Full Text of SB1854 99th General Assembly
SB1854ham003 99TH GENERAL ASSEMBLY | Rep. Rita Mayfield Filed: 5/20/2015
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| 1 | | AMENDMENT TO SENATE BILL 1854
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1854, AS AMENDED, | 3 | | with reference to page and line numbers of House Amendment No. | 4 | | 2, on page 1, by replacing line 5 with "Authority Act is | 5 | | amended by changing Sections 4 and 7 as follows:"; and
| 6 | | on page 5, immediately after line 24, by inserting the | 7 | | following:
| 8 | | "(70 ILCS 530/7) (from Ch. 85, par. 7157)
| 9 | | Sec. 7. Bonds.
| 10 | | (a) The Authority, with the written approval of the
| 11 | | Governor, shall have the continuing power to issue bonds, | 12 | | notes, or other
evidences of indebtedness in an aggregate | 13 | | amount outstanding not to exceed $500,000,000
for the purpose | 14 | | of developing, constructing, acquiring or improving
projects, | 15 | | including those established by business entities locating or
| 16 | | expanding property within the territorial jurisdiction of the |
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| 1 | | Authority,
for entering into venture capital agreements with | 2 | | businesses locating or
expanding within the territorial | 3 | | jurisdiction of the Authority, for
acquiring and improving any | 4 | | property necessary and useful in connection
therewith and for | 5 | | the purposes of the Employee Ownership Assistance Act.
For the | 6 | | purpose of evidencing the obligations of the Authority to repay | 7 | | any
money borrowed, the Authority may, pursuant to resolution, | 8 | | from time to
time issue and dispose of its interest bearing | 9 | | revenue bonds, notes or
other evidences of indebtedness and may | 10 | | also from time to time issue and
dispose of such bonds, notes | 11 | | or other evidences of indebtedness to refund,
at maturity, at a | 12 | | redemption date or in advance of either, any bonds, notes
or | 13 | | other evidences of indebtedness pursuant to redemption | 14 | | provisions or at
any time before maturity. All such bonds, | 15 | | notes or other evidences of
indebtedness shall be payable | 16 | | solely and only from the revenues or income
to be derived from | 17 | | loans made with respect to projects, from the leasing or
sale | 18 | | of the projects or from any other funds available to the | 19 | | Authority for
such purposes. The bonds, notes or other | 20 | | evidences of indebtedness may
bear such date or dates, may | 21 | | mature at such time or times not exceeding 40
years from their | 22 | | respective dates, may bear interest at such rate or rates
not | 23 | | exceeding the maximum rate permitted by "An Act to authorize | 24 | | public
corporations to issue bonds, other evidences of | 25 | | indebtedness and tax
anticipation warrants subject to interest | 26 | | rate limitations set forth
therein", approved May 26, 1970, as |
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| 1 | | amended, may be in such form, may carry
such registration | 2 | | privileges, may be executed in such manner, may be
payable at | 3 | | such place or places, may be made subject to redemption in such
| 4 | | manner and upon such terms, with or without premium as is | 5 | | stated on the
face thereof, may be authenticated in such manner | 6 | | and may contain such
terms and covenants as may be provided by | 7 | | an applicable resolution.
| 8 | | (b-1) The holder or holders of any bonds, notes or other | 9 | | evidences of
indebtedness issued by the Authority may bring | 10 | | suits at law or proceedings
in equity to compel the performance | 11 | | and observance by any corporation or
person or by the Authority | 12 | | or any of its agents or employees of any
contract or covenant | 13 | | made with the holders of such bonds, notes or other
evidences | 14 | | of indebtedness, to compel such corporation, person, the
| 15 | | Authority and any of its agents or employees to perform any | 16 | | duties required
to be performed for the benefit of the holders | 17 | | of any such bonds, notes or
other evidences of indebtedness by | 18 | | the provision of the resolution
authorizing their issuance and | 19 | | to enjoin such corporation, person, the
Authority and any of | 20 | | its agents or employees from taking any action in
conflict with | 21 | | any such contract or covenant.
| 22 | | (b-2) If the Authority fails to pay the principal of or | 23 | | interest on any
of the bonds or premium, if any, as the same | 24 | | become due, a civil action to
compel payment may be instituted | 25 | | in the appropriate circuit court by the
holder or holders of | 26 | | the bonds on which such default of payment exists or
by an |
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| 1 | | indenture trustee acting on behalf of such holders. Delivery of | 2 | | a
summons and a copy of the complaint to the Chairman of the | 3 | | Board shall
constitute sufficient service to give the circuit | 4 | | court jurisdiction of the
subject matter of such a suit and | 5 | | jurisdiction over the Authority and its
officers named as | 6 | | defendants for the purpose of compelling such payment.
