Full Text of HB0676 98th General Assembly
HB0676ham001 98TH GENERAL ASSEMBLY | Rep. Emanuel Chris Welch Filed: 3/13/2013
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| 1 | | AMENDMENT TO HOUSE BILL 676
| 2 | | AMENDMENT NO. ______. Amend House Bill 676 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 1. Short title. This Act may be cited as the | 5 | | Illinois Veterans' Education and Technology District Act. | 6 | | Section 5. Purpose. The purpose of this Act is to | 7 | | facilitate and promote the redevelopment of underutilized and | 8 | | vacant property located in Maywood and Melrose Park, Illinois | 9 | | for the benefit of all Illinois veterans. The District is | 10 | | created to construct a grade separation of the 5th Avenue rail | 11 | | grade crossing and the Union Pacific Railroad and to attract, | 12 | | construct, and maintain technology academic centers, | 13 | | technology training centers, technology enterprises, | 14 | | commercial and manufacturing enterprises, veteran educational | 15 | | training centers, and residential housing for the benefit of | 16 | | all veterans, especially disabled, returning, and senior |
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| 1 | | veterans, and other uses as permitted by this Act. | 2 | | Section 10. Creation. | 3 | | (a) The Illinois Veterans' Education and Technology | 4 | | District is created as a political subdivision, body politic, | 5 | | and municipal corporation. | 6 | | (b) The boundaries of the District shall extend over the | 7 | | approximately 240 acres, more or less, of largely industrial, | 8 | | commercial, and residential property located in Maywood and | 9 | | Melrose Park, Illinois. The boundaries of the District consist | 10 | | of the Des Plaines River on the east, Chicago Avenue on the | 11 | | north, Oak Street on the south, and 9th Avenue in Maywood and | 12 | | 15th Avenue in Melrose Park on the west. | 13 | | (c) The governing and administrative powers of the District | 14 | | shall vest in its Board of Directors consisting of 5 members | 15 | | and appointed as follows: | 16 | | (1) Two shall be appointed by the Mayor of Maywood. | 17 | | (2) Two shall be appointed by the Mayor of Melrose | 18 | | Park. | 19 | | (3) One shall be appointed by the Governor. | 20 | | All persons appointed as members of the Board shall have | 21 | | recognized ability and experience in one or more of the | 22 | | following areas: economic development, finance, banking, | 23 | | industrial development, business management, real estate, | 24 | | community development, organized labor or civic, community, or | 25 | | neighborhood organization. |
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| 1 | | (d) The terms of the 5 initial appointees to the District | 2 | | shall commence 30 days after the effective date of this Act. | 3 | | The first members shall be appointed as follows: (1) one each | 4 | | of Maywood's and Melrose Park's appointees and one of the | 5 | | Governor's appointees shall be appointed to serve 2-year terms; | 6 | | (2) one each of Maywood's and Melrose Park's appointees shall | 7 | | serve 4-year terms. After the initial terms, members shall be | 8 | | appointed by the original appointing authority and serve 4-year | 9 | | terms commencing the third Monday in January of the year of the | 10 | | appointment. Vacancies occurring other than at the end of a | 11 | | term shall be filled by the appropriate appointing authority | 12 | | for the remainder of the term. Each member appointed to the | 13 | | Board shall serve until his or her successor is appointed and | 14 | | qualified. | 15 | | (e) The Chairperson of the Board shall be elected annually | 16 | | by the Board from among its members. | 17 | | (f) The appointing authority may remove any member of the | 18 | | Board in case of incompetence, neglect of duty, or malfeasance | 19 | | in office. | 20 | | (g) Members of the Board shall serve without compensation | 21 | | but may be reimbursed for all necessary expenses incurred in | 22 | | connection with the performance of their duties as members. | 23 | | (h) The Board may appoint an Executive Director who shall | 24 | | have a background in administration, planning, real estate, | 25 | | economic development, finance, or law. The Executive Director | 26 | | shall hold office at the discretion of the Board. The Executive |
