Full Text of SB1625 94th General Assembly
SB1625ham001 94TH GENERAL ASSEMBLY
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Revenue Committee
Filed: 5/29/2005
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| AMENDMENT TO SENATE BILL 1625
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| AMENDMENT NO. ______. Amend Senate Bill 1625 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. Short title. This Act may be cited as the | 5 |
| Southern Illinois
Economic Development Authority
Act.
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| Section 10. Findings. The General Assembly determines and | 7 |
| declares the
following:
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| (1) that labor surplus areas currently exist in southern | 9 |
| Illinois;
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| (2) that the economic burdens resulting from involuntary | 11 |
| unemployment fall,
in part, upon the State in
the form of | 12 |
| increased need for public assistance and reduced tax revenues | 13 |
| and,
in the event that the
unemployed worker and his or her | 14 |
| family migrate elsewhere to find work, the
burden may also fall | 15 |
| upon
the municipalities and other taxing districts within the | 16 |
| areas of unemployment
in the form of reduced tax
revenues, | 17 |
| thereby endangering their financial ability to support | 18 |
| necessary
governmental services for their
remaining | 19 |
| inhabitants;
| 20 |
| (3) that the State has a responsibility to help create a | 21 |
| favorable climate
for new and improved job
opportunities for | 22 |
| its citizens by encouraging the development of commercial and
| 23 |
| service businesses and
industrial and manufacturing plants | 24 |
| within the southern region of Illinois;
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| (4) that a lack of decent housing contributes to urban | 2 |
| blight, crime,
anti-social behavior, disease, a higher
need for | 3 |
| public assistance, reduced tax revenues, and the migration of | 4 |
| workers
and their families away from
areas which fail to offer | 5 |
| adequate, decent, and affordable housing;
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| (5) that decent, affordable housing is a necessary | 7 |
| ingredient of life
affording each citizen basic human
dignity, | 8 |
| a sense of self-worth, confidence, and a firm foundation upon | 9 |
| which to
build a family and educate
children;
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| (6) that in order to foster civic and neighborhood pride, | 11 |
| citizens require
access to educational institutions,
| 12 |
| recreation, parks and open spaces, entertainment, sports, a | 13 |
| reliable
transportation network, cultural
facilities, and | 14 |
| theaters; and
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| (7) that the main purpose of this Act is to promote | 16 |
| industrial, commercial,
residential, service,
transportation, | 17 |
| and recreational activities and facilities, thereby reducing
| 18 |
| the evils attendant upon
unemployment and enhancing the public | 19 |
| health, safety, morals, happiness, and
general welfare of the | 20 |
| State.
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| Section 15. Definitions. In this Act:
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| "Authority" means the Southern Illinois Economic | 23 |
| Development Authority.
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| "Governmental agency" means any federal, State, or local | 25 |
| governmental body
and any agency or
instrumentality thereof, | 26 |
| corporate or otherwise.
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| "Person" means any natural person, firm, partnership, | 28 |
| corporation, both
domestic and foreign,
company, association | 29 |
| or joint stock association and includes any trustee,
receiver, | 30 |
| assignee or personal
representative thereof.
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| "Revenue bond" means any bond issued by the Authority, the | 32 |
| principal and
interest of which is payable
solely from revenues | 33 |
| or income derived from any project or activity of the
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| Authority.
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| "Board" means the Board of Directors of the Southern | 3 |
| Illinois Economic
Development Authority.
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| "Governor" means the Governor of the State of Illinois.
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| "City" means any city, village, incorporated town, or | 6 |
| township within the
geographical territory of the
Authority.
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| "Industrial project" means the following:
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| (1) a capital project, including one or more buildings and | 9 |
| other
structures, improvements,
machinery and equipment | 10 |
| whether or not on the same site or sites now existing
or | 11 |
| hereafter acquired,
suitable for use by any manufacturing, | 12 |
| industrial, research, transportation or
commercial enterprise
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| including but not limited to use as a factory, mill, processing | 14 |
| plant, assembly
plant, packaging plant,
fabricating plant, | 15 |
| ethanol plant, office building, industrial distribution
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| center, warehouse,
repair, overhaul or service
facility, | 17 |
| freight terminal, research facility, test facility, railroad
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| facility, port facility, solid waste and wastewater
treatment | 19 |
| and disposal sites and other pollution control facilities, | 20 |
| resource
or waste reduction, recovery,
treatment and disposal | 21 |
| facilities, and including also the sites thereof and
other | 22 |
| rights in land therefore
whether improved or unimproved, site | 23 |
| preparation and landscaping and all
appurtenances and | 24 |
| facilities
incidental thereto such as utilities, access roads, | 25 |
| railroad sidings, truck
docking and similar facilities,
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| parking facilities, dockage, wharfage, railroad roadbed, | 27 |
| track, trestle, depot,
terminal, switching and
signaling | 28 |
| equipment or related equipment and other improvements | 29 |
| necessary or
convenient thereto; or
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| (2) any land, buildings, machinery or equipment comprising | 31 |
| an addition to or
renovation,
rehabilitation or improvement of | 32 |
| any existing capital project.
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| "Commercial project" means any project, including, but not | 34 |
| limited to, one or
more buildings and other
structures, |
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| improvements, machinery, and equipment, whether or not on the | 2 |
| same
site or sites now existing
or hereafter acquired, suitable | 3 |
| for use by any retail or wholesale concern,
distributorship, or | 4 |
| agency.
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| "Project" means an industrial, housing, residential, | 6 |
| commercial, or service
project, or any combination
thereof, | 7 |
| provided that all uses fall within one of the categories | 8 |
| described
above. Any project automatically
includes all site | 9 |
| improvements and new construction involving sidewalks,
sewers, | 10 |
| solid waste and
wastewater treatment and disposal sites and | 11 |
| other pollution control facilities,
resource or waste | 12 |
| reduction,
recovery, treatment and disposal facilities, parks, | 13 |
| open spaces, wildlife
sanctuaries, streets, highways, and
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| runways.
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| "Lease agreement" means an agreement in which a project | 16 |
| acquired by the
Authority by purchase, gift,
or lease is leased | 17 |
| to any person or corporation that will use, or cause the
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| project to be used, as a project,
upon terms providing for | 19 |
| lease rental payments at least sufficient to pay, when due, all | 20 |
| principal of and
interest and premium, if any, on any bonds, | 21 |
| notes, or other evidences of indebtedness of the Authority,
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| issued with respect to the project, providing for the | 23 |
| maintenance, insurance, and operation of the project on
terms | 24 |
| satisfactory to the Authority and providing for disposition of | 25 |
| the project upon termination of the lease
term, including | 26 |
| purchase options or abandonment of the premises, with other | 27 |
| terms as may be deemed
desirable by the Authority.
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| "Loan agreement" means any agreement in which the Authority | 29 |
| agrees to loan
the proceeds of its bonds,
notes, or other | 30 |
| evidences of indebtedness, issued with respect to a project, to
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| any person or corporation
which will use or cause the project | 32 |
| to be used as a project, upon terms
providing for loan | 33 |
| repayment
installments at least sufficient to pay, when due, | 34 |
| all principal of and
interest and premium, if any, on any
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| bonds, notes, or other evidences of indebtedness of the | 2 |
| Authority issued with
respect to the project,
providing for | 3 |
| maintenance, insurance, and operation of the project on terms
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| satisfactory to the Authority
and providing for other terms | 5 |
| deemed advisable by the Authority.
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| "Financial aid" means the expenditure of Authority funds or | 7 |
| funds provided by
the Authority for the
development, | 8 |
| construction, acquisition or improvement of a project, through | 9 |
| the
issuance of revenue bonds,
notes, or other evidences of | 10 |
| indebtedness.
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| "Costs incurred in connection with
the development, | 12 |
| construction, acquisition or improvement of a
project" means | 13 |
| the following:
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| (1) the cost of purchase and construction of all lands and | 15 |
| improvements in
connection therewith and
equipment and other | 16 |
| property, rights, easements, and franchises acquired which
are | 17 |
| deemed necessary for
the construction;
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| (2) financing charges;
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| (3) interest costs with respect to bonds, notes, and other | 20 |
| evidences of
indebtedness of the Authority
prior to and during | 21 |
| construction and for a period of 6 months thereafter;
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| (4) engineering and legal expenses; and
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| (5) the costs of plans, specifications, surveys, and | 24 |
| estimates of costs and
other expenses necessary or
incident to | 25 |
| determining the feasibility or practicability of any project,
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| together with such other expenses as
may be necessary or | 27 |
| incident to the financing, insuring, acquisition, and
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| construction of a specific project
and the placing of the same | 29 |
| in operation.
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| Section 20. Creation.
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| (a) There is created a political subdivision, body politic, | 32 |
| and municipal
corporation named the Southern
Illinois Economic | 33 |
| Development Authority. The territorial jurisdiction of the
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| Authority is that geographic
area within the boundaries of the | 2 |
| following counties: Franklin, Perry, Randolph, Jackson, | 3 |
| Williamson, Saline, Gallatin, Union, Johnson, Pope, Hardin, | 4 |
| Alexander, Pulaski, and Massac and any
navigable waters and
air | 5 |
| space located therein.
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| (b) The governing and administrative powers of the | 7 |
| Authority shall be vested
in a body consisting of 21
members as | 8 |
| follows:
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| (1) Ex officio member. The Director of Commerce and
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| Economic Opportunity, or
a designee of that Department, | 11 |
| shall serve as an ex officio member.
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| (2) Public members. Six members shall be appointed by | 13 |
| the Governor with the advice and
consent of the Senate. The | 14 |
| county board chairmen of the following counties
shall each | 15 |
| appoint one
member: Franklin, Perry, Randolph, Jackson, | 16 |
| Williamson, Saline, Gallatin, Union, Johnson, Pope, | 17 |
| Hardin, Alexander, Pulaski, and Massac. All public members | 18 |
| shall reside within
the territorial
jurisdiction of the | 19 |
| Authority.
The public members shall be persons of | 20 |
| recognized ability and experience in one
or more of the | 21 |
| following
areas: economic development, finance, banking, | 22 |
| industrial development, state or
local government, | 23 |
| commercial agriculture, small
business management, real
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| estate development, community development, venture | 25 |
| finance, organized labor, or
civic or community
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| organization.
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| (c) 11 members shall constitute a quorum.
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| (d) The chairman of the Authority shall be elected annually | 29 |
| by the Board and must be a public member that resides within | 30 |
| the territorial jurisdiction of the Authority.
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| (e) The terms of all initial members of the Authority shall | 32 |
| begin 30 days
after the effective date of this
Act.
Of the 6 | 33 |
| original public members appointed by the Governor, 2
shall | 34 |
| serve until the third Monday in January, 2007; 1 shall serve |
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| until the
third Monday in January, 2008; 1 shall serve until | 2 |
| the third Monday in January,
2009; 1 shall serve until the | 3 |
| third Monday in January, 2010; and 1 shall serve
until the | 4 |
| third Monday in January, 2011. The initial terms of the | 5 |
| original public members appointed by the county board chairmen | 6 |
| shall be determined by lot, according to the following | 7 |
| schedule: (i) 3 shall serve until the third Monday in January, | 8 |
| 2007, (ii) 3 shall serve until the third Monday in January, | 9 |
| 2008, (iii) 3 shall serve until the third Monday in January, | 10 |
| 2009, (iv) 3 shall serve until the third Monday in January, | 11 |
| 2010, and (v) 2 shall serve until the third Monday in January, | 12 |
| 2011. All successors to these original
public
members shall be | 13 |
| appointed by the original appointing authority and all | 14 |
| appointments made by the Governor shall be made with the advice | 15 |
| and consent of the Senate, pursuant to subsection (b), and | 16 |
| shall hold office for a term of 6 years
commencing the third | 17 |
| Monday in January of the year in which their term
commences, | 18 |
| except in the case of an appointment to fill a vacancy.
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| Vacancies occurring among the public members shall be filled | 20 |
| for the
remainder of the term. In case of
vacancy in a | 21 |
| Governor-appointed membership when the Senate is not in | 22 |
| session,
the Governor may make a
temporary appointment until | 23 |
| the next meeting of the Senate when a person shall
be nominated | 24 |
| to fill the
office and, upon confirmation by the Senate, he or | 25 |
| she shall hold office during
the remainder of the term
and | 26 |
| until a successor is appointed and qualified. Members of the | 27 |
| Authority are
not entitled to
compensation for their services | 28 |
| as members but are entitled to reimbursement
for all necessary | 29 |
| expenses
incurred in connection with the performance of their | 30 |
| duties as members.
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| (f) The Governor may remove any public member of the | 32 |
| Authority in case of
incompetence, neglect of
duty, or | 33 |
| malfeasance in office. The chairman of a county board may | 34 |
| remove any
public member appointed
by that chairman in the case |
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| of incompetence, neglect of duty, or malfeasance
in office.
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| (g) The Board shall appoint an Executive Director who shall | 3 |
| have a
background in finance, including
familiarity with the | 4 |
| legal and procedural requirements of issuing bonds, real
| 5 |
| estate, or economic
development and administration. The | 6 |
| Executive Director shall hold office at the
discretion of the | 7 |
| Board.
The Executive Director shall be the chief administrative | 8 |
| and operational
officer of the Authority, shall
direct and | 9 |
| supervise its administrative affairs and general management, | 10 |
| perform
such other duties as may
be prescribed from time to | 11 |
| time by the members, and receive compensation fixed
by the | 12 |
| Authority. The Department of Commerce and Community Affairs | 13 |
| shall pay
the compensation of the Executive Director from | 14 |
| appropriations received for
that purpose. The
Executive | 15 |
| Director shall attend all meetings of the Authority. However, | 16 |
| no
action of the Authority shall be
invalid on account of the | 17 |
| absence of the Executive Director from a meeting. The
Authority | 18 |
| may engage
the services of
the Illinois Finance Authority, | 19 |
| attorneys, appraisers, engineers, accountants,
credit | 20 |
| analysts, and other consultants if the Southern Illinois | 21 |
| Economic
Development Authority deems it advisable.
| 22 |
| Section 25. Duty. All official acts of the Authority shall | 23 |
| require the
approval of at least 11 members. It
shall be the | 24 |
| duty of the Authority to promote development within the | 25 |
| geographic
confines of
Franklin, Perry, Randolph, Jackson, | 26 |
| Williamson, Saline, Gallatin, Union, Johnson, Pope, Hardin, | 27 |
| Alexander, Pulaski, and Massac
counties. The Authority shall | 28 |
| use the powers conferred upon it to assist in the
development, | 29 |
| construction,
and acquisition of industrial, commercial, | 30 |
| housing, or residential projects
within those counties.
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| Section 30. Powers.
| 32 |
| (a) The Authority possesses all the powers of a body |
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| corporate necessary and
convenient to accomplish
the purposes | 2 |
| of this Act, including, without any intended limitation upon | 3 |
| the
general powers hereby
conferred, the following powers:
| 4 |
| (1) to enter into loans, contracts, agreements, and | 5 |
| mortgages in any
matter connected with any of
its corporate | 6 |
| purposes and to invest its funds;
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| (2) to sue and be sued;
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| (3) to utilize services of the Illinois Finance | 9 |
| Authority necessary to
carry out its purposes;
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| (4) to have and use a common seal and to alter the seal | 11 |
| at its discretion;
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| (5) to adopt all needful ordinances, resolutions, | 13 |
| bylaws, rules, and
regulations for the conduct of
its | 14 |
| business and affairs and for the management and use of the | 15 |
| projects
developed, constructed, acquired,
and improved in | 16 |
| furtherance of its purposes;
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| (6) to designate the fiscal year for the Authority;
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| (7) to accept and expend appropriations;
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| (8) to acquire, own, lease, sell, or otherwise dispose | 20 |
| of interests in and
to real property and
improvements | 21 |
| situated on that real property and in personal property | 22 |
| necessary
to fulfill the purposes of the
Authority;
| 23 |
| (9) to engage in any activity or operation which is | 24 |
| incidental to and in
furtherance of efficient
operation to | 25 |
| accomplish the Authority's primary purpose;
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| (10) to acquire, own, construct, lease, operate, and | 27 |
| maintain bridges,
terminals, terminal facilities,
and port | 28 |
| facilities and to fix and collect just, reasonable, and
| 29 |
| nondiscriminatory charges for the use of such
facilities. | 30 |
| These charges shall be used to defray the reasonable | 31 |
| expenses of
the Authority and to pay the
principal and | 32 |
| interest of any revenue bonds issued by the Authority;
| 33 |
| (11) subject to any applicable condition imposed by | 34 |
| this Act, to locate,
establish and maintain a
public |
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| airport, public airports and public airport facilities | 2 |
| within its
corporate limits or within or upon any
body of | 3 |
| water adjacent thereto and to construct, develop, expand, | 4 |
| extend and
improve any such airport or
airport facility; | 5 |
| and
| 6 |
| (12) to have and exercise all powers and be subject to | 7 |
| all duties usually
incident to boards of
directors of | 8 |
| corporations.
| 9 |
| (b) The Authority shall not issue any bonds relating to the | 10 |
| financing of a
project located within the
planning and | 11 |
| subdivision control jurisdiction of any municipality or county
| 12 |
| unless: (i) notice, including a
description of the proposed | 13 |
| project and the financing for that project, is
submitted to the | 14 |
| corporate
authorities of the municipality or, in the case of a | 15 |
| proposed project in an
unincorporated area, to the county
board | 16 |
| and (ii) the corporate authorities of the municipality do not, | 17 |
| or the
county board does not, adopt a
resolution disapproving | 18 |
| the project within 45 days after receipt of the notice.
| 19 |
| (c) If any of the powers set forth in this Act are | 20 |
| exercised within the
jurisdictional limits of any
| 21 |
| municipality, all ordinances of the municipality remain in full | 22 |
| force and
effect and are controlling.
| 23 |
| Section 35. Tax avoidance. Notwithstanding any other | 24 |
| provision of law, the
Authority shall not enter into
any | 25 |
| agreement providing for the purchase and lease of tangible | 26 |
| personal
property which results in the
avoidance of taxation | 27 |
| under the Retailers' Occupation Tax Act, the Use Tax Act,
the | 28 |
| Service Use Tax Act,
or the Service Occupation Tax Act, without | 29 |
| the prior written consent of the
Governor.
| 30 |
| Section 40. Bonds.
