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Sen. Terry Link
Filed: 5/23/2007
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| AMENDMENT TO HOUSE BILL 4
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| AMENDMENT NO. ______. Amend House Bill 4, AS AMENDED, by |
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| replacing everything after the enacting clause with the |
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| following:
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| "Section 5. The Airport Authorities Act is amended by |
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| changing Sections 1, 3.1, 14.1, 14.2, and 14.3 and by adding |
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| Sections 22.1, 22.2, 22.3, 22.4, 22.6, and 22.7 as follows:
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| (70 ILCS 5/1) (from Ch. 15 1/2, par. 68.1)
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| Sec. 1. Definitions. When used in this Act:
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| "Aeronautics" means the act or practice of the art and |
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| science of
transportation by aircraft and instruction therein, |
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| and establishment,
construction, extension, operation, |
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| improvement, repair or maintenance of
airports and airport |
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| facilities and air navigation facilities, and the
operation, |
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| construction, repair or maintenance of aircraft.
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| "Aircraft" means any contrivance now known or hereafter |
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| invented, used
or designed for navigation of, or flight in, the |
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| air.
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| "Airport" means any locality, either land or water, which |
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| is used or
designed for the landing and taking off of aircraft, |
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| or for the location of
runways, landing fields, airdromes, |
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| hangars, buildings, structures, airport
roadways and other |
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| facilities.
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| "Airport hazard" means any structure, or object of natural |
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| growth,
located on or in the vicinity of an airport, or any use |
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| of land near an
airport, which is hazardous to the use of such |
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| airport for the landing and
take-off of aircraft.
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| "Approach" means any path, course or zone defined by an |
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| ordinance of an
Authority, or by other lawful regulation, on |
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| the ground or in the air, or
both, for the use of aircraft in |
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| landing and taking off from an airport
located within an |
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| Authority.
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| "Facilities" means and includes real estate and any and all |
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| forms of
tangible and intangible personal property and services |
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| used or useful as an
aid, or constituting an advantage or |
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| convenience to, the safe landing,
taking off and navigation of |
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| aircraft, or the safe and efficient operation
or maintenance of |
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| a public airport. In addition, for all airport
authorities, |
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| "facilities" means and includes real estate, tangible and
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| intangible personal property, and services used or useful for |
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| commercial
and recreational purposes.
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| "Board of Commissioners" and "Board" mean the board of |
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| commissioners of
an established authority or an authority |
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| proposed to be established.
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| "Commercial aircraft" means any aircraft other than public |
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| aircraft
engaged in the business of transporting persons or |
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| property.
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| "Airport Authority" means a municipal corporation created |
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| and
established under Section 2 of this Act, and includes |
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| Metropolitan
Airport Authorities. "Authority" and "Airport
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| Authority" are synonymous , unless the context requires |
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| otherwise .
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| "Metropolitan Airport Authority" and "Metropolitan |
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| Authority" mean an
airport authority established in the manner |
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| provided in Section 2.7 of
this Act.
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| "Municipality" means any city, village or incorporated |
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| town of the State
of Illinois.
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| "Public Agency" means any political subdivision, public |
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| corporation,
quasi-municipal corporation or municipal |
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| corporation of the State of
Illinois, excepting public |
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| corporations or agencies owning, operating or
maintaining a |
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| college or university with funds of the State of Illinois.
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| "Private aircraft" means any aircraft other than public and |
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| commercial
aircraft.
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| "Public aircraft" means an aircraft used exclusively in the |
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| governmental
service of the United States, or of any state or |
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| of any public agency,
including military and naval aircraft.
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| "Public airport" means an airport owned by an airport |
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| authority or other
public agency which is used or is intended |
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| for use by public, commercial
and private aircraft and by |
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| persons owning, managing, operating or desiring
to use, inspect |
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| or repair any such aircraft or to use any such airport for
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| aeronautical purposes.
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| "Public interest" means the protection, furtherance and |
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| advancement of
the general welfare and of public health and |
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| safety and public necessity
and convenience in respect to |
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| aeronautics.
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| "Rail Authority" means a Rail Authority established as |
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| provided in Section 22.1 of this Act. |
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| "Rail facility" has the meaning set forth in Section 22.2 |
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| of this Act. |
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| "Related facility" has the meaning set forth in Section |
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| 22.2 of this Act.
