair the terms of any contract made by the Authority with the
14holders of bonds or notes or in any way impair the rights and
15remedies of those holders until the bonds and notes, together
16with interest thereon, with interest on any unpaid installments
17of interest, and all costs and expenses in connection with any
18action or proceedings by or on behalf of the holders, are fully
19met and discharged. In addition, the State pledges to and
20agrees with the holders of the bonds and notes of the Authority
21issued pursuant to this Section that the State will not limit
22or alter the basis on which State funds are to be paid to the
23Authority as provided in this Act, or the use of such funds, so
24as to impair the terms of any such contract. The Authority is
25authorized to include these pledges and agreements of the State
26in any contract with the holders of bonds or notes issued

 

 

09800SB0498sam001- 42 -LRB098 04715 JLK 55683 a

1pursuant to this Section.
2    (h) (Blank). Not less than 30 days prior to the commitment
3to issue bonds, notes, or other evidences of indebtedness for
4the purpose of developing, constructing, acquiring, or
5improving housing or residential projects, as defined in this
6Act, the Authority shall provide notice to the Executive
7Director of the Illinois Housing Development Authority. Within
830 days after the notice is provided, the Illinois Housing
9Development Authority shall, in writing, either express
10interest in financing the project or notify the Authority that
11it is not interested in providing financing and that the
12Authority may finance the project or seek alternative
13financing.
14(Source: P.A. 94-1021, eff. 7-12-06.)
 
15    Section 25. The Tri-County River Valley Development
16Authority Law is amended by changing Section 2007 and by adding
17Section 2007.1 as follows:
 
18    (70 ILCS 525/2007)  (from Ch. 85, par. 7507)
19    Sec. 2007. Bonds.
20    (a) The Authority, with the written approval of the
21Governor, shall have the continuing power to issue bonds,
22notes, or other evidences of indebtedness in an aggregate
23amount outstanding not to exceed $250,000,000 $100,000,000 for
24the purpose of developing, constructing, acquiring or

 

 

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1improving projects, including those established by business
2entities locating or expanding property within the territorial
3jurisdiction of the Authority, for entering into venture
4capital agreements with businesses locating or expanding
5within the territorial jurisdiction of the Authority, for
6acquiring and improving any property necessary and useful in
7connection therewith and for the purposes of the Employee
8Ownership Assistance Act. For the purpose of evidencing the
9obligations of the Authority to repay any money borrowed, the
10Authority may, pursuant to resolution, from time to time issue
11and dispose of its interest bearing revenue bonds, notes or
12other evidences of indebtedness and may also from time to time
13issue and dispose of such bonds, notes or other evidences of
14indebtedness to refund, at maturity, at a redemption date or in
15advance of either, any bonds, notes or other evidences of
16indebtedness pursuant to redemption provisions or at any time
17before maturity. All such bonds, notes or other evidences of
18indebtedness shall be payable from the revenues or income to be
19derived from loans made with respect to projects, from the
20leasing or sale of the projects or from any other funds
21available to the Authority for such purposes. The bonds, notes
22or other evidences of indebtedness may bear such date or dates,
23may mature at such time or times not exceeding 40 years from
24their respective dates, may bear interest at such rate or rates
25not exceeding the maximum rate permitted by the Bond
26Authorization Act, may be in such form, may carry such

 

 

09800SB0498sam001- 44 -LRB098 04715 JLK 55683 a

1registration privileges, may be executed in such manner, may be
2payable at such place or places, may be made subject to
3redemption in such manner and upon such terms, with or without
4premium as is stated on the face thereof, may be authenticated
5in such manner and may contain such terms and covenants as may
6be provided by an applicable resolution.
7    (b-1) The holder or holders of any bonds, notes or other
8evidences of indebtedness issued by the Authority may bring
9suits at law or proceedings in equity to compel the performance
10and observance by any corporation or person or by the Authority
11or any of its agents or employees of any contract or covenant
12made with the holders of such bonds, notes or other evidences
13of indebtedness, to compel such corporation, person, the
14Authority and any of its agents or employees to perform any
15duties required to be performed for the benefit of the holders
16of any such bonds, notes or other evidences of indebtedness by
17the provision of the resolution authorizing their issuance and
18to enjoin such corporation, person, the Authority and any of
19its agents or employees from taking any action in conflict with
20any such contract or covenant.
21    (b-2) If the Authority fails to pay the principal of or
22interest on any of the bonds or premium, if any, as the same
23become due, a civil action to compel payment may be instituted
24in the appropriate circuit court by the holder or holders of
25the bonds on which such default of payment exists or by an
26indenture trustee acting on behalf of such holders. Delivery of

 

 

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

 

 

