Full Text of SB2883 95th General Assembly
SB2883sam001 95TH GENERAL ASSEMBLY
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Sen. Pamela J. Althoff
Filed: 4/8/2008
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LRB095 18546 HLH 48866 a |
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| AMENDMENT TO SENATE BILL 2883
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| AMENDMENT NO. ______. Amend Senate Bill 2883 on page 1, | 3 |
| line 5, by replacing "Section 845-5" with "Sections 801-40 and | 4 |
| 845-5"; and
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| on page 1, immediately below line 5, by inserting the | 6 |
| following:
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| "(20 ILCS 3501/801-40)
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| Sec. 801-40. In addition to the powers otherwise authorized | 9 |
| by law and in
addition to the foregoing general corporate | 10 |
| powers, the Authority shall also
have the following additional | 11 |
| specific powers to be exercised in furtherance of
the purposes | 12 |
| of this Act.
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| (a) The Authority shall have power (i) to accept grants, | 14 |
| loans or
appropriations from the federal government or the | 15 |
| State, or any agency or
instrumentality thereof, to be used for | 16 |
| the operating expenses of the
Authority,
or for any purposes of |
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| the Authority, including the making of direct loans of
such | 2 |
| funds with respect to projects, and (ii) to enter into any | 3 |
| agreement with
the federal government or the State, or any | 4 |
| agency or instrumentality thereof,
in relationship to such | 5 |
| grants, loans or appropriations.
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| (b) The Authority shall have power to procure and enter | 7 |
| into contracts for
any
type of insurance and indemnity | 8 |
| agreements covering loss or damage to property
from any cause, | 9 |
| including loss of use and occupancy, or covering any other
| 10 |
| insurable risk.
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| (c) The Authority shall have the continuing power to issue | 12 |
| bonds for its
corporate purposes. Bonds may be issued by the | 13 |
| Authority in one or more series
and may provide for the payment | 14 |
| of any interest deemed necessary on such bonds,
of the costs of | 15 |
| issuance of such bonds, of any premium on any insurance, or of
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| the cost of any guarantees, letters of credit or other similar | 17 |
| documents, may
provide for the funding of the reserves deemed | 18 |
| necessary in connection with
such bonds, and may provide for | 19 |
| the refunding or advance refunding of any bonds
or
for accounts | 20 |
| deemed necessary in connection with any purpose of the | 21 |
| Authority.
The bonds may bear interest payable at any time or | 22 |
| times and at any rate or
rates, notwithstanding any other | 23 |
| provision of law to the contrary, and such
rate or rates may be | 24 |
| established by an index or formula which may be
implemented or
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| established by persons appointed or retained therefor by the | 26 |
| Authority, or may
bear no interest or may bear interest payable |
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| at maturity or upon redemption
prior to maturity, may bear such | 2 |
| date or dates, may be payable at such time or
times and at such | 3 |
| place or places, may mature at any time or times not later
than | 4 |
| 40 years from the date of issuance, may be sold at public or | 5 |
| private sale
at such time or times and at such price or prices, | 6 |
| may be secured by such
pledges, reserves, guarantees, letters | 7 |
| of credit, insurance contracts or other
similar credit support | 8 |
| or liquidity instruments, may be executed in such
manner, may | 9 |
| be subject to redemption prior to maturity, may provide for the
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| registration of the bonds, and may be subject to such other | 11 |
| terms and
conditions all as may
be provided by the resolution | 12 |
| or indenture authorizing the issuance of such
bonds. The holder | 13 |
| or holders of any bonds issued by the Authority may bring
suits | 14 |
| at law or proceedings in equity to compel the performance and | 15 |
| observance
by any person or by the Authority or any of its | 16 |
| agents or employees of any
contract or covenant made with the | 17 |
| holders of such bonds and to compel such
person or the | 18 |
| Authority and any of its agents or employees to perform any
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| duties
required to be performed for the benefit of the holders | 20 |
| of any such bonds by
the provision of the resolution | 21 |
| authorizing their issuance, and to enjoin such
person or the | 22 |
| Authority and any of its agents or employees from taking any
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| action in conflict with any such contract or covenant.
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| Notwithstanding the form and tenor of any such bonds and in the | 25 |
| absence of any
express recital on the face thereof that it is | 26 |
| non-negotiable, all such bonds
shall be negotiable |
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| instruments. Pending the preparation and execution of any
such | 2 |
| bonds, temporary bonds may be issued as provided by the | 3 |
| resolution.
The bonds shall be sold by the Authority in such | 4 |
| manner as it shall determine.
The bonds may be secured as | 5 |
| provided in the authorizing resolution by the
receipts, | 6 |
| revenues, income and other available funds of the Authority and | 7 |
| by
any amounts derived by the Authority from the loan agreement | 8 |
| or lease agreement
with respect to the project or projects; and | 9 |
| bonds may be issued as general
obligations of the Authority | 10 |
| payable from such revenues, funds and obligations
of the | 11 |
| Authority as the bond resolution shall provide, or may be | 12 |
| issued as
limited obligations with a claim for payment solely | 13 |
| from such revenues, funds
and obligations as the bond | 14 |
| resolution shall provide. The Authority may grant a
specific | 15 |
| pledge or assignment of and lien on or security interest in | 16 |
| such
rights, revenues, income, or amounts and may grant a | 17 |
| specific pledge or
assignment of and lien on or security | 18 |
| interest in any reserves, funds or
accounts established in the | 19 |
| resolution authorizing the issuance of bonds. Any
such pledge, | 20 |
| assignment, lien or security interest for the benefit of the
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| holders of the Authority's bonds shall be valid and binding | 22 |
| from the time the
bonds are issued without any physical | 23 |
| delivery or further act, and shall be
valid and binding as | 24 |
| against and prior to the claims of all other parties
having | 25 |
| claims against the Authority or any other person irrespective | 26 |
| of whether
the
other parties have notice of the pledge, |
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| assignment, lien or security interest.
As evidence of such | 2 |
| pledge, assignment, lien and security interest, the
Authority | 3 |
| may execute and deliver a mortgage, trust agreement, indenture | 4 |
| or
security agreement or an assignment thereof.