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| (Source: P.A. 87-854.)
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| (70 ILCS 5/3.1) (from Ch. 15 1/2, par. 68.3a)
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| Sec. 3.1. Boards of commissioners - Appointment. The Boards |
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| of
Commissioners of Authorities shall be appointed as follows:
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| (1) In case there are one or more municipalities having a |
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| population of
5,000 or more within the Authority, the |
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| commissioners shall be appointed as
follows:
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| (a) Where there is only one such municipality, 3 |
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| commissioners shall be
appointed from such municipality, |
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| and 2 commissioners shall be appointed at
large.
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| (a-5) Within 30 days after the effective date of this |
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| amendatory Act of the 95th General Assembly, one additional |
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| commissioner shall be appointed to the board of the |
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| Springfield Airport Authority from each municipality |
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| having a population of 5,000 or more within the Authority, |
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| and one additional commissioner shall be appointed at |
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| large. The additional commissioners shall serve for a term |
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| of 4 or 5 years, as determined by lot. Their successors |
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| shall serve for terms of 5 years.
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| (b) Where there are 2 or more such municipalities, one |
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| commissioner
shall be appointed from each municipality |
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| with a population between 5,000 and 45,000, 2 commissioners |
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| shall be appointed from each municipality with a population |
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| of more than 45,000,
such municipality and 3 commissioners |
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| shall be appointed at large; except
that when the physical |
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| facilities of the airport of the Authority are located
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| wholly within a single county with a population between |
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| 600,000 and
3,000,000 there shall be one commissioner |
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| appointed from each municipality
within the corporate |
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| limits of the Authority having 5,000 or more
population and |
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| 5 commissioners appointed at large. If the
Authority is |
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| located wholly within the corporate limits of such
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| municipalities, 2 commissioners shall be appointed from |
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| the one of such
municipalities having the largest |
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| population, and one commissioner shall be
appointed from |
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| each of the other such municipalities, and 2 commissioners
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| shall be appointed at large.
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| (c) Commissioners representing the area within an |
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| Authority located
outside of any municipality having 5,000 |
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| or more population and
commissioners appointed at large |
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| when the authority is wholly contained
within a single |
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| county shall be appointed by the presiding officer of the
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| county board with the advice and consent of the county |
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| board, and when the
physical facilities of the airport of |
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| the Authority are located wholly within
a single county |
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| with a population between 600,000 and 3,000,000 the
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| commissioners appointed at large shall be appointed by the
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| chairman of the county board of such county, and any
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| commissioner representing the area within any such |
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| municipality shall be
appointed by its mayor or the |
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| presiding officer of its governing body. If
however the |
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| district is located in more than one county other than a
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| county with a population between 600,000 and 3,000,000, the |
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| members of the
General Assembly whose legislative |
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| districts encompass any portion of the
Authority shall |
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| appoint the commissioners representing the area within an
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| Authority located outside of any municipality having 5,000 |
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| or more
population and commissioners at large but any |
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| commissioner representing the
area within any such |
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| municipality shall be appointed by its mayor or the
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| presiding officer of its governing body.
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| (d) A commissioner representing the area within any |
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| such municipality
shall reside within its corporate |
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| limits. A commissioner appointed at large may reside
either |
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| within or without any such municipality but must reside |
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| within the
territory of the authority. Should any |
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| commissioner cease to reside within
that part of the |
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| territory he represents, or should the territory in which
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| he resides cease to be a part of the authority, then his |
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| office shall be
deemed vacated, and shall be filled by |
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| appointment for the remainder of the
term as hereinafter |
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| provided.
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| (2) In case there are no municipalities having a population |
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| of 5,000 or
more within such authority located wholly within a |
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| single county, such
order shall so find, and in such case the |
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| Board shall consist of 5
commissioners who shall be appointed |
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| at large by the presiding officer of
the county board with the |
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| advice and consent of the county board. If
however the district |
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| is located in more than one county, the members of the
General |
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| Assembly whose legislative districts encompass any portion of |
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Authority shall appoint the commissioners at large.