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1may be by mandamus proceedings in the appropriate circuit court
2to compel the performance and compliance therewith, but the
3trust agreement may prescribe by whom or on whose behalf such
4action may be instituted.
5    (e) Such bonds or notes shall be secured as provided in the
6authorizing ordinance which may, notwithstanding any other
7provision of this Article, 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
10Authority from whatever source which may by law be used for
11debt service purposes and a specific pledge or assignment of
12and lien on or security interest in any funds or accounts
13established or provided for by ordinance of the Authority
14authorizing the issuance of such bonds or notes.
15    (f) In the event that the Authority determines that monies
16of the Authority will not be sufficient for the payment of the
17principal of and interest on its bonds during the next State
18fiscal year, the Chairman, as soon as practicable, shall
19certify to the Governor the amount required by the Authority to
20enable it to pay such principal of and interest on the bonds.
21The Governor shall submit the amount so certified to the
22General Assembly as soon as practicable, but no later than the
23end of the current State fiscal year. This subsection shall not
24apply to any bonds or notes as to which the Authority shall
25have determined, in the resolution authorizing the issuance of
26the bonds or notes, that this subsection shall not apply.

 

 

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1Whenever the Authority makes such a determination, that fact
2shall be plainly stated on the face of the bonds or notes and
3that fact shall also be reported to the Governor.
4    In the event of a withdrawal of moneys from a reserve fund
5established with respect to any issue or issues of bonds of the
6Authority to pay principal or interest on those bonds, the
7Chairman of the Authority, as soon as practicable, shall
8certify to the Governor the amount required to restore the
9reserve fund to the level required in the resolution or
10indenture securing those bonds. The Governor shall submit the
11amount so certified to the General Assembly as soon as
12practicable, but no later than the end of the current state
13fiscal year. This subsection (f) shall not apply to any bond
14issued on or after the effective date of this amendatory Act of
15the 98th General Assembly.
16    (g) The State of Illinois pledges to and agrees with the
17holders of the bonds and notes of the Authority issued pursuant
18to this Section that the State will not limit or alter the
19rights and powers vested in the Authority by this Article so as
20to impair the terms of any contract made by the Authority with
21such holders or in any way impair the rights and remedies of
22such holders until such bonds and notes, together with interest
23thereon, with interest on any unpaid installments of interest,
24and all costs and expenses in connection with any action or
25proceedings by or on behalf of such holders, are fully met and
26discharged. In addition, the State pledges to and agrees with

 

 

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1the holders of the bonds and notes of the Authority issued
2pursuant to this Section that the State will not limit or alter
3the basis on which State funds are to be paid to the Authority
4as provided in this Act, or the use of such funds, so as to
5impair the terms of any such contract. The Authority is
6authorized to include these pledges and agreements of the State
7in any contract with the holders of bonds or notes issued
8pursuant to this Section.
9    (h) (Blank). Not less than 30 days prior to the commitment
10to issue bonds, notes, or other evidences of indebtedness for
11the purpose of developing, constructing, acquiring or
12improving housing or residential projects, as defined in
13Section 2003, the Authority shall provide notice to the
14Executive Director of the Illinois Housing Development
15Authority. Within 30 days after receipt of the notice, the
16Illinois Housing Development Authority shall notify the
17Authority as to its interest in financing the project. If the
18Illinois Housing Development Authority notifies the Authority
19that it is not interested in financing the project, the
20Authority may finance the project or seek alternative financing
21for the project.
22(Source: P.A. 91-357, eff. 7-29-99.)
 
23    (70 ILCS 525/2007.1 new)
24    Sec. 2007.1. Bonds and notes; exemption from taxation. The
25creation of the Authority is in all respects for the benefit of

 

 

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1the people of Illinois and for the improvement of their health,
2safety, welfare, comfort, and security, and its purposes are
3public purposes. In consideration thereof, the notes and bonds
4of the Authority issued pursuant to this Act and the income
5from these notes and bonds may be free from all taxation by the
6State or its political subdivisions, except for estate,
7transfer, and inheritance taxes. The exemption from taxation
8set forth in this Section shall apply to the income on any
9notes or bonds of the Authority only if the Authority in its
10sole judgment determines that the exemption enhances the
11marketability of the bonds or notes or reduces the interest
12rates that would otherwise be borne by the bonds or notes. For
13purposes of Section 250 of the Illinois Income Tax Act, the
14exemption of the Authority shall terminate after all of the
15bonds have been paid. The amount of the income that shall be
16added and then subtracted on the Illinois income tax return of
17a taxpayer, subject to Section 203 of the Illinois Income Tax
18Act, from federal adjusted gross income or federal taxable
19income in computing Illinois base income shall be the interest
20net of any bond premium amortization.
 
21    Section 30. The Upper Illinois River Valley Development
22Authority Act is amended by changing Section 7 as follows:
 
23    (70 ILCS 530/7)  (from Ch. 85, par. 7157)
24    Sec. 7. Bonds.