Any | 7 | | case, controversy or cause of action concerning the validity of | 8 | | this Act
relates to the revenue of the State of Illinois.
| 9 | | (c) Notwithstanding the form and tenor of any such bonds, | 10 | | notes or other
evidences of indebtedness and in the absence of | 11 | | any express recital on the
face thereof that it is | 12 | | non-negotiable, all such bonds, notes and other
evidences of | 13 | | indebtedness shall be negotiable instruments. Pending the
| 14 | | preparation and execution of any such bonds, notes or other | 15 | | evidences of
indebtedness, temporary bonds, notes or evidences | 16 | | of indebtedness may be
issued as provided by ordinance.
| 17 | | (d) To secure the payment of any or all of such bonds, | 18 | | notes or other
evidences of indebtedness, the revenues to be | 19 | | received by the Authority from
a lease agreement or loan | 20 | | agreement shall be pledged, and, for the purpose
of setting | 21 | | forth the covenants and undertakings of the Authority in
| 22 | | connection with the issuance thereof and the issuance of any | 23 | | additional
bonds, notes or other evidences of indebtedness | 24 | | payable from such revenues,
income or other funds to be derived | 25 | | from projects, the Authority may
execute and deliver a mortgage | 26 | | or trust agreement. A remedy for any breach
or default of the |
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| 1 | | terms of any such mortgage or trust agreement by the
Authority | 2 | | may be by mandamus proceedings in the appropriate circuit court
| 3 | | to compel the performance and compliance therewith, but the | 4 | | trust agreement
may prescribe by whom or on whose behalf such | 5 | | action may be instituted.
| 6 | | (e) Such bonds or notes shall be secured as provided in the | 7 | | authorizing
ordinance which may, notwithstanding any other | 8 | | provision of this Act,
include in addition to any other | 9 | | security a specific pledge or assignment
of and lien on or | 10 | | security interest in any or all revenues or money of the
| 11 | | Authority from whatever source which may by law be used for | 12 | | debt
service purposes and a specific pledge or assignment of | 13 | | and lien on or
security interest in any funds or accounts | 14 | | established or provided for by
ordinance of the Authority | 15 | | authorizing the issuance of such bonds or notes.
| 16 | | (f) (Blank). In the event that the Authority determines | 17 | | that monies of the
Authority will not be sufficient for the | 18 | | payment of the principal of and
interest on its bonds during | 19 | | the next State fiscal year, the
Chairman, as soon as | 20 | | practicable, shall certify to the Governor the
amount required | 21 | | by the Authority to enable
it to pay such principal of and | 22 | | interest on the bonds.
The Governor shall submit the amount so | 23 | | certified to the General Assembly
as soon as practicable, but | 24 | | no later than the end of the current State fiscal
year. This | 25 | | Section shall
not apply to any bonds or notes as to which the
| 26 | | Authority shall have determined, in the resolution authorizing |
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| 1 | | the issuance
of the bonds or notes, that this Section shall not | 2 | | apply. Whenever the
Authority makes such a determination, that | 3 | | fact shall be plainly stated on
the face of the bonds or notes | 4 | | and that fact shall also be reported to the Governor.
| 5 | | In the event of a withdrawal of moneys from a reserve fund | 6 | | established
with respect to any issue or issues of bonds of the | 7 | | Authority to pay
principal or interest on those bonds, the | 8 | | Chairman of the Authority, as
soon as practicable, shall | 9 | | certify to the Governor the amount required
to restore the | 10 | | reserve fund to the level required in the
resolution or | 11 | | indenture securing those bonds.
The Governor shall submit the | 12 | | amount so certified to the General Assembly
as soon as | 13 | | practicable, but no later than the end of the current State | 14 | | fiscal year. This subsection (f) shall not apply to any bond | 15 | | issued on or after the effective date of this amendatory Act of | 16 | | the 97th General Assembly.
| 17 | | (g) The State of Illinois pledges to and agrees with the | 18 | | holders of the
bonds and notes of the Authority issued pursuant | 19 | | to this Section that the
State will not limit or alter the | 20 | | rights and powers vested in the Authority
by this Act so as to | 21 | | impair the terms of any contract made by the Authority
with | 22 | | such holders or in any way impair the rights and remedies of | 23 | | such
holders until such bonds and notes, together with interest | 24 | | thereon, with
interest on any unpaid installments of interest, | 25 | | and all costs and expenses
in connection with any action or | 26 | | proceedings by or on behalf of such
holders, are fully met and |
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| 1 | | discharged. In addition, the State pledges to
and agrees with | 2 | | the holders of the bonds and notes of the Authority issued
| 3 | | pursuant to this Section that the State will not limit or alter | 4 | | the basis
on which State funds are to be paid to the Authority | 5 | | as provided in this
Act, or the use of such funds, so as to | 6 | | impair the terms of any such
contract. The Authority is | 7 | | authorized to include these pledges and
agreements of the State | 8 | | in any contract with the holders of bonds or notes
issued | 9 | | pursuant to this Section.
| 10 | | (h) (Blank).
| 11 | | (Source: P.A. 97-312, eff. 8-11-11; 98-750, eff. 1-1-15 .)".
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