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| (3) Should a municipality which is wholly within an |
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| authority attain, or
should such a municipality be established, |
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| having a population of 5,000 or
more after the entry of said |
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| order by the circuit court, the presiding
officer of such |
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| municipality may petition the circuit court for an order
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| finding and determining the population of such municipality |
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| and, if it is
found and determined upon the hearing of said |
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| petition that the population
of such municipality is 5,000 or |
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| more, the board of commissioners of such
authority as |
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| previously established shall be increased by one commissioner
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| who shall reside within the corporate limits of such |
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| municipality and shall
be appointed by its presiding officer. |
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| The initial commissioner so
appointed shall serve for a term of |
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| 1, 2, 3, 4 or 5 years, as may be
determined by lot, and his |
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| successors shall be similarly appointed and
shall serve for |
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| terms of 5 years. All provisions of this section applicable
to |
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| commissioners representing municipal areas shall apply to any |
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| such
commissioner. Each such commissioner shall reside within |
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| the authority and
shall continue to reside therein.
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| (4) Notwithstanding any other provision of this Section, |
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| the Board of
Commissioners of a Metropolitan Airport Authority |
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| shall consist of 9
commissioners.
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| Seven commissioners shall be residents of the county with
a |
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| population between 600,000 and 3,000,000 within which the |
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| Metropolitan
Airport Authority was established. These |
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| commissioners shall be
appointed by the county board chairman |
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| of the county
with a population between 600,000 and 3,000,000 |
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| within which the
Metropolitan Airport Authority was |
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| established, with the advice and
consent of the county board of |
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| that county.
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| Two commissioners shall be residents of the territory of |
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| the Authority
located outside the county with a population |
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| between 600,000 and 3,000,000.
These commissioners shall be |
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| appointed jointly by the mayors of the
municipalities having a |
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| population over 5,000 that are located outside the
county with |
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| a population between 600,000 and 3,000,000, with the advice and
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| consent of the governing bodies of those municipalities.
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| The transition from the pre-existing composition of the |
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| Metropolitan
Airport Authority Board of Commissioners to the |
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| composition specified in
this amendatory Act of 1991 shall be |
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| accomplished as follows:
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| (A) The appointee who was required to be a resident of |
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| the area
outside of the county with a population between |
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| 600,000 and 3,000,000 may
serve until his or her term |
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| expires. The replacement shall be one of the 2
appointees |
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| who shall be residents of the territory of the Authority |
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| located
outside the county with a population between |
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| 600,000 and 3,000,000.
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| (B) The other 8 commissioners may serve until their |
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| terms expire. Upon
the occurrence of the second vacancy |
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| among these 8 commissioners after the
effective date of |
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| this amendatory Act of 1991, the replacement shall be the
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| second of the 2 appointees who shall be residents of the |
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| territory of the
Authority located outside of the county |
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| with a population between 600,000
and 3,000,000. Upon the |
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| expiration of the terms of the other 7
commissioners, the |
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| replacements shall be residents of the county with a
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| population between 600,000 and 3,000,000.
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| (C) All commissioners appointed after the effective |
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| date of this
amendatory Act of 1991, and their successors, |
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| shall be appointed in the
manner set forth in this |
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| amendatory Act of 1991.
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| (Source: P.A. 94-466, eff. 1-1-06.)