 

 

09800SB0498sam001- 50 -LRB098 04715 JLK 55683 a

1    (a) The Authority, with the written approval of the
2Governor, shall have the continuing power to issue bonds,
3notes, or other evidences of indebtedness in an aggregate
4amount outstanding not to exceed $500,000,000 for the purpose
5of developing, constructing, acquiring or improving projects,
6including those established by business entities locating or
7expanding property within the territorial jurisdiction of the
8Authority, for entering into venture capital agreements with
9businesses locating or expanding within the territorial
10jurisdiction of the Authority, for acquiring and improving any
11property necessary and useful in connection therewith and for
12the purposes of the Employee Ownership Assistance Act. For the
13purpose of evidencing the obligations of the Authority to repay
14any money borrowed, the Authority may, pursuant to resolution,
15from time to time issue and dispose of its interest bearing
16revenue bonds, notes or other evidences of indebtedness and may
17also from time to time issue and dispose of such bonds, notes
18or other evidences of indebtedness to refund, at maturity, at a
19redemption date or in advance of either, any bonds, notes or
20other evidences of indebtedness pursuant to redemption
21provisions or at any time before maturity. All such bonds,
22notes or other evidences of indebtedness shall be payable
23solely and only from the revenues or income to be derived from
24loans made with respect to projects, from the leasing or sale
25of the projects or from any other funds available to the
26Authority for such purposes. The bonds, notes or other

 

 

09800SB0498sam001- 51 -LRB098 04715 JLK 55683 a

1evidences of indebtedness may bear such date or dates, may
2mature at such time or times not exceeding 40 years from their
3respective dates, may bear interest at such rate or rates not
4exceeding the maximum rate permitted by "An Act to authorize
5public corporations to issue bonds, other evidences of
6indebtedness and tax anticipation warrants subject to interest
7rate limitations set forth therein", approved May 26, 1970, as
8amended, may be in such form, may carry such registration
9privileges, may be executed in such manner, may be payable at
10such place or places, may be made subject to redemption in such
11manner and upon such terms, with or without premium as is
12stated on the face thereof, may be authenticated in such manner
13and may contain such terms and covenants as may be provided by
14an applicable resolution.
15    (b-1) The holder or holders of any bonds, notes or other
16evidences of indebtedness issued by the Authority may bring
17suits at law or proceedings in equity to compel the performance
18and observance by any corporation or person or by the Authority
19or any of its agents or employees of any contract or covenant
20made with the holders of such bonds, notes or other evidences
21of indebtedness, to compel such corporation, person, the
22Authority and any of its agents or employees to perform any
23duties required to be performed for the benefit of the holders
24of any such bonds, notes or other evidences of indebtedness by
25the provision of the resolution authorizing their issuance and
26to enjoin such corporation, person, the Authority and any of

 

 

09800SB0498sam001- 52 -LRB098 04715 JLK 55683 a

1its agents or employees from taking any action in conflict with
2any such contract or covenant.
3    (b-2) If the Authority fails to pay the principal of or
4interest on any of the bonds or premium, if any, as the same
5become due, a civil action to compel payment may be instituted
6in the appropriate circuit court by the holder or holders of
7the bonds on which such default of payment exists or by an
8indenture trustee acting on behalf of such holders. Delivery of
9a summons and a copy of the complaint to the Chairman of the
10Board shall constitute sufficient service to give the circuit
11court jurisdiction of the subject matter of such a suit and
12jurisdiction over the Authority and its officers named as
13defendants for the purpose of compelling such payment. Any
14case, controversy or cause of action concerning the validity of
15this Act relates to the revenue of the State of Illinois.
16    (c) Notwithstanding the form and tenor of any such bonds,
17notes or other evidences of indebtedness and in the absence of
18any express recital on the face thereof that it is
19non-negotiable, all such bonds, notes and other evidences of
20indebtedness shall be negotiable instruments. Pending the
21preparation and execution of any such bonds, notes or other
22evidences of indebtedness, temporary bonds, notes or evidences
23of indebtedness may be issued as provided by ordinance.
24    (d) To secure the payment of any or all of such bonds,
25notes or other evidences of indebtedness, the revenues to be
26received by the Authority from a lease agreement or loan

 

 

09800SB0498sam001- 53 -LRB098 04715 JLK 55683 a

1agreement shall be pledged, and, for the purpose of setting
2forth the covenants and undertakings of the Authority in
3connection with the issuance thereof and the issuance of any
4additional bonds, notes or other evidences of indebtedness
5payable from such revenues, income or other funds to be derived
6from projects, the Authority may execute and deliver a mortgage
7or trust agreement. A remedy for any breach or default of the
8terms of any such mortgage or trust agreement by the Authority
9may be by mandamus proceedings in the appropriate circuit court
10to compel the performance and compliance therewith, but the
11trust agreement may prescribe by whom or on whose behalf such
12action may be instituted.
13    (e) Such bonds or notes shall be secured as provided in the
14authorizing ordinance which may, notwithstanding any other
15provision of this Act, include in addition to any other
16security a specific pledge or assignment of and lien on or
17security interest in any or all revenues or money of the
18Authority from whatever source which may by law be used for
19debt service purposes and a specific pledge or assignment of
20and lien on or security interest in any funds or accounts
21established or provided for by ordinance of the Authority
22authorizing the issuance of such bonds or notes.
23    (f) In the event that the Authority determines that monies
24of the Authority will not be sufficient for the payment of the
25principal of and interest on its bonds during the next State
26fiscal year, the Chairman, as soon as practicable, shall

