Full Text of SB1977 94th General Assembly
SB1977ham001 94TH GENERAL ASSEMBLY
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Executive Committee
Filed: 5/18/2005
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| AMENDMENT TO SENATE BILL 1977
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| AMENDMENT NO. ______. Amend Senate Bill 1977 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Illinois Finance Authority Act is amended | 5 |
| by adding Section 825-13 as follows:
| 6 |
| (20 ILCS 3501/825-13 new)
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| Sec. 825-13. Supervision of regional development authority | 8 |
| bond issuances. | 9 |
| (a) All bond issuances of a regional development authority | 10 |
| are subject to supervision, management, control, and approval | 11 |
| of the Authority. | 12 |
| (b) All bonds issued by a regional development authority | 13 |
| under the supervision of the Authority are subject to the same | 14 |
| terms and conditions that are set forth in the applicable | 15 |
| statutes regulating the issuance of bonds by the regional | 16 |
| development authority. | 17 |
| (c) The bonds issued by a regional development authority | 18 |
| under the supervision of the Authority are not debts of the | 19 |
| Authority or the State. | 20 |
| (d) For purposes of this Section, "regional development | 21 |
| authority" means the Quad Cities Regional Economic Development | 22 |
| Authority. | 23 |
| Section 15. The Quad Cities Regional Economic Development
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| Authority Act, approved September 22, 1987 is amended by | 2 |
| changing Sections 8, 9, 9.1, and 15 as follows:
| 3 |
| (70 ILCS 510/8) (from Ch. 85, par. 6208)
| 4 |
| Sec. 8. (a) The Authority possesses all the powers of a | 5 |
| body
corporate necessary and convenient to accomplish the | 6 |
| purposes of this Act,
including, without any intended | 7 |
| limitation upon the general powers hereby
conferred, the | 8 |
| following:
| 9 |
| (1) to enter into loans, contracts, agreements and | 10 |
| mortgages in any
matter connected with any of its corporate | 11 |
| purposes and to invest its funds;
| 12 |
| (2) to sue and be sued;
| 13 |
| (3) to employ agents and employees necessary to carry out | 14 |
| its purposes;
| 15 |
| (4) to have and use a common seal and to alter the same at | 16 |
| its discretion;
| 17 |
| (5) to adopt all needful ordinances, resolutions, by-laws, | 18 |
| rules and
regulations for the conduct of its business and | 19 |
| affairs and for the
management and use of the projects | 20 |
| developed, constructed, acquired and
improved in furtherance | 21 |
| of its purposes;
| 22 |
| (6) to designate the fiscal year for the Authority;
| 23 |
| (7) to accept and expend appropriations;
| 24 |
| (8) to maintain an office or offices at such place as the | 25 |
| Authority may designate;
| 26 |
| (9) to employ, either as regular employees or as | 27 |
| independent
contractors, such consultants, engineers, | 28 |
| architects, accountants,
attorneys, financial experts, | 29 |
| construction experts and personnel,
superintendents, managers | 30 |
| and other professional personnel, personnel, and
actors as may | 31 |
| be necessary in the judgment of the Authority, and fix their | 32 |
| compensation;
| 33 |
| (10) to acquire, hold, lease, use, encumber, transfer or |
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| dispose of real
and personal property;
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| (11) to enter into contracts of any kind and execute all | 3 |
| instruments
necessary or convenient with respect to its | 4 |
| carrying out the powers in this
Act to accomplish the purposes | 5 |
| of the Authority;
| 6 |
| (12) to fix and revise from time to time and charge and | 7 |
| collect rates, rents,
fees or other charges for the use of | 8 |
| facilities or for services rendered in
connection with the | 9 |
| facilities;
| 10 |
| (13) to borrow money from any source for any corporate | 11 |
| purpose,
including working capital for its operations, reserve | 12 |
| funds, or interest,
and to mortgage, pledge or otherwise | 13 |
| encumber the property or funds of the
Authority and to contract | 14 |
| with or engage the services of any person in
connection with | 15 |
| any financing, including financial institutions, issuers of
| 16 |
| letters of credit, or insurers;
| 17 |
| (14) to issue bonds or notes under this Act under the | 18 |
| supervision of the Illinois Finance Authority, as set forth | 19 |
| under Section 825-13 of the Illinois Finance Authority Act ;
| 20 |
| (15) to receive and accept from any source, private or | 21 |
| public,
contributions, gifts or grants of money or property;
| 22 |
| (16) to make loans from proceeds or funds otherwise | 23 |
| available to the
extent necessary or appropriate to accomplish | 24 |
| the purposes of the Authority;
| 25 |
| (17) to exercise all the corporate powers granted to | 26 |
| Illinois corporations
under the Business Corporation Act of | 27 |
| 1983, except to the extent that any
such powers are | 28 |
| inconsistent with those of a body politic and corporate of the | 29 |
| State;
| 30 |
| (18) to have and exercise all powers and be subject to all | 31 |
| duties usually
incident to boards of directors of corporations; | 32 |
| and
| 33 |
| (19) to do all things necessary or convenient to carry out | 34 |
| the powers
granted by this Act.