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| (70 ILCS 5/14.1) (from Ch. 15 1/2, par. 68.14a)
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| Sec. 14.1. Bond limitation. An Authority may secure the |
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| necessary
funds to finance part or all of the cost of (i)
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| acquiring, establishing,
constructing, developing, expanding, |
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| extending or further improving a
public airport, public |
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| airports, or airport facilities within
or without its corporate |
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| limits or within or upon any body of water
adjacent thereto ; |
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| and (ii) studying, designing, acquiring, constructing, |
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| developing, expanding, extending, or improving any rail |
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| facility or related facility as provided in this Act for a Rail |
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| Authority established by the Board of Commissioners of the |
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| Authority, upon a determination by the Board of Commissioners, |
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| that, in its judgment, the rail or other service to be provided |
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| by those rail facilities or related facilities will benefit the |
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| airport operated by the Airport Authority , through the issuance |
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| of bonds as hereinafter provided in
Sections 14.1 to 14.5 |
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| inclusive, to the principal amount of which at any
one time |
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| outstanding, together with other outstanding indebtedness of |
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| the
Authority, shall not exceed 2.3% of the aggregate valuation |
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| of all taxable
property within the Authority, as equalized or |
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| assessed by the Department
of Revenue or, until January 1, |
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| 1983, if greater, the sum that is produced
by multiplying the |
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| Authority's 1978 equalized assessed valuation by the
debt |
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| limitation percentage in effect on January 1, 1979. No such |
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| airport
project shall be financed by the issuance of bonds |
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| under this Section
unless such proposed airport project has |
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| been approved by the Department of
Transportation as to |
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| location and size and found by the Department to be in
the |
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| public interest; provided that the approval of the Department |
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| of
Transportation as provided in Sections 14.1 through 14.5 is |
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| not required in
the case of airport projects consisting solely |
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| of commercial or
recreational facilities or rail facilities or |
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| related facilities .
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| (Source: P.A. 87-854.)
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| (70 ILCS 5/14.2) (from Ch. 15 1/2, par. 68.14b)
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| Sec. 14.2. General plans and cost estimate to be approved. |
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| Before the
adoption of any ordinance providing for the issuance |
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| of such bonds, the
board of commissioners of the authority |
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| shall cause a description and
general plan for the project to |
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| be prepared and submitted to the Department
of Transportation, |
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| together with an estimate of the cost of the project.
The |
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| project and the plans and estimate of cost may be changed with |
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| the
approval of the Department. Prior to undertaking the |
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| project, the final
plans, specifications and estimate of cost |
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| must be approved by the
Department. The requirements of this |
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| Section do not apply to airport
projects consisting solely of |
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| commercial or recreational facilities or rail facilities or |
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| related facilities .
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| (Source: P.A. 87-854; 87-895.)
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| (70 ILCS 5/14.3) (from Ch. 15 1/2, par. 68.14c)
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| Sec. 14.3. Bond ordinance. Upon the approval of the general |
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| plan and
cost estimate for any such project by the Department |
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| of Transportation,
if required, the
Board of Commissioners of |
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| the authority shall provide by ordinance for the
acquisition or |
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| undertaking of such project, and for the issuance of bonds
of |
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| the authority payable from taxes to pay the cost of such |
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| project to the
authority or for costs with respect to rail |
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| facilities or related facilities as provided in Section 14.1 . |
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| The ordinance shall prescribe all details of the bonds and |
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| shall
state the time or times when bonds, and the interest |
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| thereon, shall become
payable and the bonds shall be payable |
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| within not more than 20 years from
the date thereof. Any |
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| authority may agree or contract to sell, issue or
deliver bonds |
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| payable from taxes at such price and upon such terms as
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| determined by the Board of Commissioners of the Authority and |
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| as will not
cause the net effective interest rate to be paid by |
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| the Authority on the
issue of which such bonds are a part to |
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| exceed the greater of (i) the
maximum rate authorized by the |
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| Bond Authorization Act, as amended at the
time of the making of |
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| the contract, or (ii) the greater of 9% per annum
or 125% of |
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| the rate for the most recent date shown in the 20 G.O. Bonds
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| Index of average municipal bond yields as published in the most |
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| recent
edition of The Bond Buyer, published in New York, New |
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| York, (or any
successor publication or index, or if such |
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| publication or index is no
longer published, then any index of |
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| long term municipal tax-exempt bond
yields then selected by the |
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| Board of Commissioners of the Authority), at
the time the |
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| contract is made for such sale of the bonds. Subject to such
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| limitation, the interest rate or rates on such bonds may be |
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| established by
reference to an index or formula which may be |
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| implemented or administered
by persons appointed or retained |
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| therefor by the Authority. A contract is
made with respect to |
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| the sale of bonds when an Authority is contractually
obligated |
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| to issue or deliver such bonds to a purchaser who is
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| contractually obligated to purchase them, and, with respect to |
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| bonds
bearing interest at a variable rate or subject to payment |
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| upon periodic
demand or put or otherwise subject to remarketing |
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| by or for an Authority, a
contract is made on each date of |
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| change in the variable rate or such
demand, put or remarketing. |
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| The ordinance shall provide for the levy and
collection of a |
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| direct annual tax upon all the taxable property within
the |
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| corporate limits of such Authority, sufficient to meet the |
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| principal
and interest of the bonds as same mature, which tax |
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| shall be in addition
to and in excess of any other tax |
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| authorized to be levied by the
Authority.
