Full Text of HB3706 103rd General Assembly
HB3706eng 103RD GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the | 5 | | University Park Development Authority Act. | 6 | | Section 5. Purpose. The purpose of this Act is to | 7 | | facilitate and promote the redevelopment of vacant and | 8 | | underutilized commercial, industrial and residential real | 9 | | property located throughout the Village of University Park, | 10 | | and to enhance the economic benefits generated by the former | 11 | | uses of the property with development that will attract new | 12 | | residences, senior, student housing and commercial and | 13 | | industrial businesses, as well as to create new opportunities | 14 | | for economic development, sustainable initiatives and | 15 | | affordable housing and employment for residents in the | 16 | | community. | 17 | | Section 10. Definitions. As used in this Act: | 18 | | "Authority" means the University Park Development | 19 | | Authority
created by this Act. | 20 | | "Board" means the Board of Directors of the Authority. | 21 | | "Costs incurred in connection with the development,
| 22 | | construction, acquisition, redevelopment, or improvement of a |
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| 1 | | project" means: the cost of purchase and construction of all | 2 | | lands and related improvements, together with the equipment | 3 | | and other property, rights, easements, and franchises acquired | 4 | | that are deemed necessary for the construction; the costs of | 5 | | environmental and other property and project related suits, | 6 | | studies, and analyses and subsequent clean-up activities | 7 | | necessary to qualify the area as needing no further | 8 | | remediation or pipe replacement or new installation; financing | 9 | | and title insurance and deed recording charges, delinquent | 10 | | property taxes; trust and or interest costs with respect to | 11 | | revenue bonds, notes, and other evidences of indebtedness of | 12 | | the Authority prior to and during construction and for a | 13 | | period of 60 months after construction; engineering and legal | 14 | | expenses; the costs of plans, tax deed acquisition, land bank | 15 | | creation and acquisition, or deacquisition or disposition of | 16 | | all real estate placed therein, credit enhancement vehicles, | 17 | | easements, specifications, surveys, and estimates of costs and | 18 | | other expenses necessary or incident to determining the | 19 | | feasibility or practicability of any project, together with | 20 | | such other expenses as may be reasonable or necessary or | 21 | | incident to the financing, insuring, acquisition, disposition, | 22 | | redevelopment, and construction of a specific project and the | 23 | | placing of the project in operation. | 24 | | "Financial aid" means the expenditure of Authority
funds | 25 | | or funds provided by the Authority through the issuance of its | 26 | | revenue bonds, notes, or other evidence of indebtedness, or |
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| 1 | | grants from private or public entities for the development, | 2 | | construction, acquisition, or improvement of a project. | 3 | | "Governmental agency" means any federal, State,
county, or | 4 | | local governmental body, and any agency or instrumentality | 5 | | thereof, corporate or otherwise. | 6 | | "Lease agreement" means an agreement under which a
project | 7 | | acquired by the Authority by purchase, gift, or lease, or | 8 | | other valuable consideration is leased to any person or | 9 | | governmental agency that will use or cause the project to be | 10 | | used as a project upon terms providing for lease rental | 11 | | payments at least sufficient to pay when due the lessee's pro | 12 | | rata share of all principal and interest and premium, if any, | 13 | | on any revenue bonds, notes, or other evidences of | 14 | | indebtedness of the Authority issued with respect to the | 15 | | project, providing for the maintenance, insurance, and | 16 | | operation of the project on terms satisfactory to the | 17 | | Authority, and providing for disposition of the project upon | 18 | | termination of the lease term, including purchase options or | 19 | | abandonment of the premises, with such other terms as may be | 20 | | deemed desirable by the Authority. | 21 | | "Loan agreement" means any agreement by which the
| 22 | | Authority agrees to loan the proceeds of its revenue bonds, | 23 | | notes, or other evidences of indebtedness issued with respect | 24 | | to a project to any person or governmental agency that will use | 25 | | or cause the project to be used as a project upon terms | 26 | | providing for loan repayment installments at least sufficient |
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| 1 | | to pay when due the borrower's pro rata share of all principal | 2 | | of and interest and premium, if any, on any revenue bonds, | 3 | | notes, or other evidences of indebtedness of the Authority | 4 | | issued with respect to the project, providing for maintenance, | 5 | | insurance, and operation of the project on terms satisfactory | 6 | | to the Authority, and providing for other matters as may be | 7 | | deemed advisable by the Authority. | 8 | | "Person" includes, without limitation, an individual,