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| 1 | | Director shall be the chief administrative and operational | 2 | | officer of the District, shall direct and supervise its | 3 | | administrative affairs and general management, shall perform | 4 | | other duties as may be prescribed from time to time by the | 5 | | Board, and shall receive compensation fixed by the Board. The | 6 | | Executive Director shall attend all meetings of the Board; | 7 | | however, no action of the Board or the District shall be | 8 | | invalid on account of the absence of the Executive Director | 9 | | from the meeting. The Board may engage the services of other | 10 | | agents and employees, including planners, attorneys, | 11 | | appraisers, engineers, accountants, credit analysts, and other | 12 | | consultants, and may prescribe their duties and fix their | 13 | | compensation. | 14 | | (i) The Board shall meet on the call of its Chairperson or | 15 | | upon written notice of 3 members of the Board. | 16 | | (j) All official acts of the District shall require the | 17 | | affirmative vote of at least 3 of the members of the Board | 18 | | present and voting at a meeting of the Board. | 19 | | Section 15. Duties. The District shall promote development | 20 | | within its territorial jurisdiction for the benefit of Illinois | 21 | | veterans and shall use the powers conferred on it by this Act | 22 | | to assist in the planning, development, acquisition, | 23 | | construction, and marketing of residential, industrial, | 24 | | commercial, or freight-oriented projects with its territorial | 25 | | jurisdiction. The District shall: |
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| 1 | | (a) undertake joint planning for property within its | 2 | | territorial jurisdiction that identifies and addresses its | 3 | | development, transportation, transit, zoning, workforce, and | 4 | | environmental priorities and objectives; | 5 | | (b) assemble and prepare parcels for development; | 6 | | (c) oversee environmental studies and remediation | 7 | | necessary to identify and remove any hazards or toxins that | 8 | | impede development; | 9 | | (d) develop, construct, and improve, either under its own | 10 | | direction or through collaboration with any approved | 11 | | applicant, or to acquire through purchase or otherwise, any | 12 | | project, using for that purpose the proceeds derived from its | 13 | | sale of revenue bonds, notes, or other evidences of | 14 | | indebtedness or governmental loans or grants, and to hold title | 15 | | in the name of the District to those projects; | 16 | | (e) market the District to prospective developers and | 17 | | businesses; | 18 | | (f) make its best effort to annex parcels of unincorporated | 19 | | property that are subject to the jurisdiction of the District | 20 | | to a contiguous municipality; and | 21 | | (g) maintain relationships with local residents, | 22 | | industries, businesses, nonprofit organizations, elected and | 23 | | appointed officials, other government and private entities, | 24 | | and any other interested parties in the course of achieving its | 25 | | objectives and exercising its powers. |
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| 1 | | Section 20. Powers. The District shall possess all powers | 2 | | of a body corporate necessary and convenient to accomplish the | 3 | | purpose of this Act, including, without limitation, the power | 4 | | to: | 5 | | (a) enter into loans, contracts, agreements, and mortgages | 6 | | in any matter connected with any of its corporate purposes and | 7 | | to invest its funds; | 8 | | (b) sue and be sued; | 9 | | (c) employ agents and employees necessary to carry out its | 10 | | purposes; | 11 | | (d) have, use, and alter a common seal; | 12 | | (e) adopt all needful ordinances, resolutions, bylaws, | 13 | | rules, and regulations for the conduct of its business and | 14 | | affairs and for the management and use of the projects | 15 | | developed, constructed, acquired, and improved in furtherance | 16 | | of its purposes; | 17 | | (f) designate the fiscal year for the District; | 18 | | (g) accept and expend appropriations; | 19 | | (h) have and exercise all powers and be subject to all | 20 | | duties usually incident to boards of directors of corporations; | 21 | | (i) engage in any activity or operation, including | 22 | | Brownfield remediation under the Environmental Protection Act, | 23 | | that is incidental to and in furtherance of efficient operation | 24 | | to accomplish the District's primary purpose; | 25 | | (j) accept donations, contributions, capital grants, or | 26 | | gifts from individuals, associations, and private corporations |
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| 1 | | in aid of any purposes of this Act and to enter into agreements | 2 | | in connection therewith; | 3 | | (k) enter into intergovernmental agreements with the State | 4 | | of Illinois, Cook County, the Illinois Finance Authority, the | 5 | | United States government, any agency or instrumentality of the | 6 | | United States, any unit of local government located within the | 7 | | territory of the District, or any other unit of government to | 8 | | the extent allowed by Article VII, Section 10 of the Illinois | 9 | | Constitution and the Intergovernmental Cooperation Act; | 10 | | (l) enter into agreements with businesses, form | 11 | | public-private partnership entities, and appropriate funds to | 12 | | certain entities as needed to achieve the