The bonds may be |
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| issued in part under the authority of, and may be
additionally |
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| secured as provided in, the Local Government Debt Reform Act. |
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| Proceeds of bonds issued with respect to rail facilities or |
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| related facilities shall be provided to, or expended by the |
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| Authority for the benefit of, the Rail Authority.
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| A certified copy of the ordinance providing for the |
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| issuance of bonds
authorized by this Section shall be filed |
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| with the county clerk of each
county in which the authority or |
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| any portion thereof is situated and
shall constitute the basis |
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| for the extension and collection of the tax
necessary to pay |
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| the principal of and interest and premium, if any,
upon the |
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| bonds issued under the ordinance as the same mature.
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| The provisions of this amendatory Act of 1985 shall be |
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| cumulative and in
addition to any powers or authority granted |
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| in any other laws of the State,
and shall not be deemed to have |
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| repealed any provisions of existing laws.
This amendatory Act |
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| of 1985 shall be construed as a grant of power to public
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| corporations and shall not act as a limitation upon any sale of |
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| bonds
authorized pursuant to any other law. This amendatory Act |
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| of 1985 shall
not be construed as a limit upon any home rule |
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| unit of government.
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| (Source: P.A. 86-1017; 87-854.)
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| (70 ILCS 5/22.1 new) |
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| Sec. 22.1. Establishment of a Rail Authority. |
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| (a) The Board of Commissioners of an airport authority in a |
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| county with a population of at least 200,000 persons and less |
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| than 500,000 persons may, by resolution, establish a Rail |
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| Authority as provided in Sections 22.1 through 22.7 of this |
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| Act. A certified copy of that resolution shall be filed with |
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| the Secretary of State of Illinois. The Board of Commissioners |
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| of the airport authority shall not have the power to abolish |
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| such a Rail Authority. |
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| (b) A Rail Authority established pursuant to this Section |
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| shall be a body politic and corporate and a public corporation. |
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| (c) A Rail Authority shall be governed by a Board of |
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| Directors. Except as provided in paragraph (d) of this Section, |
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| the Board of Directors shall consist of the members of the |
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| Board of Commissioners of the airport authority that |
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| establishes the Rail Authority. The Board of Directors of the |
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| Rail Authority shall establish by-laws and procedures for their |
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| actions and may elect such officers of the Rail Authority and |
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| its Board of Directors as they shall determine, who shall serve |
16 |
| terms as set by the by-laws of the Rail Authority, not to |
17 |
| exceed 5 years. |
18 |
| (d) The composition of the Board of Directors of the Rail |
19 |
| Authority may be increased from time to time to include members |
20 |
| appointed by the Chairman or President of the County Board of |
21 |