| 9 | | corporation, partnership, unincorporated association, and any | 10 | | other legal entity, including a trustee, receiver, assignee, | 11 | | or personal representative of the entity. | 12 | | "Project" means an industrial, commercial,
commercial | 13 | | mixed use, environmental justice, land conservancy, | 14 | | residential, industrial, or freight-oriented project or any | 15 | | combination thereof provided that all uses shall fall within | 16 | | one of those categories, including, but not limited to, one or | 17 | | more buildings and other structures, improvements, machinery, | 18 | | and equipment whether on the same site or adjacent to any land | 19 | | or lakes, buildings, machinery, or equipment comprising an | 20 | | addition to or renovation, rehabilitation, or improvement of | 21 | | any existing capital project. Any project shall automatically | 22 | | include all site improvements, signage, access roads, | 23 | | lighting, curb cuts, and new construction involving | 24 | | infrastructure including, but not limited to, roads, traffic | 25 | | management lights and directional signage, sidewalks, sewers, | 26 | | landscaping and all appurtenances and facilities incidental |
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| 1 | | thereto such as utilities, access roads, railroad sidings, | 2 | | truck docking, and similar facilities, parking facilities, or | 3 | | related equipment and other improvements necessary or | 4 | | convenient thereto, solid waste and wastewater treatment and | 5 | | disposal sites and other pollution control facilities, | 6 | | resource or waste reduction, recovery, treatment, and disposal | 7 | | facilities, open spaces, conservancies, preserves, streets, | 8 | | highways. | 9 | | "Revenue bond" or "bond" means any bond issued by the
| 10 | | Authority under the supervision of the Illinois Finance | 11 | | Authority, the principal and interest of which are payable | 12 | | solely from revenues or income derived from any project or | 13 | | activity of the Authority. | 14 | | "Terminal" means a public place, station, or depot
for | 15 | | receiving and delivering passengers, baggage, mail, freight, | 16 | | or express matter, and any combination thereof, in connection | 17 | | with the transportation of persons and property on land. | 18 | | "Terminal facilities" means all land, buildings,
| 19 | | structures, improvements, equipment, and appliances useful in | 20 | | the operation of public warehouse, storage, and transportation | 21 | | facilities and industrial, manufacturing, or commercial | 22 | | activities for the accommodation of or in connection with | 23 | | commerce by land. | 24 | | Section 15. Creation of Authority; Board members; | 25 | | officers. |
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| 1 | | (a) The University Park Development Authority is created | 2 | | as a political subdivision, body politic, and municipal | 3 | | corporation. | 4 | | (b) The jurisdiction of the Authority extends over the | 5 | | Village of University Park and any and all property that the | 6 | | Village may annex during the course of the existence of the | 7 | | Authority. | 8 | | (c) The governing and administrative powers of the | 9 | | Authority shall be vested in its Board of Directors consisting | 10 | | of 5 members, 3 of whom shall be appointed by the Mayor of the | 11 | | Village of University Park and 2 of whom shall be appointed by | 12 | | the Governor. All persons appointed as members of the Board | 13 | | shall have recognized ability and experience in one or more of | 14 | | the following areas: economic development, finance, banking, | 15 | | industrial development, business management, real estate, | 16 | | community development, organized labor, or civic, community, | 17 | | or neighborhood organization. | 18 | | (d) The terms of the 5 initial appointees to the Authority | 19 | | shall commence 15 days after the effective date of this Act or | 20 | | as soon as they are appointed. Of the 5 appointees initially | 21 | | appointed (i) one of the Mayor's appointees and one of the | 22 | | Governor's appointees shall be appointed to serve terms | 23 | | expiring on the third Monday in January 2027; (ii) one of the | 24 | | Mayor's appointees shall be appointed to serve a term expiring | 25 | | on the third Monday in January 2028; and (iii) one of the | 26 | | Mayor's appointees and one of the Governor's appointees shall |
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| 1 | | be appointed to serve terms expiring on the third Monday in | 2 | | January 2029. All successors shall be appointed by the | 3 | | original appointing authority and hold office for a term of 6 | 4 | | years commencing the third Monday in January of the year in | 5 | | which their term commences, except in case of an appointment | 6 | | to fill a vacancy. Vacancies shall be filled for the remainder | 7 | | of the term by the Mayor or Governor depending upon which | 8 | | person was the individual to make the appointment of the party | 9 | | that left the vacancy. Each member appointed to the Board | 10 | | shall serve until his or her successor is appointed and | 11 | | accepted by majority vote of the members left after the | 12 | | vacancy occurs or the term expires and shall meet the | 13 | | requirements