A remedy for | 5 |
| any breach or default of the terms of any such agreement by the
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| Authority may be by mandamus proceedings in any court of | 7 |
| competent jurisdiction
to compel the performance and | 8 |
| compliance therewith, but the agreement may
prescribe by whom | 9 |
| or on whose behalf such action may be instituted.
It is | 10 |
| expressly understood that the Authority may, but need not, | 11 |
| acquire title
to any project with respect to which it exercises | 12 |
| its authority.
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| (d) With respect to the powers granted by this Act, the | 14 |
| Authority may adopt
rules and regulations prescribing the | 15 |
| procedures by which persons may apply for
assistance under this | 16 |
| Act. Nothing herein shall be deemed to preclude the
Authority, | 17 |
| prior to the filing of any formal application, from conducting
| 18 |
| preliminary discussions and investigations with respect to the | 19 |
| subject matter
of any prospective application.
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| (e) The Authority shall have power to acquire by purchase, | 21 |
| lease, gift or
otherwise any property or rights therein from | 22 |
| any person useful for its
purposes, whether improved for the | 23 |
| purposes of any prospective project, or
unimproved. The | 24 |
| Authority may also accept any donation of funds for its
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| purposes from any such source. The Authority shall have no | 26 |
| independent power of
condemnation but may acquire any property |
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| or rights therein obtained upon
condemnation by any other | 2 |
| authority, governmental entity or unit of local
government with | 3 |
| such power.
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| (f) The Authority shall have power to develop, construct | 5 |
| and improve either
under its own direction, or through | 6 |
| collaboration with any approved applicant,
or to acquire | 7 |
| through purchase or otherwise, any project, using for such
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| purpose the proceeds derived from the sale of its bonds or from | 9 |
| governmental
loans or
grants, and to hold title in the name of | 10 |
| the Authority to such projects.
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| (g) The Authority shall have power to lease pursuant to a | 12 |
| lease agreement
any
project so developed and constructed or | 13 |
| acquired to the approved tenant on such
terms and conditions as | 14 |
| may be appropriate to further the purposes of this Act
and to | 15 |
| maintain the credit of the Authority. Any such lease may | 16 |
| provide for
either the Authority or the approved tenant to | 17 |
| assume initially, in whole or in
part, the costs of | 18 |
| maintenance, repair and improvements during the leasehold
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| period. In no case, however, shall the total rentals from any | 20 |
| project during
any initial leasehold period or the total loan | 21 |
| repayments to be made pursuant
to any loan agreement, be less | 22 |
| than an amount necessary to return over such
lease
or loan | 23 |
| period (1) all costs incurred in connection with the | 24 |
| development,
construction, acquisition or improvement of the | 25 |
| project and for repair,
maintenance and improvements thereto | 26 |
| during the period of the lease or loan;
provided, however, that |
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| the rentals or loan repayments need not include costs
met | 2 |
| through the use of funds other than those obtained by the | 3 |
| Authority through
the issuance of its bonds or governmental | 4 |
| loans; (2) a reasonable percentage
additive to be agreed upon | 5 |
| by the Authority and the borrower or tenant to cover
a properly | 6 |
| allocable portion of the Authority's general expenses, | 7 |
| including,
but not limited to, administrative expenses, | 8 |
| salaries and general insurance,
and
(3) an amount sufficient to | 9 |
| pay when due all principal of, interest and
premium, if
any on, | 10 |
| any bonds issued by the Authority with respect to the project. | 11 |
| The
portion of total rentals payable under clause (3) of this | 12 |
| subsection (g) shall
be deposited in such special accounts, | 13 |
| including all sinking funds, acquisition
or construction | 14 |
| funds, debt service and other funds as provided by any
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| resolution, mortgage or trust agreement of the Authority | 16 |
| pursuant to which any
bond is issued.
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| (h) The Authority has the power, upon the termination of | 18 |
| any leasehold
period
of any project, to sell or lease for a | 19 |
| further term or terms such project on
such terms and conditions | 20 |
| as the Authority shall deem reasonable and consistent
with the | 21 |
| purposes of the Act. The net proceeds from all such sales and | 22 |
| the
revenues or income from such leases shall be used to | 23 |
| satisfy any indebtedness
of
the Authority with respect to such | 24 |
| project and any balance may be used to pay
any expenses of the | 25 |
| Authority or be used for the further development,
construction, | 26 |
| acquisition or improvement of projects.
In the event any |
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| project is vacated by a tenant prior to the termination of the
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| initial leasehold period, the Authority shall sell or lease the | 3 |
| facilities of
the project on the most advantageous terms | 4 |
| available. The net proceeds of any
such disposition shall be | 5 |
| treated in the same manner as the proceeds from sales
or the | 6 |
| revenues or income from leases subsequent to the termination of | 7 |
| any
initial leasehold period.
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| (i) The Authority shall have the power to make loans to | 9 |
| persons to finance a
project, to enter into loan agreements | 10 |
| with respect thereto, and to accept
guarantees from persons of | 11 |
| its loans or the resultant evidences of obligations
of the | 12 |
| Authority.
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| (j) The Authority may fix, determine, charge and collect | 14 |
| any premiums, fees,
charges, costs and expenses, including, | 15 |
| without limitation, any application
fees, commitment fees, | 16 |
| program fees, financing charges or publication fees from
any | 17 |
| person in connection with its activities under this Act.
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| (k) In addition to the funds established as provided | 19 |
| herein, the Authority
shall have the power to create and | 20 |
| establish such reserve funds and accounts as
may be necessary | 21 |
| or desirable to accomplish its purposes under this Act and to
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| deposit its available monies into the funds and accounts.
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| (l) At the request of the governing body of any unit of | 24 |
| local government,
the
Authority is authorized to market such | 25 |
| local government's revenue bond
offerings by preparing bond | 26 |
| issues for sale, advertising for sealed bids,
receiving bids
at |
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| its offices, making the award to the bidder that offers the | 2 |
| most favorable
terms or arranging for negotiated placements or | 3 |
| underwritings of such
securities. The Authority may, at its | 4 |
| discretion, offer for concurrent sale the
revenue bonds of | 5 |
| several local governments. Sales by the Authority of revenue
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| bonds under this Section shall in no way imply State guarantee | 7 |
| of such debt
issue. The Authority may require such financial | 8 |
| information from participating
local governments as it deems | 9 |
| necessary in order to carry out the purposes of
this subsection | 10 |
| (1).