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| (b) The Authority shall not issue any bonds relating to the | 2 |
| financing of
a project located within the planning and | 3 |
| subdivision control jurisdiction
of any municipality or county | 4 |
| unless notice, including a description of the
proposed project | 5 |
| and the financing therefor, is submitted to the corporate
| 6 |
| authorities of such municipality or, in the case of a proposed | 7 |
| project in
an unincorporated area, to the county board.
| 8 |
| (c) If any of the powers set forth in this Act are | 9 |
| exercised within the
jurisdictional limits of any | 10 |
| municipality, all ordinances of such
municipality shall remain | 11 |
| in full force and effect and shall be controlling.
| 12 |
| (Source: P.A. 85-713.)
| 13 |
| (70 ILCS 510/9) (from Ch. 85, par. 6209)
| 14 |
| Sec. 9. Bonds and notes. (a)(1) The Authority may, with the | 15 |
| written
approval of the Governor, at any time and from time to | 16 |
| time, issue bonds and
notes for any corporate purpose, | 17 |
| including the establishment of reserves and
the payment of | 18 |
| interest. The bonds must be issued under the supervision of the | 19 |
| Illinois Finance Authority, as set forth under Section 825-13 | 20 |
| of the Illinois Finance Authority Act. In this Act the term | 21 |
| "bonds" includes notes of
any kind, interim certificates, | 22 |
| refunding bonds or any other evidence of obligation.
| 23 |
| (2) The bonds of any issue shall be payable solely from the | 24 |
| property or
receipts of the Authority, including, without | 25 |
| limitation:
| 26 |
| (I) fees, charges or other revenues payable to the | 27 |
| Authority;
| 28 |
| (II) payments by financial institutions, insurance | 29 |
| companies, or others
pursuant to letters or lines of credit, | 30 |
| policies of insurance, or purchase agreements;
| 31 |
| (III) investment earnings from funds or accounts | 32 |
| maintained pursuant to
a bond resolution or trust agreement; | 33 |
| and
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| (IV) proceeds of refunding bonds.
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| (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:
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| (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.
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| (c) No member of the Authority nor any person executing the |
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| 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 |
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| of the
Authority exceed $250 million
$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 |
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| 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 the effective date of this amendatory Act of the 94th | 11 |
| General Assembly.
| 12 |
| (Source: P.A. 86-837; 86-1470; 87-778.)
| 13 |
| (70 ILCS 510/15) (from Ch. 85, par. 6215)
| 14 |
| Sec. 15. Designation of Enterprise Zones.