| 31 |
| (a) The Authority, with the written approval of the | 32 |
| Governor, shall have the
continuing power to issue
bonds, |
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| notes, or other evidences of indebtedness in an aggregate | 2 |
| amount not to
exceed $250,000,000 for the
following purposes: | 3 |
| (i) development, construction, acquisition, or improvement
of | 4 |
| projects, including those
established by business entities | 5 |
| locating or expanding property within the
territorial | 6 |
| jurisdiction of the
Authority; (ii) entering into venture | 7 |
| capital agreements with businesses
locating or expanding | 8 |
| within the
territorial jurisdiction of the Authority; (iii) | 9 |
| acquisition and improvement of
any property necessary and
| 10 |
| useful in connection therewith; and (iv) for the purposes of | 11 |
| the Employee
Ownership Assistance Act. For
the purpose of | 12 |
| evidencing the obligations of the Authority to repay any money
| 13 |
| borrowed, the Authority
may, pursuant to resolution, from time | 14 |
| to time, issue and dispose of its interest-bearing revenue | 15 |
| bonds,
notes, or other evidences of indebtedness and may also | 16 |
| from time to time issue and dispose of such bonds,
notes, or | 17 |
| other evidences of indebtedness to refund, at maturity, at a | 18 |
| redemption date or in advance of
either, any bonds, notes, or | 19 |
| other evidences of indebtedness pursuant to redemption | 20 |
| provisions or at any
time before maturity. All such bonds, | 21 |
| notes, or other evidences of indebtedness shall be payable | 22 |
| solely and
only from the revenues or income to be derived from | 23 |
| loans made with respect to projects, from the leasing
or sale | 24 |
| of the projects, or from any other funds available to the | 25 |
| Authority for such purposes. The bonds,
notes, or other | 26 |
| evidences of indebtedness may bear such date or dates, may | 27 |
| mature at such time or times not
exceeding 40 years from their | 28 |
| respective dates, may bear interest at such rate or rates not | 29 |
| exceeding the
maximum rate permitted by the Bond Authorization | 30 |
| Act, may be in such form, may carry such registration
| 31 |
| privileges, may be executed in such manner, may be payable at | 32 |
| such place or places, may be made subject
to redemption in such | 33 |
| manner and upon such terms, with or without premium, as is | 34 |
| stated on the face
thereof, may be authenticated in such manner |
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| and may contain such terms and
covenants as may be
provided by | 2 |
| an applicable resolution.
| 3 |
| (b) The holder or holders of any bonds, notes, or other | 4 |
| evidences of
indebtedness issued by the
Authority may bring | 5 |
| suits at law or proceedings in equity to compel the
performance | 6 |
| and observance by
any corporation or person or by the Authority | 7 |
| or any of its agents or employees
of any contract or covenant
| 8 |
| made with the holders of the bonds, notes, or other evidences | 9 |
| of indebtedness,
to compel such corporation,
person, the | 10 |
| Authority, and any of its agents or employees to perform any | 11 |
| duties
required to be performed
for the benefit of the holders | 12 |
| of the bonds, notes, or other evidences of
indebtedness by the | 13 |
| provision of the
resolution authorizing their issuance and to | 14 |
| enjoin the corporation, person,
the Authority, and any of its
| 15 |
| agents or employees from taking any action in conflict with any | 16 |
| contract or
covenant.
| 17 |
| (c) If the Authority fails to pay the principal of or | 18 |
| interest on any of the
bonds or premium, if any, as the
bond | 19 |
| becomes due, a civil action to compel payment may be instituted | 20 |
| in the
appropriate circuit court by
the holder or holders of | 21 |
| the bonds on which the default of payment exists or by
an | 22 |
| indenture trustee acting
on behalf of the holders. Delivery of | 23 |
| a summons and a copy of the complaint to
the chairman of the | 24 |
| Board
shall constitute sufficient service to give the circuit | 25 |
| court jurisdiction over
the subject matter of the suit and
| 26 |
| jurisdiction over the Authority and its officers named as | 27 |
| defendants for the
purpose of compelling such
payment. Any | 28 |
| case, controversy, or cause of action concerning the validity | 29 |
| of
this Act relates to the
revenue of the State of Illinois.
| 30 |
| (d) Notwithstanding the form and tenor of any bond, note, | 31 |
| or other evidence
of indebtedness and in
the absence of any | 32 |
| express recital on its face that it is non-negotiable, all
such | 33 |
| bonds, notes, and other
evidences of indebtedness shall be | 34 |
| negotiable instruments. Pending the
preparation and execution |
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| of any
bonds, notes, or other evidences of indebtedness, | 2 |
| temporary bonds, notes, or
evidences of indebtedness may
be | 3 |
| issued as provided by ordinance.
| 4 |
| (e) To secure the payment of any or all of such bonds, | 5 |
| notes, or other
evidences of indebtedness, the
revenues to be | 6 |
| received by the Authority from a lease agreement or loan
| 7 |
| agreement shall be pledged, and,
for the purpose of setting | 8 |
| forth the covenants and undertakings of the
Authority in | 9 |
| connection with the
issuance of the bonds, notes, or other | 10 |
| evidences of indebtedness and the
issuance of any additional | 11 |
| bonds,
notes or other evidences of indebtedness payable from | 12 |
| such revenues, income, or other funds to be derived
from | 13 |
| projects, the Authority may execute and deliver a mortgage or | 14 |
| trust agreement. A remedy for any
breach or default of the | 15 |
| terms of any mortgage or trust agreement by the Authority may | 16 |
| be by mandamus
proceeding in the appropriate circuit court to | 17 |
| compel performance and compliance under the terms of the
| 18 |
| mortgage or trust agreement, but the trust agreement may | 19 |
| prescribe by whom or on whose behalf the action
may be | 20 |
| instituted.
| 21 |
| (f) Bonds or notes shall be secured as provided in the | 22 |
| authorizing ordinance which may include,
notwithstanding any | 23 |
| other provision of this Act, in addition to any other security, | 24 |
| a specific pledge,
assignment of and lien on, or security | 25 |
| interest in any or all revenues or money of the Authority, from
| 26 |
| whatever source, which may, by law, be used for debt service | 27 |
| purposes and a
specific pledge, or assignment
of and lien on, | 28 |
| or security interest in any funds or accounts established or
| 29 |
| provided for by ordinance of the
Authority authorizing the | 30 |
| issuance of the bonds or notes.
| 31 |
| (g) The State of Illinois pledges to and agrees with the | 32 |
| holders of the
bonds and notes of the Authority
issued pursuant | 33 |
| to this Section that the State will not limit or alter the | 34 |
| rights and powers vested in the
Authority by this Act so as to |
|
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| impair the terms of any contract made by the Authority with the | 2 |
| holders of
bonds or notes or in any way impair the rights and | 3 |
| remedies of those holders until the bonds and notes,
together | 4 |
| with interest thereon, with interest on any unpaid installments | 5 |
| of interest, and all costs and
expenses in connection with any | 6 |
| action or proceedings by or on behalf of the holders, are fully | 7 |
| met and
discharged. In addition, the State pledges to and | 8 |
| agrees with the holders of the bonds and notes of the
Authority | 9 |
| issued pursuant to this Section that the State will not limit | 10 |
| or alter the basis on which State funds
are to be paid to the | 11 |
| Authority as provided in this Act, or the use of such funds, so | 12 |
| as to impair the terms of
any such contract. The Authority is | 13 |
| authorized to include these pledges and agreements of the State | 14 |
| in any
contract with the holders of bonds or notes issued | 15 |
| pursuant to this Section.
| 16 |
| (h) Not less than 30 days prior to the commitment to issue | 17 |
| bonds, notes, or
other evidences of
indebtedness for the | 18 |
| purpose of developing, constructing, acquiring, or
improving | 19 |
| housing or residential
projects, as defined in this Act, the | 20 |
| Authority shall provide notice to the
Executive Director of the | 21 |
| Illinois
Housing Development Authority. Within 30 days after | 22 |
| the notice is provided, the
Illinois Housing
Development | 23 |
| Authority shall, in writing, either express interest in | 24 |
| financing
the project or notify the
Authority that it is not | 25 |
| interested in providing financing and that the
Authority may | 26 |
| finance the project or
seek alternative financing.
| 27 |
| Section 45. Bonds and notes; exemption from taxation. The | 28 |
| creation of the
Authority is in all respects for
the benefit of | 29 |
| the people of Illinois and for the improvement of their health,
| 30 |
| safety, welfare, comfort, and
security, and its purposes are | 31 |
| public purposes. In consideration thereof, the
notes and bonds | 32 |
| of the
Authority issued pursuant to this Act and the income | 33 |
| from these notes and bonds
may be free from all
taxation by the |
|
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| State or its political subdivisions, exempt for estate,
| 2 |
| transfer, and inheritance taxes. The
exemption from taxation | 3 |
| provided by the preceding sentence shall apply to the
income on | 4 |
| any notes or
bonds of the Authority only if the Authority in | 5 |
| its sole judgment determines
that the exemption enhances
the | 6 |
| marketability of the bonds or notes or reduces the interest | 7 |
| rates that
would otherwise be borne by the
bonds or notes. For | 8 |
| purposes of Section 250 of the Illinois Income Tax Act, the
| 9 |
| exemption of the Authority
shall terminate after all of the | 10 |
| bonds have been paid. The amount of such income that shall be | 11 |
| added and
then subtracted on the Illinois income tax return of | 12 |
| a taxpayer, subject to Section 203 of the Illinois Income
Tax | 13 |
| Act, from federal adjusted gross income or federal taxable | 14 |
| income in computing Illinois base income
shall be the interest | 15 |
| net of any bond premium amortization.
| 16 |
| Section 50. Acquisition.
| 17 |
| (a) The Authority may, but need not, acquire title to any | 18 |
| project with
respect to which it exercises its
authority.
| 19 |
| (b) The Authority shall have power to acquire by purchase, | 20 |
| lease, gift, or
otherwise any property or
rights therein from | 21 |
| any person or persons, the State of Illinois, any municipal
| 22 |
| corporation, any local unit of
government, the government of | 23 |
| the United States and any agency or
instrumentality of the | 24 |
| United States,
any body politic, or any county useful for its | 25 |
| purposes, whether improved for
the purposes of any
prospective | 26 |
| project or unimproved. The Authority may also accept any | 27 |
| donation
of funds for its purposes
from any of these sources.
| 28 |
| (c) The Authority shall have power to develop, construct, | 29 |
| and improve,
either under its own direction or
through | 30 |
| collaboration with any approved applicant, or to acquire, | 31 |
| through
purchase or otherwise, any
project, using for this | 32 |
| purpose the proceeds derived from its sale of revenue
bonds, | 33 |
| notes, or other
evidences of indebtedness or governmental loans |
|
|
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| or grants and shall have the
power to hold title to those
| 2 |
| projects in the name of the Authority.
| 3 |
| (d) The Authority shall have the power to enter into | 4 |
| intergovernmental
agreements with the State of
Illinois, the | 5 |
| counties of Franklin, Perry, Randolph, Jackson, Williamson, | 6 |
| Saline, Gallatin, Union, Johnson, Pope, Hardin, Alexander, | 7 |
| Pulaski, or Massac, the Illinois
Finance Authority, the | 8 |
| Illinois Housing
Development Authority, the United States | 9 |
| government and any agency or instrumentality of the United
| 10 |
| States, any unit
of local government located within the | 11 |
| territory of the Authority, or any other
unit of government to | 12 |
| the
extent allowed by Article VII, Section 10 of the Illinois | 13 |
| Constitution and the
Intergovernmental
Cooperation Act.
| 14 |
| (e) The Authority shall have the power to share employees | 15 |
| with other units
of government, including
agencies of the | 16 |
| United States, agencies of the State of Illinois, and agencies
| 17 |
| or personnel of any unit of
local government.
| 18 |
| (f) The Authority shall have the power to exercise powers | 19 |
| and issue bonds as
if it were a municipality so
authorized in | 20 |
| Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
| 21 |
| Illinois Municipal Code.
| 22 |
| Section 60. Designation of depository. The Authority shall | 23 |
| biennially
designate a national or State bank or
banks as | 24 |
| depositories of its money. Such depositories shall be | 25 |
| designated only
within the State and upon
condition that bonds | 26 |
| approved as to form and surety by the Authority and at
least | 27 |
| equal in amount to the
maximum sum expected to be on deposit at | 28 |
| any one time shall be first given by
such depositories to the
| 29 |
| Authority, such bonds to be conditioned for the safe keeping | 30 |
| and prompt
repayment of such deposits.
When any of the funds of | 31 |
| the Authority shall be deposited by the treasurer in
any such | 32 |
| depository, the
treasurer and the sureties on his official bond | 33 |
| shall, to such extent, be
exempt from liability for the loss of
|
|
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| any such deposited funds by reason of the failure, bankruptcy, | 2 |
| or any other act
or default of such depository;
provided that | 3 |
| the Authority may accept assignments of collateral by any
| 4 |
| depository of its funds to secure
such deposits to the same | 5 |
| extent and conditioned in the same manner as
assignments of | 6 |
| collateral are
permitted by law to secure deposits of the funds | 7 |
| of any city.
| 8 |
| Section 65. Taxation prohibited. The Authority shall have | 9 |
| no right or
authority to levy any tax or special
assessment, to | 10 |
| pledge the credit of the State or any other subdivision or
| 11 |
| municipal corporation thereof, or to
incur any obligation | 12 |
| enforceable upon any property, either within or without
the | 13 |
| territory of the Authority.
| 14 |
| Section 70. Fees. The Authority may collect fees and | 15 |
| charges in connection
with its loans, commitments,
and | 16 |
| servicing and may provide technical assistance in the | 17 |
| development of the
region.
| 18 |
| Section 75. Reports. The Authority shall annually submit a | 19 |
| report of its
finances to the Auditor General.
The Authority | 20 |
| shall annually submit a report of its activities to the | 21 |
| Governor
and to the General Assembly.
| 22 |
| Section 900. The Illinois Finance Authority Act is amended | 23 |
| by changing Sections 801-40 and 845-5 as follows:
| 24 |
| (20 ILCS 3501/801-40)
| 25 |
| Sec. 801-40. In addition to the powers otherwise authorized | 26 |
| by law and in
addition to the foregoing general corporate | 27 |
| powers, the Authority shall also
have the following additional | 28 |
| specific powers to be exercised in furtherance of
the purposes | 29 |
| of this Act.
|
|
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| (a) The Authority shall have power (i) to accept grants, | 2 |
| loans or
appropriations from the federal government or the | 3 |
| State, or any agency or
instrumentality thereof, to be used for | 4 |
| the operating expenses of the
Authority,
or for any purposes of | 5 |
| the Authority, including the making of direct loans of
such | 6 |
| funds with respect to projects, and (ii) to enter into any | 7 |
| agreement with
the federal government or the State, or any | 8 |
| agency or instrumentality thereof,
in relationship to such | 9 |
| grants, loans or appropriations.
| 10 |
| (b) The Authority shall have power to procure and enter | 11 |
| into contracts for
any
type of insurance and indemnity | 12 |
| agreements covering loss or damage to property
from any cause, | 13 |
| including loss of use and occupancy, or covering any other
| 14 |
| insurable risk.
| 15 |
| (c) The Authority shall have the continuing power to issue | 16 |
| bonds for its
corporate purposes. Bonds may be issued by the | 17 |
| Authority in one or more series
and may provide for the payment | 18 |
| of any interest deemed necessary on such bonds,
of the costs of | 19 |
| issuance of such bonds, of any premium on any insurance, or of
| 20 |
| the cost of any guarantees, letters of credit or other similar | 21 |
| documents, may
provide for the funding of the reserves deemed | 22 |
| necessary in connection with
such bonds, and may provide for | 23 |
| the refunding or advance refunding of any bonds
or
for accounts | 24 |
| deemed necessary in connection with any purpose of the | 25 |
| Authority.
The bonds may bear interest payable at any time or | 26 |
| times and at any rate or
rates, notwithstanding any other | 27 |
| provision of law to the contrary, and such
rate or rates may be | 28 |
| established by an index or formula which may be
implemented or
| 29 |
| established by persons appointed or retained therefor by the | 30 |
| Authority, or may
bear no interest or may bear interest payable | 31 |
| at maturity or upon redemption
prior to maturity, may bear such | 32 |
| date or dates, may be payable at such time or
times and at such | 33 |
| place or places, may mature at any time or times not later
than | 34 |
| 40 years from the date of issuance, may be sold at public or |
|
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| private sale
at such time or times and at such price or prices, | 2 |
| may be secured by such
pledges, reserves, guarantees, letters | 3 |
| of credit, insurance contracts or other
similar credit support | 4 |
| or liquidity instruments, may be executed in such
manner, may | 5 |
| be subject to redemption prior to maturity, may provide for the
| 6 |
| registration of the bonds, and may be subject to such other | 7 |
| terms and
conditions all as may
be provided by the resolution | 8 |
| or indenture authorizing the issuance of such
bonds. The holder | 9 |
| or holders of any bonds issued by the Authority may bring
suits | 10 |
| at law or proceedings in equity to compel the performance and | 11 |
| observance
by any person or by the Authority or any of its | 12 |
| agents or employees of any
contract or covenant made with the | 13 |
| holders of such bonds and to compel such
person or the | 14 |
| Authority and any of its agents or employees to perform any
| 15 |
| duties
required to be performed for the benefit of the holders | 16 |
| of any such bonds by
the provision of the resolution | 17 |
| authorizing their issuance, and to enjoin such
person or the | 18 |
| Authority and any of its agents or employees from taking any
| 19 |
| action in conflict with any such contract or covenant.
| 20 |
| Notwithstanding the form and tenor of any such bonds and in the | 21 |
| absence of any
express recital on the face thereof that it is | 22 |
| non-negotiable, all such bonds
shall be negotiable | 23 |
| instruments. Pending the preparation and execution of any
such | 24 |
| bonds, temporary bonds may be issued as provided by the | 25 |
| resolution.
The bonds shall be sold by the Authority in such | 26 |
| manner as it shall determine.
The bonds may be secured as | 27 |
| provided in the authorizing resolution by the
receipts, | 28 |
| revenues, income and other available funds of the Authority and | 29 |
| by
any amounts derived by the Authority from the loan agreement | 30 |
| or lease agreement
with respect to the project or projects; and | 31 |
| bonds may be issued as general
obligations of the Authority | 32 |
| payable from such revenues, funds and obligations
of the | 33 |
| Authority as the bond resolution shall provide, or may be | 34 |
| issued as
limited obligations with a claim for payment solely |
|
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| from such revenues, funds
and obligations as the bond | 2 |
| resolution shall provide. The Authority may grant a
specific | 3 |
| pledge or assignment of and lien on or security interest in | 4 |
| such
rights, revenues, income, or amounts and may grant a | 5 |
| specific pledge or
assignment of and lien on or security | 6 |
| interest in any reserves, funds or
accounts established in the | 7 |
| resolution authorizing the issuance of bonds. Any
such pledge, | 8 |
| assignment, lien or security interest for the benefit of the
| 9 |
| holders of the Authority's bonds shall be valid and binding | 10 |
| from the time the
bonds are issued without any physical | 11 |
| delivery or further act, and shall be
valid and binding as | 12 |
| against and prior to the claims of all other parties
having | 13 |
| claims against the Authority or any other person irrespective | 14 |
| of whether
the
other parties have notice of the pledge, | 15 |
| assignment, lien or security interest.
As evidence of such | 16 |
| pledge, assignment, lien and security interest, the
Authority | 17 |
| may execute and deliver a mortgage, trust agreement, indenture | 18 |
| or
security agreement or an assignment thereof.