of professional backgrounds as required under | 14 | | subsection (c). | 15 | | (e) The Chairperson of the Board shall be elected by the | 16 | | Board annually from among its members. | 17 | | (f) The appointing authority may remove any member of the | 18 | | Board in case of incompetency, neglect of duty, or malfeasance | 19 | | in office. | 20 | | (g) Members of the Board shall serve without compensation | 21 | | for their services as members, but the Board may vote to | 22 | | compensate its members, and they also may be reimbursed for | 23 | | all necessary expenses incurred in connection with the | 24 | | performance of their duties as members. | 25 | | (h) The Board may appoint an Executive Director, Associate | 26 | | Executive Director, General Counsel, Finance Director, and |
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| 1 | | Chief Engineer who shall have a background and, when | 2 | | necessary, licensed credentials or certifications and or | 3 | | academic degrees in administration, planning, real estate, | 4 | | economic development, finance, or law. The Executive Director | 5 | | shall hold office at the discretion of the Board, but a | 6 | | contract may be executed for a period of time of service as | 7 | | negotiated. The Executive Director shall be the chief | 8 | | administrative and operational officer of the Authority, shall | 9 | | direct and supervise its administrative affairs and general | 10 | | management, shall perform such other duties as may be | 11 | | prescribed from time to time by the Board, and shall receive | 12 | | compensation fixed by the Board. The Executive Director shall | 13 | | attend all meetings of the Board; however, no action of the | 14 | | Board or the Authority shall be invalid on account of the | 15 | | absence of the Executive Director from a meeting. The Board | 16 | | may engage the services of such other agents and employees, | 17 | | including planners, attorneys, appraisers, engineers, | 18 | | accountants, credit analysts, and other consultants, and may | 19 | | prescribe their duties and fix their compensation. | 20 | | (i) The Board shall meet on the call of its Chairperson or | 21 | | upon written, telephonic, or email notice of 3 members of the | 22 | | Board. | 23 | | (j) All official acts of the Authority shall require a | 24 | | quorum of 3 members and an affirmative vote of at least 3 of | 25 | | the members of the Board present and voting at a meeting of the | 26 | | Board. |
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| 1 | | Section 20. Responsibilities of the Authority. | 2 | | (a) It is the duty of the Authority to promote development | 3 | | within its territorial jurisdiction. The Authority shall use | 4 | | the powers conferred on it by this Act to assist in the | 5 | | planning, development, acquisition, construction, and | 6 | | marketing of residential, industrial, commercial, or | 7 | | freight-oriented projects within its territorial jurisdiction. | 8 | | (b) The Authority shall have the power to undertake
joint | 9 | | planning for property within its territorial jurisdiction that | 10 | | identifies and addresses its development, transportation, | 11 | | transit, zoning, workforce, and environmental priorities and | 12 | | objectives. | 13 | | (c) The Authority shall have the power to assemble
and | 14 | | prepare parcels for development. | 15 | | (d) The Authority shall have the power to oversee
| 16 | | environmental studies and remediation necessary to identify | 17 | | and remove any hazards or toxins that impede development. | 18 | | (e) The Authority shall have the power to develop,
| 19 | | construct, and improve, either under its own direction or | 20 | | through collaboration with any approved applicant, or to | 21 | | acquire through purchase or otherwise any project, using for | 22 | | that purpose the proceeds derived from its sale of revenue | 23 | | bonds, notes, or other evidence of indebtedness or | 24 | | governmental loans or grants, and to hold title in the name of | 25 | | the Authority to those projects. |
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| 1 | | (f) The Authority shall have the power to market the
| 2 | | University Park development to prospective developers and | 3 | | businesses. | 4 | | (g) The Authority shall make its best effort to annex
| 5 | | parcels of unincorporated property that are subject to the | 6 | | jurisdiction of the Authority contiguous to the Village of | 7 | | University Park. | 8 | | (h) The Authority shall maintain relations with local
| 9 | | residents, industries, businesses, nonprofit organizations, | 10 | | elected and appointed officials, and other government and | 11 | | private entities as well as any other interested parties in | 12 | | the course of achieving its objectives and exercising its | 13 | | powers. | 14 | | Section 25. Powers. The Authority possesses all powers of | 15 | | a body corporate necessary and convenient to accomplish the | 16 | | purpose of this Act, including without limitation the | 17 | | following: | 18 | | (1) to enter into loans, contracts, agreements, and
| 19 | | mortgages in any matter connected with any of its | 20 | | corporate purposes and to invest its funds; | 21 | | (2) to sue and be sued; | 22 | | (3) to employ agents and employees necessary to carry