| any county that has members on the Board of Directors, all as |
22 |
| shall be agreed by the Board of Directors of the Rail |
23 |
| Authority, the chairman of the county board of the county in |
24 |
| which the establishing airport authority is located, and the |
25 |
| county board of the county for which members shall be added; |
26 |
| upon such agreement providing for financial contribution to the |
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| Rail Authority by the county for which members are added. |
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| (e) All non-procedural actions of the Board of Directors of |
3 |
| the Rail Authority shall require the concurrence of the |
4 |
| majority of members of the Board of Directors. Members of the |
5 |
| Board of Directors shall serve for terms as provided in the |
6 |
| by-laws of the Rail Authority not to exceed 5 years, and until |
7 |
| their successors are appointed and qualified. |
8 |
| (f) There shall be no prohibitions on members of the Board |
9 |
| of Directors of the Rail Authority holding any other |
10 |
| governmental office or position. |
11 |
| (70 ILCS 5/22.2 new) |
12 |
| Sec. 22.2. Provision of rail and related transportation |
13 |
| services. The Rail Authority shall also have the power to |
14 |
| provide non-rail transportation services within the Counties, |
15 |
| which may consist of shuttle bus service to or from an airport, |
16 |
| needed storage facilities, and facilities to load, unload, or |
17 |
| transfer freight from one mode of transportation to another |
18 |
| such mode related to rail or highway transportation and any |
19 |
| needed access roads for that service, as the Board of Directors |
20 |
| shall determine are appropriate to advance economic |
21 |
| development in the Counties. All property or facilities |
22 |
| necessary or useful for such related transportation or economic |
23 |
| development services are referred to in this Act as "related |
24 |
| facilities". The Authority, in providing rail related |
25 |
| facilities, may not operate or perform as a rail carrier. |
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| (70 ILCS 5/22.3 new) |
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| Sec. 22.3. Further powers of the Rail Authority. |
3 |
| (a) Except as otherwise limited by this Act, the Rail |
4 |
| Authority shall have all powers to meet its responsibilities |
5 |
| and to carry out its purposes, including, but not limited to, |
6 |
| the following powers: |
7 |
| (i) To sue and be sued. |
8 |
| (ii) To invest any funds or any moneys not required for |
9 |
| immediate use or disbursement, as provided in the Public |
10 |
| Funds Investment Act. |
11 |
| (iii) To make, amend, and repeal by-laws, rules and |
12 |
| regulations, and resolutions not inconsistent with |
13 |
| Sections 22.1 through 22.7 of this Act. |
14 |
| (iv) To set and collect fares or other charges for the |
15 |
| use of rail or other facilities of the Rail Authority. |
16 |
| (v) To conduct or contract for studies as to the |
17 |
| feasibility and costs of providing any particular service |
18 |
| as authorized by this Act. |
19 |
| (vi) To publicize services of the Authority and to |
20 |
| enter into cooperative agreements with non-rail |
21 |
| transportation service providers, including airport |
22 |
| operations. |
23 |
| (vii) To hold, sell, sell by installment contract, |
24 |
| lease as lessor, transfer, or dispose of such real or |
25 |
| personal property of the Rail Authority, including rail |
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| facilities or related facilities, as the Board of Directors |
2 |
| deems appropriate in the exercise of its powers and to |
3 |
| mortgage, pledge, or otherwise grant security interests in |
4 |
| any such property. |
5 |
| (viii) To enter at reasonable times upon such lands, |
6 |
| waters, or premises as, in the judgment of the Board of |
7 |
| Directors of the Rail Authority, may be necessary, |
8 |
| convenient, or desirable for the purpose of making surveys, |
9 |
| soundings, borings, and examinations to accomplish any |
10 |
| purpose authorized by Sections 22.1 through 22.7 of this |
11 |
| Act after having given reasonable notice of such proposed |
12 |
| entry to the owners and occupants of such lands, waters, or |
13 |
| premises, the Rail Authority being liable only for actual |
14 |
| damage caused by such activity. |
15 |
| (ix) To enter into contracts of group insurance for the |
16 |
| benefit of its employees and to provide for retirement or |
17 |
| pensions or other employee benefit arrangements for such |
18 |
| employees, and to assume obligations for pensions or other |
19 |
| employee benefit arrangements for employees of |
20 |
| transportation agencies, all or part of the facilities of |
21 |
| which are acquired by the Rail Authority. |
22 |
| (x) To provide for the insurance of any property, |
23 |
| directors, officers, employees, or operations of the Rail |
24 |
| Authority against any risk or hazard, and to self-insure or |