A remedy for | 19 |
| any breach or default of the terms of any such agreement by the
| 20 |
| Authority may be by mandamus proceedings in any court of | 21 |
| competent jurisdiction
to compel the performance and | 22 |
| compliance therewith, but the agreement may
prescribe by whom | 23 |
| or on whose behalf such action may be instituted.
It is | 24 |
| expressly understood that the Authority may, but need not, | 25 |
| acquire title
to any project with respect to which it exercises | 26 |
| its authority.
| 27 |
| (d) With respect to the powers granted by this Act, the | 28 |
| Authority may adopt
rules and regulations prescribing the | 29 |
| procedures by which persons may apply for
assistance under this | 30 |
| Act. Nothing herein shall be deemed to preclude the
Authority, | 31 |
| prior to the filing of any formal application, from conducting
| 32 |
| preliminary discussions and investigations with respect to the | 33 |
| subject matter
of any prospective application.
| 34 |
| (e) The Authority shall have power to acquire by purchase, |
|
|
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| lease, gift or
otherwise any property or rights therein from | 2 |
| any person useful for its
purposes, whether improved for the | 3 |
| purposes of any prospective project, or
unimproved. The | 4 |
| Authority may also accept any donation of funds for its
| 5 |
| purposes from any such source. The Authority shall have no | 6 |
| independent power of
condemnation but may acquire any property | 7 |
| or rights therein obtained upon
condemnation by any other | 8 |
| authority, governmental entity or unit of local
government with | 9 |
| such power.
| 10 |
| (f) The Authority shall have power to develop, construct | 11 |
| and improve either
under its own direction, or through | 12 |
| collaboration with any approved applicant,
or to acquire | 13 |
| through purchase or otherwise, any project, using for such
| 14 |
| purpose the proceeds derived from the sale of its bonds or from | 15 |
| governmental
loans or
grants, and to hold title in the name of | 16 |
| the Authority to such projects.
| 17 |
| (g) The Authority shall have power to lease pursuant to a | 18 |
| lease agreement
any
project so developed and constructed or | 19 |
| acquired to the approved tenant on such
terms and conditions as | 20 |
| may be appropriate to further the purposes of this Act
and to | 21 |
| maintain the credit of the Authority. Any such lease may | 22 |
| provide for
either the Authority or the approved tenant to | 23 |
| assume initially, in whole or in
part, the costs of | 24 |
| maintenance, repair and improvements during the leasehold
| 25 |
| period. In no case, however, shall the total rentals from any | 26 |
| project during
any initial leasehold period or the total loan | 27 |
| repayments to be made pursuant
to any loan agreement, be less | 28 |
| than an amount necessary to return over such
lease
or loan | 29 |
| period (1) all costs incurred in connection with the | 30 |
| development,
construction, acquisition or improvement of the | 31 |
| project and for repair,
maintenance and improvements thereto | 32 |
| during the period of the lease or loan;
provided, however, that | 33 |
| the rentals or loan repayments need not include costs
met | 34 |
| through the use of funds other than those obtained by the |
|
|
|
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| Authority through
the issuance of its bonds or governmental | 2 |
| loans; (2) a reasonable percentage
additive to be agreed upon | 3 |
| by the Authority and the borrower or tenant to cover
a properly | 4 |
| allocable portion of the Authority's general expenses, | 5 |
| including,
but not limited to, administrative expenses, | 6 |
| salaries and general insurance,
and
(3) an amount sufficient to | 7 |
| pay when due all principal of, interest and
premium, if
any on, | 8 |
| any bonds issued by the Authority with respect to the project. | 9 |
| The
portion of total rentals payable under clause (3) of this | 10 |
| subsection (g) shall
be deposited in such special accounts, | 11 |
| including all sinking funds, acquisition
or construction | 12 |
| funds, debt service and other funds as provided by any
| 13 |
| resolution, mortgage or trust agreement of the Authority | 14 |
| pursuant to which any
bond is issued.
| 15 |
| (h) The Authority has the power, upon the termination of | 16 |
| any leasehold
period
of any project, to sell or lease for a | 17 |
| further term or terms such project on
such terms and conditions | 18 |
| as the Authority shall deem reasonable and consistent
with the | 19 |
| purposes of the Act. The net proceeds from all such sales and | 20 |
| the
revenues or income from such leases shall be used to | 21 |
| satisfy any indebtedness
of
the Authority with respect to such | 22 |
| project and any balance may be used to pay
any expenses of the | 23 |
| Authority or be used for the further development,
construction, | 24 |
| acquisition or improvement of projects.
In the event any | 25 |
| project is vacated by a tenant prior to the termination of the
| 26 |
| initial leasehold period, the Authority shall sell or lease the | 27 |
| facilities of
the project on the most advantageous terms | 28 |
| available. The net proceeds of any
such disposition shall be | 29 |
| treated in the same manner as the proceeds from sales
or the | 30 |
| revenues or income from leases subsequent to the termination of | 31 |
| any
initial leasehold period.
| 32 |
| (i) The Authority shall have the power to make loans to | 33 |
| persons to finance a
project, to enter into loan agreements | 34 |
| with respect thereto, and to accept
guarantees from persons of |
|
|
|
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| 1 |
| its loans or the resultant evidences of obligations
of the | 2 |
| Authority.
| 3 |
| (j) The Authority may fix, determine, charge and collect | 4 |
| any premiums, fees,
charges, costs and expenses, including, | 5 |
| without limitation, any application
fees, commitment fees, | 6 |
| program fees, financing charges or publication fees from
any | 7 |
| person in connection with its activities under this Act.
| 8 |
| (k) In addition to the funds established as provided | 9 |
| herein, the Authority
shall have the power to create and | 10 |
| establish such reserve funds and accounts as
may be necessary | 11 |
| or desirable to accomplish its purposes under this Act and to
| 12 |
| deposit its available monies into the funds and accounts.
| 13 |
| (l) At the request of the governing body of any unit of | 14 |
| local government,
the
Authority is authorized to market such | 15 |
| local government's revenue bond
offerings by preparing bond | 16 |
| issues for sale, advertising for sealed bids,
receiving bids
at | 17 |
| its offices, making the award to the bidder that offers the | 18 |
| most favorable
terms or arranging for negotiated placements or | 19 |
| underwritings of such
securities. The Authority may, at its | 20 |
| discretion, offer for concurrent sale the
revenue bonds of | 21 |
| several local governments. Sales by the Authority of revenue
| 22 |
| bonds under this Section shall in no way imply State guarantee | 23 |
| of such debt
issue. The Authority may require such financial | 24 |
| information from participating
local governments as it deems | 25 |
| necessary in order to carry out the purposes of
this subsection | 26 |
| (1).
| 27 |
| (m) The Authority may make grants to any county to which | 28 |
| Division 5-37 of
the
Counties Code is applicable to assist in | 29 |
| the financing of capital development,
construction and | 30 |
| renovation of new or existing facilities for hospitals and
| 31 |
| health care facilities under that Act. Such grants may only be | 32 |
| made from funds
appropriated for such purposes from the Build | 33 |
| Illinois Bond Fund or the Build
Illinois Purposes Fund.
| 34 |
| (n) The Authority may establish an urban development action |
|
|
|
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|
| 1 |
| grant program
for
the purpose of assisting municipalities in | 2 |
| Illinois which are experiencing
severe economic distress to | 3 |
| help stimulate economic development activities
needed to aid in | 4 |
| economic recovery. The Authority shall determine the types of
| 5 |
| activities and projects for which the urban development action | 6 |
| grants may be
used, provided that such projects and activities | 7 |
| are broadly defined to include
all reasonable projects and | 8 |
| activities the primary objectives of which are the
development | 9 |
| of viable urban communities, including decent housing and a
| 10 |
| suitable living environment, and expansion of economic | 11 |
| opportunity, principally
for
persons of low and moderate | 12 |
| incomes. The Authority shall enter into grant
agreements from | 13 |
| monies appropriated for such purposes from the Build Illinois
| 14 |
| Bond Fund or the Build Illinois Purposes Fund. The Authority | 15 |
| shall monitor the
use of the grants, and shall provide for | 16 |
| audits of the funds as well as
recovery by the Authority of any | 17 |
| funds determined to have been spent in
violation of this
| 18 |
| subsection (n) or any rule or regulation promulgated hereunder. | 19 |
| The Authority
shall provide technical assistance with regard to | 20 |
| the effective use of the
urban development action grants. The | 21 |
| Authority shall file an annual report to
the
General Assembly | 22 |
| concerning the progress of the grant program.
| 23 |
| (o) The Authority may establish a Housing Partnership | 24 |
| Program whereby the
Authority provides zero-interest loans to | 25 |
| municipalities for the purpose of
assisting in the financing of | 26 |
| projects for the rehabilitation of affordable
multi-family | 27 |
| housing for low and moderate income residents. The Authority | 28 |
| may
provide such loans only upon a municipality's providing | 29 |
| evidence that it has
obtained private funding for the | 30 |
| rehabilitation project. The Authority shall
provide 3 State | 31 |
| dollars for every 7 dollars obtained by the municipality from
| 32 |
| sources other than the State of Illinois. The loans shall be | 33 |
| made from monies
appropriated for such purpose from the Build | 34 |
| Illinois Bond Fund or the Build
Illinois Purposes Fund. The |
|
|
|
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|
| 1 |
| total amount of loans available under the Housing
Partnership | 2 |
| Program shall not exceed $30,000,000. State loan monies under | 3 |
| this
subsection shall be used only for the acquisition and | 4 |
| rehabilitation of
existing
buildings containing 4 or more | 5 |
| dwelling units. The terms of any loan made by
the municipality | 6 |
| under this subsection shall require repayment of the loan to
| 7 |
| the municipality upon any sale or other transfer of the | 8 |
| project.
| 9 |
| (p) The Authority may award grants to universities and | 10 |
| research
institutions,
research consortiums and other | 11 |
| not-for-profit entities for the purposes of:
remodeling or | 12 |
| otherwise physically altering existing laboratory or research
| 13 |
| facilities, expansion or physical additions to existing | 14 |
| laboratory or research
facilities, construction of new | 15 |
| laboratory or research facilities or
acquisition of modern | 16 |
| equipment to support laboratory or research operations
| 17 |
| provided that
such grants (i) be used solely in support of | 18 |
| project and equipment acquisitions
which enhance technology | 19 |
| transfer, and (ii) not constitute more than 60 percent
of the | 20 |
| total project or acquisition cost.
| 21 |
| (q) Grants may be awarded by the Authority to units of | 22 |
| local government for
the
purpose of developing the appropriate | 23 |
| infrastructure or defraying other costs
to
the local government | 24 |
| in support of laboratory or research facilities provided
that | 25 |
| such grants may not exceed 40% of the cost to the unit of local
| 26 |
| government.
| 27 |
| (r) The Authority may establish a Direct Loan Program to | 28 |
| make loans to
individuals, partnerships or corporations for the | 29 |
| purpose of an industrial
project, as defined in
Section 801-10 | 30 |
| of this Act. For the purposes of such program
and not by way of | 31 |
| limitation on any other program of the Authority, the
Authority | 32 |
| shall have the power to issue bonds, notes, or other evidences | 33 |
| of
indebtedness including commercial paper for purposes of | 34 |
| providing a fund of
capital from which it may make such loans. |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| The Authority shall have the power
to use any appropriations | 2 |
| from the State made especially for the Authority's
Direct Loan | 3 |
| Program for additional capital to make such loans or for the
| 4 |
| purposes of reserve funds or pledged funds which secure the | 5 |
| Authority's
obligations of repayment of any bond, note or other | 6 |
| form of indebtedness
established for the purpose of providing | 7 |
| capital for which it intends to make
such loans under the | 8 |
| Direct Loan Program. For the purpose of obtaining such
capital, | 9 |
| the Authority may also enter into agreements with financial
| 10 |
| institutions and other persons for the purpose of selling loans | 11 |
| and developing
a secondary market for such loans.
Loans made | 12 |
| under the Direct Loan Program may be in an amount not to exceed
| 13 |
| $300,000 and shall be made for a portion of an industrial | 14 |
| project which does
not exceed 50% of the total project. No loan | 15 |
| may be made by the Authority
unless
approved by the affirmative | 16 |
| vote of at least 8 members of the board. The
Authority shall | 17 |
| establish procedures and publish rules which shall provide for
| 18 |
| the submission, review, and analysis of each direct loan | 19 |
| application and which
shall preserve the ability of each board | 20 |
| member to reach an individual business
judgment regarding the | 21 |
| propriety of making each direct loan. The collective
discretion | 22 |
| of the board to approve or disapprove each loan shall be
| 23 |
| unencumbered.
The Authority may establish and collect such fees | 24 |
| and charges, determine and
enforce such terms and conditions, | 25 |
| and charge such interest rates as it
determines to be necessary | 26 |
| and appropriate to the successful administration of
the Direct | 27 |
| Loan Program. The Authority may require such interests in | 28 |
| collateral
and such guarantees as it determines are necessary | 29 |
| to project the Authority's
interest in the repayment of the | 30 |
| principal and interest of each loan made under
the Direct Loan | 31 |
| Program.
| 32 |
| (s) The Authority may guarantee private loans to third | 33 |
| parties up to a
specified dollar amount in order to promote | 34 |
| economic development in this State.
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| (t) The Authority may adopt rules and regulations as may be | 2 |
| necessary or
advisable to implement the powers conferred by | 3 |
| this Act.
| 4 |
| (u) The Authority shall have the power to issue bonds, | 5 |
| notes or other
evidences
of indebtedness, which may be used to | 6 |
| make loans to units of local government
which are authorized to | 7 |
| enter into loan agreements and other documents and to
issue | 8 |
| bonds, notes and other evidences of indebtedness for the | 9 |
| purpose of
financing the protection of storm sewer outfalls, | 10 |
| the construction of adequate
storm sewer outfalls, and the | 11 |
| provision for flood protection of sanitary sewage
treatment | 12 |
| plans, in counties that have established a stormwater | 13 |
| management
planning committee in accordance with
Section | 14 |
| 5-1062 of the Counties Code. Any
such loan shall be made by the | 15 |
| Authority pursuant to the provisions of
Section
820-5 to 820-60 | 16 |
| of this Act. The unit of local government shall pay back to the
| 17 |
| Authority the principal amount of the loan, plus annual | 18 |
| interest as determined
by the Authority. The Authority shall | 19 |
| have the power, subject to appropriations
by the General | 20 |
| Assembly, to subsidize or buy down a portion of the interest on
| 21 |
| such loans, up to 4% per annum.
| 22 |
| (v) The Authority may accept security interests as provided | 23 |
| in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| 24 |
| (w) Moral Obligation. In the event that the Authority | 25 |
| determines that monies
of the Authority will not be sufficient | 26 |
| for the payment of the principal of and
interest on its bonds | 27 |
| during the next State fiscal year, the Chairperson, as
soon as | 28 |
| practicable, shall certify to the Governor the amount required | 29 |
| by the
Authority to enable it to pay such principal of and | 30 |
| interest on the bonds. The
Governor shall submit the amount so | 31 |
| certified to the General Assembly as soon
as
practicable, but | 32 |
| no later than the end of the current State fiscal year. This
| 33 |
| subsection shall apply only to any bonds or notes as to which | 34 |
| the Authority
shall have determined, in the resolution |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| authorizing the issuance of the bonds
or notes, that this | 2 |
| subsection shall apply. Whenever the Authority makes such a
| 3 |
| determination, that fact shall be plainly stated on the face of | 4 |
| the bonds or
notes and that fact shall also be reported to the | 5 |
| Governor. In the event of a
withdrawal of moneys from a reserve | 6 |
| fund established with respect to any issue
or issues of bonds | 7 |
| of the Authority to pay principal or interest on those
bonds,
| 8 |
| the Chairperson of the Authority, as soon as practicable, shall | 9 |
| certify to the
Governor the amount required to restore the | 10 |
| reserve fund to the level required
in the resolution or | 11 |
| indenture securing those bonds. The Governor shall submit
the | 12 |
| amount so certified to the General Assembly as soon as | 13 |
| practicable, but no
later than the end of the current State | 14 |
| fiscal year. The Authority shall obtain
written approval from | 15 |
| the Governor for any bonds and notes to be issued under
this | 16 |
| Section.
In addition to any other bonds authorized to be issued | 17 |
| under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | 18 |
| principal amount of Authority
bonds outstanding
issued under | 19 |
| this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | 20 |
| 360/2-6(c), which have
been
assumed by the Authority, shall not | 21 |
| exceed $150,000,000. | 22 |
| Bonds issued after the effective date of this amendatory | 23 |
| Act of the 94th General Assembly with a moral obligation of the | 24 |
| State shall not exceed 25 years in maturity.