purpose of this Act; | 13 | | (m) share employees with other units of government, | 14 | | including agencies of the United States, agencies of the State | 15 | | of Illinois, and agencies or personnel of any unit of local | 16 | | government; | 17 | | (n) provide relocation assistance to persons and entities | 18 | | displaced by the District's acquisition of property and | 19 | | improvement of the District; and | 20 | | (o) acquire private real property by gift or voluntary | 21 | | purchase if the District finds that the acquisition by gift or | 22 | | by purchase is reasonably necessary to further the intent of | 23 | | this Act. | 24 | | Section 25. Acquisition of real estate. The District is | 25 | | authorized to acquire the fee simple title to real property |
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| 1 | | lying within the District and personal property required for | 2 | | its purposes by gift, purchase, or otherwise, and title shall | 3 | | be taken in the corporate name of the District. The District | 4 | | may acquire by lease real and personal property found by the | 5 | | District to be necessary for its purposes and to which the | 6 | | District finds that it need not acquire the fee simple title | 7 | | for carrying out of its purposes. All real and personal | 8 | | property within the District, except property owned and used | 9 | | for purposes authorized under this Act, may be acquired by the | 10 | | District in its corporate name under the provisions of the | 11 | | exercise of the right of eminent domain under the Eminent | 12 | | Domain Act. | 13 | | Section 30. Development. The District may, in its corporate | 14 | | capacity, construct, cause, or permit to be constructed | 15 | | facilities within the District that the District determines | 16 | | should be established and operated to carry out any aspect of | 17 | | the District's purpose under this Act. The facility may be | 18 | | established and operated for the study, diagnosis, and | 19 | | treatment of human ailments and injuries, whether physical or | 20 | | mental, or to promote medical, surgical, and scientific | 21 | | research and knowledge, or for any uses the District shall | 22 | | determine shall support and nurture facilities, and uses | 23 | | permitted by this Act. | 24 | | (a) The District shall administer the development and | 25 | | operation of the District at its discretion, and any extensions |
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| 1 | | or expansion thereof. The District shall, among other things, | 2 | | create a development area within the District. Within its | 3 | | boundaries, the District may acquire or construct commercial | 4 | | and other types of development, public and private, if the | 5 | | District determines in its discretion that the commercial | 6 | | developments are ancillary to and necessary for the support of | 7 | | facilities within the District and any other purposes of the | 8 | | District. | 9 | | (b) The District may sell, lease, develop, operate, and | 10 | | manage for any person, firm, partnership, or corporation, | 11 | | either public or private, all or any part of the land, | 12 | | buildings, facilities, equipment, or other property included | 13 | | in the District area. | 14 | | (c) The District may enter into any contract or agreement | 15 | | with any person, firm, partnership, or corporation, either | 16 | | public or private, or any combination of the foregoing, as may | 17 | | be necessary or suitable for the creation, marketing, | 18 | | development, construction, reconstruction, rehabilitation, | 19 | | financing, operation and maintenance, and management of the | 20 | | District and any technology park, residential property, or | 21 | | commercial development. The District may sell or lease to any | 22 | | person, firm, partnership, or corporation, either public or | 23 | | private, any part or all of the land, building, facilities, | 24 | | equipment, or other property of the District upon the rentals, | 25 | | terms, and conditions as the District may deem advisable. The | 26 | | District may finance all or part of the cost of the District's |
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| 1 | | development and operation of the District, including the | 2 | | creation, marketing, development, purchase, lease, | 3 | | construction, reconstruction, rehabilitation, improvement, | 4 | | remodeling, addition to, extension, and maintenance of all or | 5 | | part of the high technology park or the designated development | 6 | | area, and all equipment and furnishings, by legislative | 7 | | appropriations, government grants, contracts, private gifts, | 8 | | loans bonds, receipts from the sale of lease of land for the | 9 | | operation of the District, any high technology park, the | 10 | | commercial development or residential property, rentals, and | 11 | | similar receipts or other sources of revenue legally available | 