25 |
| participate in joint self-insurance pools or entities to |
26 |
| insure against such risk or hazard. |
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| (xi) To pass all resolutions and make all rules and |
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| regulations proper or necessary to regulate the use, |
3 |
| operation, and maintenance of the property and facilities |
4 |
| of the Rail Authority and, by resolution, to prescribe |
5 |
| fines or penalties for violations of those rules and |
6 |
| regulations. No fine or penalty shall exceed $1,000 per |
7 |
| offense. Any resolution providing for any fine or penalty |
8 |
| shall be published in a newspaper of general circulation in |
9 |
| the metropolitan region. No such resolution shall take |
10 |
| effect until 10 days after its publication. |
11 |
| (xii) To enter into arbitration arrangements, which |
12 |
| may be final and binding. |
13 |
| (xiii) To make and execute all contracts and other |
14 |
| instruments necessary or convenient to the exercise of its |
15 |
| powers. |
16 |
| (b) In each case in which this Act gives the Rail Authority |
17 |
| the power to construct or acquire rail facilities or related |
18 |
| facilities or any other real or personal property, the Rail |
19 |
| Authority shall have the power to acquire such property by |
20 |
| contract, purchase, gift, grant, exchange for other property or |
21 |
| rights in property, lease (or sublease), or installment or |
22 |
| conditional purchase contracts, which leases or contracts may |
23 |
| provide for consideration to be paid in installments during a |
24 |
| period not exceeding 40 years, and to dispose of such property |
25 |
| or rights by lease or sale as the Board of Directors shall |
26 |
| determine. Property may be acquired subject to such conditions, |
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| restrictions, liens, or security or other interests of other |
2 |
| parties as the Board of Directors may deem appropriate, and in |
3 |
| each case the Rail Authority may acquire a joint, leasehold, |
4 |
| easement, license, or other partial interest in such property. |
5 |
| Any such acquisition may provide for the assumption of, or |
6 |
| agreement to pay, perform, or discharge outstanding or |
7 |
| continuing duties, obligations, or liabilities of the seller, |
8 |
| lessor, donor, or other transferor of or of the trustee with |
9 |
| regard to such property. In connection with the acquisition of |
10 |
| Rail Facilities or Related Facilities, including, but not |
11 |
| limited to, vehicles, buses, or rapid transit equipment, the |
12 |
| Rail Authority may also execute agreements concerning such |
13 |
| equipment leases, equipment trust certificates, conditional |
14 |
| purchase agreements, and such other security agreements and may |
15 |
| make such agreements and covenants as required, in the form |
16 |
| customarily used in such cases appropriate to effect such |
17 |
| acquisition. The Rail Authority may not acquire property by |
18 |
| eminent domain. |
19 |
| (70 ILCS 5/22.4 new) |
20 |
| Sec. 22.4. Bonds and notes. |
21 |
| (a) The Rail Authority shall have the power to borrow money |
22 |
| and to issue its negotiable bonds or notes as provided in this |
23 |
| Section. Unless otherwise indicated in this Section, the term |
24 |
| "notes" also includes bond anticipation notes, which are notes |
25 |
| that by their terms provide for their payment from the proceeds |
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| of bonds subsequently to be issued. Bonds or notes of the Rail |
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| Authority may be issued for any or all of the following |
3 |
| purposes: to pay costs to the Rail Authority of constructing or |
4 |
| acquiring any rail facilities or related facilities, to pay |
5 |
| interest on bonds or notes during any period of construction or |
6 |
| acquisition of rail facilities or related facilities, to |
7 |
| establish a debt service reserve fund, to pay costs of issuance |
8 |
| of the bonds or notes, and to refund its bonds or notes. |
9 |
| (b) The issuance of any bonds or notes shall be authorized |
10 |
| by a resolution of the Board of Directors of the Rail |
11 |
| Authority. The resolution providing for the issuance of any |
12 |
| such bonds or notes shall fix their date or dates of maturity, |
13 |
| the dates on which interest is payable, any sinking fund |
14 |
| account or reserve fund account provisions, and all other |
15 |
| details of the bonds or notes and may provide for such |
16 |
| covenants or agreements necessary or desirable with regard to |
17 |
| the issue, sale, and security of the bonds or notes. The rate |
18 |
| or rates of interest on the bonds or notes may be fixed or |
19 |
| variable and the Rail Authority shall determine or provide for |
20 |
| the determination of the rate or rates of interest of its bonds |
21 |
| or notes issued under this Act in a resolution adopted prior to |
22 |