| 23 | | out its purposes; | 24 | | (4) to have, use, and alter a common seal; | 25 | | (5) to adopt all needful ordinances, resolutions,
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| 1 | | bylaws, rules, and regulations for the conduct of its | 2 | | business and affairs and for the management and use of the | 3 | | projects developed, constructed, acquired, and improved in | 4 | | furtherance of its purposes; | 5 | | (6) to designate the fiscal year for the Authority; | 6 | | (7) to accept and expend appropriations; | 7 | | (8) to have and exercise all powers and be subject to
| 8 | | all duties usually incident to boards of directors of | 9 | | corporations; | 10 | | (9) to acquire, own, lease, sell, or otherwise
dispose | 11 | | of interests in and to real property and improvements | 12 | | situated thereon and in personal property from any person, | 13 | | the State of Illinois, any municipal corporation, any unit | 14 | | of local government, the government of the United States, | 15 | | any agency or instrumentality of the United States, any | 16 | | body politic, or any county, whether the property is | 17 | | improved for the purposes of any prospective project or | 18 | | unimproved, useful, and necessary to fulfill the purposes | 19 | | of the Authority; | 20 | | (10) to acquire title to any project with respect to
| 21 | | which it exercises its authority; | 22 | | (11) to engage in any activity or operation, including
| 23 | | brownfield remediation, which is incidental to and in | 24 | | furtherance of efficient operation to accomplish the | 25 | | Authority's primary purpose and be reasonable and | 26 | | necessary for the efficient function of the authority; |
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| 1 | | (12) to acquire, own, construct, lease, operate, and
| 2 | | maintain, within its corporate limits, terminals and | 3 | | terminal facilities and to fix and collect just, | 4 | | reasonable, and nondiscriminatory charges for the use of | 5 | | those facilities; | 6 | | (13) to collect fees and charges in connection with
| 7 | | its loans, commitments, and services; | 8 | | (14) to use the charges and fees collected as
| 9 | | authorized under paragraphs (12) and (13) to defray the | 10 | | reasonable expenses of the Authority and to pay the | 11 | | principal and interest of any revenue bonds issued by the | 12 | | Authority; | 13 | | (15) to borrow money and issue revenue bonds, notes,
| 14 | | or other evidences of indebtedness under the supervision | 15 | | of the Illinois Finance Authority, as set forth under | 16 | | Section 825-13.1 of the Illinois Finance Authority Act; | 17 | | (16) to apply for and accept grants, loans or
| 18 | | appropriations from the federal government; the State of | 19 | | Illinois, including the Illinois Environmental Protection | 20 | | Agency; and the Village of University Park; | 21 | | (17) to accept donations, contributions, capital
| 22 | | grants or gifts from individuals, associations and private | 23 | | corporations in aid of any purposes of this Act and to | 24 | | enter into agreements in connection therewith; | 25 | | (18) to enter into intergovernmental agreements with
| 26 | | the State of Illinois, the County of Cook, the Illinois |
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| 1 | | Finance Authority, the United States government, any | 2 | | agency or instrumentality of the United States, any unit | 3 | | of local government located within the territory of the | 4 | | Authority, or any other unit of government to the extent | 5 | | allowed by Section 10 of Article VII of the Illinois | 6 | | Constitution and the Intergovernmental Cooperation Act; | 7 | | (19) to petition any federal, State, municipal, or
| 8 | | local authority, and any unit of local government having | 9 | | jurisdiction in the premises for the adoption and | 10 | | execution of any physical improvement, change in method or | 11 | | system of handling freight, warehousing, docking, | 12 | | lightering, and transfer of freight which, in the opinion | 13 | | of the Authority, is designed to improve the handling of | 14 | | commerce in and through its territorial jurisdiction or | 15 | | improve terminal or transportation facilities therein; | 16 | | (20) to enter into agreements with businesses, form
| 17 | | public-private partnership entities and appropriate funds | 18 | | to such entities as needed to achieve the purpose of this | 19 | | Act; and | 20 | | (21) to share employees with other units of
| 21 | | government, including agencies of the United States, | 22 | | agencies of the State of Illinois, and agencies or | 23 | | personnel of any unit of local government. | 24 | | Section 30. Limitations. If any of the Authority's powers | 25 | | are exercised within the jurisdiction limits of any |