12 | | for these purposes. | 13 | | (d) The District shall promulgate rules concerning the | 14 | | procurement of contracts and purchases. | 15 | | (e) The District may defray the expenses of the operation | 16 | | of the District area and technology park improvements to the | 17 | | District area and technology park provision of shared services, | 18 | | common facilities, and common area expenses, benefitting | 19 | | owners and occupants of property within the District and the | 20 | | technology park by general assessment, special assessment, or | 21 | | the imposition of service or user fees. | 22 | | (f) Fees and assessments under subsection (e) may only be | 23 | | imposed after public notice. | 24 | | (g) The District may acquire any real and personal property | 25 | | within the District by immediate vesting of title, commonly | 26 | | referred to as "quick-take", pursuant to Sections 7-103 through |
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| 1 | | 7-112 of the Code of Civil Procedure. | 2 | | Section 35. Sale or Lease of Real Estate. The District may | 3 | | sell, convey, transfer, or lease any title or interest in real | 4 | | estate owned by it to any person or entity to be used, subject | 5 | | to the restrictions of this Act, for the purpose of serving | 6 | | persons using the facilities offered within the District or for | 7 | | carrying out of any aspect of the District's purpose under | 8 | | Section 5 of this Act. | 9 | | (a) To assure that the use of the real property sold or | 10 | | leased is in accordance with the provisions of this Act, the | 11 | | District shall inquire into the financial ability of the | 12 | | purchaser to complete the project for which the real estate is | 13 | | sold or leased in accordance with a plan to be presented by the | 14 | | purchaser or lessee. That plan shall be submitted in writing to | 15 | | the District. In accordance with the plan, the purchaser or | 16 | | lessee shall: (1) use the land for the purposes designated in | 17 | | the plan as presented; (2) commence and complete the | 18 | | construction of the buildings or other structures to be | 19 | | included in the project within periods of time determined by | 20 | | the District to be reasonable; and (3) comply with other | 21 | | conditions as the District shall determine are necessary to | 22 | | carry out the project. | 23 | | (b) Any real property sold by the District pursuant to the | 24 | | provisions of this Act shall be sold at its use value, which | 25 | | may be more or less than its acquisition cost, and which |
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| 1 | | represents the value at which the District determines, after a | 2 | | hearing by the District, or its designee, that the real | 3 | | property should be made available for sale or rental so that it | 4 | | may be developed for the accomplishment of the purposes of this | 5 | | Act. In determining the use value of the real property, the | 6 | | District shall take into consideration whether or not the | 7 | | property is to be used by a wholly or partially tax supported | 8 | | body created under the laws of the State of Illinois, by any | 9 | | department of the State government or any political subdivision | 10 | | of the State, by a charitable institution, or by a private | 11 | | person or institution operating for profit. In determining the | 12 | | use price, the District shall also consider the contribution | 13 | | that the project shall make toward the development of the | 14 | | District and in furtherance of the purposes of this Act. | 15 | | However, the District may convey the fee simple title to land | 16 | | acquired by it, without the payment of any consideration, to | 17 | | the State of Illinois, any political subdivision thereof, or to | 18 | | any body politic and corporate or public corporation created | 19 | | under the laws of the State of Illinois to carry out any | 20 | | function of the State. | 21 | | (c) At any hearing to make determinations under this | 22 | | Section, an investigation shall be made and witnesses and | 23 | | documentary evidence bearing on the use value of the property | 24 | | to be sold or leased shall be examined. All conveyances and | 25 | | leases authorized in this Section shall be on condition that, | 26 | | in the event of use for purposes other than the purposes |