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| (m) The Authority may make grants to any county to which | 12 |
| Division 5-37 of
the
Counties Code is applicable to assist in | 13 |
| the financing of capital development,
construction and | 14 |
| renovation of new or existing facilities for hospitals and
| 15 |
| health care facilities under that Act. Such grants may only be | 16 |
| made from funds
appropriated for such purposes from the Build | 17 |
| Illinois Bond Fund.
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| (n) The Authority may establish an urban development action | 19 |
| grant program
for
the purpose of assisting municipalities in | 20 |
| Illinois which are experiencing
severe economic distress to | 21 |
| help stimulate economic development activities
needed to aid in | 22 |
| economic recovery. The Authority shall determine the types of
| 23 |
| activities and projects for which the urban development action | 24 |
| grants may be
used, provided that such projects and activities | 25 |
| are broadly defined to include
all reasonable projects and | 26 |
| activities the primary objectives of which are the
development |
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| of viable urban communities, including decent housing and a
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| suitable living environment, and expansion of economic | 3 |
| opportunity, principally
for
persons of low and moderate | 4 |
| incomes. The Authority shall enter into grant
agreements from | 5 |
| monies appropriated for such purposes from the Build Illinois
| 6 |
| Bond Fund. The Authority shall monitor the
use of the grants, | 7 |
| and shall provide for audits of the funds as well as
recovery | 8 |
| by the Authority of any funds determined to have been spent in
| 9 |
| violation of this
subsection (n) or any rule or regulation | 10 |
| promulgated hereunder. The Authority
shall provide technical | 11 |
| assistance with regard to the effective use of the
urban | 12 |
| development action grants. The Authority shall file an annual | 13 |
| report to
the
General Assembly concerning the progress of the | 14 |
| grant program.
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| (o) The Authority may establish a Housing Partnership | 16 |
| Program whereby the
Authority provides zero-interest loans to | 17 |
| municipalities for the purpose of
assisting in the financing of | 18 |
| projects for the rehabilitation of affordable
multi-family | 19 |
| housing for low and moderate income residents. The Authority | 20 |
| may
provide such loans only upon a municipality's providing | 21 |
| evidence that it has
obtained private funding for the | 22 |
| rehabilitation project. The Authority shall
provide 3 State | 23 |
| dollars for every 7 dollars obtained by the municipality from
| 24 |
| sources other than the State of Illinois. The loans shall be | 25 |
| made from monies
appropriated for such purpose from the Build | 26 |
| Illinois Bond Fund. The total amount of loans available under |
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| the Housing
Partnership Program shall not exceed $30,000,000. | 2 |
| State loan monies under this
subsection shall be used only for | 3 |
| the acquisition and rehabilitation of
existing
buildings | 4 |
| containing 4 or more dwelling units. The terms of any loan made | 5 |
| by
the municipality under this subsection shall require | 6 |
| repayment of the loan to
the municipality upon any sale or | 7 |
| other transfer of the project.
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| (p) The Authority may award grants to universities and | 9 |
| research
institutions,
research consortiums and other | 10 |
| not-for-profit entities for the purposes of:
remodeling or | 11 |
| otherwise physically altering existing laboratory or research
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| facilities, expansion or physical additions to existing | 13 |
| laboratory or research
facilities, construction of new | 14 |
| laboratory or research facilities or
acquisition of modern | 15 |
| equipment to support laboratory or research operations
| 16 |
| provided that
such grants (i) be used solely in support of | 17 |
| project and equipment acquisitions
which enhance technology | 18 |
| transfer, and (ii) not constitute more than 60 percent
of the | 19 |
| total project or acquisition cost.
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| (q) Grants may be awarded by the Authority to units of | 21 |
| local government for
the
purpose of developing the appropriate | 22 |
| infrastructure or defraying other costs
to
the local government | 23 |
| in support of laboratory or research facilities provided
that | 24 |
| such grants may not exceed 40% of the cost to the unit of local
| 25 |
| government.
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| (r) The Authority may establish a Direct Loan Program to |
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| make loans to
individuals, partnerships or corporations for the | 2 |
| purpose of an industrial
project, as defined in
Section 801-10 | 3 |
| of this Act. For the purposes of such program
and not by way of | 4 |
| limitation on any other program of the Authority, the
Authority | 5 |
| shall have the power to issue bonds, notes, or other evidences | 6 |
| of
indebtedness including commercial paper for purposes of | 7 |
| providing a fund of
capital from which it may make such loans. | 8 |
| The Authority shall have the power
to use any appropriations | 9 |
| from the State made especially for the Authority's
Direct Loan | 10 |
| Program for additional capital to make such loans or for the
| 11 |
| purposes of reserve funds or pledged funds which secure the | 12 |
| Authority's
obligations of repayment of any bond, note or other | 13 |
| form of indebtedness
established for the purpose of providing | 14 |
| capital for which it intends to make
such loans under the | 15 |
| Direct Loan Program. For the purpose of obtaining such
capital, | 16 |
| the Authority may also enter into agreements with financial
| 17 |
| institutions and other persons for the purpose of selling loans | 18 |
| and developing
a secondary market for such loans.
Loans made | 19 |
| under the Direct Loan Program may be in an amount not to exceed
| 20 |
| $300,000 and shall be made for a portion of an industrial | 21 |
| project which does
not exceed 50% of the total project. No loan | 22 |
| may be made by the Authority
unless
approved by the affirmative | 23 |
| vote of at least 8 members of the board. The
Authority shall | 24 |
| establish procedures and publish rules which shall provide for
| 25 |
| the submission, review, and analysis of each direct loan | 26 |
| application and which
shall preserve the ability of each board |
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| member to reach an individual business
judgment regarding the | 2 |
| propriety of making each direct loan. The collective
discretion | 3 |
| of the board to approve or disapprove each loan shall be
| 4 |
| unencumbered.