| 15 |
| (a) The Authority may by ordinance designate a portion of | 16 |
| the
territorial jurisdiction of the Authority for | 17 |
| certification as an
Enterprise Zone under the Illinois | 18 |
| Enterprise Zone Act in addition to any
other enterprise zones | 19 |
| which may be created under the Act, which area shall
have all | 20 |
| the privileges and rights of an Enterprise Zone pursuant to the
| 21 |
| Illinois Enterprise Zone Act, but which shall not be counted in | 22 |
| determining
the number of Enterprise Zones to be created in any | 23 |
| year pursuant to that Act.
| 24 |
| (b) The Authority may not designate any portion of the
| 25 |
| territorial jurisdiction of the Authority for certification as | 26 |
| an
Enterprise Zone on or after the effective date of this | 27 |
| amendatory Act of the 94th General Assembly.
| 28 |
| (Source: P.A. 85-713.)
| 29 |
| Section 20. The Quad Cities Regional Economic Development
| 30 |
| Authority Act, certified December 30, 1987 is amended by | 31 |
| changing Sections 8, 9, 9.1, and 14 as follows:
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| (70 ILCS 515/8) (from Ch. 85, par. 6508)
| 2 |
| Sec. 8. (a) The Authority possesses all the powers of a | 3 |
| body
corporate necessary and convenient to accomplish the | 4 |
| purposes of this Act,
including, without any intended | 5 |
| limitation upon the general powers hereby
conferred, the | 6 |
| following:
| 7 |
| (1) to enter into loans, contracts, agreements and | 8 |
| mortgages in any
matter connected with any of its corporate | 9 |
| purposes and to invest its funds;
| 10 |
| (2) to sue and be sued;
| 11 |
| (3) to employ agents and employees necessary to carry out | 12 |
| its purposes;
| 13 |
| (4) to have and use a common seal and to alter the same at | 14 |
| its discretion;
| 15 |
| (5) to adopt all needful ordinances, resolutions, by-laws, | 16 |
| rules and
regulations for the conduct of its business and | 17 |
| affairs and for the
management and use of the projects | 18 |
| developed, constructed, acquired and
improved in furtherance | 19 |
| of its purposes;
| 20 |
| (6) to designate the fiscal year for the Authority;
| 21 |
| (7) to accept and expend appropriations;
| 22 |
| (8) to maintain an office or offices at such place as the | 23 |
| Authority may designate;
| 24 |
| (9) to employ, either as regular employees or as | 25 |
| independent
contractors, such consultants, engineers, | 26 |
| architects, accountants,
attorneys, financial experts, | 27 |
| construction experts and personnel,
superintendents, managers | 28 |
| and other professional personnel, personnel, and
actors as may | 29 |
| be necessary in the judgment of the Authority, and fix their | 30 |
| compensation;
| 31 |
| (10) to acquire, hold, lease, use, encumber, transfer or | 32 |
| dispose of real
and personal property;
| 33 |
| (11) to enter into contracts of any kind and execute all | 34 |
| instruments
necessary or convenient with respect to its |
|
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| carrying out the powers in this
Act to accomplish the purposes | 2 |
| of the Authority;
| 3 |
| (12) to fix and revise from time to time and charge and | 4 |
| collect rates, rents,
fees or other charges for the use of | 5 |
| facilities or for services rendered in
connection with the | 6 |
| facilities;
| 7 |
| (13) to borrow money from any source for any corporate | 8 |
| purpose,
including working capital for its operations, reserve | 9 |
| funds, or interest,
and to mortgage, pledge or otherwise | 10 |
| encumber the property or funds of the
Authority and to contract | 11 |
| with or engage the services of any person in
connection with | 12 |
| any financing, including financial institutions, issuers of
| 13 |
| letters of credit, or insurers;
| 14 |
| (14) to issue bonds or notes under this Act under the | 15 |
| supervision of the Illinois Finance Authority, as set forth | 16 |
| under Section 825-13 of the Illinois Finance Authority Act ;
| 17 |
| (15) to receive and accept from any source, private or | 18 |
| public,
contributions, gifts or grants of money or property;
| 19 |
| (16) to make loans from proceeds or funds otherwise | 20 |
| available to the
extent necessary or appropriate to accomplish | 21 |
| the purposes of the Authority;
| 22 |
| (17) to exercise all the corporate powers granted to | 23 |
| Illinois corporations
under the Business Corporation Act of | 24 |
| 1983, except to the extent that any
such powers are | 25 |
| inconsistent with those of a body politic and corporate of the | 26 |
| State;
| 27 |
| (18) to have and exercise all powers and be subject to all | 28 |
| duties usually
incident to boards of directors of corporations; | 29 |
| and
| 30 |
| (19) to do all things necessary or convenient to carry out | 31 |
| the powers
granted by this Act.