 

 

09800SB0498sam001- 54 -LRB098 04715 JLK 55683 a

1certify to the Governor the amount required by the Authority to
2enable it to pay such principal of and interest on the bonds.
3The Governor shall submit the amount so certified to the
4General Assembly as soon as practicable, but no later than the
5end of the current State fiscal year. This Section shall not
6apply to any bonds or notes as to which the Authority shall
7have determined, in the resolution authorizing the issuance of
8the bonds or notes, that this Section shall not apply. Whenever
9the Authority makes such a determination, that fact shall be
10plainly stated on the face of the bonds or notes and that fact
11shall also be reported to the Governor.
12    In the event of a withdrawal of moneys from a reserve fund
13established with respect to any issue or issues of bonds of the
14Authority to pay principal or interest on those bonds, the
15Chairman of the Authority, as soon as practicable, shall
16certify to the Governor the amount required to restore the
17reserve fund to the level required in the resolution or
18indenture securing those bonds. The Governor shall submit the
19amount so certified to the General Assembly as soon as
20practicable, but no later than the end of the current State
21fiscal year. This subsection (f) shall not apply to any bond
22issued on or after the effective date of this amendatory Act of
23the 97th General Assembly.
24    (g) The State of Illinois pledges to and agrees with the
25holders of the bonds and notes of the Authority issued pursuant
26to this Section that the State will not limit or alter the

 

 

09800SB0498sam001- 55 -LRB098 04715 JLK 55683 a

1rights and powers vested in the Authority by this Act so as to
2impair the terms of any contract made by the Authority with
3such holders or in any way impair the rights and remedies of
4such holders until such bonds and notes, together with interest
5thereon, with interest on any unpaid installments of interest,
6and all costs and expenses in connection with any action or
7proceedings by or on behalf of such holders, are fully met and
8discharged. In addition, the State pledges to and agrees with
9the holders of the bonds and notes of the Authority issued
10pursuant to this Section that the State will not limit or alter
11the basis on which State funds are to be paid to the Authority
12as provided in this Act, or the use of such funds, so as to
13impair the terms of any such contract. The Authority is
14authorized to include these pledges and agreements of the State
15in any contract with the holders of bonds or notes issued
16pursuant to this Section.
17    (h) (Blank). Not less than 30 days prior to the commitment
18to issue bonds, notes, or other evidences of indebtedness for
19the purpose of developing, constructing, acquiring or
20improving housing or residential projects, as defined in
21Section 3, the Authority shall provide notice to the Executive
22Director of the Illinois Housing Development Authority. Within
2330 days after notice is provided, the Illinois Housing
24Development Authority shall either in writing express interest
25in financing the project or notify the Authority that it is not
26interested in providing such financing and the Authority may

 

 

09800SB0498sam001- 56 -LRB098 04715 JLK 55683 a

1finance the project or seek alternative financing.
2(Source: P.A. 97-312, eff. 8-11-11.)
 
3    Section 35. The Western Illinois Economic Development
4Authority Act is amended by changing Sections 15 and 40 as
5follows:
 
6    (70 ILCS 532/15)
7    Sec. 15. Definitions. In this Act:
8    "Authority" means the Western Illinois Economic
9Development Authority.
10    "Governmental agency" means any federal, State, or local
11governmental body and any agency or instrumentality thereof,
12corporate or otherwise.
13    "Person" means any natural person, firm, partnership,
14corporation, both domestic and foreign, company, association
15or joint stock association and includes any trustee, receiver,
16assignee or personal representative thereof.
17    "Revenue bond" means any bond issued by the Authority, the
18principal and interest of which is payable solely from revenues
19or income derived from any project or activity of the
20Authority.
21    "Board" means the Board of Directors of the Western
22Illinois Economic Development Authority.
23    "Governor" means the Governor of the State of Illinois.
24    "City" means any city, village, incorporated town, or

 

 

09800SB0498sam001- 57 -LRB098 04715 JLK 55683 a

1township within the geographical territory of the Authority.
2    "Industrial project" means the following:
3        (1) a capital project, including one or more buildings
4    and other structures, improvements, machinery and
5    equipment whether or not on the same site or sites now
6    existing or hereafter acquired, suitable for use by any
7    manufacturing, industrial, research, transportation or
8    commercial enterprise including but not limited to use as a
9    factory, mill, processing plant, assembly plant, packaging
10    plant, fabricating plant, ethanol plant, office building,
11    industrial distribution center, warehouse, repair,
12    overhaul or service facility, freight terminal, research
13    facility, test facility, railroad facility, port facility,
14    solid waste and wastewater treatment and disposal sites and
15    other pollution control facilities, resource or waste
16    reduction, recovery, treatment and disposal facilities,
17    and including also the sites thereof and other rights in
18    land therefore whether improved or unimproved, site
19    preparation and landscaping and all appurtenances and
20    facilities incidental thereto such as utilities, access
21    roads, railroad sidings, truck docking and similar
22    facilities, parking facilities, dockage, wharfage,
23    railroad roadbed, track, trestle, depot, terminal,
24    switching and signaling equipment or related equipment and
25    other improvements necessary or convenient thereto; or
26        (2) any land, buildings, machinery or equipment