The Authority may establish and collect such fees | 5 |
| and charges, determine and
enforce such terms and conditions, | 6 |
| and charge such interest rates as it
determines to be necessary | 7 |
| and appropriate to the successful administration of
the Direct | 8 |
| Loan Program. The Authority may require such interests in | 9 |
| collateral
and such guarantees as it determines are necessary | 10 |
| to project the Authority's
interest in the repayment of the | 11 |
| principal and interest of each loan made under
the Direct Loan | 12 |
| Program.
| 13 |
| (s) The Authority may guarantee private loans to third | 14 |
| parties up to a
specified dollar amount in order to promote | 15 |
| economic development in this State.
| 16 |
| (t) The Authority may adopt rules and regulations as may be | 17 |
| necessary or
advisable to implement the powers conferred by | 18 |
| this Act.
| 19 |
| (u) The Authority shall have the power to issue bonds, | 20 |
| notes or other
evidences
of indebtedness, which may be used to | 21 |
| make loans to units of local government
which are authorized to | 22 |
| enter into loan agreements and other documents and to
issue | 23 |
| bonds, notes and other evidences of indebtedness for the | 24 |
| purpose of
financing the protection of storm sewer outfalls, | 25 |
| the construction of adequate
storm sewer outfalls, and the | 26 |
| provision for flood protection of sanitary sewage
treatment |
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| plans, in counties that have established a stormwater | 2 |
| management
planning committee in accordance with
Section | 3 |
| 5-1062 of the Counties Code. Any
such loan shall be made by the | 4 |
| Authority pursuant to the provisions of
Section
820-5 to 820-60 | 5 |
| of this Act. The unit of local government shall pay back to the
| 6 |
| Authority the principal amount of the loan, plus annual | 7 |
| interest as determined
by the Authority. The Authority shall | 8 |
| have the power, subject to appropriations
by the General | 9 |
| Assembly, to subsidize or buy down a portion of the interest on
| 10 |
| such loans, up to 4% per annum.
| 11 |
| (v) The Authority may accept security interests as provided | 12 |
| in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| 13 |
| (w) Moral Obligation. In the event that the Authority | 14 |
| determines that monies
of the Authority will not be sufficient | 15 |
| for the payment of the principal of and
interest on its bonds | 16 |
| during the next State fiscal year, the Chairperson, as
soon as | 17 |
| practicable, shall certify to the Governor the amount required | 18 |
| by the
Authority to enable it to pay such principal of and | 19 |
| interest on the bonds. The
Governor shall submit the amount so | 20 |
| certified to the General Assembly as soon
as
practicable, but | 21 |
| no later than the end of the current State fiscal year. This
| 22 |
| subsection shall apply only to any bonds or notes as to which | 23 |
| the Authority
shall have determined, in the resolution | 24 |
| authorizing the issuance of the bonds
or notes, that this | 25 |
| subsection shall apply. Whenever the Authority makes such a
| 26 |
| determination, that fact shall be plainly stated on the face of |
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| the bonds or
notes and that fact shall also be reported to the | 2 |
| Governor. In the event of a
withdrawal of moneys from a reserve | 3 |
| fund established with respect to any issue
or issues of bonds | 4 |
| of the Authority to pay principal or interest on those
bonds,
| 5 |
| the Chairperson of the Authority, as soon as practicable, shall | 6 |
| certify to the
Governor the amount required to restore the | 7 |
| reserve fund to the level required
in the resolution or | 8 |
| indenture securing those bonds. The Governor shall submit
the | 9 |
| amount so certified to the General Assembly as soon as | 10 |
| practicable, but no
later than the end of the current State | 11 |
| fiscal year. The Authority shall obtain
written approval from | 12 |
| the Governor for any bonds and notes to be issued under
this | 13 |
| Section.
In addition to any other bonds authorized to be issued | 14 |
| under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | 15 |
| principal amount of Authority
bonds outstanding
issued under | 16 |
| this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | 17 |
| 360/2-6(c), which have
been
assumed by the Authority, shall not | 18 |
| exceed $150,000,000. This subsection (w) shall in no way be | 19 |
| applied to any bonds issued by the Authority on behalf of the | 20 |
| Illinois Power Agency under Section 825-90 of this Act.
| 21 |
| With respect to bonds that have not been approved in | 22 |
| writing by the Governor prior to the effective date of this | 23 |
| amendatory Act of the 95th General Assembly, prior to any | 24 |
| submission to the Governor for approval of bonds to be issued | 25 |
| under this subsection, the board of the Authority shall review | 26 |
| the project to be financed and vote upon its recommendation for |
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| approval by the Governor. Any submission to the Governor shall | 2 |
| include a representation by the board of the Authority that | 3 |
| sufficient collateral and security for the bonds, including but | 4 |
| not limited to mortgages, letters of credit, and personal | 5 |
| guarantees, will be obtained prior to issuance of the bonds. | 6 |
| Prior to any approval by the Governor of bonds issued pursuant | 7 |
| to this subsection, the Authority shall provide the Governor | 8 |
| with a financial feasibility study on the project to be | 9 |
| financed. This study shall be prepared by an independent | 10 |
| accounting firm whose fee for preparing the study is not | 11 |
| contingent upon the issuance of the bonds. The study shall | 12 |
| assess whether the revenue projected to repay the bonds is | 13 |
| likely to be generated as projected and will be sufficient to | 14 |
| repay the bonds for the projected term of the bonds. Also prior | 15 |
| to any approval by the Governor of bonds issued pursuant to | 16 |
| this subsection, the Commission on Government Forecasting and | 17 |
| Accountability shall prepare a report on the project to be | 18 |
| financed with its assessment on whether the revenue projected | 19 |
| to repay the bonds is likely to be generated as projected and | 20 |
| will be sufficient to repay the bonds for the projected term of | 21 |
| the bonds. The Authority shall supply the Commission with all | 22 |
| information requested by the Commission relating to the report. | 23 |
| The Commission's report shall be submitted to the Governor, the | 24 |
| Authority, and the leaders of the General Assembly. The | 25 |
| Governor shall not approve any bonds to be issued under this | 26 |
| subsection until at least 30 days following his receipt of the |
|
|
|
09500SB2883sam001 |
- 17 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| Commission's report. | 2 |
| (x) The Authority may enter into agreements or contracts | 3 |
| with any person necessary or appropriate to place the payment | 4 |
| obligations of the Authority under any of its bonds in whole or | 5 |
| in part on any interest rate basis, cash flow basis, or other | 6 |
| basis desired by the Authority, including without limitation | 7 |
| agreements or contracts commonly known as "interest rate swap | 8 |
| agreements", "forward payment conversion agreements", and | 9 |
| "futures", or agreements or contracts to exchange cash flows or | 10 |
| a series of payments, or agreements or contracts, including | 11 |
| without limitation agreements or contracts commonly known as | 12 |
| "options", "puts", or "calls", to hedge payment, rate spread, | 13 |
| or similar exposure; provided that any such agreement or | 14 |
| contract shall not constitute an obligation for borrowed money | 15 |
| and shall not be taken into account under Section 845-5 of this | 16 |
| Act or any other debt limit of the Authority or the State of | 17 |
| Illinois.