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| 1 | | prescribed in this Act or of nonuse for a period of one year, | 2 | | title to the property shall revert to the District. | 3 | | (d) All conveyances and leases made by the District to any | 4 | | corporation or person for the purposes of serving the residents | 5 | | or any person using the facilities offered within the District | 6 | | shall be on condition that in the event of violation of any of | 7 | | the restrictions regarding the use of the property, the title | 8 | | to that property shall revert to the District. | 9 | | (e) However, if the District finds in a public hearing that | 10 | | financing for the acquisition or lease of any real estate or | 11 | | for the construction of any building or improvement cannot be | 12 | | obtained if title to the land, building, or improvement is | 13 | | subject to such reverter provision, the District may cause the | 14 | | real property to be conveyed free of the reverter provision, | 15 | | provided that at least 5 members of the District vote in favor | 16 | | thereof. Notice of a public hearing held under this subsection | 17 | | shall be provided in a secular newspaper of general circulation | 18 | | in the City of Chicago at least 10 days prior to the date of the | 19 | | hearing and shall include the time, place and purpose for the | 20 | | hearing. | 21 | | (f) The District may also provide in the conveyances, | 22 | | leases, or other documentation provisions for notice of | 23 | | violations or default, and the cure thereof, for the benefit of | 24 | | any lender or mortgagee, as the District shall determine to be | 25 | | appropriate. | 26 | | (g) If, at a regularly scheduled meeting, the District |
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| 1 | | determines that a parcel of real estate leased by it, or in | 2 | | which it has sold the fee simple title or any lesser estate, is | 3 | | not being used for the purposes prescribed in this Act or has | 4 | | been in nonuse for a period of one year, the District may file | 5 | | a lawsuit in the circuit court of the county in which the | 6 | | property is located to enforce the terms of the sale or lease. | 7 | | (h) Prior to the holding of any public hearing prescribed | 8 | | in this Section, or any meeting regarding the passage of any | 9 | | resolution to file a lawsuit, the District shall give notice to | 10 | | such grantee or lessee, or his or their legal representatives, | 11 | | successors or assigns, of the time and place of such | 12 | | proceeding. Such notice shall be accompanied by a statement | 13 | | signed by the secretary of the District, or by any person | 14 | | authorized by the District to sign the same, setting forth any | 15 | | act or things done or omitted to be done in violation, or | 16 | | claimed to be in violation, of any restriction as to the use of | 17 | | such property, whether such restriction be prescribed in any of | 18 | | the terms of this Act or by any restriction as to the use of | 19 | | such property determined by the District pursuant to the terms | 20 | | of this Act. Such notice of the time and place fixed for such | 21 | | proceeding shall also be given to such person or persons as the | 22 | | District shall deem necessary. Such notice may be given by | 23 | | registered mail, addressed to such grantee, lessee, or to their | 24 | | legal representatives, successors or assigns, at the last known | 25 | | address of such grantee, lessee, or their legal | 26 | | representatives, successors or assigns. |
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| 1 | | Section 40. Grants. The District may apply for and accept | 2 | | grants, loans, or appropriations from the State of Illinois, | 3 | | the federal government, any state of federal agency or | 4 | | instrumentality, or any other person or entity, to be used for | 5 | | any of the purposes of the District and enter into any | 6 | | agreement with the State of Illinois, the federal government, | 7 | | any state or federal instrumentality, or any person or entity, | 8 | | in relation to the grants, matching grants, loans, or | 9 | | appropriations. The District may, by contractual agreement, | 10 | | accept and collect assessments or fees for District enhancement | 11 | | and improvements, common area shared services, shared | 12 | | facilities, or other activities or expenditures in furtherance | 13 | | of the purposes of this Act. | 14 | | Section 45. Revenue bonds. The District has the power to | 15 | | obtain the funds necessary for financing the acquisition and | 16 | | construction of any building under this Act and for the | 17 | | operation of the District under this Act. The District may | 18 | | borrow money from any public or private agency, department, | 19 | | corporation or person, and may mortgage, pledge, or otherwise | 20 | | encumber the property or funds of the District. | 21 | | (a) In evidence of and as security for funds borrowed, the | 22 | | District may issue revenue bonds in its corporate capacity to | 23 | | be payable from the revenues derived from the operation of the | 24 | | institutions or buildings owned, leased, or operated by or on |