 

 

09800SB0498sam001- 58 -LRB098 04715 JLK 55683 a

1    comprising an addition to or renovation, rehabilitation or
2    improvement of any existing capital project.
3    "Housing project" or "residential project" includes a
4specific work or improvement undertaken to provide dwelling
5accommodations, including the acquisition, construction or
6rehabilitation of lands, buildings and community facilities
7and in connection therewith to provide nonhousing facilities
8which are an integral part of a planned large-scale project or
9new community.
10    "Commercial project" means any project, including, but not
11limited to, one or more buildings and other structures,
12improvements, machinery, and equipment, whether or not on the
13same site or sites now existing or hereafter acquired, suitable
14for use by any retail or wholesale concern, distributorship, or
15agency.
16    "Project" means an industrial, housing, residential,
17commercial, or service project, or any combination thereof,
18provided that all uses fall within one of the categories
19described above. Any project automatically includes all site
20improvements and new construction involving sidewalks, sewers,
21solid waste and wastewater treatment and disposal sites and
22other pollution control facilities, resource or waste
23reduction, recovery, treatment and disposal facilities, parks,
24open spaces, wildlife sanctuaries, streets, highways, and
25runways.
26    "Lease agreement" means an agreement in which a project

 

 

09800SB0498sam001- 59 -LRB098 04715 JLK 55683 a

1acquired by the Authority by purchase, gift, or lease is leased
2to any person or corporation that will use, or cause the
3project to be used, as a project, upon terms providing for
4lease rental payments at least sufficient to pay, when due, all
5principal of and interest and premium, if any, on any bonds,
6notes, or other evidences of indebtedness of the Authority,
7issued with respect to the project, providing for the
8maintenance, insurance, and operation of the project on terms
9satisfactory to the Authority and providing for disposition of
10the project upon termination of the lease term, including
11purchase options or abandonment of the premises, with other
12terms as may be deemed desirable by the Authority.
13    "Loan agreement" means any agreement in which the Authority
14agrees to loan the proceeds of its bonds, notes, or other
15evidences of indebtedness, issued with respect to a project, to
16any person or corporation which will use or cause the project
17to be used as a project, upon terms providing for loan
18repayment installments at least sufficient to pay, when due,
19all principal of and interest and premium, if any, on any
20bonds, notes, or other evidences of indebtedness of the
21Authority issued with respect to the project, providing for
22maintenance, insurance, and operation of the project on terms
23satisfactory to the Authority and providing for other terms
24deemed advisable by the Authority.
25    "Financial aid" means the expenditure of Authority funds or
26funds provided by the Authority for the development,

 

 

09800SB0498sam001- 60 -LRB098 04715 JLK 55683 a

1construction, acquisition or improvement of a project, through
2the issuance of revenue bonds, notes, or other evidences of
3indebtedness.
4    "Costs incurred in connection with the development,
5construction, acquisition or improvement of a project" means
6the following:
7        (1) the cost of purchase and construction of all lands
8    and improvements in connection therewith and equipment and
9    other property, rights, easements, and franchises acquired
10    which are deemed necessary for the construction;
11        (2) financing charges;
12        (3) interest costs with respect to bonds, notes, and
13    other evidences of indebtedness of the Authority prior to
14    and during construction and for a period of 6 months
15    thereafter;
16        (4) engineering and legal expenses; and
17        (5) the costs of plans, specifications, surveys, and
18    estimates of costs and other expenses necessary or incident
19    to determining the feasibility or practicability of any
20    project, together with such other expenses as may be
21    necessary or incident to the financing, insuring,
22    acquisition, and construction of a specific project and the
23    placing of the same in operation.
24(Source: P.A. 93-874, eff. 8-6-04.)
 
25    (70 ILCS 532/40)

 

 

09800SB0498sam001- 61 -LRB098 04715 JLK 55683 a

1    Sec. 40. Bonds.
2    (a) The Authority, with the written approval of the
3Governor, shall have the continuing power to issue bonds,
4notes, or other evidences of indebtedness in an aggregate
5amount outstanding not to exceed $250,000,000 for the following
6purposes: (i) development, construction, acquisition, or
7improvement of projects, including those established by
8business entities locating or expanding property within the
9territorial jurisdiction of the Authority; (ii) entering into
10venture capital agreements with businesses locating or
11expanding within the territorial jurisdiction of the
12Authority; (iii) acquisition and improvement of any property
13necessary and useful in connection therewith; and (iv) for the
14purposes of the Employee Ownership Assistance Act. For the
15purpose of evidencing the obligations of the Authority to repay
16any money borrowed, the Authority may, pursuant to resolution,
17from time to time, issue and dispose of its interest-bearing
18revenue bonds, notes, or other evidences of indebtedness and
19may also from time to time issue and dispose of such bonds,
20notes, or other evidences of indebtedness to refund, at
21maturity, at a redemption date or in advance of either, any
22bonds, notes, or other evidences of indebtedness pursuant to
23redemption provisions or at any time before maturity. All such
24bonds, notes, or other evidences of indebtedness shall be
25payable solely and only from the revenues or income to be
26derived from loans made with respect to projects, from the