| 32 |
| (b) The Authority shall not issue any bonds relating to the | 33 |
| financing of
a project located within the planning and | 34 |
| subdivision control jurisdiction
of any municipality or county |
|
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| unless notice, including a description of the
proposed project | 2 |
| and the financing therefor, is submitted to the corporate
| 3 |
| authorities of such municipality or, in the case of a proposed | 4 |
| project in
an unincorporated area, to the county board.
| 5 |
| (c) If any of the powers set forth in this Act are | 6 |
| exercised within the
jurisdictional limits of any | 7 |
| municipality, all ordinances of such
municipality shall remain | 8 |
| in full force and effect and shall be controlling.
| 9 |
| (Source: P.A. 85-988.)
| 10 |
| (70 ILCS 515/9) (from Ch. 85, par. 6509)
| 11 |
| Sec. 9. Bonds and notes. (a)(1) The Authority may, with the | 12 |
| written
approval of the Governor, at any time and from time to | 13 |
| time, issue bonds and
notes for any corporate purpose, | 14 |
| including the establishment of reserves and
the payment of | 15 |
| interest. The bonds must be issued under the supervision of the | 16 |
| Illinois Finance Authority, as set forth under Section 825-13 | 17 |
| of the Illinois Finance Authority Act. In this Act the term | 18 |
| "bonds" includes notes of
any kind, interim certificates, | 19 |
| refunding bonds or any other evidence of obligation.
| 20 |
| (2) The bonds of any issue shall be payable solely from the | 21 |
| property or
receipts of the Authority, including, without | 22 |
| limitation:
| 23 |
| (I) fees, charges or other revenues payable to the | 24 |
| Authority;
| 25 |
| (II) payments by financial institutions, insurance | 26 |
| companies, or others
pursuant to letters or lines of credit, | 27 |
| policies of insurance, or purchase agreements;
| 28 |
| (III) investment earnings from funds or accounts | 29 |
| maintained pursuant to
a bond resolution or trust agreement; | 30 |
| and
| 31 |
| (IV) proceeds of refunding bonds.
| 32 |
| (3) Bonds shall be authorized by a resolution of the | 33 |
| Authority and may
be secured by a trust agreement by and |
|
|
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| 1 |
| between the Authority and a
corporate trustee or trustees, | 2 |
| which may be any trust company or bank
having the powers of a | 3 |
| trust company within or without the State. Bonds shall:
| 4 |
| (I) be issued at, above or below par value, for cash or | 5 |
| other valuable
consideration, and mature at time or times, | 6 |
| whether as serial bonds or as
term bonds or both, not exceeding | 7 |
| 40 years from their respective date of
issue; however, the | 8 |
| length of the term of the bond should bear a reasonable
| 9 |
| relationship to the value life of the item financed;
| 10 |
| (II) bear interest at the fixed or variable rate or rates | 11 |
| determined by
the method provided in the resolution or trust | 12 |
| agreement;
| 13 |
| (III) be payable at a time or times, in the denominations | 14 |
| and form,
either coupon or registered or both, and carry the | 15 |
| registration and
privileges as to conversion and for the | 16 |
| replacement of mutilated, lost or
destroyed bonds as the | 17 |
| resolution or trust agreement may provide;
| 18 |
| (IV) be payable in lawful money of the United States at a | 19 |
| designated place;
| 20 |
| (V) be subject to the terms of purchase, payment, | 21 |
| redemption, refunding
or refinancing that the resolution or | 22 |
| trust agreement provides;
| 23 |
| (VI) be executed by the manual or facsimile signatures of | 24 |
| the officers
of the Authority designated by the Authority, | 25 |
| which signatures shall be
valid at delivery even for one who | 26 |
| has ceased to hold office; and
| 27 |
| (VII) be sold in the manner and upon the terms determined | 28 |
| by the Authority.