| 18 |
| (Source: P.A. 94-91, eff. 7-1-05; 95-470, eff. 8-27-07; 95-481, | 19 |
| eff. 8-28-07; revised 10-30-07.)"; and
| 20 |
| on page 1, immediately below line 21, by inserting the | 21 |
| following: | 22 |
| "Section 10. The Southwestern Illinois Development | 23 |
| Authority Act is amended by changing Section 7 as follows:
|
|
|
|
09500SB2883sam001 |
- 18 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| (70 ILCS 520/7) (from Ch. 85, par. 6157)
| 2 |
| Sec. 7. (a) The Authority, with the written approval of the | 3 |
| Governor,
shall have the continuing power to issue bonds, | 4 |
| notes, or other evidences
of indebtedness for the purpose of | 5 |
| developing, constructing, acquiring or
improving projects, | 6 |
| including without limitation those established by
business | 7 |
| entities locating or expanding property within the territorial
| 8 |
| jurisdiction of the Authority, for entering into venture | 9 |
| capital agreements
with businesses locating or expanding | 10 |
| within the territorial jurisdiction
of the Authority, for | 11 |
| acquiring and improving any property necessary and
useful in | 12 |
| connection therewith, for the purposes of the Employee | 13 |
| Ownership
Assistance Act, and any local government projects. | 14 |
| With respect to any
local government project, the Authority is | 15 |
| authorized to purchase from time
to time pursuant to negotiated | 16 |
| sale or to otherwise acquire from time to
time any local | 17 |
| government security upon terms and conditions as the
Authority | 18 |
| may prescribe in connection therewith. For the purpose of
| 19 |
| evidencing the obligations of the Authority to repay any money | 20 |
| borrowed for
any project, the Authority may, pursuant to | 21 |
| resolution, from time to time
issue and dispose of its interest | 22 |
| bearing revenue bonds, notes or other
evidences of indebtedness | 23 |
| and may also from time to time issue and dispose
of such bonds, | 24 |
| notes or other evidences of indebtedness to refund, at
| 25 |
| maturity, at a redemption date or in advance of either, any | 26 |
| bonds, notes or
other evidences of indebtedness pursuant to |
|
|
|
09500SB2883sam001 |
- 19 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| redemption provisions or at any
time before maturity. All such | 2 |
| bonds, notes or other evidences of
indebtedness shall be | 3 |
| payable solely and only from the revenues or income
to be | 4 |
| derived from loans made with respect to projects, from the | 5 |
| leasing or
sale of the projects or from any other funds | 6 |
| available to the Authority for
such purposes. The bonds, notes | 7 |
| or other evidences of indebtedness may
bear such date or dates, | 8 |
| may mature at such time or times not exceeding 40
years from | 9 |
| their respective dates, notwithstanding any other law to the
| 10 |
| contrary may bear interest at such rate or rates payable | 11 |
| annually,
semi-annually, quarterly or monthly, may be in such | 12 |
| form, may carry such
registration privileges, may be executed | 13 |
| in such manner, may be payable at
such place or places, may be | 14 |
| made subject to redemption in such manner and
upon such terms, | 15 |
| with or without premium as is stated on the face thereof,
may | 16 |
| be authenticated in such manner and may contain such terms and
| 17 |
| covenants as may be provided by an applicable resolution.
| 18 |
| (b)(1) The holder or holders of any bonds, notes or other | 19 |
| evidences of
indebtedness issued by the Authority may bring | 20 |
| suits at law or proceedings
in equity to compel the | 21 |
| performance and observance by any corporation or
person or | 22 |
| by the Authority or any of its agents or employees of any
| 23 |
| contract or covenant made with the holders of such bonds, | 24 |
| notes or other
evidences of indebtedness, to compel such | 25 |
| corporation, person, the
Authority and any of its agents or | 26 |
| employees to perform any duties required
to be performed |
|
|
|
09500SB2883sam001 |
- 20 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| for the benefit of the holders of any such bonds, notes or
| 2 |
| other evidences of indebtedness by the provision of the | 3 |
| resolution
authorizing their issuance and to enjoin such | 4 |
| corporation, person, the
Authority and any of its agents or | 5 |
| employees from taking any action in
conflict with any such | 6 |
| contract or covenant.
| 7 |
| (2) If the Authority fails to pay the principal of or | 8 |
| interest on any
of the bonds or premium, if any, as the | 9 |
| same become due, a civil action to
compel payment may be | 10 |
| instituted in the appropriate circuit court by the
holder | 11 |
| or holders of the bonds on which such default of payment | 12 |
| exists or
by an indenture trustee acting on behalf of such | 13 |
| holders. Delivery of a
summons and a copy of the complaint | 14 |
| to the Chairman of the Board shall
constitute sufficient | 15 |
| service to give the circuit court jurisdiction of the
| 16 |
| subject matter of such a suit and jurisdiction over the | 17 |
| Authority and its
officers named as defendants for the | 18 |
| purpose of compelling such payment.