The moral | 25 |
| obligation pledge of the State must be secured solely or at | 26 |
| parity with additional co-senior lien lending interests. The | 27 |
| amount of senior lien financing provided for a project in which | 28 |
| the State solely or jointly participates in providing a moral | 29 |
| obligation pledge shall not exceed 70% of the total project | 30 |
| value.
| 31 |
| (Source: P.A. 93-205, eff. 1-1-04.)
| 32 |
| (20 ILCS 3501/845-5)
| 33 |
| Sec. 845-5. The Authority may not have outstanding at any |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| one time bonds
for any of its corporate purposes in an | 2 |
| aggregate principal amount exceeding $29,000,000,000
| 3 |
| $24,000,000,000 , excluding bonds issued to refund the bonds of | 4 |
| the Authority or
bonds of the Predecessor Authorities.
| 5 |
| (Source: P.A. 93-205, eff. 1-1-04; 93-1101, eff. 3-31-05.)
| 6 |
| Section 903. The Illinois Housing Development Act is | 7 |
| amended by changing Section 26.1 as follows:
| 8 |
| (20 ILCS 3805/26.1) (from Ch. 67 1/2, par. 326.1)
| 9 |
| Sec. 26.1. In the event that the Authority determines that | 10 |
| monies of the
Authority will not be sufficient for the payment | 11 |
| of the principal of and
interest on its bonds (or on any notes | 12 |
| issued for a maturity in excess of
three years) during the next | 13 |
| State fiscal year, excluding amounts in the
debt service | 14 |
| reserve fund for those bonds or notes, the Chairman shall
| 15 |
| certify to the Governor, as soon as is practicable, the amount | 16 |
| required by
the Authority to enable it to pay such principal of | 17 |
| and interest on the
bonds or notes. The Governor shall submit | 18 |
| the amount so certified to the
General Assembly as soon as | 19 |
| practicable, but not later than the end of the
current State | 20 |
| fiscal year.
| 21 |
| In the event of a withdrawal of moneys from a reserve fund | 22 |
| established
with respect to any issue or issues of bonds or | 23 |
| notes of the Authority to pay
principal or interest on such | 24 |
| bonds, the Chairman of the Authority, as soon
as practicable, | 25 |
| shall certify to the Governor the amount required
to restore | 26 |
| such reserve fund to the level required in the resolution or
| 27 |
| indenture securing the bonds. The Governor shall submit the | 28 |
| amount so
certified to the General Assembly as soon as | 29 |
| practicable, but no later than
the end of the current State | 30 |
| fiscal year.
| 31 |
| This Section shall not apply to any bonds or notes as to | 32 |
| which the
Authority shall have determined, in the resolution |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| authorizing the issuance
of the bonds or notes, that this | 2 |
| Section shall not apply. Whenever the
Authority makes such a | 3 |
| determination that fact shall be plainly stated on
the face of | 4 |
| the bonds or notes and that fact shall also be reported to the
| 5 |
| Governor. The Authority shall obtain written approval from the | 6 |
| Governor for
bonds and notes issued under this Section. | 7 |
| This Section applies only with respect to bonds issued | 8 |
| before the effective date of this amendatory Act of the 94th | 9 |
| General Assembly.
| 10 |
| (Source: P.A. 87-778.)
| 11 |
| Section 905. The Quad Cities Regional Economic Development
| 12 |
| Authority Act, approved September 22, 1987 is amended by | 13 |
| changing Sections 9, 9.1, and 15 as follows:
| 14 |
| (70 ILCS 510/9) (from Ch. 85, par. 6209)
| 15 |
| Sec. 9. Bonds and notes. (a)(1) The Authority may, with the | 16 |
| written
approval of the Governor, at any time and from time to | 17 |
| time, issue bonds and
notes for any corporate purpose, | 18 |
| including the establishment of reserves and
the payment of | 19 |
| interest. In this Act the term "bonds" includes notes of
any | 20 |
| kind, interim certificates, refunding bonds or any other | 21 |
| evidence of obligation.
| 22 |
| (2) The bonds of any issue shall be payable solely from the | 23 |
| property or
receipts of the Authority, including, without | 24 |
| limitation:
| 25 |
| (I) fees, charges or other revenues payable to the | 26 |
| Authority;
| 27 |
| (II) payments by financial institutions, insurance | 28 |
| companies, or others
pursuant to letters or lines of credit, | 29 |
| policies of insurance, or purchase agreements;
| 30 |
| (III) investment earnings from funds or accounts | 31 |
| maintained pursuant to
a bond resolution or trust agreement; | 32 |
| and
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| (IV) proceeds of refunding bonds.
| 2 |
| (3) Bonds shall be authorized by a resolution of the | 3 |
| Authority and may
be secured by a trust agreement by and | 4 |
| between the Authority and a
corporate trustee or trustees, | 5 |
| which may be any trust company or bank
having the powers of a | 6 |
| trust company within or without the State. Bonds shall:
| 7 |
| (I) be issued at, above or below par value, for cash or | 8 |
| other valuable
consideration, and mature at time or times, | 9 |
| whether as serial bonds or as
term bonds or both, not exceeding | 10 |
| 40 years from their respective date of
issue; however, the | 11 |
| length of the term of the bond should bear a reasonable
| 12 |
| relationship to the value life of the item financed;
| 13 |
| (II) bear interest at the fixed or variable rate or rates | 14 |
| determined by
the method provided in the resolution or trust | 15 |
| agreement;
| 16 |
| (III) be payable at a time or times, in the denominations | 17 |
| and form,
either coupon or registered or both, and carry the | 18 |
| registration and
privileges as to conversion and for the | 19 |
| replacement of mutilated, lost or
destroyed bonds as the | 20 |
| resolution or trust agreement may provide;
| 21 |
| (IV) be payable in lawful money of the United States at a | 22 |
| designated place;
| 23 |
| (V) be subject to the terms of purchase, payment, | 24 |
| redemption, refunding
or refinancing that the resolution or | 25 |
| trust agreement provides;
| 26 |
| (VI) be executed by the manual or facsimile signatures of | 27 |
| the officers
of the Authority designated by the Authority, | 28 |
| which signatures shall be
valid at delivery even for one who | 29 |
| has ceased to hold office; and
| 30 |
| (VII) be sold in the manner and upon the terms determined | 31 |
| by the Authority.
| 32 |
| (b) Any resolution or trust agreement may contain | 33 |
| provisions which shall
be a part of the contract with the | 34 |
| holders of the bonds as to:
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| (1) pledging, assigning or directing the use, investment or | 2 |
| disposition
of receipts of the Authority or proceeds or | 3 |
| benefits of any contract and
conveying or otherwise securing | 4 |
| any property or property rights;
| 5 |
| (2) the setting aside of loan funding deposits, debt | 6 |
| service reserves,
capitalized interest accounts, cost of | 7 |
| issuance accounts and sinking funds,
and the regulations, | 8 |
| investment and disposition thereof;
| 9 |
| (3) limitations on the purpose to which or the investments | 10 |
| in which the
proceeds of sale of any issue of bonds may be | 11 |
| applied and restrictions to
investment of revenues or bond | 12 |
| proceeds in government obligations for which
principal and | 13 |
| interest are unconditionally guaranteed by the United States of | 14 |
| America;
| 15 |
| (4) limitations on the issue of additional bonds, the terms | 16 |
| upon which
additional bonds may be issued and secured, the | 17 |
| terms upon which additional
bonds may rank on a parity with, or | 18 |
| be subordinate or superior to, other bonds;
| 19 |
| (5) the refunding or refinancing of outstanding bonds;
| 20 |
| (6) the procedure, if any, by which the terms of any | 21 |
| contract with
bondholders may be altered or amended and the | 22 |
| amount of bonds and holders
of which must consent thereto, and | 23 |
| the manner in which consent shall be given;
| 24 |
| (7) defining the acts or omissions which shall constitute a | 25 |
| default in
the duties of the Authority to holders of bonds and | 26 |
| providing the rights or
remedies of such holders in the event | 27 |
| of a default which may include
provisions restricting | 28 |
| individual right of action by bondholders;
| 29 |
| (8) providing for guarantees, pledges of property, letters | 30 |
| of credit, or
other security, or insurance for the benefit of | 31 |
| bondholders; and
| 32 |
| (9) any other matter relating to the bonds which the | 33 |
| Authority determines appropriate.
| 34 |
| (c) No member of the Authority nor any person executing the |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| bonds shall
be liable personally on the bonds or subject to any | 2 |
| personal liability by
reason of the issuance of the bonds.
| 3 |
| (d) The Authority may enter into agreements with agents, | 4 |
| banks, insurers
or others for the purpose of enhancing the | 5 |
| marketability of or as security for its bonds.
| 6 |
| (e)(1) A pledge by the Authority of revenues as security | 7 |
| for an issue of
bonds shall be valid and binding from the time | 8 |
| when the pledge is made.
| 9 |
| (2) The revenues pledged shall immediately be subject to | 10 |
| the lien of the
pledge without any physical delivery or further | 11 |
| act, and the lien of any
pledge shall be valid and binding | 12 |
| against any person having any claim of
any kind in tort, | 13 |
| contract or otherwise against the Authority, irrespective
of | 14 |
| whether the person has notice.
| 15 |
| (3) No resolution, trust agreement or financing statement, | 16 |
| continuation
statement, or other instrument adopted or entered | 17 |
| into by the Authority
need be filed or recorded in any public | 18 |
| record other than the records of
the authority in order to | 19 |
| perfect the lien against third persons,
regardless of any | 20 |
| contrary provision of law.
| 21 |
| (f) The Authority may issue bonds to refund any of its | 22 |
| bonds then
outstanding, including the payment of any redemption | 23 |
| premium and any
interest accrued or to accrue to the earliest | 24 |
| or any subsequent date of
redemption, purchase or maturity of | 25 |
| the bonds. Refunding bonds may be
issued for the public | 26 |
| purposes of realizing savings in the effective costs
of debt | 27 |
| service, directly or through a debt restructuring, for | 28 |
| alleviating
impending or actual default and may be issued in | 29 |
| one or more series in an
amount in excess of that of the bonds | 30 |
| to be refunded.
| 31 |
| (g) Bonds or notes of the Authority may be sold by the | 32 |
| Authority through
the process of competitive bid or negotiated | 33 |
| sale.
| 34 |
| (h) At no time shall the total outstanding bonds and notes |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| of the
Authority exceed $250,000,000
$100 million .
| 2 |
| (i) The bonds and notes of the Authority shall not be debts | 3 |
| of the State.
| 4 |
| (j) In no event may proceeds of bonds or notes issued by | 5 |
| the Authority
be used to finance any structure which is not | 6 |
| constructed pursuant to an
agreement between the Authority and | 7 |
| a party, which provides for the
delivery by the party of a | 8 |
| completed structure constructed pursuant to a
fixed price | 9 |
| contract, and which provides for the delivery of such structure
| 10 |
| at such fixed price to be insured or guaranteed by a third | 11 |
| party determined
by the Authority to be capable of completing | 12 |
| construction of such a structure.
| 13 |
| (Source: P.A. 85-713.)
| 14 |
| (70 ILCS 510/9.1) (from Ch. 85, par. 6209.1)
| 15 |
| Sec. 9.1. Moneys for payment of principal of and interest | 16 |
| on bonds ; applicability . | 17 |
| (a) In
the event that the Authority determines that moneys | 18 |
| of the Authority will
not be sufficient for the payment of the | 19 |
| principal of and interest on its
bonds during the next State | 20 |
| fiscal year, the Chairman, as soon as
practicable, shall | 21 |
| certify to the Governor the amount required by the
Authority to | 22 |
| enable it to pay such principal of and interest on the bonds.
| 23 |
| The Governor shall submit the amount so certified to the | 24 |
| General Assembly
as soon as practicable, but no later than the | 25 |
| end of the current State
fiscal year. This Section shall not | 26 |
| apply to any bonds or notes as to which
the Authority shall | 27 |
| have determined, in the resolution authorizing the
issuance of | 28 |
| the bonds or notes, that this Section shall not apply.
Whenever | 29 |
| the Authority makes such a determination, that fact shall be
| 30 |
| plainly stated on the face of the bonds or notes and that
fact | 31 |
| shall also be reported to the Governor.
| 32 |
| In the event of a withdrawal of moneys from a reserve fund | 33 |
| established
with respect to any issue or issues of bonds of the |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| Authority to pay
principal or interest on those bonds, the | 2 |
| Chairman of the Authority, as
soon as practicable, shall | 3 |
| certify to the Governor the amount required
to restore the | 4 |
| reserve fund to the level required in the resolution or
| 5 |
| indenture securing those bonds. The Governor shall submit the | 6 |
| amount so
certified to the General Assembly as soon as | 7 |
| practicable, but no later than
the end of the current State | 8 |
| fiscal year.
| 9 |
| (b) This Section applies only with respect to bonds issued | 10 |
| before January 1, 2006.
| 11 |
| (Source: P.A. 86-837; 86-1470; 87-778.)
| 12 |
| (70 ILCS 510/15) (from Ch. 85, par. 6215)
| 13 |
| Sec. 15. Designation of Enterprise Zones.
| 14 |
| (a) The Authority may by ordinance designate a portion of | 15 |
| the
territorial jurisdiction of the Authority for | 16 |
| certification as an
Enterprise Zone under the Illinois | 17 |
| Enterprise Zone Act in addition to any
other enterprise zones | 18 |
| which may be created under the Act, which area shall
have all | 19 |
| the privileges and rights of an Enterprise Zone pursuant to the
| 20 |
| Illinois Enterprise Zone Act, but which shall not be counted in | 21 |
| determining
the number of Enterprise Zones to be created in any | 22 |
| year pursuant to that Act.
| 23 |
| (b) The Authority may not designate any portion of the
| 24 |
| territorial jurisdiction of the Authority for certification as | 25 |
| an
Enterprise Zone on or after the effective date of this | 26 |
| amendatory Act of the 94th General Assembly.
| 27 |
| (Source: P.A. 85-713.)
| 28 |
| Section 910. The Quad Cities Regional Economic Development
| 29 |
| Authority Act, certified December 30, 1987 is amended by | 30 |
| changing Sections 9, 9.1, and 14 as follows:
| 31 |
| (70 ILCS 515/9) (from Ch. 85, par. 6509)
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| Sec. 9. Bonds and notes. (a)(1) The Authority may, with the | 2 |
| written
approval of the Governor, at any time and from time to | 3 |
| time, issue bonds and
notes for any corporate purpose, | 4 |
| including the establishment of reserves and
the payment of | 5 |
| interest. In this Act the term "bonds" includes notes of
any | 6 |
| kind, interim certificates, refunding bonds or any other | 7 |
| evidence of obligation.
| 8 |
| (2) The bonds of any issue shall be payable solely from the | 9 |
| property or
receipts of the Authority, including, without | 10 |
| limitation:
| 11 |
| (I) fees, charges or other revenues payable to the | 12 |
| Authority;
| 13 |
| (II) payments by financial institutions, insurance | 14 |
| companies, or others
pursuant to letters or lines of credit, | 15 |
| policies of insurance, or purchase agreements;
| 16 |
| (III) investment earnings from funds or accounts | 17 |
| maintained pursuant to
a bond resolution or trust agreement; | 18 |
| and
| 19 |
| (IV) proceeds of refunding bonds.
| 20 |
| (3) Bonds shall be authorized by a resolution of the | 21 |
| Authority and may
be secured by a trust agreement by and | 22 |
| between the Authority and a
corporate trustee or trustees, | 23 |
| which may be any trust company or bank
having the powers of a | 24 |
| trust company within or without the State. Bonds shall:
| 25 |
| (I) be issued at, above or below par value, for cash or | 26 |
| other valuable
consideration, and mature at time or times, | 27 |
| whether as serial bonds or as
term bonds or both, not exceeding | 28 |
| 40 years from their respective date of
issue; however, the | 29 |
| length of the term of the bond should bear a reasonable
| 30 |
| relationship to the value life of the item financed;
| 31 |
| (II) bear interest at the fixed or variable rate or rates | 32 |
| determined by
the method provided in the resolution or trust | 33 |
| agreement;
| 34 |
| (III) be payable at a time or times, in the denominations |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| and form,
either coupon or registered or both, and carry the | 2 |
| registration and
privileges as to conversion and for the | 3 |
| replacement of mutilated, lost or
destroyed bonds as the | 4 |
| resolution or trust agreement may provide;
| 5 |
| (IV) be payable in lawful money of the United States at a | 6 |
| designated place;
| 7 |
| (V) be subject to the terms of purchase, payment, | 8 |
| redemption, refunding
or refinancing that the resolution or | 9 |
| trust agreement provides;
| 10 |
| (VI) be executed by the manual or facsimile signatures of | 11 |
| the officers
of the Authority designated by the Authority, | 12 |
| which signatures shall be
valid at delivery even for one who | 13 |
| has ceased to hold office; and
| 14 |
| (VII) be sold in the manner and upon the terms determined | 15 |
| by the Authority.
| 16 |
| (b) Any resolution or trust agreement may contain | 17 |
| provisions which shall
be a part of the contract with the | 18 |
| holders of the bonds as to:
| 19 |
| (1) pledging, assigning or directing the use, investment or | 20 |
| disposition
of receipts of the Authority or proceeds or | 21 |
| benefits of any contract and
conveying or otherwise securing | 22 |
| any property or property rights;
| 23 |
| (2) the setting aside of loan funding deposits, debt | 24 |
| service reserves,
capitalized interest accounts, cost of | 25 |
| issuance accounts and sinking funds,
and the regulations, | 26 |
| investment and disposition thereof;
| 27 |
| (3) limitations on the purpose to which or the investments | 28 |
| in which the
proceeds of sale of any issue of bonds may be | 29 |
| applied and restrictions to
investment of revenues or bond | 30 |
| proceeds in government obligations for which
principal and | 31 |
| interest are unconditionally guaranteed by the United States of | 32 |
| America;
| 33 |
| (4) limitations on the issue of additional bonds, the terms | 34 |
| upon which
additional bonds may be issued and secured, the |
|
|
|
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| terms upon which additional
bonds may rank on a parity with, or | 2 |
| be subordinate or superior to, other bonds;
| 3 |
| (5) the refunding or refinancing of outstanding bonds;
| 4 |
| (6) the procedure, if any, by which the terms of any | 5 |
| contract with
bondholders may be altered or amended and the | 6 |
| amount of bonds and holders
of which must consent thereto, and | 7 |
| the manner in which consent shall be given;
| 8 |
| (7) defining the acts or omissions which shall constitute a | 9 |
| default in
the duties of the Authority to holders of bonds and | 10 |
| providing the rights or
remedies of such holders in the event | 11 |
| of a default which may include
provisions restricting | 12 |
| individual right of action by bondholders;
| 13 |
| (8) providing for guarantees, pledges of property, letters | 14 |
| of credit, or
other security, or insurance for the benefit of | 15 |
| bondholders; and
| 16 |
| (9) any other matter relating to the bonds which the | 17 |
| Authority determines appropriate.
| 18 |
| (c) No member of the Authority nor any person executing the | 19 |
| bonds shall
be liable personally on the bonds or subject to any | 20 |
| personal liability by
reason of the issuance of the bonds.
| 21 |
| (d) The Authority may enter into agreements with agents, | 22 |
| banks, insurers
or others for the purpose of enhancing the | 23 |
| marketability of or as security for its bonds.
| 24 |
| (e)(1) A pledge by the Authority of revenues as security | 25 |
| for an issue of
bonds shall be valid and binding from the time | 26 |
| when the pledge is made.
| 27 |
| (2) The revenues pledged shall immediately be subject to | 28 |
| the lien of the
pledge without any physical delivery or further | 29 |
| act, and the lien of any
pledge shall be valid and binding | 30 |
| against any person having any claim of
any kind in tort, | 31 |
| contract or otherwise against the Authority, irrespective
of | 32 |
| whether the person has notice.
| 33 |
| (3) No resolution, trust agreement or financing statement, | 34 |
| continuation
statement, or other instrument adopted or entered |
|
|
|
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| into by the Authority
need be filed or recorded in any public | 2 |
| record other than the records of
the authority in order to | 3 |
| perfect the lien against third persons,
regardless of any | 4 |
| contrary provision of law.
| 5 |
| (f) The Authority may issue bonds to refund any of its | 6 |
| bonds then
outstanding, including the payment of any redemption | 7 |
| premium and any
interest accrued or to accrue to the earliest | 8 |
| or any subsequent date of
redemption, purchase or maturity of | 9 |
| the bonds. Refunding bonds may be
issued for the public | 10 |
| purposes of realizing savings in the effective costs
of debt | 11 |
| service, directly or through a debt restructuring, for | 12 |
| alleviating
impending or actual default and may be issued in | 13 |
| one or more series in an
amount in excess of that of the bonds | 14 |
| to be refunded.
| 15 |
| (g) Bonds or notes of the Authority may be sold by the | 16 |
| Authority through
the process of competitive bid or negotiated | 17 |
| sale.
| 18 |
| (h) At no time shall the total outstanding bonds and notes | 19 |
| of the
Authority exceed $250,000,000
$100 million .
| 20 |
| (i) The bonds and notes of the Authority shall not be debts | 21 |
| of the State.