| 29 |
| (b) Any resolution or trust agreement may contain | 30 |
| provisions which shall
be a part of the contract with the | 31 |
| holders of the bonds as to:
| 32 |
| (1) pledging, assigning or directing the use, investment or | 33 |
| disposition
of receipts of the Authority or proceeds or | 34 |
| benefits of any contract and
conveying or otherwise securing |
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| any property or property rights;
| 2 |
| (2) the setting aside of loan funding deposits, debt | 3 |
| service reserves,
capitalized interest accounts, cost of | 4 |
| issuance accounts and sinking funds,
and the regulations, | 5 |
| investment and disposition thereof;
| 6 |
| (3) limitations on the purpose to which or the investments | 7 |
| in which the
proceeds of sale of any issue of bonds may be | 8 |
| applied and restrictions to
investment of revenues or bond | 9 |
| proceeds in government obligations for which
principal and | 10 |
| interest are unconditionally guaranteed by the United States of | 11 |
| America;
| 12 |
| (4) limitations on the issue of additional bonds, the terms | 13 |
| upon which
additional bonds may be issued and secured, the | 14 |
| terms upon which additional
bonds may rank on a parity with, or | 15 |
| be subordinate or superior to, other bonds;
| 16 |
| (5) the refunding or refinancing of outstanding bonds;
| 17 |
| (6) the procedure, if any, by which the terms of any | 18 |
| contract with
bondholders may be altered or amended and the | 19 |
| amount of bonds and holders
of which must consent thereto, and | 20 |
| the manner in which consent shall be given;
| 21 |
| (7) defining the acts or omissions which shall constitute a | 22 |
| default in
the duties of the Authority to holders of bonds and | 23 |
| providing the rights or
remedies of such holders in the event | 24 |
| of a default which may include
provisions restricting | 25 |
| individual right of action by bondholders;
| 26 |
| (8) providing for guarantees, pledges of property, letters | 27 |
| of credit, or
other security, or insurance for the benefit of | 28 |
| bondholders; and
| 29 |
| (9) any other matter relating to the bonds which the | 30 |
| Authority determines appropriate.
| 31 |
| (c) No member of the Authority nor any person executing the | 32 |
| bonds shall
be liable personally on the bonds or subject to any | 33 |
| personal liability by
reason of the issuance of the bonds.
| 34 |
| (d) The Authority may enter into agreements with agents, |
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| banks, insurers
or others for the purpose of enhancing the | 2 |
| marketability of or as security for its bonds.
| 3 |
| (e)(1) A pledge by the Authority of revenues as security | 4 |
| for an issue of
bonds shall be valid and binding from the time | 5 |
| when the pledge is made.
| 6 |
| (2) The revenues pledged shall immediately be subject to | 7 |
| the lien of the
pledge without any physical delivery or further | 8 |
| act, and the lien of any
pledge shall be valid and binding | 9 |
| against any person having any claim of
any kind in tort, | 10 |
| contract or otherwise against the Authority, irrespective
of | 11 |
| whether the person has notice.
| 12 |
| (3) No resolution, trust agreement or financing statement, | 13 |
| continuation
statement, or other instrument adopted or entered | 14 |
| into by the Authority
need be filed or recorded in any public | 15 |
| record other than the records of
the authority in order to | 16 |
| perfect the lien against third persons,
regardless of any | 17 |
| contrary provision of law.