Any case, controversy | 19 |
| or cause of action concerning the validity of this Act
| 20 |
| relates to the revenue of the State of Illinois.
| 21 |
| (c) Notwithstanding the form and tenor of any such bonds, | 22 |
| notes or other
evidences of indebtedness and in the absence of | 23 |
| any express recital on the
face thereof that it is | 24 |
| non-negotiable, all such bonds, notes and other
evidences of | 25 |
| indebtedness shall be negotiable instruments. Pending the
| 26 |
| preparation and execution of any such bonds, notes or other |
|
|
|
09500SB2883sam001 |
- 21 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| evidences of
indebtedness, temporary bonds, notes or evidences | 2 |
| of indebtedness may be
issued as provided by ordinance.
| 3 |
| (d) To secure the payment of any or all of such bonds, | 4 |
| notes or other
evidences of indebtedness, the revenues to be | 5 |
| received by the Authority from
a lease agreement or loan | 6 |
| agreement shall be pledged, and, for the purpose
of setting | 7 |
| forth the covenants and undertakings of the Authority in
| 8 |
| connection with the issuance thereof and the issuance of any | 9 |
| additional
bonds, notes or other evidences of indebtedness | 10 |
| payable from such revenues,
income or other funds to be derived | 11 |
| from projects, the Authority may
execute and deliver a mortgage | 12 |
| or trust agreement. A remedy for any breach
or default of the | 13 |
| terms of any such mortgage or trust agreement by the
Authority | 14 |
| may be by mandamus proceedings in the appropriate circuit court
| 15 |
| to compel the performance and compliance therewith, but the | 16 |
| trust agreement
may prescribe by whom or on whose behalf such | 17 |
| action may be instituted.
| 18 |
| (e) Such bonds or notes shall be secured as provided in the | 19 |
| authorizing
ordinance which may, notwithstanding any other | 20 |
| provision of this Act,
include in addition to any other | 21 |
| security a specific pledge or assignment
of and lien on or | 22 |
| security interest in any or all revenues or money of the
| 23 |
| Authority from whatever source which may by law be used for | 24 |
| debt
service purposes and a specific pledge or assignment of | 25 |
| and lien on or
security interest in any funds or accounts | 26 |
| established or provided for by
ordinance of the Authority |
|
|
|
09500SB2883sam001 |
- 22 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| authorizing the issuance of such bonds or notes
and, with | 2 |
| respect to any local government project, may include without
| 3 |
| limitation a pledge of any local government securities, | 4 |
| including any
payments thereon.
| 5 |
| (f) In the event that the Authority determines that monies | 6 |
| of the
Authority will not be sufficient for the payment of the | 7 |
| principal of and
interest on its bonds during the next State | 8 |
| fiscal year, the Chairman, as
soon as practicable, shall | 9 |
| certify to the Governor the amount required by
the Authority to | 10 |
| enable it to pay such principal of and interest on the
bonds. | 11 |
| The Governor shall submit the amount so certified to the | 12 |
| General
Assembly as soon as practicable, but no later than the | 13 |
| end of the current
State fiscal year. This subsection shall not | 14 |
| apply to any bonds or notes as
to which the Authority shall | 15 |
| have determined, in the resolution authorizing
the issuance of | 16 |
| the bonds or notes, that this subsection shall not apply.
| 17 |
| Whenever the Authority makes such a determination, that fact | 18 |
| shall be
plainly stated on the face of the bonds or notes, and | 19 |
| that fact shall also
be reported to the Governor.
| 20 |
| In the event of a withdrawal of moneys from a reserve fund | 21 |
| established
with respect to any issue or issues of bonds of the | 22 |
| Authority to pay
principal or interest on those bonds, the | 23 |
| Chairman of the Authority, as
soon as practicable, shall | 24 |
| certify to the Governor the amount required
to restore the | 25 |
| reserve fund to the level required in the resolution or
| 26 |
| indenture securing those bonds. The Governor shall submit the |
|
|
|
09500SB2883sam001 |
- 23 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| amount so
certified to the General Assembly as soon as | 2 |
| practicable, but no later than
the end of the current State | 3 |
| fiscal year.
| 4 |
| With respect to bonds that have not been approved in | 5 |
| writing by the Governor prior to the effective date of this | 6 |
| amendatory Act of the 95th General Assembly, prior to any | 7 |
| submission to the Governor for approval of bonds to be issued | 8 |
| under this subsection, the board of the Authority shall review | 9 |
| the project to be financed and vote upon its recommendation for | 10 |
| approval by the Governor. Any submission to the Governor shall | 11 |
| include a representation by the board of the Authority that | 12 |
| sufficient collateral and security for the bonds, including but | 13 |
| not limited to mortgages, letters of credit, and personal | 14 |
| guarantees, will be obtained prior to issuance of the bonds. | 15 |
| Prior to any approval by the Governor of bonds issued pursuant | 16 |
| to this subsection, the Authority shall provide the Governor | 17 |
| with a financial feasibility study on the project to be | 18 |
| financed. This study shall be prepared by an independent | 19 |
| accounting firm whose fee for preparing the study is not | 20 |
| contingent upon the issuance of the bonds. The study shall | 21 |
| assess whether the revenue projected to repay the bonds is | 22 |
| likely to be generated as projected and will be sufficient to | 23 |
| repay the bonds for the projected term of the bonds. Also prior | 24 |
| to any approval by the Governor of bonds issued pursuant to | 25 |
| this subsection, the Commission on Government Forecasting and | 26 |
| Accountability shall prepare a report on the project to be |
|
|
|
09500SB2883sam001 |
- 24 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| financed with its assessment on whether the revenue projected | 2 |
| to repay the bonds is likely to be generated as projected and | 3 |
| will be sufficient to repay the bonds for the projected term of | 4 |
| the bonds. The Authority shall supply the Commission with all | 5 |
| information requested by the Commission relating to the report. | 6 |
| The Commission's report shall be submitted to the Governor, the | 7 |
| Authority, and the leaders of the General Assembly. The | 8 |
| Governor shall not approve any bonds to be issued under this | 9 |
| subsection until at least 30 days following his receipt of the | 10 |
| Commission's report. | 11 |
| (g) The State of Illinois pledges to and agrees with the | 12 |
| holders of the
bonds and notes of the Authority issued pursuant | 13 |
| to this Section that the
State will not limit or alter the | 14 |
| rights and powers vested in the Authority
by this Act so as to | 15 |
| impair the terms of any contract made by the Authority
with | 16 |
| such holders or in any way impair the rights and remedies of | 17 |
| such
holders until such bonds and notes, together with interest | 18 |
| thereon, with
interest on any unpaid installments of interest, | 19 |
| and all costs and expenses
in connection with any action or | 20 |
| proceedings by or on behalf of such
holders, are fully met and | 21 |
| discharged. In addition, the State pledges to
and agrees with | 22 |
| the holders of the bonds and notes of the Authority issued
| 23 |
| pursuant to this Section that the State will not limit or alter | 24 |
| the basis
on which State funds are to be paid to the Authority | 25 |
| as provided in this
Act, or the use of such funds, so as to | 26 |
| impair the terms of any such
contract. The Authority is |
|
|
|
09500SB2883sam001 |
- 25 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| authorized to include these pledges and
agreements of the State | 2 |
| in any contract with the holders of bonds or notes
issued under | 3 |
| this Section.