| 22 |
| (j) In no event may proceeds of bonds or notes issued by | 23 |
| the Authority
be used to finance any structure which is not | 24 |
| constructed pursuant to an
agreement between the Authority and | 25 |
| a party, which provides for the
delivery by the party of a | 26 |
| completed structure constructed pursuant to a
fixed price | 27 |
| contract, and which provides for the delivery of such structure
| 28 |
| at such fixed price to be insured or guaranteed by a third | 29 |
| party determined
by the Authority to be capable of completing | 30 |
| construction of such a structure.
| 31 |
| (Source: P.A. 85-988.)
| 32 |
| (70 ILCS 515/9.1) (from Ch. 85, par. 6509.1)
| 33 |
| Sec. 9.1. Moneys for payment of principal of and interest |
|
|
|
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| on bonds ; applicability . | 2 |
| (a) In the event that the Authority determines that moneys | 3 |
| of the Authority
will not be sufficient for the payment of the | 4 |
| principal of and interest on
its bonds during the next | 5 |
| succeeding State fiscal year, the Chairman shall
certify to the | 6 |
| Governor, before October of the then current State fiscal
year, | 7 |
| the amount required by the Authority to enable it to pay such
| 8 |
| principal of and interest on the bonds. The Governor shall | 9 |
| include the
amount so certified in the State budget. This | 10 |
| Section shall not apply to
any bonds or notes as to which the | 11 |
| Authority shall have determined, in the
resolution authorizing | 12 |
| the issuance of bonds or notes, that this Section
shall not | 13 |
| apply. Whenever the Authority makes such a determination, that
| 14 |
| fact shall be plainly stated on the face of the bonds or notes | 15 |
| and that
fact shall also be reported to the Governor.
| 16 |
| (b) This Section applies only with respect to bonds issued | 17 |
| before January 1, 2006.
| 18 |
| (Source: P.A. 86-1470.)
| 19 |
| (70 ILCS 515/14) (from Ch. 85, par. 6514)
| 20 |
| Sec. 14. Designation of Enterprise Zones.
| 21 |
| (a) The Authority may by ordinance designate a portion of | 22 |
| the
territorial jurisdiction of the Authority for | 23 |
| certification as an
Enterprise Zone under the Illinois | 24 |
| Enterprise Zone Act in addition to any
other enterprise zones | 25 |
| which may be created under the Act, which area shall
have all | 26 |
| the privileges and rights of an Enterprise Zone pursuant to the
| 27 |
| Illinois Enterprise Zone Act, but which shall not be counted in | 28 |
| determining
the number of Enterprise Zones to be created in any | 29 |
| year pursuant to that Act.
| 30 |
| (b) The Authority may not designate any portion of the
| 31 |
| territorial jurisdiction of the Authority for certification as | 32 |
| an
Enterprise Zone on or after the effective date of this | 33 |
| amendatory Act of the 94th General Assembly.
|
|
|
|
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|
| 1 |
| (Source: P.A. 85-988.)
| 2 |
| Section 915. The Southeastern Illinois
Economic | 3 |
| Development Authority
Act is amended by changing Sections 20, | 4 |
| 25, 35, 45, and 50 as follows: | 5 |
| (70 ILCS 518/20)
| 6 |
| Sec. 20. Creation.
| 7 |
| (a) There is created a political subdivision, body politic, | 8 |
| and municipal
corporation named the Southeastern
Illinois | 9 |
| Economic Development Authority. The territorial jurisdiction | 10 |
| of the
Authority is that geographic
area within the boundaries | 11 |
| of the following counties: Fayette, Cumberland, Clark, | 12 |
| Effingham, Jasper, Crawford, Marion, Clay, Richland, Lawrence, | 13 |
| Jefferson, Wayne, Edwards, Wabash, Hamilton, and White ; | 14 |
| Irvington Township in Washington County; and any
navigable | 15 |
| waters and
air space located therein.
| 16 |
| (b) The governing and administrative powers of the | 17 |
| Authority shall be vested
in a body consisting of 10
members as | 18 |
| follows: | 19 |
| (1) Nine members shall be appointed by the Governor
| 20 |
| with the advice and
consent of the Senate. | 21 |
| (2) One member shall be appointed by the Director of | 22 |
| Commerce and Economic Opportunity. | 23 |
| All public members shall reside within
the territorial
| 24 |
| jurisdiction of the Authority.
The public members shall be | 25 |
| persons of recognized ability and experience in one
or more of | 26 |
| the following
areas: economic development, finance, banking, | 27 |
| industrial development, state or
local government, commercial | 28 |
| agriculture, small
business management, real
estate | 29 |
| development, community development, venture finance, organized | 30 |
| labor, or
civic or community
organization.
| 31 |
| (c) Six members shall constitute a quorum.
| 32 |
| (d) The chairman of the Authority shall be elected annually |
|
|
|
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| by the Board.
| 2 |
| (e) The terms of all initial members of the Authority shall | 3 |
| begin 30 days
after the effective date of this
Act. Of the 10 | 4 |
| original members appointed pursuant to subsection (b), one | 5 |
| shall serve until the third Monday in January, 2005; one shall | 6 |
| serve until the third Monday in January, 2006; 2 shall serve | 7 |
| until the third Monday in January, 2007; 2 shall serve until | 8 |
| the third Monday in January, 2008; 2 shall serve until the | 9 |
| third Monday in January, 2009; and 2 shall serve until the | 10 |
| third Monday in January, 2010. All successors to these original | 11 |
| public members shall be appointed by the Governor with the | 12 |
| advice and consent of the Senate, or by the Director of | 13 |
| Commerce and Economic Opportunity, as the case may be, pursuant | 14 |
| to subsection (b), and shall hold office for a term of 3 years | 15 |
| commencing the third Monday in January of the year in which | 16 |
| their term commences, except in the case of an appointment to | 17 |
| fill a vacancy. Vacancies occurring among the public members | 18 |
| shall be filled for the
remainder of the term. In case of
| 19 |
| vacancy in a Governor-appointed membership when the Senate is | 20 |
| not in session,
the Governor may make a
temporary appointment | 21 |
| until the next meeting of the Senate when a person shall
be | 22 |
| nominated to fill the
office and, upon confirmation by the | 23 |
| Senate, he or she shall hold office during
the remainder of the | 24 |
| term
and until a successor is appointed and qualified. Members | 25 |
| of the Authority are
not entitled to
compensation for their | 26 |
| services as members but are entitled to reimbursement
for all | 27 |
| necessary expenses
incurred in connection with the performance | 28 |
| of their duties as members.
Members of the Board may | 29 |
| participate in Board meetings by teleconference or video | 30 |
| conference.
| 31 |
| (f) The Governor may remove any public member of the | 32 |
| Authority appointed by the Governor, and the Director of | 33 |
| Commerce and Economic Opportunity may remove any public member | 34 |
| appointed by the Director, in case of
incompetence, neglect of
|
|
|
|
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| 1 |
| duty, or malfeasance in office.
| 2 |
| (g) The Board shall appoint an Executive Director who shall | 3 |
| have a
background in finance, including
familiarity with the | 4 |
| legal and procedural requirements of issuing bonds, real
| 5 |
| estate, or economic
development and administration. The | 6 |
| Executive Director shall hold office at the
discretion of the | 7 |
| Board.
The Executive Director shall be the chief administrative | 8 |
| and operational
officer of the Authority, shall
direct and | 9 |
| supervise its administrative affairs and general management, | 10 |
| perform
such other duties as may
be prescribed from time to | 11 |
| time by the members, and receive compensation fixed
by the | 12 |
| Authority. The
Executive Director shall attend all meetings of | 13 |
| the Authority. However, no
action of the Authority shall be
| 14 |
| invalid on account of the absence of the Executive Director | 15 |
| from a meeting. The
Authority may engage
the services of the | 16 |
| Illinois Finance Authority, attorneys, appraisers,
engineers, | 17 |
| accountants, credit
analysts, and other consultants, if the | 18 |
| Southeastern Illinois Economic Development Authority deems it | 19 |
| advisable.
| 20 |
| (Source: P.A. 93-968, eff. 8-20-04.) | 21 |
| (70 ILCS 518/25)
| 22 |
| Sec. 25. Duty. All official acts of the Authority shall | 23 |
| require the
approval of at least 6 members. It
shall be the | 24 |
| duty of the Authority to promote development within the | 25 |
| territorial jurisdiction of the Authority. The Authority shall | 26 |
| use the powers conferred upon it to assist in the
development, | 27 |
| construction,
and acquisition of industrial, commercial, | 28 |
| housing, or residential projects
within its territorial | 29 |
| jurisdiction
those counties .
| 30 |
| (Source: P.A. 93-968, eff. 8-20-04.) | 31 |
| (70 ILCS 518/35)
| 32 |
| Sec. 35. Bonds.
|
|
|
|
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| 1 |
| (a) The Authority, with the written approval of the | 2 |
| Governor, shall have the
continuing power to issue
bonds, | 3 |
| notes, or other evidences of indebtedness in an aggregate | 4 |
| amount not to
exceed $250,000,000 for the
following purposes: | 5 |
| (i) development, construction, acquisition, or improvement
of | 6 |
| projects, including those
established by business entities | 7 |
| locating or expanding property within the
territorial | 8 |
| jurisdiction of the
Authority; (ii) entering into venture | 9 |
| capital agreements with businesses
locating or expanding | 10 |
| within the
territorial jurisdiction of the Authority; (iii) | 11 |
| acquisition and improvement of
any property necessary and
| 12 |
| useful in connection therewith; and (iv) for the purposes of | 13 |
| the Employee
Ownership Assistance Act. For
the purpose of | 14 |
| evidencing the obligations of the Authority to repay any money
| 15 |
| borrowed, the Authority
may, pursuant to resolution, from time | 16 |
| to time, issue and dispose of its interest-bearing revenue | 17 |
| bonds,
notes, or other evidences of indebtedness and may also | 18 |
| from time to time issue and dispose of such bonds,
notes, or | 19 |
| other evidences of indebtedness to refund, at maturity, at a | 20 |
| redemption date or in advance of
either, any bonds, notes, or | 21 |
| other evidences of indebtedness pursuant to redemption | 22 |
| provisions or at any
time before maturity. All such bonds, | 23 |
| notes, or other evidences of indebtedness shall be payable | 24 |
| solely and
only from the revenues or income to be derived from | 25 |
| loans made with respect to projects, from the leasing
or sale | 26 |
| of the projects, or from any other funds available to the | 27 |
| Authority for such purposes. The bonds,
notes, or other | 28 |
| evidences of indebtedness may bear such date or dates, may | 29 |
| mature at such time or times not
exceeding 40 years from their | 30 |
| respective dates, may bear interest at such rate or rates not | 31 |
| exceeding the
maximum rate permitted by the Bond Authorization | 32 |
| Act, may be in such form, may carry such registration
| 33 |
| privileges, may be executed in such manner, may be payable at | 34 |
| such place or places, may be made subject
to redemption in such |
|
|
|
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| 1 |
| manner and upon such terms, with or without premium, as is | 2 |
| stated on the face
thereof, may be authenticated in such manner | 3 |
| and may contain such terms and
covenants as may be
provided by | 4 |
| an applicable resolution.
| 5 |
| (b) The holder or holders of any bonds, notes, or other | 6 |
| evidences of
indebtedness issued by the
Authority may bring | 7 |
| suits at law or proceedings in equity to compel the
performance | 8 |
| and observance by
any corporation or person or by the Authority | 9 |
| or any of its agents or employees
of any contract or covenant
| 10 |
| made with the holders of the bonds, notes, or other evidences | 11 |
| of indebtedness,
to compel such corporation,
person, the | 12 |
| Authority, and any of its agents or employees to perform any | 13 |
| duties
required to be performed
for the benefit of the holders | 14 |
| of the bonds, notes, or other evidences of
indebtedness by the | 15 |
| provision of the
resolution authorizing their issuance and to | 16 |
| enjoin the corporation, person,
the Authority, and any of its
| 17 |
| agents or employees from taking any action in conflict with any | 18 |
| contract or
covenant.
| 19 |
| (c) If the Authority fails to pay the principal of or | 20 |
| interest on any of the
bonds or premium, if any, as the
bond | 21 |
| becomes due, a civil action to compel payment may be instituted | 22 |
| in the
appropriate circuit court by
the holder or holders of | 23 |
| the bonds on which the default of payment exists or by
an | 24 |
| indenture trustee acting
on behalf of the holders. Delivery of | 25 |
| a summons and a copy of the complaint to
the chairman of the | 26 |
| Board
shall constitute sufficient service to give the circuit | 27 |
| court jurisdiction over
the subject matter of the suit and
| 28 |
| jurisdiction over the Authority and its officers named as | 29 |
| defendants for the
purpose of compelling such
payment. Any | 30 |
| case, controversy, or cause of action concerning the validity | 31 |
| of
this Act relates to the
revenue of the State of Illinois.
| 32 |
| (d) Notwithstanding the form and tenor of any bond, note, | 33 |
| or other evidence
of indebtedness and in
the absence of any | 34 |
| express recital on its face that it is non-negotiable, all
such |
|
|
|
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| 1 |
| bonds, notes, and other
evidences of indebtedness shall be | 2 |
| negotiable instruments. Pending the
preparation and execution | 3 |
| of any
bonds, notes, or other evidences of indebtedness, | 4 |
| temporary bonds, notes, or
evidences of indebtedness may
be | 5 |
| issued as provided by ordinance.
| 6 |
| (e) To secure the payment of any or all of such bonds, | 7 |
| notes, or other
evidences of indebtedness, the
revenues to be | 8 |
| received by the Authority from a lease agreement or loan
| 9 |
| agreement shall be pledged, and,
for the purpose of setting | 10 |
| forth the covenants and undertakings of the
Authority in | 11 |
| connection with the
issuance of the bonds, notes, or other | 12 |
| evidences of indebtedness and the
issuance of any additional | 13 |
| bonds,
notes or other evidences of indebtedness payable from | 14 |
| such revenues, income, or other funds to be derived
from | 15 |
| projects, the Authority may execute and deliver a mortgage or | 16 |
| trust agreement. A remedy for any
breach or default of the | 17 |
| terms of any mortgage or trust agreement by the Authority may | 18 |
| be by mandamus
proceeding in the appropriate circuit court to | 19 |
| compel performance and compliance under the terms of the
| 20 |
| mortgage or trust agreement, but the trust agreement may | 21 |
| prescribe by whom or on whose behalf the action
may be | 22 |
| instituted.
| 23 |
| (f) Bonds or notes shall be secured as provided in the | 24 |
| authorizing ordinance which may include,
notwithstanding any | 25 |
| other provision of this Act, in addition to any other security, | 26 |
| a specific pledge,
assignment of and lien on, or security | 27 |
| interest in any or all revenues or money of the Authority, from
| 28 |
| whatever source, which may, by law, be used for debt service | 29 |
| purposes and a
specific pledge, or assignment
of and lien on, | 30 |
| or security interest in any funds or accounts established or
| 31 |
| provided for by ordinance of the
Authority authorizing the | 32 |
| issuance of the bonds or notes.
| 33 |
| (g) In the event that the Authority determines that moneys | 34 |
| of the Authority
will not be sufficient for the
payment of the |
|
|
|
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| 1 |
| principal of and interest on its bonds during the next State
| 2 |
| fiscal year, the chairman, as soon
as practicable, shall | 3 |
| certify to the Governor the amount required by the
Authority to | 4 |
| enable it to pay the
principal of and interest on the bonds. | 5 |
| The Governor shall submit the certified
amount to the General
| 6 |
| Assembly as soon as practicable, but no later than the end of | 7 |
| the current State
fiscal year. This Section shall
not apply to | 8 |
| any bonds or notes to which the Authority determines, in the
| 9 |
| resolution authorizing the
issuance of the bonds or notes, that | 10 |
| this Section shall not apply. Whenever the
Authority makes this
| 11 |
| determination, it shall be plainly stated on the face of the | 12 |
| bonds or notes and
the determination shall also be
reported to | 13 |
| the Governor.
In the event of a withdrawal of moneys from a | 14 |
| reserve fund established with
respect to any issue or
issues of | 15 |
| bonds of the Authority to pay principal or interest on those | 16 |
| bonds,
the chairman of the Authority,
as soon as practicable, | 17 |
| shall certify to the Governor the amount required to
restore | 18 |
| the reserve fund to the
level required in the resolution or | 19 |
| indenture securing those bonds. The
Governor shall submit the | 20 |
| certified
amount to the General Assembly as soon as | 21 |
| practicable, but no later than the
end of the current State | 22 |
| fiscal
year.