| 18 |
| (f) The Authority may issue bonds to refund any of its | 19 |
| bonds then
outstanding, including the payment of any redemption | 20 |
| premium and any
interest accrued or to accrue to the earliest | 21 |
| or any subsequent date of
redemption, purchase or maturity of | 22 |
| the bonds. Refunding bonds may be
issued for the public | 23 |
| purposes of realizing savings in the effective costs
of debt | 24 |
| service, directly or through a debt restructuring, for | 25 |
| alleviating
impending or actual default and may be issued in | 26 |
| one or more series in an
amount in excess of that of the bonds | 27 |
| to be refunded.
| 28 |
| (g) Bonds or notes of the Authority may be sold by the | 29 |
| Authority through
the process of competitive bid or negotiated | 30 |
| sale.
| 31 |
| (h) At no time shall the total outstanding bonds and notes | 32 |
| of the
Authority exceed $250 million
$100 million .
| 33 |
| (i) The bonds and notes of the Authority shall not be debts | 34 |
| of the State.
|
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| (j) In no event may proceeds of bonds or notes issued by | 2 |
| the Authority
be used to finance any structure which is not | 3 |
| constructed pursuant to an
agreement between the Authority and | 4 |
| a party, which provides for the
delivery by the party of a | 5 |
| completed structure constructed pursuant to a
fixed price | 6 |
| contract, and which provides for the delivery of such structure
| 7 |
| at such fixed price to be insured or guaranteed by a third | 8 |
| party determined
by the Authority to be capable of completing | 9 |
| construction of such a structure.
| 10 |
| (Source: P.A. 85-988.)
| 11 |
| (70 ILCS 515/9.1) (from Ch. 85, par. 6509.1)
| 12 |
| Sec. 9.1. Moneys for payment of principal of and interest | 13 |
| on bonds ; applicability . | 14 |
| (a) In the event that the Authority determines that moneys | 15 |
| of the Authority
will not be sufficient for the payment of the | 16 |
| principal of and interest on
its bonds during the next | 17 |
| succeeding State fiscal year, the Chairman shall
certify to the | 18 |
| Governor, before October of the then current State fiscal
year, | 19 |
| the amount required by the Authority to enable it to pay such
| 20 |
| principal of and interest on the bonds. The Governor shall | 21 |
| include the
amount so certified in the State budget. This | 22 |
| Section shall not apply to
any bonds or notes as to which the | 23 |
| Authority shall have determined, in the
resolution authorizing | 24 |
| the issuance of bonds or notes, that this Section
shall not | 25 |
| apply. Whenever the Authority makes such a determination, that
| 26 |
| fact shall be plainly stated on the face of the bonds or notes | 27 |
| and that
fact shall also be reported to the Governor.
| 28 |
| (b) This Section applies only with respect to bonds issued | 29 |
| before the effective date of this amendatory Act of the 94th | 30 |
| General Assembly.
| 31 |
| (Source: P.A. 86-1470.)
| 32 |
| (70 ILCS 515/14) (from Ch. 85, par. 6514)
|
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| Sec. 14. Designation of Enterprise Zones.
| 2 |
| (a) The Authority may by ordinance designate a portion of | 3 |
| the
territorial jurisdiction of the Authority for | 4 |
| certification as an
Enterprise Zone under the Illinois | 5 |
| Enterprise Zone Act in addition to any
other enterprise zones | 6 |
| which may be created under the Act, which area shall
have all | 7 |
| the privileges and rights of an Enterprise Zone pursuant to the
| 8 |
| Illinois Enterprise Zone Act, but which shall not be counted in | 9 |
| determining
the number of Enterprise Zones to be created in any | 10 |
| year pursuant to that Act.
| 11 |
| (b) The Authority may not designate any portion of the
| 12 |
| territorial jurisdiction of the Authority for certification as | 13 |
| an
Enterprise Zone on or after the effective date of this | 14 |
| amendatory Act of the 94th General Assembly.
| 15 |
| (Source: P.A. 85-988.)
| 16 |
| Section 99. Effective date. This Act takes effect upon | 17 |
| becoming law.".
|
|