 

 

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1leasing or sale of the projects, or from any other funds
2available to the Authority for such purposes. The bonds, notes,
3or other evidences of indebtedness may bear such date or dates,
4may mature at such time or times not exceeding 40 years from
5their respective dates, may bear interest at such rate or rates
6not exceeding the maximum rate permitted by the Bond
7Authorization Act, may be in such form, may carry such
8registration privileges, may be executed in such manner, may be
9payable at such place or places, may be made subject to
10redemption in such manner and upon such terms, with or without
11premium, as is stated on the face thereof, may be authenticated
12in such manner and may contain such terms and covenants as may
13be provided by an applicable resolution.
14    (b) The holder or holders of any bonds, notes, or other
15evidences of indebtedness issued by the Authority may bring
16suits at law or proceedings in equity to compel the performance
17and observance by any corporation or person or by the Authority
18or any of its agents or employees of any contract or covenant
19made with the holders of the bonds, notes, or other evidences
20of indebtedness, to compel such corporation, person, the
21Authority, and any of its agents or employees to perform any
22duties required to be performed for the benefit of the holders
23of the bonds, notes, or other evidences of indebtedness by the
24provision of the resolution authorizing their issuance and to
25enjoin the corporation, person, the Authority, and any of its
26agents or employees from taking any action in conflict with any

 

 

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1contract or covenant.
2    (c) If the Authority fails to pay the principal of or
3interest on any of the bonds or premium, if any, as the bond
4becomes due, a civil action to compel payment may be instituted
5in the appropriate circuit court by the holder or holders of
6the bonds on which the default of payment exists or by an
7indenture trustee acting on behalf of the holders. Delivery of
8a summons and a copy of the complaint to the chairman of the
9Board shall constitute sufficient service to give the circuit
10court jurisdiction over the subject matter of the suit and
11jurisdiction over the Authority and its officers named as
12defendants for the purpose of compelling such payment. Any
13case, controversy, or cause of action concerning the validity
14of this Act relates to the revenue of the State of Illinois.
15    (d) Notwithstanding the form and tenor of any bond, note,
16or other evidence of indebtedness and in the absence of any
17express recital on its face that it is non-negotiable, all such
18bonds, notes, and other evidences of indebtedness shall be
19negotiable instruments. Pending the preparation and execution
20of any bonds, notes, or other evidences of indebtedness,
21temporary bonds, notes, or evidences of indebtedness may be
22issued as provided by ordinance.
23    (e) To secure the payment of any or all of such bonds,
24notes, or other evidences of indebtedness, the revenues to be
25received by the Authority from a lease agreement or loan
26agreement shall be pledged, and, for the purpose of setting

 

 

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1forth the covenants and undertakings of the Authority in
2connection with the issuance of the bonds, notes, or other
3evidences of indebtedness and the issuance of any additional
4bonds, notes or other evidences of indebtedness payable from
5such revenues, income, or other funds to be derived from
6projects, the Authority may execute and deliver a mortgage or
7trust agreement. A remedy for any breach or default of the
8terms of any mortgage or trust agreement by the Authority may
9be by mandamus proceeding in the appropriate circuit court to
10compel performance and compliance under the terms of the
11mortgage or trust agreement, but the trust agreement may
12prescribe by whom or on whose behalf the action may be
13instituted.
14    (f) Bonds or notes shall be secured as provided in the
15authorizing ordinance which may include, notwithstanding any
16other provision of this Act, in addition to any other security,
17a specific pledge, assignment of and lien on, or security
18interest in any or all revenues or money of the Authority, from
19whatever source, which may, by law, be used for debt service
20purposes and a specific pledge, or assignment of and lien on,
21or security interest in any funds or accounts established or
22provided for by ordinance of the Authority authorizing the
23issuance of the bonds or notes.
24    (g) In the event that the Authority determines that moneys
25of the Authority will not be sufficient for the payment of the
26principal of and interest on its bonds during the next State

 

 