This subsection (g) applies only with respect to | 23 |
| bonds issued before the effective date of this amendatory Act | 24 |
| of the 94th General Assembly.
| 25 |
| (h) The State of Illinois pledges to and agrees with the | 26 |
| holders of the
bonds and notes of the Authority
issued pursuant | 27 |
| to this Section that the State will not limit or alter the | 28 |
| rights and powers vested in the
Authority by this Act so as to | 29 |
| impair the terms of any contract made by the Authority with the | 30 |
| holders of
bonds or notes or in any way impair the rights and | 31 |
| remedies of those holders until the bonds and notes,
together | 32 |
| with interest thereon, with interest on any unpaid installments | 33 |
| of interest, and all costs and
expenses in connection with any | 34 |
| action or proceedings by or on behalf of the holders, are fully |
|
|
|
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| 1 |
| met and
discharged. In addition, the State pledges to and | 2 |
| agrees with the holders of the bonds and notes of the
Authority | 3 |
| issued pursuant to this Section that the State will not limit | 4 |
| or alter the basis on which State funds
are to be paid to the | 5 |
| Authority as provided in this Act, or the use of such funds, so | 6 |
| as to impair the terms of
any such contract. The Authority is | 7 |
| authorized to include these pledges and agreements of the State | 8 |
| in any
contract with the holders of bonds or notes issued | 9 |
| pursuant to this Section.
| 10 |
| (Source: P.A. 93-968, eff. 8-20-04.) | 11 |
| (70 ILCS 518/45)
| 12 |
| Sec. 45. Acquisition.
| 13 |
| (a) The Authority may, but need not, acquire title to any | 14 |
| project with
respect to which it exercises its
authority.
| 15 |
| (b) The Authority shall have power to acquire by purchase, | 16 |
| lease, gift, or
otherwise any property or
rights therein from | 17 |
| any person or persons, the State of Illinois, any municipal
| 18 |
| corporation, any local unit of
government, the government of | 19 |
| the United States and any agency or
instrumentality of the | 20 |
| United States,
any body politic, or any county useful for its | 21 |
| purposes, whether improved for
the purposes of any
prospective | 22 |
| project or unimproved. The Authority may also accept any | 23 |
| donation
of funds for its purposes
from any of these sources.
| 24 |
| (c) The Authority shall have power to develop, construct, | 25 |
| and improve,
either under its own direction or
through | 26 |
| collaboration with any approved applicant, or to acquire, | 27 |
| through
purchase or otherwise, any
project, using for this | 28 |
| purpose the proceeds derived from its sale of revenue
bonds, | 29 |
| notes, or other
evidences of indebtedness or governmental loans | 30 |
| or grants and shall have the
power to hold title to those
| 31 |
| projects in the name of the Authority.
| 32 |
| (d) The Authority shall have the power to enter into | 33 |
| intergovernmental
agreements with the State of
Illinois, the |
|
|
|
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|
| 1 |
| counties of Fayette, Cumberland, Clark, Effingham, Jasper, | 2 |
| Crawford, Marion, Clay, Richland, Lawrence, Jefferson, Wayne, | 3 |
| Edwards, Wabash, Hamilton, and White ; Irvington Township in | 4 |
| Washington County;
, the Illinois
Development Finance | 5 |
| Authority, the Illinois Housing
Development Authority, the | 6 |
| Illinois Education Facilities Authority, the
Illinois
Farm
| 7 |
| Development Authority, the Rural Bond Bank,
the United States | 8 |
| government and any agency or instrumentality of the United
| 9 |
| States, any unit
of local government located within the | 10 |
| territory of the Authority, or any other
unit of government to | 11 |
| the
extent allowed by Article VII, Section 10 of the Illinois | 12 |
| Constitution and the
Intergovernmental
Cooperation Act.
| 13 |
| (e) The Authority shall have the power to share employees | 14 |
| with other units
of government, including
agencies of the | 15 |
| United States, agencies of the State of Illinois, and agencies
| 16 |
| or personnel of any unit of
local government.
| 17 |
| (f) The Authority shall have the power to exercise powers | 18 |
| and issue bonds as
if it were a municipality so
authorized in | 19 |
| Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
| 20 |
| Illinois Municipal Code.
| 21 |
| (Source: P.A. 93-968, eff. 8-20-04.) | 22 |
| (70 ILCS 518/50)
| 23 |
| Sec. 50. Enterprise zones.
| 24 |
| (a) The Authority may by ordinance designate a
portion of | 25 |
| the territorial
jurisdiction of the Authority for | 26 |
| certification as an Enterprise Zone under the
Illinois | 27 |
| Enterprise Zone Act in
addition to any other enterprise zones | 28 |
| which may be created under that Act,
which area shall have all | 29 |
| the
privileges and rights of an Enterprise Zone pursuant to the | 30 |
| Illinois Enterprise
Zone Act, but which shall not
be counted in | 31 |
| determining the number of Enterprise Zones to be created in any
| 32 |
| year pursuant to that Act.
| 33 |
| (b) The Authority may not designate any portion of the
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| territorial jurisdiction of the Authority for certification as | 2 |
| an
Enterprise Zone on or after the effective date of this | 3 |
| amendatory Act of the 94th General Assembly.
| 4 |
| (Source: P.A. 93-968, eff. 8-20-04.) | 5 |
| Section 920. The Southwestern Illinois Development | 6 |
| Authority Act is amended by changing Sections 7 and 10 as | 7 |
| follows:
| 8 |
| (70 ILCS 520/7) (from Ch. 85, par. 6157)
| 9 |
| Sec. 7. (a) The Authority, with the written approval of the | 10 |
| Governor,
shall have the continuing power to issue bonds, | 11 |
| notes, or other evidences
of indebtedness for the purpose of | 12 |
| developing, constructing, acquiring or
improving projects, | 13 |
| including without limitation those established by
business | 14 |
| entities locating or expanding property within the territorial
| 15 |
| jurisdiction of the Authority, for entering into venture | 16 |
| capital agreements
with businesses locating or expanding | 17 |
| within the territorial jurisdiction
of the Authority, for | 18 |
| acquiring and improving any property necessary and
useful in | 19 |
| connection therewith, for the purposes of the Employee | 20 |
| Ownership
Assistance Act, and any local government projects. | 21 |
| With respect to any
local government project, the Authority is | 22 |
| authorized to purchase from time
to time pursuant to negotiated | 23 |
| sale or to otherwise acquire from time to
time any local | 24 |
| government security upon terms and conditions as the
Authority | 25 |
| may prescribe in connection therewith. For the purpose of
| 26 |
| evidencing the obligations of the Authority to repay any money | 27 |
| borrowed for
any project, the Authority may, pursuant to | 28 |
| resolution, from time to time
issue and dispose of its interest | 29 |
| bearing revenue bonds, notes or other
evidences of indebtedness | 30 |
| and may also from time to time issue and dispose
of such bonds, | 31 |
| notes or other evidences of indebtedness to refund, at
| 32 |
| maturity, at a redemption date or in advance of either, any |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| bonds, notes or
other evidences of indebtedness pursuant to | 2 |
| redemption provisions or at any
time before maturity. All such | 3 |
| bonds, notes or other evidences of
indebtedness shall be | 4 |
| payable solely and only from the revenues or income
to be | 5 |
| derived from loans made with respect to projects, from the | 6 |
| leasing or
sale of the projects or from any other funds | 7 |
| available to the Authority for
such purposes. The bonds, notes | 8 |
| or other evidences of indebtedness may
bear such date or dates, | 9 |
| may mature at such time or times not exceeding 40
years from | 10 |
| their respective dates, notwithstanding any other law to the
| 11 |
| contrary may bear interest at such rate or rates payable | 12 |
| annually,
semi-annually, quarterly or monthly, may be in such | 13 |
| form, may carry such
registration privileges, may be executed | 14 |
| in such manner, may be payable at
such place or places, may be | 15 |
| made subject to redemption in such manner and
upon such terms, | 16 |
| with or without premium as is stated on the face thereof,
may | 17 |
| be authenticated in such manner and may contain such terms and
| 18 |
| covenants as may be provided by an applicable resolution.
| 19 |
| (b)(1) The holder or holders of any bonds, notes or other | 20 |
| evidences of
indebtedness issued by the Authority may bring | 21 |
| suits at law or proceedings
in equity to compel the | 22 |
| performance and observance by any corporation or
person or | 23 |
| by the Authority or any of its agents or employees of any
| 24 |
| contract or covenant made with the holders of such bonds, | 25 |
| notes or other
evidences of indebtedness, to compel such | 26 |
| corporation, person, the
Authority and any of its agents or | 27 |
| employees to perform any duties required
to be performed | 28 |
| for the benefit of the holders of any such bonds, notes or
| 29 |
| other evidences of indebtedness by the provision of the | 30 |
| resolution
authorizing their issuance and to enjoin such | 31 |
| corporation, person, the
Authority and any of its agents or | 32 |
| employees from taking any action in
conflict with any such | 33 |
| contract or covenant.
| 34 |
| (2) If the Authority fails to pay the principal of or |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| interest on any
of the bonds or premium, if any, as the | 2 |
| same become due, a civil action to
compel payment may be | 3 |
| instituted in the appropriate circuit court by the
holder | 4 |
| or holders of the bonds on which such default of payment | 5 |
| exists or
by an indenture trustee acting on behalf of such | 6 |
| holders. Delivery of a
summons and a copy of the complaint | 7 |
| to the Chairman of the Board shall
constitute sufficient | 8 |
| service to give the circuit court jurisdiction of the
| 9 |
| subject matter of such a suit and jurisdiction over the | 10 |
| Authority and its
officers named as defendants for the | 11 |
| purpose of compelling such payment.
Any case, controversy | 12 |
| or cause of action concerning the validity of this Act
| 13 |
| relates to the revenue of the State of Illinois.
| 14 |
| (c) Notwithstanding the form and tenor of any such bonds, | 15 |
| notes or other
evidences of indebtedness and in the absence of | 16 |
| any express recital on the
face thereof that it is | 17 |
| non-negotiable, all such bonds, notes and other
evidences of | 18 |
| indebtedness shall be negotiable instruments. Pending the
| 19 |
| preparation and execution of any such bonds, notes or other | 20 |
| evidences of
indebtedness, temporary bonds, notes or evidences | 21 |
| of indebtedness may be
issued as provided by ordinance.
| 22 |
| (d) To secure the payment of any or all of such bonds, | 23 |
| notes or other
evidences of indebtedness, the revenues to be | 24 |
| received by the Authority from
a lease agreement or loan | 25 |
| agreement shall be pledged, and, for the purpose
of setting | 26 |
| forth the covenants and undertakings of the Authority in
| 27 |
| connection with the issuance thereof and the issuance of any | 28 |
| additional
bonds, notes or other evidences of indebtedness | 29 |
| payable from such revenues,
income or other funds to be derived | 30 |
| from projects, the Authority may
execute and deliver a mortgage | 31 |
| or trust agreement. A remedy for any breach
or default of the | 32 |
| terms of any such mortgage or trust agreement by the
Authority | 33 |
| may be by mandamus proceedings in the appropriate circuit court
| 34 |
| to compel the performance and compliance therewith, but the |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| trust agreement
may prescribe by whom or on whose behalf such | 2 |
| action may be instituted.
| 3 |
| (e) Such bonds or notes shall be secured as provided in the | 4 |
| authorizing
ordinance which may, notwithstanding any other | 5 |
| provision of this Act,
include in addition to any other | 6 |
| security a specific pledge or assignment
of and lien on or | 7 |
| security interest in any or all revenues or money of the
| 8 |
| Authority from whatever source which may by law be used for | 9 |
| debt
service purposes and a specific pledge or assignment of | 10 |
| and lien on or
security interest in any funds or accounts | 11 |
| established or provided for by
ordinance of the Authority | 12 |
| authorizing the issuance of such bonds or notes
and, with | 13 |
| respect to any local government project, may include without
| 14 |
| limitation a pledge of any local government securities, | 15 |
| including any
payments thereon.
| 16 |
| (f) In the event that the Authority determines that monies | 17 |
| of the
Authority will not be sufficient for the payment of the | 18 |
| principal of and
interest on its bonds during the next State | 19 |
| fiscal year, the Chairman, as
soon as practicable, shall | 20 |
| certify to the Governor the amount required by
the Authority to | 21 |
| enable it to pay such principal of and interest on the
bonds. | 22 |
| The Governor shall submit the amount so certified to the | 23 |
| General
Assembly as soon as practicable, but no later than the | 24 |
| end of the current
State fiscal year. This subsection shall not | 25 |
| apply to any bonds or notes as
to which the Authority shall | 26 |
| have determined, in the resolution authorizing
the issuance of | 27 |
| the bonds or notes, that this subsection shall not apply.
| 28 |
| Whenever the Authority makes such a determination, that fact | 29 |
| shall be
plainly stated on the face of the bonds or notes, and | 30 |
| that fact shall also
be reported to the Governor.
| 31 |
| In the event of a withdrawal of moneys from a reserve fund | 32 |
| established
with respect to any issue or issues of bonds of the | 33 |
| Authority to pay
principal or interest on those bonds, the | 34 |
| Chairman of the Authority, as
soon as practicable, shall |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| certify to the Governor the amount required
to restore the | 2 |
| reserve fund to the level required in the resolution or
| 3 |
| indenture securing those bonds. The Governor shall submit the | 4 |
| amount so
certified to the General Assembly as soon as | 5 |
| practicable, but no later than
the end of the current State | 6 |
| fiscal year. | 7 |
| This subsection (f) applies only with respect to bonds | 8 |
| issued before January 1, 2006.
| 9 |
| (g) The State of Illinois pledges to and agrees with the | 10 |
| holders of the
bonds and notes of the Authority issued pursuant | 11 |
| to this Section that the
State will not limit or alter the | 12 |
| rights and powers vested in the Authority
by this Act so as to | 13 |
| impair the terms of any contract made by the Authority
with | 14 |
| such holders or in any way impair the rights and remedies of | 15 |
| such
holders until such bonds and notes, together with interest | 16 |
| thereon, with
interest on any unpaid installments of interest, | 17 |
| and all costs and expenses
in connection with any action or | 18 |
| proceedings by or on behalf of such
holders, are fully met and | 19 |
| discharged. In addition, the State pledges to
and agrees with | 20 |
| the holders of the bonds and notes of the Authority issued
| 21 |
| pursuant to this Section that the State will not limit or alter | 22 |
| the basis
on which State funds are to be paid to the Authority | 23 |
| as provided in this
Act, or the use of such funds, so as to | 24 |
| impair the terms of any such
contract. The Authority is | 25 |
| authorized to include these pledges and
agreements of the State | 26 |
| in any contract with the holders of bonds or notes
issued under | 27 |
| this Section.
| 28 |
| (h) At no time shall the total outstanding bonds and notes | 29 |
| of the
Authority exceed $450,000,000.
| 30 |
| (Source: P.A. 86-1455; 87-778.)
| 31 |
| (70 ILCS 520/10) (from Ch. 85, par. 6160)
| 32 |
| Sec. 10. Enterprise Zone. | 33 |
| (a) The Authority may by ordinance designate a
portion of |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| the
territorial jurisdiction of the Authority for | 2 |
| certification as an
Enterprise Zone under the Illinois | 3 |
| Enterprise Zone Act in addition to any
other enterprise zones | 4 |
| which may be created under that Act, which area
shall have all | 5 |
| the privileges and rights of an Enterprise Zone pursuant to
the | 6 |
| Illinois Enterprise Zone Act, but which shall not be counted in
| 7 |
| determining the number of Enterprise Zones to be created in any | 8 |
| year pursuant
to that Act.
| 9 |
| (b) Prior to January 1, 1999, the Authority may by | 10 |
| ordinance designate a
portion of the territorial jurisdiction | 11 |
| of the Authority located in the
southeastern portion of | 12 |
| Chouteau Township and the southwestern portion of
Edwardsville | 13 |
| Township along FAR 310 for certification as an Enterprise Zone
| 14 |
| under the Illinois Enterprise Zone Act in addition to any other | 15 |
| enterprise
zones which may be created under that Act, which | 16 |
| area shall have all the
privileges and rights of an Enterprise | 17 |
| Zone under the Illinois Enterprise Zone
Act, but which shall | 18 |
| not be counted in determining the number of Enterprise
Zones to | 19 |
| be created in any year pursuant to that Act.
| 20 |
| (c) Prior to January 1, 2000 the Authority may by ordinance | 21 |
| designate a portion
of the territorial jurisdiction of the | 22 |
| Authority located in the townships of
O'Fallon, Lebanon, | 23 |
| Mascoutah, and Shiloh Valley of the county of St. Clair for
| 24 |
| certification as an Enterprise Zone under the Illinois | 25 |
| Enterprise Zone Act in
addition to any other Enterprise Zones | 26 |
| which may be created under that Act.
The area shall have all | 27 |
| the privileges and rights of an Enterprise Zone
under the | 28 |
| Illinois Enterprise Zone Act but shall not be counted in
| 29 |
| determining the number of Enterprise Zones to be created in any | 30 |
| year under
that Act.
| 31 |
| (d) The Authority may not designate any portion of the
| 32 |
| territorial jurisdiction of the Authority for certification as | 33 |
| an
Enterprise Zone on or after the effective date of this | 34 |
| amendatory Act of the 94th General Assembly.
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| (Source: P.A. 90-5, eff. 3-19-97; 91-567, eff. 8-14-99.)
| 2 |
| Section 925. The Tri-County River Valley Development | 3 |
| Authority Law is amended by changing Section 2007 as follows:
| 4 |
| (70 ILCS 525/2007) (from Ch. 85, par. 7507)
| 5 |
| Sec. 2007. Bonds.
| 6 |
| (a) The Authority, with the written approval of the | 7 |
| Governor,
shall have the continuing power to issue bonds, | 8 |
| notes, or other evidences
of indebtedness in an aggregate | 9 |
| amount not to exceed $100,000,000 for the
purpose of | 10 |
| developing, constructing, acquiring or improving projects,
| 11 |
| including those established by business entities locating or | 12 |
| expanding
property within the territorial jurisdiction of the | 13 |
| Authority, for entering
into venture capital agreements with | 14 |
| businesses locating or expanding
within the territorial | 15 |
| jurisdiction of the Authority, for acquiring and
improving any | 16 |
| property necessary and useful in connection therewith and for
| 17 |
| the purposes of the Employee Ownership Assistance Act. For the | 18 |
| purpose of
evidencing the obligations of the Authority to repay | 19 |
| any money borrowed,
the Authority may, pursuant to resolution, | 20 |
| from time to time issue and
dispose of its interest bearing | 21 |
| revenue bonds, notes or other evidences of
indebtedness and may | 22 |
| also from time to time issue and dispose of such
bonds, notes | 23 |
| or other evidences of indebtedness to refund, at maturity, at
a | 24 |
| redemption date or in advance of either, any bonds, notes or | 25 |
| other
evidences of indebtedness pursuant to redemption | 26 |
| provisions or at any time
before maturity. All such bonds, | 27 |
| notes or other evidences of indebtedness
shall be payable from | 28 |
| the revenues or income to be derived from loans made
with | 29 |
| respect to projects, from the leasing or sale of the projects | 30 |
| or from
any other funds available to the Authority for such | 31 |
| purposes. The bonds,
notes or other evidences of indebtedness | 32 |
| may bear such date or dates, may
mature at such time or times |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| not exceeding 40 years from their respective
dates, may bear | 2 |
| interest at such rate or rates not exceeding the maximum
rate | 3 |
| permitted by the Bond Authorization Act, may be in such form, | 4 |
| may
carry such registration privileges, may be executed in such | 5 |
| manner, may be
payable at such place or places, may be made | 6 |
| subject to redemption in such
manner and upon such terms, with | 7 |
| or without premium as is stated on the
face thereof, may be | 8 |
| authenticated in such manner and may contain such
terms and | 9 |
| covenants as may be provided by an applicable resolution.
| 10 |
| (b-1) The holder or holders of any bonds, notes or other | 11 |
| evidences of
indebtedness issued by the Authority may bring | 12 |
| suits at law or proceedings
in equity to compel the performance | 13 |
| and observance by any corporation or
person or by the Authority | 14 |
| or any of its agents or employees of any
contract or covenant | 15 |
| made with the holders of such bonds, notes or other
evidences | 16 |
| of indebtedness, to compel such corporation, person, the
| 17 |
| Authority and any of its agents or employees to perform any | 18 |
| duties required
to be performed for the benefit of the holders | 19 |
| of any such bonds, notes or
other evidences of indebtedness by | 20 |
| the provision of the resolution
authorizing their issuance and | 21 |
| to enjoin such corporation, person, the
Authority and any of | 22 |
| its agents or employees from taking any action in
conflict with | 23 |
| any such contract or covenant.
| 24 |
| (b-2) If the Authority fails to pay the principal of or | 25 |
| interest on any
of the bonds or premium, if any, as the same | 26 |
| become due, a civil action to
compel payment may be instituted | 27 |
| in the appropriate circuit court by the
holder or holders of | 28 |
| the bonds on which such default of payment exists or
by an | 29 |
| indenture trustee acting on behalf of such holders. Delivery of | 30 |
| a
summons and a copy of the complaint to the Chairman of the | 31 |
| Board shall
constitute sufficient service to give the circuit | 32 |
| court jurisdiction of the
subject matter of such a suit and | 33 |
| jurisdiction over the Authority and its
officers named as | 34 |
| defendants for the purpose of compelling such payment.