| 4 |
| (Source: P.A. 86-1455; 87-778.)
| 5 |
| Section 15. The Upper Illinois River Valley Development | 6 |
| Authority Act is amended by changing Section 7 as follows:
| 7 |
| (70 ILCS 530/7) (from Ch. 85, par. 7157)
| 8 |
| Sec. 7. Bonds.
| 9 |
| (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 in an aggregate | 12 |
| amount not to exceed $250,000,000
for the purpose of | 13 |
| developing, constructing, acquiring or improving
projects, | 14 |
| including those established by business entities locating or
| 15 |
| expanding property within the territorial jurisdiction of the | 16 |
| Authority,
for entering into venture capital agreements with | 17 |
| businesses locating or
expanding within the territorial | 18 |
| jurisdiction of the Authority, for
acquiring and improving any | 19 |
| property necessary and useful in connection
therewith and for | 20 |
| the purposes of the Employee Ownership Assistance Act.
For the | 21 |
| purpose of evidencing the obligations of the Authority to repay | 22 |
| any
money borrowed, the Authority may, pursuant to resolution, | 23 |
| from time to
time issue and dispose of its interest bearing | 24 |
| revenue bonds, notes or
other evidences of indebtedness and may |
|
|
|
09500SB2883sam001 |
- 26 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| also from time to time issue and
dispose of such bonds, notes | 2 |
| or other evidences of indebtedness to refund,
at maturity, at a | 3 |
| redemption date or in advance of either, any bonds, notes
or | 4 |
| other evidences of indebtedness pursuant to redemption | 5 |
| provisions or at
any time before maturity. All such bonds, | 6 |
| notes or other evidences of
indebtedness shall be payable | 7 |
| solely and only from the revenues or income
to be derived from | 8 |
| loans made with respect to projects, from the leasing or
sale | 9 |
| of the projects or from any other funds available to the | 10 |
| Authority for
such purposes. The bonds, notes or other | 11 |
| evidences of indebtedness may
bear such date or dates, may | 12 |
| mature at such time or times not exceeding 40
years from their | 13 |
| respective dates, may bear interest at such rate or rates
not | 14 |
| exceeding the maximum rate permitted by "An Act to authorize | 15 |
| public
corporations to issue bonds, other evidences of | 16 |
| indebtedness and tax
anticipation warrants subject to interest | 17 |
| rate limitations set forth
therein", approved May 26, 1970, as | 18 |
| amended, may be in such form, may carry
such registration | 19 |
| privileges, may be executed in such manner, may be
payable at | 20 |
| such place or places, may be made subject to redemption in such
| 21 |
| manner and upon such terms, with or without premium as is | 22 |
| stated on the
face thereof, may be authenticated in such manner | 23 |
| and may contain such
terms and covenants as may be provided by | 24 |
| an applicable resolution.
| 25 |
| (b-1) The holder or holders of any bonds, notes or other | 26 |
| evidences of
indebtedness issued by the Authority may bring |
|
|
|
09500SB2883sam001 |
- 27 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| suits at law or proceedings
in equity to compel the performance | 2 |
| and observance by any corporation or
person or by the Authority | 3 |
| or any of its agents or employees of any
contract or covenant | 4 |
| made with the holders of such bonds, notes or other
evidences | 5 |
| of indebtedness, to compel such corporation, person, the
| 6 |
| Authority and any of its agents or employees to perform any | 7 |
| duties required
to be performed for the benefit of the holders | 8 |
| of any such bonds, notes or
other evidences of indebtedness by | 9 |
| the provision of the resolution
authorizing their issuance and | 10 |
| to enjoin such corporation, person, the
Authority and any of | 11 |
| its agents or employees from taking any action in
conflict with | 12 |
| any such contract or covenant.
| 13 |
| (b-2) If the Authority fails to pay the principal of or | 14 |
| interest on any
of the bonds or premium, if any, as the same | 15 |
| become due, a civil action to
compel payment may be instituted | 16 |
| in the appropriate circuit court by the
holder or holders of | 17 |
| the bonds on which such default of payment exists or
by an | 18 |
| indenture trustee acting on behalf of such holders. Delivery of | 19 |
| a
summons and a copy of the complaint to the Chairman of the | 20 |
| Board shall
constitute sufficient service to give the circuit | 21 |
| court jurisdiction of the
subject matter of such a suit and | 22 |
| jurisdiction over the Authority and its
officers named as | 23 |
| defendants for the purpose of compelling such payment.