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| 1 | | behalf of the District. Bonds shall in no event constitute any | 2 | | indebtedness of the District or a claim against the property of | 3 | | the District. | 4 | | (b) Bonds may be issued in denominations as may be | 5 | | expedient, and in amounts and at rates of interest as the | 6 | | District shall deem necessary, to provide sufficient funds to | 7 | | pay all the costs of acquiring land, the construction, | 8 | | acquisition, equipping, and operation of buildings within the | 9 | | District, including engineering and other expenses. | 10 | | (c) Bonds shall be executed by the Chairperson of the | 11 | | District, attested by the secretary, and sealed with the | 12 | | District's corporate seal. In case either the Chairperson or | 13 | | secretary is removed or replaced from office before delivery of | 14 | | the bonds, the signature of the officer shall be valid and | 15 | | sufficient, with the same effect as if the officer had remained | 16 | | in office at the time of the delivery. The District shall | 17 | | furnish the State Comptroller with a record of all bonds issued | 18 | | under this Act. | 19 | | (d) The District shall have the continuing power to issue | 20 | | revenue bonds, notes, or other evidences of indebtedness in an | 21 | | aggregate amount not to exceed $200,000,000 for the purpose of | 22 | | developing, constructing, acquiring, or improving projects, | 23 | | including those established by business entities locating or | 24 | | expanding property within the territorial jurisdiction of the | 25 | | District, to acquire and improve any property necessary and | 26 | | useful in connection therewith, and for the purposes of the |
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| 1 | | Employee Ownership Assistance Act. The bonds shall be issued | 2 | | under the supervision of the Illinois Finance Authority | 3 | | pursuant to Section 825-13 of the Illinois Finance Authority | 4 | | Act. For the purpose of evidencing the obligations of the | 5 | | District to repay any money borrowed, the District may by | 6 | | resolution issue and dispose of its interest-bearing revenue | 7 | | bonds, notes, or other evidences of indebtedness and may also | 8 | | issue and dispose of bonds, notes, or other evidences of | 9 | | indebtedness to refund, at maturity, at a redemption date or in | 10 | | advance of either, any revenue bonds, notes, or other evidences | 11 | | of indebtedness pursuant to redemption provisions or at any | 12 | | time before maturity. All revenue bonds, notes, or other | 13 | | evidences of indebtedness shall be payable solely from the | 14 | | revenues or income to be derived from loans made with respect | 15 | | to projects, from the leasing or sale of the projects, or from | 16 | | any other funds available to the District for these purposes, | 17 | | including when so provided by ordinance of the District | 18 | | authorizing the issuance of revenue bonds or notes. The revenue | 19 | | bonds, notes, or other evidences of indebtedness may bear such | 20 | | date or dates, may mature at such time or times not exceeding | 21 | | 40 years from their respective dates, may bear interest at a | 22 | | rate or rates not exceeding the maximum rate permitted by the | 23 | | Bond Authorization Act, may be in such form, may carry such | 24 | | registration privileges, may be executed in such manner, may be | 25 | | payable at such place or places, may be made subject to | 26 | | redemption in such manner and upon such terms, with or without |
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| 1 | | premium as is stated on the face thereof, may be authenticated | 2 | | such manner, and may contain such terms and covenants as may be | 3 | | provided by an applicable resolution. | 4 | | (e) The holder or holders of any revenue bonds, notes, or | 5 | | other evidences of indebtedness issued by the District may | 6 | | bring lawsuits or proceedings in equity to compel the | 7 | | performance and observance by any corporation or person, or by | 8 | | the District or any of its agents or employees or any contract | 9 | | or covenant made with the holders of revenue bonds, notes, or | 10 | | other evidences of indebtedness, to compel a corporation, | 11 | | person, the District, and any of its agents or employees to | 12 | | perform any duties required for the benefit of the holders of | 13 | | any revenue bonds, notes, or other evidences of indebtedness by | 14 | | the provision of the resolution authorizing their issuance and | 15 | | to enjoin the corporation, person, the District, and any of its | 16 | | agents or employees from taking any action in conflict with any | 17 | | such contract or covenant. | 18 | | (f) If the District fails to pay the principal of or | 19 | | interest on any of the revenue bonds or premium, if any, as | 20 | | they become due, a civil action to compel payment may be | 21 | | instituted in the appropriate circuit court by the holder or | 22 | | holders of the revenue bonds on which default of payment exists | 23 | | or by an indenture trustee acting on behalf of holders. | 24 | | Delivery of a summons and a copy of the complaint to the | 25 | | Chairperson of the Board shall constitute sufficient service to | 26 | | provide the circuit court with jurisdiction of the subject |