Any |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| case, controversy or cause of action concerning the validity of | 2 |
| this
Article relates to the revenue of the State of Illinois.
| 3 |
| (c) Notwithstanding the form and tenor of any such bonds, | 4 |
| notes or other
evidences of indebtedness and in the absence of | 5 |
| any express recital on the
face thereof that it is | 6 |
| non-negotiable, all such bonds, notes and other
evidences of | 7 |
| indebtedness shall be negotiable instruments. Pending the
| 8 |
| preparation and execution of any such bonds, notes or other | 9 |
| evidences of
indebtedness, temporary bonds, notes or evidences | 10 |
| of indebtedness may be
issued as provided by ordinance.
| 11 |
| (d) To secure the payment of any or all of such bonds, | 12 |
| notes or other
evidences of indebtedness, the revenues to be | 13 |
| received by the Authority from
a lease agreement or loan | 14 |
| agreement shall be pledged, and, for the purpose
of setting | 15 |
| forth the covenants and undertakings of the Authority in
| 16 |
| connection with the issuance thereof and the issuance of any | 17 |
| additional
bonds, notes or other evidences of indebtedness | 18 |
| payable from such revenues,
income or other funds to be derived | 19 |
| from projects, the Authority may
execute and deliver a mortgage | 20 |
| or trust agreement. A remedy for any breach
or default of the | 21 |
| terms of any such mortgage or trust agreement by the
Authority | 22 |
| may be by mandamus proceedings in the appropriate circuit court
| 23 |
| to compel the performance and compliance therewith, but the | 24 |
| trust agreement
may prescribe by whom or on whose behalf such | 25 |
| action may be instituted.
| 26 |
| (e) Such bonds or notes shall be secured as provided in the | 27 |
| authorizing
ordinance which may, notwithstanding any other | 28 |
| provision of this Article,
include in addition to any other | 29 |
| security a specific pledge or assignment
of and lien on or | 30 |
| security interest in any or all revenues or money of the
| 31 |
| Authority from whatever source which may by law be used for | 32 |
| debt
service purposes and a specific pledge or assignment of | 33 |
| and lien on or
security interest in any funds or accounts | 34 |
| established or provided for by
ordinance of the Authority |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| authorizing the issuance of such bonds or notes.
| 2 |
| (f) In the event that the Authority determines that monies | 3 |
| of the
Authority will not be sufficient for the payment of the | 4 |
| principal of and
interest on its bonds during the next State | 5 |
| fiscal year, the
Chairman, as soon as practicable, shall | 6 |
| certify to the Governor the
amount required by the Authority to | 7 |
| enable it to pay such principal of and
interest on the bonds. | 8 |
| The Governor shall submit the amount so certified to
the | 9 |
| General Assembly as soon as practicable, but no later than the | 10 |
| end of
the current State fiscal year. This subsection shall not | 11 |
| apply to any
bonds or notes as to which the Authority shall | 12 |
| have determined, in the
resolution authorizing the issuance of | 13 |
| the bonds or notes, that this
subsection shall not apply. | 14 |
| Whenever the Authority makes such a
determination, that fact | 15 |
| shall be plainly stated on the face of the bonds
or notes and | 16 |
| that fact shall also be reported to the Governor.
| 17 |
| In the event of a withdrawal of moneys from a reserve fund | 18 |
| established
with respect to any issue or issues of bonds of the | 19 |
| Authority to pay
principal or interest on those bonds, the | 20 |
| Chairman of the Authority, as
soon as practicable, shall | 21 |
| certify to the Governor the amount required
to restore the | 22 |
| reserve fund to the level required in the resolution or
| 23 |
| indenture securing those bonds. The Governor shall submit the | 24 |
| amount so
certified to the General Assembly as soon as | 25 |
| practicable, but no later than
the end of the current state | 26 |
| fiscal year. | 27 |
| This subsection (f) applies only with respect to bonds | 28 |
| issued before the effective date of this amendatory Act of the | 29 |
| 94th General Assembly.
| 30 |
| (g) The State of Illinois pledges to and agrees with the | 31 |
| holders of the
bonds and notes of the Authority issued pursuant | 32 |
| to this Section that the
State will not limit or alter the | 33 |
| rights and powers vested in the Authority
by this Article so as | 34 |
| to impair the terms of any contract made by the Authority
with |
|
|
|
09400SB1625ham001 |
- 60 - |
LRB094 10335 BDD 47369 a |
|
| 1 |
| such holders or in any way impair the rights and remedies of | 2 |
| such
holders until such bonds and notes, together with interest | 3 |
| thereon, with
interest on any unpaid installments of interest, | 4 |
| and all costs and expenses
in connection with any action or | 5 |
| proceedings by or on behalf of such
holders, are fully met and | 6 |
| discharged. In addition, the State pledges to
and agrees with | 7 |
| the holders of the bonds and notes of the Authority issued
| 8 |
| pursuant to this Section that the State will not limit or alter | 9 |
| the basis
on which State funds are to be paid to the Authority | 10 |
| as provided in this
Act, or the use of such funds, so as to | 11 |
| impair the terms of any such
contract. The Authority is | 12 |
| authorized to include these pledges and
agreements of the State | 13 |
| in any contract with the holders of bonds or notes
issued | 14 |
| pursuant to this Section.
| 15 |
| (h) Not less than 30 days prior to the commitment to issue | 16 |
| bonds,
notes, or other evidences of indebtedness for the | 17 |
| purpose of developing,
constructing, acquiring or improving | 18 |
| housing or residential projects, as
defined in Section 2003, | 19 |
| the Authority shall provide notice to the
Executive Director of | 20 |
| the Illinois Housing Development Authority.
Within 30 days | 21 |
| after receipt of the notice, the Illinois Housing
Development | 22 |
| Authority shall notify the Authority as to its interest in
| 23 |
| financing the project. If the Illinois Housing Development | 24 |
| Authority
notifies the Authority that it is not interested in | 25 |
| financing the project,
the Authority may finance the project or | 26 |
| seek alternative financing for
the project.
| 27 |
| (Source: P.A. 91-357, eff. 7-29-99.)
| 28 |
| Section 930. The Upper Illinois River Valley Development | 29 |
| Authority Act is amended by changing Sections 7 and 10 as | 30 |
| follows:
| 31 |
| (70 ILCS 530/7) (from Ch. 85, par. 7157)
| 32 |
| Sec. 7. Bonds.
|
|
|
|
09400SB1625ham001 |
- 61 - |
LRB094 10335 BDD 47369 a |
|
| 1 |
| (a) The Authority, with the written approval of the
| 2 |
| Governor, shall have the continuing power to issue bonds, | 3 |
| notes, or other
evidences of indebtedness in an aggregate | 4 |
| amount not to exceed $250,000,000
for the purpose of | 5 |
| developing, constructing, acquiring or improving
projects, | 6 |
| including those established by business entities locating or
| 7 |
| expanding property within the territorial jurisdiction of the | 8 |
| Authority,
for entering into venture capital agreements with | 9 |
| businesses locating or
expanding within the territorial | 10 |
| jurisdiction of the Authority, for
acquiring and improving any | 11 |
| property necessary and useful in connection
therewith and for | 12 |
| the purposes of the Employee Ownership Assistance Act.
For the | 13 |
| purpose of evidencing the obligations of the Authority to repay | 14 |
| any
money borrowed, the Authority may, pursuant to resolution, | 15 |
| from time to
time issue and dispose of its interest bearing | 16 |
| revenue bonds, notes or
other evidences of indebtedness and may | 17 |
| also from time to time issue and
dispose of such bonds, notes | 18 |
| or other evidences of indebtedness to refund,
at maturity, at a | 19 |
| redemption date or in advance of either, any bonds, notes
or | 20 |
| other evidences of indebtedness pursuant to redemption | 21 |
| provisions or at
any time before maturity. All such bonds, | 22 |
| notes or other evidences of
indebtedness shall be payable | 23 |
| solely and only from the revenues or income
to be derived from | 24 |
| loans made with respect to projects, from the leasing or
sale | 25 |
| of the projects or from any other funds available to the | 26 |
| Authority for
such purposes. The bonds, notes or other | 27 |
| evidences of indebtedness may
bear such date or dates, may | 28 |
| mature at such time or times not exceeding 40
years from their | 29 |
| respective dates, may bear interest at such rate or rates
not | 30 |
| exceeding the maximum rate permitted by "An Act to authorize | 31 |
| public
corporations to issue bonds, other evidences of | 32 |
| indebtedness and tax
anticipation warrants subject to interest | 33 |
| rate limitations set forth
therein", approved May 26, 1970, as | 34 |
| amended, may be in such form, may carry
such registration |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| privileges, may be executed in such manner, may be
payable at | 2 |
| such place or places, may be made subject to redemption in such
| 3 |
| manner and upon such terms, with or without premium as is | 4 |
| stated on the
face thereof, may be authenticated in such manner | 5 |
| and may contain such
terms and covenants as may be provided by | 6 |
| an applicable resolution.
| 7 |
| (b-1) The holder or holders of any bonds, notes or other | 8 |
| evidences of
indebtedness issued by the Authority may bring | 9 |
| suits at law or proceedings
in equity to compel the performance | 10 |
| and observance by any corporation or
person or by the Authority | 11 |
| or any of its agents or employees of any
contract or covenant | 12 |
| made with the holders of such bonds, notes or other
evidences | 13 |
| of indebtedness, to compel such corporation, person, the
| 14 |
| Authority and any of its agents or employees to perform any | 15 |
| duties required
to be performed for the benefit of the holders | 16 |
| of any such bonds, notes or
other evidences of indebtedness by | 17 |
| the provision of the resolution
authorizing their issuance and | 18 |
| to enjoin such corporation, person, the
Authority and any of | 19 |
| its agents or employees from taking any action in
conflict with | 20 |
| any such contract or covenant.
| 21 |
| (b-2) If the Authority fails to pay the principal of or | 22 |
| interest on any
of the bonds or premium, if any, as the same | 23 |
| become due, a civil action to
compel payment may be instituted | 24 |
| in the appropriate circuit court by the
holder or holders of | 25 |
| the bonds on which such default of payment exists or
by an | 26 |
| indenture trustee acting on behalf of such holders. Delivery of | 27 |
| a
summons and a copy of the complaint to the Chairman of the | 28 |
| Board shall
constitute sufficient service to give the circuit | 29 |
| court jurisdiction of the
subject matter of such a suit and | 30 |
| jurisdiction over the Authority and its
officers named as | 31 |
| defendants for the purpose of compelling such payment.
Any | 32 |
| case, controversy or cause of action concerning the validity of | 33 |
| this Act
relates to the revenue of the State of Illinois.
| 34 |
| (c) Notwithstanding the form and tenor of any such bonds, |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| notes or other
evidences of indebtedness and in the absence of | 2 |
| any express recital on the
face thereof that it is | 3 |
| non-negotiable, all such bonds, notes and other
evidences of | 4 |
| indebtedness shall be negotiable instruments. Pending the
| 5 |
| preparation and execution of any such bonds, notes or other | 6 |
| evidences of
indebtedness, temporary bonds, notes or evidences | 7 |
| of indebtedness may be
issued as provided by ordinance.
| 8 |
| (d) To secure the payment of any or all of such bonds, | 9 |
| notes or other
evidences of indebtedness, the revenues to be | 10 |
| received by the Authority from
a lease agreement or loan | 11 |
| agreement shall be pledged, and, for the purpose
of setting | 12 |
| forth the covenants and undertakings of the Authority in
| 13 |
| connection with the issuance thereof and the issuance of any | 14 |
| additional
bonds, notes or other evidences of indebtedness | 15 |
| payable from such revenues,
income or other funds to be derived | 16 |
| from projects, the Authority may
execute and deliver a mortgage | 17 |
| or trust agreement. A remedy for any breach
or default of the | 18 |
| terms of any such mortgage or trust agreement by the
Authority | 19 |
| may be by mandamus proceedings in the appropriate circuit court
| 20 |
| to compel the performance and compliance therewith, but the | 21 |
| trust agreement
may prescribe by whom or on whose behalf such | 22 |
| action may be instituted.
| 23 |
| (e) Such bonds or notes shall be secured as provided in the | 24 |
| authorizing
ordinance which may, notwithstanding any other | 25 |
| provision of this Act,
include in addition to any other | 26 |
| security a specific pledge or assignment
of and lien on or | 27 |
| security interest in any or all revenues or money of the
| 28 |
| Authority from whatever source which may by law be used for | 29 |
| debt
service purposes and a specific pledge or assignment of | 30 |
| and lien on or
security interest in any funds or accounts | 31 |
| established or provided for by
ordinance of the Authority | 32 |
| authorizing the issuance of such bonds or notes.
| 33 |
| (f) In the event that the Authority determines that monies | 34 |
| of the
Authority will not be sufficient for the payment of the |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| principal of and
interest on its bonds during the next State | 2 |
| fiscal year, the
Chairman, as soon as practicable, shall | 3 |
| certify to the Governor the
amount required by the Authority to | 4 |
| enable
it to pay such principal of and interest on the bonds.
| 5 |
| The Governor shall submit the amount so certified to the | 6 |
| General Assembly
as soon as practicable, but no later than the | 7 |
| end of the current State fiscal
year. This Section shall
not | 8 |
| apply to any bonds or notes as to which the
Authority shall | 9 |
| have determined, in the resolution authorizing the issuance
of | 10 |
| the bonds or notes, that this Section shall not apply. Whenever | 11 |
| the
Authority makes such a determination, that fact shall be | 12 |
| plainly stated on
the face of the bonds or notes and that fact | 13 |
| shall also be reported to the Governor.
| 14 |
| In the event of a withdrawal of moneys from a reserve fund | 15 |
| established
with respect to any issue or issues of bonds of the | 16 |
| Authority to pay
principal or interest on those bonds, the | 17 |
| Chairman of the Authority, as
soon as practicable, shall | 18 |
| certify to the Governor the amount required
to restore the | 19 |
| reserve fund to the level required in the
resolution or | 20 |
| indenture securing those bonds.
The Governor shall submit the | 21 |
| amount so certified to the General Assembly
as soon as | 22 |
| practicable, but no later than the end of the current State | 23 |
| fiscal year. | 24 |
| This subsection (f) applies only with respect to bonds | 25 |
| issued before January 1, 2006.
| 26 |
| (g) The State of Illinois pledges to and agrees with the | 27 |
| holders of the
bonds and notes of the Authority issued pursuant | 28 |
| to this Section that the
State will not limit or alter the | 29 |
| rights and powers vested in the Authority
by this Act so as to | 30 |
| impair the terms of any contract made by the Authority
with | 31 |
| such holders or in any way impair the rights and remedies of | 32 |
| such
holders until such bonds and notes, together with interest | 33 |
| thereon, with
interest on any unpaid installments of interest, | 34 |
| and all costs and expenses
in connection with any action or |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| proceedings by or on behalf of such
holders, are fully met and | 2 |
| discharged. In addition, the State pledges to
and agrees with | 3 |
| the holders of the bonds and notes of the Authority issued
| 4 |
| pursuant to this Section that the State will not limit or alter | 5 |
| the basis
on which State funds are to be paid to the Authority | 6 |
| as provided in this
Act, or the use of such funds, so as to | 7 |
| impair the terms of any such
contract. The Authority is | 8 |
| authorized to include these pledges and
agreements of the State | 9 |
| in any contract with the holders of bonds or notes
issued | 10 |
| pursuant to this Section.
| 11 |
| (h) Not less than 30 days prior to the commitment to issue | 12 |
| bonds,
notes, or other evidences of indebtedness for the | 13 |
| purpose of developing,
constructing, acquiring or improving | 14 |
| housing or residential projects, as
defined in Section 3, the | 15 |
| Authority shall provide notice to the
Executive Director of the | 16 |
| Illinois Housing Development Authority. Within
30 days after | 17 |
| notice is provided, the Illinois Housing Development
Authority | 18 |
| shall either in writing express interest in financing the | 19 |
| project
or notify the Authority that it is not interested in | 20 |
| providing such
financing and the Authority may finance the | 21 |
| project or seek alternative
financing.
| 22 |
| (Source: P.A. 91-905, eff. 7-7-00.)
| 23 |
| (70 ILCS 530/10) (from Ch. 85, par. 7160)
| 24 |
| Sec. 10. Enterprise zones. | 25 |
| (a) The Authority may by ordinance designate a
portion of | 26 |
| the territorial jurisdiction of the Authority for | 27 |
| certification
as an Enterprise Zone under the Illinois | 28 |
| Enterprise Zone Act in addition to
any other enterprise zones | 29 |
| which may be created under that Act, which area
shall have all | 30 |
| the privileges and rights of an Enterprise Zone pursuant to
the | 31 |
| Illinois Enterprise Zone Act, but which shall not be counted in
| 32 |
| determining the number of Enterprise Zones to be created in any | 33 |
| year
pursuant to that Act.