| their issuance, none of which rates of interest shall exceed |
23 |
| that permitted in the Bond Authorization Act. Bonds and notes |
24 |
| issued under this Section may be issued as serial or term |
25 |
| obligations, shall be of such denomination or denominations and |
26 |
| form, shall be executed in such manner, shall be payable at |
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| such place or places and bear such date as the Rail Authority |
2 |
| shall fix by the resolution authorizing such bonds or notes and |
3 |
| shall mature at such time or times, within a period not to |
4 |
| exceed 40 years from their date of issue, and may be redeemable |
5 |
| prior to maturity, with or without premium, at the option of |
6 |
| the Rail Authority, upon such terms and conditions as the Rail |
7 |
| Authority shall fix by the resolution authorizing the issuance |
8 |
| of the bonds or notes. In case any officer whose signature |
9 |
| appears on any bonds or notes authorized pursuant to this |
10 |
| Section shall cease to be an officer before delivery of such |
11 |
| bonds or notes, the signature shall nevertheless be valid and |
12 |
| sufficient for all purposes, the same as if the officer had |
13 |
| remained in office until the delivery. |
14 |
| (c) Bonds or notes of the Rail Authority issued pursuant to |
15 |
| this Section shall have a claim for payment as to principal and |
16 |
| interest from such sources as provided by the resolution |
17 |
| authorizing such bonds or notes. Such bonds or notes shall be |
18 |
| secured as provided in the authorizing resolution of the Board |
19 |
| of Directors of the Rail Authority, which may, notwithstanding |
20 |
| any other provision of this Act, include in addition to any |
21 |
| other security, a specific pledge or assignment of and lien on |
22 |
| or security interest in any or all receipts of the Rail |
23 |
| Authority and on any or all other revenues or money of the Rail |
24 |
| Authority from whatever source, which may by law be utilized |
25 |
| for debt service purposes, as well as any funds or accounts |
26 |
| established or provided for the payment of such debt service, |
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| by the resolution of the Rail Authority authorizing the |
2 |
| issuance of the bonds or notes. Any such pledge, assignment, |
3 |
| lien, or security interest for the benefit of holders of bonds |
4 |
| or notes of the Rail Authority shall be valid and binding from |
5 |
| the time the bonds or notes are issued without any physical |
6 |
| delivery or further act and shall be valid and binding as |
7 |
| against and prior to the claims of all other parties having |
8 |
| claims of any kind against the Rail Authority or any other |
9 |
| person irrespective of whether such other parties have notice |
10 |
| of such pledge, assignment, lien, or security interest. The |
11 |
| resolution of the Board of Directors of the Rail Authority |
12 |
| authorizing the issuance of any bonds or notes may provide |
13 |
| additional security for such bonds or notes by providing for |
14 |
| appointment of a corporate trustee (which may be any trust |
15 |
| company or bank having the powers of a trust company within |
16 |
| Illinois) with respect to the bonds or notes. The resolution |
17 |
| shall prescribe the rights, duties, and powers of the trustee |
18 |
| to be exercised for the benefit of the Rail Authority and the |
19 |
| protection of the owners of such bonds or notes. The resolution |
20 |
| may provide for the trustee to hold in trust, invest, and use |
21 |
| amounts in funds and accounts created as provided by the |
22 |
| resolution with respect to the bonds or notes. |
23 |
| (70 ILCS 5/22.6 new) |
24 |
| Sec. 22.6. Exemption from taxation. The Rail Authority and |
25 |
| the Rail Corporation shall be exempt from all State and unit of |
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| local government taxes and registration and license fees. All |
2 |
| property of the Rail Authority or of the Rail Corporation shall |
3 |
| be public property devoted to an essential public and |
4 |
| governmental function and purpose and shall be exempt from all |
5 |
| taxes and special assessments of the State, any subdivision of |
6 |
| the State, or any unit of local government. |
7 |
| (70 ILCS 5/22.7 new) |
8 |
| Sec. 22.7. Federal, State, and other funds. The Rail |
9 |
| Authority shall have the power to apply for, receive, and |
10 |
| expend grants, loans, or other funds from the State of Illinois |
11 |
| or any of its departments or agencies, from any unit of local |
12 |
| government, or from the federal government or any of its |
13 |
| departments or agencies, for use in connection with any of the |
14 |
| powers or purposes of the Rail Authority as set forth in this |
15 |
| Act, and to enter into agreements with the lending or granting |
16 |
| agency in connection with any such loan or grant.
|
17 |
| Section 99. Effective date. This Act takes effect upon |
18 |
| becoming law.".
|