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| 1 | | matter of the lawsuit and jurisdiction over the District and | 2 | | its officers named as defendants for the purpose of compelling | 3 | | payment. Any case, controversy, or cause of action concerning | 4 | | the validity of this Act relates to the revenue of the State of | 5 | | Illinois. | 6 | | (g) Notwithstanding the form and tenor of any revenue | 7 | | bonds, notes, or other evidences of indebtedness and in the | 8 | | absence of any express recital on the face of any revenue bond, | 9 | | note, or other evidence of indebtedness that it is | 10 | | nonnegotiable, all revenue bonds, notes, and other evidences of | 11 | | indebtedness shall be negotiable instruments. Pending the | 12 | | preparation and execution of any revenue bonds, notes, or other | 13 | | evidences of indebtedness, temporary revenue bonds, notes, or | 14 | | evidences of indebtedness may be issued as provided by | 15 | | ordinance. | 16 | | (h) To secure the payment of any or all revenue bonds, | 17 | | notes, or other evidences of indebtedness, the revenues to be | 18 | | received by the District from a lease agreement or loan | 19 | | agreement shall be pledged and, for the purpose of setting | 20 | | forth the covenants and undertakings of the District in | 21 | | connection with the issuance thereof and the issuance of any | 22 | | additional revenue bonds, notes, or other evidences of | 23 | | indebtedness payable from such revenues, income, or other funds | 24 | | to be derived from projects, the District may execute and | 25 | | deliver a mortgage or trust agreement. A remedy for any breach | 26 | | or default of the terms of a mortgage or trust agreement by the |
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| 1 | | District may be by mandamus proceedings in the appropriate | 2 | | circuit court to compel the performance and compliance | 3 | | therewith, but the trust agreement may prescribe by whom or on | 4 | | whose behalf the action may be instituted. | 5 | | (i) The revenue bonds or notes shall be secured as provided | 6 | | in the authorizing ordinance and, notwithstanding any other | 7 | | provision of this Act, may include, in addition to any other | 8 | | security, a specific pledge or assignment of and lien on or | 9 | | security interest in any or all revenues or money of the | 10 | | District from whatever source that may by law be used for debt | 11 | | service purposes and a specific pledge or assignment of and | 12 | | lien on or security interest in any funds or accounts | 13 | | established or provided for by ordinance of the District | 14 | | authorizing the issuance of revenue bonds or notes. | 15 | | (j) The State of Illinois pledges to and agrees with the | 16 | | holders of the revenue bonds and notes that the District issues | 17 | | pursuant to this Section and shall not limit or alter the | 18 | | rights and powers vested in the District by this Act so as to | 19 | | impair the terms of any contract made by the District with | 20 | | holders or in any way impair the rights and remedies of holders | 21 | | until the revenue bonds and notes, together with interest | 22 | | thereon, with interest on any unpaid installments of interest, | 23 | | and all costs and expenses in connection with any action or | 24 | | proceedings by or on behalf of holders, are fully met and | 25 | | discharged. The District is authorized to include these pledges | 26 | | and agreements of the State in any contract with the holders of |
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| 1 | | revenue bonds or notes issued pursuant to this Section. | 2 | | (k) Under no circumstances shall any bonds issued by the | 3 | | District or any other obligation of the District be or become | 4 | | an indebtedness or obligation of the State of Illinois, of any | 5 | | other political subdivision, or of any municipality within the | 6 | | State, nor shall any bond or obligation be or become an | 7 | | indebtedness of the District within the purview of any | 8 | | constitutional limitation or provision. The face of each bond | 9 | | shall plainly state that it does not constitute an indebtedness | 10 | | or obligation but is payable solely from the revenues or income | 11 | | as aforesaid. | 12 | | (l) For the purpose of financing a project pursuant to this | 13 | | Act, the District shall be authorized to apply for an | 14 | | allocation of tax-exempt bond financing authorization provided | 15 | | by the federal Moving Ahead for Progress in the 21st Century | 16 | | Act. | 17 | | (m) The issuance of bonds under this Act is deemed an | 18 | | essential public and governmental purpose. For purposes of | 19 | | Section 250 of the Illinois Income Tax Act, the exemption of | 20 | | the interest from bonds granted under this Section shall | 21 | | terminate after all of the bonds have been paid. The amount of | 22 | | such income that shall be added and then subtracted on the | 23 | | Illinois income tax return of a taxpayer, pursuant to Section | 24 | | 203 of the Illinois Income Tax Act, from federal adjusted gross | 25 | | income or federal taxable income in computing Illinois base | 26 | | income shall be the interest net of any bond premium |