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| (b) The Authority may not designate any portion of the
| 2 |
| territorial jurisdiction of the Authority for certification as | 3 |
| an
Enterprise Zone on or after the effective date of this | 4 |
| amendatory Act of the 94th General Assembly.
| 5 |
| (Source: P.A. 86-1024.)
| 6 |
| Section 935. The Western Illinois Economic Development | 7 |
| Authority Act is amended by changing Sections 40 and 55 as | 8 |
| follows: | 9 |
| (70 ILCS 532/40)
| 10 |
| Sec. 40. Bonds.
| 11 |
| (a) The Authority, with the written approval of the | 12 |
| Governor, shall have the
continuing power to issue
bonds, | 13 |
| notes, or other evidences of indebtedness in an aggregate | 14 |
| amount not to
exceed $250,000,000 for the
following purposes: | 15 |
| (i) development, construction, acquisition, or improvement
of | 16 |
| projects, including those
established by business entities | 17 |
| locating or expanding property within the
territorial | 18 |
| jurisdiction of the
Authority; (ii) entering into venture | 19 |
| capital agreements with businesses
locating or expanding | 20 |
| within the
territorial jurisdiction of the Authority; (iii) | 21 |
| acquisition and improvement of
any property necessary and
| 22 |
| useful in connection therewith; and (iv) for the purposes of | 23 |
| the Employee
Ownership Assistance Act. For
the purpose of | 24 |
| evidencing the obligations of the Authority to repay any money
| 25 |
| borrowed, the Authority
may, pursuant to resolution, from time | 26 |
| to time, issue and dispose of its interest-bearing revenue | 27 |
| bonds,
notes, or other evidences of indebtedness and may also | 28 |
| from time to time issue and dispose of such bonds,
notes, or | 29 |
| other evidences of indebtedness to refund, at maturity, at a | 30 |
| redemption date or in advance of
either, any bonds, notes, or | 31 |
| other evidences of indebtedness pursuant to redemption | 32 |
| provisions or at any
time before maturity. All such bonds, |
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| notes, or other evidences of indebtedness shall be payable | 2 |
| solely and
only from the revenues or income to be derived from | 3 |
| loans made with respect to projects, from the leasing
or sale | 4 |
| of the projects, or from any other funds available to the | 5 |
| Authority for such purposes. The bonds,
notes, or other | 6 |
| evidences of indebtedness may bear such date or dates, may | 7 |
| mature at such time or times not
exceeding 40 years from their | 8 |
| respective dates, may bear interest at such rate or rates not | 9 |
| exceeding the
maximum rate permitted by the Bond Authorization | 10 |
| Act, may be in such form, may carry such registration
| 11 |
| privileges, may be executed in such manner, may be payable at | 12 |
| such place or places, may be made subject
to redemption in such | 13 |
| manner and upon such terms, with or without premium, as is | 14 |
| stated on the face
thereof, may be authenticated in such manner | 15 |
| and may contain such terms and
covenants as may be
provided by | 16 |
| an applicable resolution.
| 17 |
| (b) The holder or holders of any bonds, notes, or other | 18 |
| evidences of
indebtedness issued by the
Authority may bring | 19 |
| suits at law or proceedings in equity to compel the
performance | 20 |
| and observance by
any corporation or person or by the Authority | 21 |
| or any of its agents or employees
of any contract or covenant
| 22 |
| made with the holders of the bonds, notes, or other evidences | 23 |
| of indebtedness,
to compel such corporation,
person, the | 24 |
| Authority, and any of its agents or employees to perform any | 25 |
| duties
required to be performed
for the benefit of the holders | 26 |
| of the bonds, notes, or other evidences of
indebtedness by the | 27 |
| provision of the
resolution authorizing their issuance and to | 28 |
| enjoin the corporation, person,
the Authority, and any of its
| 29 |
| agents or employees from taking any action in conflict with any | 30 |
| contract or
covenant.
| 31 |
| (c) If the Authority fails to pay the principal of or | 32 |
| interest on any of the
bonds or premium, if any, as the
bond | 33 |
| becomes due, a civil action to compel payment may be instituted | 34 |
| in the
appropriate circuit court by
the holder or holders of |
|
|
|
09400SB1625ham001 |
- 68 - |
LRB094 10335 BDD 47369 a |
|
| 1 |
| the bonds on which the default of payment exists or by
an | 2 |
| indenture trustee acting
on behalf of the holders. Delivery of | 3 |
| a summons and a copy of the complaint to
the chairman of the | 4 |
| Board
shall constitute sufficient service to give the circuit | 5 |
| court jurisdiction over
the subject matter of the suit and
| 6 |
| jurisdiction over the Authority and its officers named as | 7 |
| defendants for the
purpose of compelling such
payment. Any | 8 |
| case, controversy, or cause of action concerning the validity | 9 |
| of
this Act relates to the
revenue of the State of Illinois.
| 10 |
| (d) Notwithstanding the form and tenor of any bond, note, | 11 |
| or other evidence
of indebtedness and in
the absence of any | 12 |
| express recital on its face that it is non-negotiable, all
such | 13 |
| bonds, notes, and other
evidences of indebtedness shall be | 14 |
| negotiable instruments. Pending the
preparation and execution | 15 |
| of any
bonds, notes, or other evidences of indebtedness, | 16 |
| temporary bonds, notes, or
evidences of indebtedness may
be | 17 |
| issued as provided by ordinance.
| 18 |
| (e) To secure the payment of any or all of such bonds, | 19 |
| notes, or other
evidences of indebtedness, the
revenues to be | 20 |
| received by the Authority from a lease agreement or loan
| 21 |
| agreement shall be pledged, and,
for the purpose of setting | 22 |
| forth the covenants and undertakings of the
Authority in | 23 |
| connection with the
issuance of the bonds, notes, or other | 24 |
| evidences of indebtedness and the
issuance of any additional | 25 |
| bonds,
notes or other evidences of indebtedness payable from | 26 |
| such revenues, income, or other funds to be derived
from | 27 |
| projects, the Authority may execute and deliver a mortgage or | 28 |
| trust agreement. A remedy for any
breach or default of the | 29 |
| terms of any mortgage or trust agreement by the Authority may | 30 |
| be by mandamus
proceeding in the appropriate circuit court to | 31 |
| compel performance and compliance under the terms of the
| 32 |
| mortgage or trust agreement, but the trust agreement may | 33 |
| prescribe by whom or on whose behalf the action
may be | 34 |
| instituted.
|
|
|
|
09400SB1625ham001 |
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LRB094 10335 BDD 47369 a |
|
| 1 |
| (f) Bonds or notes shall be secured as provided in the | 2 |
| authorizing ordinance which may include,
notwithstanding any | 3 |
| other provision of this Act, in addition to any other security, | 4 |
| a specific pledge,
assignment of and lien on, or security | 5 |
| interest in any or all revenues or money of the Authority, from
| 6 |
| whatever source, which may, by law, be used for debt service | 7 |
| purposes and a
specific pledge, or assignment
of and lien on, | 8 |
| or security interest in any funds or accounts established or
| 9 |
| provided for by ordinance of the
Authority authorizing the | 10 |
| issuance of the bonds or notes.
| 11 |
| (g) In the event that the Authority determines that moneys | 12 |
| of the Authority
will not be sufficient for the
payment of the | 13 |
| principal of and interest on its bonds during the next State
| 14 |
| fiscal year, the chairman, as soon
as practicable, shall | 15 |
| certify to the Governor the amount required by the
Authority to | 16 |
| enable it to pay the
principal of and interest on the bonds. | 17 |
| The Governor shall submit the certified
amount to the General
| 18 |
| Assembly as soon as practicable, but no later than the end of | 19 |
| the current State
fiscal year. This Section shall
not apply to | 20 |
| any bonds or notes to which the Authority determines, in the
| 21 |
| resolution authorizing the
issuance of the bonds or notes, that | 22 |
| this Section shall not apply. Whenever the
Authority makes this
| 23 |
| determination, it shall be plainly stated on the face of the | 24 |
| bonds or notes and
the determination shall also be
reported to | 25 |
| the Governor.
In the event of a withdrawal of moneys from a | 26 |
| reserve fund established with
respect to any issue or
issues of | 27 |
| bonds of the Authority to pay principal or interest on those | 28 |
| bonds,
the chairman of the Authority,
as soon as practicable, | 29 |
| shall certify to the Governor the amount required to
restore | 30 |
| the reserve fund to the
level required in the resolution or | 31 |
| indenture securing those bonds. The
Governor shall submit the | 32 |
| certified
amount to the General Assembly as soon as | 33 |
| practicable, but no later than the
end of the current State | 34 |
| fiscal
year. This subsection (g) applies only with respect to |
|
|
|
09400SB1625ham001 |
- 70 - |
LRB094 10335 BDD 47369 a |
|
| 1 |
| bonds issued before the effective date of this amendatory Act | 2 |
| of the 94th General Assembly.
| 3 |
| (h) The State of Illinois pledges to and agrees with the | 4 |
| holders of the
bonds and notes of the Authority
issued pursuant | 5 |
| to this Section that the State will not limit or alter the | 6 |
| rights and powers vested in the
Authority by this Act so as to | 7 |
| impair the terms of any contract made by the Authority with the | 8 |
| holders of
bonds or notes or in any way impair the rights and | 9 |
| remedies of those holders until the bonds and notes,
together | 10 |
| with interest thereon, with interest on any unpaid installments | 11 |
| of interest, and all costs and
expenses in connection with any | 12 |
| action or proceedings by or on behalf of the holders, are fully | 13 |
| met and
discharged. In addition, the State pledges to and | 14 |
| agrees with the holders of the bonds and notes of the
Authority | 15 |
| issued pursuant to this Section that the State will not limit | 16 |
| or alter the basis on which State funds
are to be paid to the | 17 |
| Authority as provided in this Act, or the use of such funds, so | 18 |
| as to impair the terms of
any such contract. The Authority is | 19 |
| authorized to include these pledges and agreements of the State | 20 |
| in any
contract with the holders of bonds or notes issued | 21 |
| pursuant to this Section.
| 22 |
| (i) Not less than 30 days prior to the commitment to issue | 23 |
| bonds, notes, or
other evidences of
indebtedness for the | 24 |
| purpose of developing, constructing, acquiring, or
improving | 25 |
| housing or residential
projects, as defined in this Act, the | 26 |
| Authority shall provide notice to the
Executive Director of the | 27 |
| Illinois
Housing Development Authority. Within 30 days after | 28 |
| the notice is provided, the
Illinois Housing
Development | 29 |
| Authority shall, in writing, either express interest in | 30 |
| financing
the project or notify the
Authority that it is not | 31 |
| interested in providing financing and that the
Authority may | 32 |
| finance the project or
seek alternative financing.
| 33 |
| (Source: P.A. 93-874, eff. 8-6-04.) |
|
|
|
09400SB1625ham001 |
- 71 - |
LRB094 10335 BDD 47369 a |
|
| 1 |
| (70 ILCS 532/55)
| 2 |
| Sec. 55. Enterprise zones. | 3 |
| (a) The Authority may by ordinance designate a
portion of | 4 |
| the territorial
jurisdiction of the Authority for | 5 |
| certification as an Enterprise Zone under the
Illinois | 6 |
| Enterprise Zone Act in
addition to any other enterprise zones | 7 |
| which may be created under that Act,
which area shall have all | 8 |
| the
privileges and rights of an Enterprise Zone pursuant to the | 9 |
| Illinois Enterprise
Zone Act, but which shall not
be counted in | 10 |
| determining the number of Enterprise Zones to be created in any
| 11 |
| year pursuant to that Act.
| 12 |
| (d) The Authority may not designate any portion of the
| 13 |
| territorial jurisdiction of the Authority for certification as | 14 |
| an
Enterprise Zone on or after January 1, 2006.
| 15 |
| (Source: P.A. 93-874, eff. 8-6-04.) | 16 |
| Section 940. The Will-Kankakee Regional Development | 17 |
| Authority Law is amended by changing Section 7 as follows:
| 18 |
| (70 ILCS 535/7) (from Ch. 85, par. 7457)
| 19 |
| Sec. 7. Bonds.
| 20 |
| (a) The Authority, with the written approval of the | 21 |
| Governor,
shall have the continuing power to issue bonds, | 22 |
| notes, or other evidences
of indebtedness in an aggregate | 23 |
| amount not to exceed $100,000,000 for the
purpose of | 24 |
| developing, constructing, acquiring or improving projects,
| 25 |
| including those established by business entities locating or | 26 |
| expanding
property within the territorial jurisdiction of the | 27 |
| Authority, for entering
into venture capital agreements with | 28 |
| businesses locating or expanding
within the territorial | 29 |
| jurisdiction of the Authority, for acquiring and
improving any | 30 |
| property necessary and useful in connection therewith and for
| 31 |
| the purposes of the Employee Ownership Assistance Act. For the | 32 |
| purpose of
evidencing the obligations of the Authority to repay |
|
|
|
09400SB1625ham001 |
- 72 - |
LRB094 10335 BDD 47369 a |
|
| 1 |
| any money borrowed,
the Authority may, pursuant to resolution, | 2 |
| from time to time issue and
dispose of its interest bearing | 3 |
| revenue bonds, notes or other evidences of
indebtedness and may | 4 |
| also from time to time issue and dispose of such
bonds, notes | 5 |
| or other evidences of indebtedness to refund, at maturity, at
a | 6 |
| redemption date or in advance of either, any bonds, notes or | 7 |
| other
evidences of indebtedness pursuant to redemption | 8 |
| provisions or at any time
before maturity. All such bonds, | 9 |
| notes or other evidences of indebtedness
shall be payable from | 10 |
| the revenues or income to be derived from loans made
with | 11 |
| respect to projects, from the leasing or sale of the projects | 12 |
| or from
any other funds available to the Authority for such | 13 |
| purposes. The bonds,
notes or other evidences of indebtedness | 14 |
| may bear such date or dates, may
mature at such time or times | 15 |
| not exceeding 40 years from their respective
dates, may bear | 16 |
| interest at such rate or rates not exceeding the maximum
rate | 17 |
| permitted by the Bond Authorization Act, may be in such form, | 18 |
| may
carry such registration privileges, may be executed in such | 19 |
| manner, may be
payable at such place or places, may be made | 20 |
| subject to redemption in such
manner and upon such terms, with | 21 |
| or without premium as is stated on the
face thereof, may be | 22 |
| authenticated in such manner and may contain such
terms and | 23 |
| covenants as may be provided by an applicable resolution.
| 24 |
| (b-1) The holder or holders of any bonds, notes or other | 25 |
| evidences of
indebtedness issued by the Authority may bring | 26 |
| suits at law or proceedings
in equity to compel the performance | 27 |
| and observance by any corporation or
person or by the Authority | 28 |
| or any of its agents or employees of any
contract or covenant | 29 |
| made with the holders of such bonds, notes or other
evidences | 30 |
| of indebtedness, to compel such corporation, person, the
| 31 |
| Authority and any of its agents or employees to perform any | 32 |
| duties required
to be performed for the benefit of the holders | 33 |
| of any such bonds, notes or
other evidences of indebtedness by | 34 |
| the provision of the resolution
authorizing their issuance and |
|
|
|
09400SB1625ham001 |
- 73 - |
LRB094 10335 BDD 47369 a |
|
| 1 |
| to enjoin such corporation, person, the
Authority and any of | 2 |
| its agents or employees from taking any action in
conflict with | 3 |
| any such contract or covenant.
| 4 |
| (b-2) If the Authority fails to pay the principal of or | 5 |
| interest on any
of the bonds or premium, if any, as the same | 6 |
| become due, a civil action to
compel payment may be instituted | 7 |
| in the appropriate circuit court by the
holder or holders of | 8 |
| the bonds on which such default of payment exists or
by an | 9 |
| indenture trustee acting on behalf of such holders. Delivery of | 10 |
| a
summons and a copy of the complaint to the Chairman of the | 11 |
| Board shall
constitute sufficient service to give the circuit | 12 |
| court jurisdiction of the
subject matter of such a suit and | 13 |
| jurisdiction over the Authority and its
officers named as | 14 |
| defendants for the purpose of compelling such payment.
Any | 15 |
| case, controversy or cause of action concerning the validity of | 16 |
| this Act
relates to the revenue of the State of Illinois.
| 17 |
| (c) Notwithstanding the form and tenor of any such bonds, | 18 |
| notes or other
evidences of indebtedness and in the absence of | 19 |
| any express recital on the
face thereof that it is | 20 |
| non-negotiable, all such bonds, notes and other
evidences of | 21 |
| indebtedness shall be negotiable instruments. Pending the
| 22 |
| preparation and execution of any such bonds, notes or other | 23 |
| evidences of
indebtedness, temporary bonds, notes or evidences | 24 |
| of indebtedness may be
issued as provided by ordinance.
| 25 |
| (d) To secure the payment of any or all of such bonds, | 26 |
| notes or other
evidences of indebtedness, the revenues to be | 27 |
| received by the Authority from
a lease agreement or loan | 28 |
| agreement shall be pledged, and, for the purpose
of setting | 29 |
| forth the covenants and undertakings of the Authority in
| 30 |
| connection with the issuance thereof and the issuance of any | 31 |
| additional
bonds, notes or other evidences of indebtedness | 32 |
| payable from such revenues,
income or other funds to be derived | 33 |
| from projects, the Authority may
execute and deliver a mortgage | 34 |
| or trust agreement. A remedy for any breach
or default of the |
|
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| terms of any such mortgage or trust agreement by the
Authority | 2 |
| may be by mandamus proceedings in the appropriate circuit court
| 3 |
| to compel the performance and compliance therewith, but the | 4 |
| trust agreement
may prescribe by whom or on whose behalf such | 5 |
| action may be instituted.
| 6 |
| (e) Such bonds or notes shall be secured as provided in the | 7 |
| authorizing
ordinance which may, notwithstanding any other | 8 |
| provision of this Act,
include in addition to any other | 9 |
| security a specific pledge or assignment
of and lien on or | 10 |
| security interest in any or all revenues or money of the
| 11 |
| Authority from whatever source which may by law be used for | 12 |
| debt
service purposes and a specific pledge or assignment of | 13 |
| and lien on or
security interest in any funds or accounts | 14 |
| established or provided for by
ordinance of the Authority | 15 |
| authorizing the issuance of such bonds or notes.
| 16 |
| (f) In the event that the Authority determines that monies | 17 |
| of the
Authority will not be sufficient for the payment of the | 18 |
| principal of and
interest on its bonds during the next State | 19 |
| fiscal year, the
Chairman, as soon as practicable, shall | 20 |
| certify to the Governor the
amount required by the Authority to | 21 |
| enable
it to pay such principal of and interest on the bonds.
| 22 |
| The Governor shall submit the amount so certified to the | 23 |
| General Assembly
as soon as practicable, but no later than the | 24 |
| end of the current State fiscal year.
This subsection shall not | 25 |
| apply to any bonds or notes as to which the
Authority shall | 26 |
| have determined, in the resolution authorizing the issuance
of | 27 |
| the bonds or notes, that this subsection shall not apply. | 28 |
| Whenever the
Authority makes such a determination, that fact | 29 |
| shall be plainly stated on
the face of the bonds or notes and | 30 |
| that fact shall also be reported to the
Governor.
| 31 |
| In the event of a withdrawal of moneys from a reserve fund | 32 |
| established
with respect to any issue or issues of bonds of the | 33 |
| Authority to pay
principal or interest on those bonds, the | 34 |
| Chairman of the Authority, as
soon as practicable, shall |
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| certify to the Governor the amount required
to restore the | 2 |
| reserve fund to the level required in the
resolution or | 3 |
| indenture securing those bonds.
The Governor shall submit the | 4 |
| amount so certified to the General Assembly
as soon as | 5 |
| practicable, but no later than the end of the current State | 6 |
| fiscal year. | 7 |
| This subsection (f) applies only with respect to bonds | 8 |
| issued before January 1, 2006.
| 9 |
| (g) The State of Illinois pledges to and agrees with the | 10 |
| holders of the
bonds and notes of the Authority issued pursuant | 11 |
| to this Section that the
State will not limit or alter the | 12 |
| rights and powers vested in the Authority
by this Act so as to | 13 |
| impair the terms of any contract made by the Authority
with | 14 |
| such holders or in any way impair the rights and remedies of | 15 |
| such
holders until such bonds and notes, together with interest | 16 |
| thereon, with
interest on any unpaid installments of interest, | 17 |
| and all costs and expenses
in connection with any action or | 18 |
| proceedings by or on behalf of such
holders, are fully met and | 19 |
| discharged. In addition, the State pledges to
and agrees with | 20 |
| the holders of the bonds and notes of the Authority issued
| 21 |
| pursuant to this Section that the State will not limit or alter | 22 |
| the basis
on which State funds are to be paid to the Authority | 23 |
| as provided in this
Act, or the use of such funds, so as to | 24 |
| impair the terms of any such
contract. The Authority is | 25 |
| authorized to include these pledges and
agreements of the State | 26 |
| in any contract with the holders of bonds or notes
issued | 27 |
| pursuant to this Section.
| 28 |
| (Source: P.A. 86-1481; 87-778.)
| 29 |
| Section 999. Effective date. This Act takes effect upon | 30 |
| becoming law.".
|
|