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1fiscal year, the chairman, as soon as practicable, shall
2certify to the Governor the amount required by the Authority to
3enable it to pay the principal of and interest on the bonds.
4The Governor shall submit the certified amount to the General
5Assembly as soon as practicable, but no later than the end of
6the current State fiscal year. This Section shall not apply to
7any bonds or notes to which the Authority determines, in the
8resolution authorizing the issuance of the bonds or notes, that
9this Section shall not apply. Whenever the Authority makes this
10determination, it shall be plainly stated on the face of the
11bonds or notes and the determination shall also be reported to
12the Governor. In the event of a withdrawal of moneys from a
13reserve fund established with respect to any issue or issues of
14bonds of the Authority to pay principal or interest on those
15bonds, the chairman of the Authority, as soon as practicable,
16shall certify to the Governor the amount required to restore
17the reserve fund to the level required in the resolution or
18indenture securing those bonds. The Governor shall submit the
19certified amount to the General Assembly as soon as
20practicable, but no later than the end of the current State
21fiscal year. This subsection (g) shall not apply to any bond
22issued on or after the effective date of this amendatory Act of
23the 98th General Assembly.
24    (h) The State of Illinois pledges to and agrees with the
25holders of the bonds and notes of the Authority issued pursuant
26to this Section that the State will not limit or alter the

 

 

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1rights and powers vested in the Authority by this Act so as to
2impair the terms of any contract made by the Authority with the
3holders of bonds or notes or in any way impair the rights and
4remedies of those holders until the bonds and notes, together
5with interest thereon, with interest on any unpaid installments
6of interest, and all costs and expenses in connection with any
7action or proceedings by or on behalf of the holders, are fully
8met and discharged. In addition, the State pledges to and
9agrees with the holders of the bonds and notes of the Authority
10issued pursuant to this Section that the State will not limit
11or alter the basis on which State funds are to be paid to the
12Authority as provided in this Act, or the use of such funds, so
13as to impair the terms of any such contract. The Authority is
14authorized to include these pledges and agreements of the State
15in any contract with the holders of bonds or notes issued
16pursuant to this Section.
17    (i) (Blank). Not less than 30 days prior to the commitment
18to issue bonds, notes, or other evidences of indebtedness for
19the purpose of developing, constructing, acquiring, or
20improving housing or residential projects, as defined in this
21Act, the Authority shall provide notice to the Executive
22Director of the Illinois Housing Development Authority. Within
2330 days after the notice is provided, the Illinois Housing
24Development Authority shall, in writing, either express
25interest in financing the project or notify the Authority that
26it is not interested in providing financing and that the

 

 

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1Authority may finance the project or seek alternative
2financing.
3(Source: P.A. 93-874, eff. 8-6-04.)
 
4    Section 40. The Will-Kankakee Regional Development
5Authority Law is amended by changing Sections 3 and 5 as
6follows:
 
7    (70 ILCS 535/3)  (from Ch. 85, par. 7453)
8    Sec. 3. Definitions. The following terms, whenever used or
9referred to in this Act, shall have the following meanings,
10except in such instances where the context may clearly indicate
11otherwise:
12    (a) "Authority" means the Will-Kankakee Regional
13Development Authority created by this Act.
14    (b) "Governmental agency" means any federal, State or local
15governmental body, and any agency or instrumentality thereof,
16corporate or otherwise.
17    (c) "Person" means any natural person, firm, partnership,
18corporation, both domestic and foreign, company, association
19or joint stock association and includes any trustee, receiver,
20assignee or personal representative thereof.
21    (d) "Revenue bond" means any bond issued by the Authority
22the principal and interest of which is payable solely from
23revenues or income derived from any project or activity of the
24Authority.

 

 

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1    (e) "Board" means the Will-Kankakee Regional Development
2Authority Board of Directors.
3    (f) "Governor" means the Governor of the State of Illinois.
4    (g) "City" means any city, village, incorporated town or
5township within the geographical territory of the Authority.
6    (h) "Industrial project" means (1) a capital project,
7including one or more buildings and other structures,
8improvements, machinery and equipment whether or not on the
9same site or sites now existing or hereafter acquired, suitable
10for use by any manufacturing, industrial, research,
11transportation or commercial enterprise including but not
12limited to use as a factory, mill, processing plant, assembly
13plant, packaging plant, fabricating plant, office building,
14industrial distribution center, warehouse, repair, overhaul or
15service facility, freight terminal, research facility, test
16facility, railroad facility, solid waste and wastewater
17treatment and disposal sites and other pollution control
18facilities, resource or waste reduction, recovery, treatment
19and disposal facilities, and including also the sites thereof
20and other rights in land therefor whether improved or
21unimproved, site preparation and landscaping and all
22appurtenances and facilities incidental thereto such as
23utilities, access roads, railroad sidings, truck docking and
24similar facilities, parking facilities, dockage, wharfage,
25railroad roadbed, track, trestle, depot, terminal, switching
26and signaling equipment or related equipment and other

 

 