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| 1 | | amortization. | 2 | | Section 50. Rules. The District shall have power to adopt | 3 | | reasonable and proper rules and regulations relative to the | 4 | | exercise of its powers and to adopt proper rules to govern its | 5 | | proceedings. The District shall regulate the mode and manner of | 6 | | all hearings held by it or at its direction, and to alter and | 7 | | amend same. | 8 | | Section 55. Official documents. Copies of all official | 9 | | documents, findings, and orders of the District, certified by | 10 | | the Chairperson or by the secretary of the District to be true | 11 | | copies of the originals, under the official seal of the | 12 | | District, shall be evidence in like manner as the originals. | 13 | | Section 60. Park. The District may set apart any part of | 14 | | the District as a park and may construct, control, police and | 15 | | maintain the park or may provide by contract for the | 16 | | construction, control, policing, and maintenance of any area | 17 | | within the District set apart as a park. | 18 | | Section 65. Depository of funds. The District shall | 19 | | biennially designate a national or state bank or banks as | 20 | | depositories of its money. Those depositories shall be | 21 | | designated only with the state and upon condition that bonds | 22 | | approved as to form and surety by the District and at least |
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| 1 | | equal in amount to the maximum sum expected to be on deposit at | 2 | | any one time shall be first given by the depositories to the | 3 | | District, those bonds to be conditioned for the safekeeping and | 4 | | prompt repayment of the deposits. When any of the funds of the | 5 | | District shall be deposited by the treasurer in any such | 6 | | depository, the treasurer and the sureties on his official bond | 7 | | shall, to that extent, be exempt from liability for the loss of | 8 | | any of the deposited funds by reason of the failure, | 9 | | bankruptcy, or any other act or default of the depository. | 10 | | However, the District may accept assignments of collateral by | 11 | | any depository of its funds to secure the deposits to the same | 12 | | extent and conditioned in the same manner as assignments of | 13 | | collateral are permitted by law to secure deposits of the funds | 14 | | of any municipality.
| 15 | | Section 70. Reports. The District shall annually submit a | 16 | | report of its finances to the Auditor General. The District | 17 | | shall annually subject a report of its activities to the | 18 | | Governor and to the General Assembly. | 19 | | Section 75. Disposition of Funds. The District is | 20 | | authorized to use all money received from the sale or lease of | 21 | | any property as may be necessary to satisfy the obligation of | 22 | | any revenue bond issued pursuant to Section 45. The District | 23 | | may also use all money received as rentals for the purposes of | 24 | | planning, acquisition, and development of property within the |
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| 1 | | District and operations, maintenance, and improvement of | 2 | | property of the District, as well as for all purposes and | 3 | | powers set forth in this Act. The District shall enter into an | 4 | | intergovernmental agreement with the Auditor General who | 5 | | shall, at least biennially, audit or cause to be audited all | 6 | | records and accounts of the District pertaining to the | 7 | | operation of the District. The Auditor General shall provide | 8 | | the District and the General Assembly with the audits and shall | 9 | | submit a bill to the District for the costs associated with the | 10 | | review and the audit required under this Section. The District | 11 | | shall reimburse the Auditor General for costs in a timely | 12 | | manner.
| 13 | | Section 80. Attorney General. The Attorney General of the | 14 | | State of Illinois shall be the legal advisor to and shall | 15 | | prosecute or defend, as the case may be, all actions brought by | 16 | | or against the District. | 17 | | Section 85. The provisions of the Open Meetings Act, the | 18 | | State Records Act, and the Freedom of Information Act shall | 19 | | apply to the District. For purposes of the Local Governmental | 20 | | and Governmental Employees Tort Immunity Act, the District is | 21 | | deemed to be a "local public entity".
| 22 | | Section 999. Effective date. This Act takes effect upon | 23 | | becoming law.".
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