Any | 24 |
| case, controversy or cause of action concerning the validity of | 25 |
| this Act
relates to the revenue of the State of Illinois.
| 26 |
| (c) Notwithstanding the form and tenor of any such bonds, |
|
|
|
09500SB2883sam001 |
- 28 - |
LRB095 18546 HLH 48866 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 |
|
|
|
09500SB2883sam001 |
- 29 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| security interest in any or all revenues or money of the
| 2 |
| Authority from whatever source which may by law be used for | 3 |
| debt
service purposes and a specific pledge or assignment of | 4 |
| and lien on or
security interest in any funds or accounts | 5 |
| established or provided for by
ordinance of the Authority | 6 |
| authorizing the issuance of such bonds or notes.
| 7 |
| (f) In the event that the Authority determines that monies | 8 |
| of the
Authority will not be sufficient for the payment of the | 9 |
| principal of and
interest on its bonds during the next State | 10 |
| fiscal year, the
Chairman, as soon as practicable, shall | 11 |
| certify to the Governor the
amount required by the Authority to | 12 |
| enable
it to pay such principal of and interest on the bonds.
| 13 |
| The Governor shall submit the amount so certified to the | 14 |
| General Assembly
as soon as practicable, but no later than the | 15 |
| end of the current State fiscal
year. This Section shall
not | 16 |
| apply to any bonds or notes as to which the
Authority shall | 17 |
| have determined, in the resolution authorizing the issuance
of | 18 |
| the bonds or notes, that this Section shall not apply. Whenever | 19 |
| the
Authority makes such a determination, that fact shall be | 20 |
| plainly stated on
the face of the bonds or notes and that fact | 21 |
| shall also be reported to the Governor.
| 22 |
| In the event of a withdrawal of moneys from a reserve fund | 23 |
| established
with respect to any issue or issues of bonds of the | 24 |
| Authority to pay
principal or interest on those bonds, the | 25 |
| Chairman of the Authority, as
soon as practicable, shall | 26 |
| certify to the Governor the amount required
to restore the |
|
|
|
09500SB2883sam001 |
- 30 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| reserve fund to the level required in the
resolution or | 2 |
| indenture securing those bonds.
The Governor shall submit the | 3 |
| amount so certified to the General Assembly
as soon as | 4 |
| practicable, but no later than the end of the current State | 5 |
| fiscal year.
| 6 |
| With respect to bonds that have not been approved in | 7 |
| writing by the Governor prior to the effective date of this | 8 |
| amendatory Act of the 95th General Assembly, prior to any | 9 |
| submission to the Governor for approval of bonds to be issued | 10 |
| under this subsection, the board of the Authority shall review | 11 |
| the project to be financed and vote upon its recommendation for | 12 |
| approval by the Governor. Any submission to the Governor shall | 13 |
| include a representation by the board of the Authority that | 14 |
| sufficient collateral and security for the bonds, including but | 15 |
| not limited to mortgages, letters of credit, and personal | 16 |
| guarantees, will be obtained prior to issuance of the bonds. | 17 |
| Prior to any approval by the Governor of bonds issued pursuant | 18 |
| to this subsection, the Authority shall provide the Governor | 19 |
| with a financial feasibility study on the project to be | 20 |
| financed. This study shall be prepared by an independent | 21 |
| accounting firm whose fee for preparing the study is not | 22 |
| contingent upon the issuance of the bonds. The study shall | 23 |
| assess whether the revenue projected to repay the bonds is | 24 |
| likely to be generated as projected and will be sufficient to | 25 |
| repay the bonds for the projected term of the bonds. Also prior | 26 |
| to any approval by the Governor of bonds issued pursuant to |
|
|
|
09500SB2883sam001 |
- 31 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| this subsection, the Commission on Government Forecasting and | 2 |
| Accountability shall prepare a report on the project to be | 3 |
| financed with its assessment on whether the revenue projected | 4 |
| to repay the bonds is likely to be generated as projected and | 5 |
| will be sufficient to repay the bonds for the projected term of | 6 |
| the bonds. The Authority shall supply the Commission with all | 7 |
| information requested by the Commission relating to the report. | 8 |
| The Commission's report shall be submitted to the Governor, the | 9 |
| Authority, and the leaders of the General Assembly. The | 10 |
| Governor shall not approve any bonds to be issued under this | 11 |
| subsection until at least 30 days following his receipt of the | 12 |
| Commission's report. | 13 |
| (g) The State of Illinois pledges to and agrees with the | 14 |
| holders of the
bonds and notes of the Authority issued pursuant | 15 |
| to this Section that the
State will not limit or alter the | 16 |
| rights and powers vested in the Authority
by this Act so as to | 17 |
| impair the terms of any contract made by the Authority
with | 18 |
| such holders or in any way impair the rights and remedies of | 19 |
| such
holders until such bonds and notes, together with interest | 20 |
| thereon, with
interest on any unpaid installments of interest, | 21 |
| and all costs and expenses
in connection with any action or | 22 |
| proceedings by or on behalf of such
holders, are fully met and | 23 |
| discharged. In addition, the State pledges to
and agrees with | 24 |
| the holders of the bonds and notes of the Authority issued
| 25 |
| pursuant to this Section that the State will not limit or alter | 26 |
| the basis
on which State funds are to be paid to the Authority |
|
|
|
09500SB2883sam001 |
- 32 - |
LRB095 18546 HLH 48866 a |
|
| 1 |
| as provided in this
Act, or the use of such funds, so as to | 2 |
| impair the terms of any such
contract. The Authority is | 3 |
| authorized to include these pledges and
agreements of the State | 4 |
| in any contract with the holders of bonds or notes
issued | 5 |
| pursuant to this Section.
| 6 |
| (h) Not less than 30 days prior to the commitment to issue | 7 |
| bonds,
notes, or other evidences of indebtedness for the | 8 |
| purpose of developing,
constructing, acquiring or improving | 9 |
| housing or residential projects, as
defined in Section 3, the | 10 |
| Authority shall provide notice to the
Executive Director of the | 11 |
| Illinois Housing Development Authority. Within
30 days after | 12 |
| notice is provided, the Illinois Housing Development
Authority | 13 |
| shall either in writing express interest in financing the | 14 |
| project
or notify the Authority that it is not interested in | 15 |
| providing such
financing and the Authority may finance the | 16 |
| project or seek alternative
financing.
| 17 |
| (Source: P.A. 91-905, eff. 7-7-00.)".
|
|