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1improvements necessary or convenient thereto; or (2) any land,
2buildings, machinery or equipment comprising an addition to or
3renovation, rehabilitation or improvement of any existing
4capital project.
5    (h-5) "Housing project" or "residential project" includes
6a specific work or improvement undertaken to provide dwelling
7accommodations, including the acquisition, construction or
8rehabilitation of lands, buildings and community facilities
9and in connection therewith to provide nonhousing facilities
10which are an integral part of a planned large-scale project or
11new community.
12    (i) "Commercial project" means any project, including but
13not limited to one or more buildings and other structures,
14improvements, machinery and equipment whether or not on the
15same site or sites now existing or hereafter acquired, suitable
16for use by any retail or wholesale concern, distributorship or
17agency, any cultural facilities of a for-profit or
18not-for-profit type including but not limited to educational,
19theatrical, recreational and entertainment, sports facilities,
20racetracks, stadiums, convention centers, exhibition halls,
21arenas, opera houses and theaters, waterfront improvements,
22swimming pools, boat storage, moorage, docking facilities,
23restaurants, velodromes, coliseums, sports training
24facilities, parking facilities, terminals, hotels and motels,
25gymnasiums, medical facilities and port facilities.
26    (j) "Project" means an industrial, commercial or service

 

 

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1project or any combination thereof provided that all uses shall
2fall within one of the categories described above. Any project,
3of any nature whatsoever, shall automatically include all site
4improvements and new construction involving sidewalks, sewers,
5solid waste and wastewater treatment and disposal sites and
6other pollution control facilities, resource or waste
7reduction, recovery, treatment and disposal facilities, parks,
8open spaces, wildlife sanctuaries, streets, highways and
9runways.
10    (k) "Lease agreement" shall mean an agreement whereby a
11project acquired by the Authority by purchase, gift or lease is
12leased to any person or corporation which will use or cause the
13project to be used as a project as heretofore defined upon
14terms providing for lease rental payments at least sufficient
15to pay when due all principal of and interest and premium, if
16any, on any bonds, notes or other evidences of indebtedness of
17the Authority issued with respect to such project, providing
18for the maintenance, insurance and operation of the project on
19terms satisfactory to the Authority and providing for
20disposition of the project upon termination of the lease term,
21including purchase options or abandonment of the premises, with
22such other terms as may be deemed desirable by the Authority.
23    (l) "Loan agreement" means any agreement pursuant to which
24the Authority agrees to loan the proceeds of its bonds, notes
25or other evidences of indebtedness issued with respect to a
26project to any person or corporation which will use or cause

 

 

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1the project to be used as a project as heretofore defined upon
2terms providing for loan repayment installments at least
3sufficient to pay when due all principal of and interest and
4premium, if any, on any bonds, notes or other evidences of
5indebtedness of the Authority issued with respect to the
6project, providing for maintenance, insurance and operation of
7the project on terms satisfactory to the Authority and
8providing for other matters as may be deemed advisable by the
9Authority.
10    (m) "Financial aid" means the expenditure of Authority
11funds or funds provided by the Authority through the issuance
12of its revenue bonds, notes or other evidences of indebtedness
13for the development, construction, acquisition or improvement
14of a project.
15    (n) "Costs incurred in connection with the development,
16construction, acquisition or improvement of a project" means
17the following: the cost of purchase and construction of all
18lands and improvements in connection therewith and equipment
19and other property, rights, easements and franchises acquired
20which are deemed necessary for such construction; financing
21charges; interest costs with respect to bonds, notes and other
22evidences of indebtedness of the Authority prior to and during
23construction and for a period of 6 months thereafter;
24engineering and legal expenses; the costs of plans,
25specifications, surveys and estimates of costs and other
26expenses necessary or incident to determining the feasibility

 

 

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1or practicability of any project, together with such other
2expenses as may be necessary or incident to the financing,
3insuring, acquisition and construction of a specific project
4and the placing of the same in operation.
5    (o) "Terminal" means a public place, station or depot for
6receiving and delivering passengers, baggage, mail, freight or
7express matter and any combination thereof in connection with
8the transportation of persons and property on water or land or
9in the air.
10    (p) "Terminal facilities" means all land, buildings,
11structures, improvements, equipment and appliances useful in
12the operation of public warehouse, storage and transportation
13facilities and industrial, manufacturing or commercial
14activities for the accommodation of or in connection with
15commerce by water or land or in the air or useful as an aid, or
16constituting an advantage or convenience to, the safe landing,
17taking off and navigation of aircraft or the safe and efficient
18operation or maintenance of a public airport.
19    (q) "Port facilities" means all public structures, except
20terminal facilities as defined herein, that are in, over, under
21or adjacent to navigable waters and are necessary for or
22incident to the furtherance of water commerce and includes the
23widening and deepening of slips, harbors and navigable waters.
24    (r) "Airport" means any locality, either land or water,
25which is used or designed for the landing and taking off of
26aircraft or for the location of runways, landing fields,

 

 

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1aerodromes, hangars, buildings, structures, airport roadways
2and other facilities.
3(Source: P.A. 86-1481.)
 
4    (70 ILCS 535/5)  (from Ch. 85, par. 7455)
5    Sec. 5. Duty. All official acts of the Authority shall
6require the approval of at least 6 members. It shall be the
7duty of the Authority to promote development within the
8geographic confines of Will and Kankakee counties. The
9Authority shall use the powers herein conferred upon it to
10assist in the development, construction and acquisition of
11industrial, housing, residential, or commercial projects
12within those counties.
13(Source: P.A. 86-1481.)".