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| 1 | | municipality, then all of the ordinances of that municipality | 2 | | remain in full force and effect and are controlling. | 3 | | The Authority shall not issue any revenue bonds relating | 4 | | to the financing of a project located within the planning and | 5 | | subdivision control jurisdiction of any municipality or county | 6 | | unless: (1) notice, including a description of the proposed | 7 | | project and the financing therefor, is submitted to the | 8 | | corporate authorities of the municipality or, in the case of a | 9 | | proposed project in an unincorporated area, to the county | 10 | | board; and (2) the corporate authorities do not or, in the case | 11 | | of an unincorporated area, the county board does not, adopt a | 12 | | resolution disapproving the project within 45 days after | 13 | | receipt of the notice. | 14 | | Section 35. Revenue Bonds. | 15 | | (a) The Authority shall have the continuing power to issue | 16 | | revenue bonds, notes, or other evidences of indebtedness in an | 17 | | aggregate amount not to exceed $200,000,000 for the purpose of | 18 | | developing, constructing, acquiring, or improving projects, | 19 | | including those established by business entities locating or | 20 | | expanding property within the territorial jurisdiction of the | 21 | | Authority, for entering into venture capital agreements with | 22 | | businesses locating or expanding within the territorial | 23 | | jurisdiction of the Authority, for acquiring and improving any | 24 | | property necessary and useful in connection therewith, and for | 25 | | the purposes of the Employee Ownership Assistance Act. The |
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| 1 | | bonds must be issued under the supervision of the Illinois | 2 | | Finance Authority, as set forth under Section 825-13.1 of the | 3 | | Illinois Finance Authority Act. For the purpose of evidencing | 4 | | the obligations of the Authority to repay any money borrowed, | 5 | | the Authority may, pursuant to resolution, from time to time | 6 | | issue and dispose of its interest bearing revenue bonds, | 7 | | notes, or other evidences of indebtedness and may also from | 8 | | time to time issue and dispose of such bonds, notes, or other | 9 | | evidences of indebtedness to refund, at maturity, at a | 10 | | redemption date or in advance of either, any revenue bonds, | 11 | | notes, or other evidences of indebtedness pursuant to | 12 | | redemption provisions or at any time before maturity. All such | 13 | | revenue bonds, notes, or other evidence of indebtedness shall | 14 | | be payable solely from the revenues or income to be derived | 15 | | from loans made with respect to projects, from the leasing or | 16 | | sale of the projects, or from any other funds available to the | 17 | | Authority for such purposes, including, when provided by | 18 | | ordinance of the Authority, authorizing the issuance of | 19 | | revenue bonds or notes. The revenue 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 the Bond Authorization | 24 | | Act, may be in such form, may carry such registration | 25 | | privileges, may be executed in such manner, may be payable at | 26 | | such place or places, may be made subject to redemption in such |
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| 1 | | manner and upon such terms, with or without premium as is | 2 | | stated on the face thereof, may be authenticated in such | 3 | | manner, and may contain such terms and covenants as may be | 4 | | provided by an applicable resolution. | 5 | | (b) The holder or holders of any revenue bonds, notes, or | 6 | | other evidences of indebtedness issued by the Authority may | 7 | | bring suits at law or proceedings in equity to compel the | 8 | | performance and observance by any corporation or person or by | 9 | | the Authority or any of its agents or employees of any contract | 10 | | or covenant made with the holders of such revenue bonds, | 11 | | notes, or other evidences of indebtedness, to compel such | 12 | | corporation, person, the Authority, and any of its agents or | 13 | | employees to perform any duties required to be performed for | 14 | | the benefit of the holders of any such revenue bonds, notes, or | 15 | | other evidences of indebtedness by the provision of the | 16 | | resolution authorizing their issuance and to enjoin such | 17 | | corporation, person, the Authority, and any of its agents or | 18 | | employees from taking any action in conflict with any such | 19 | | contract or covenant. | 20 | | (c) If the Authority fails to pay the principal of or | 21 | | interest on any of the revenue bonds or premium, if any, as the | 22 | | same become due, a civil action to compel payment may be | 23 | | instituted in the appropriate circuit court by the holder or | 24 | | holders of the revenue bonds on which such default of payment | 25 | | exists or by an indenture trustee acting on behalf of such | 26 | | holders. Delivery of a summons and a copy of the complaint to |
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| 1 | | the Chairperson of the Board shall constitute sufficient | 2 | | service to give the circuit court jurisdiction of the subject | 3 | | matter of such a suit and jurisdiction over the Authority and | 4 | | its officers named as defendants for the purpose of compelling | 5 | | such payment. Any case, controversy, or cause of action | 6 | | concerning the validity of this Act relates to the revenue of | 7 | | the State of Illinois. | 8 | | (d) Notwithstanding the form and tenor of any such revenue | 9 | | bonds, notes, or other evidences of indebtedness and in the | 10 | | absence of any express recital on the face of any such revenue | 11 | | bond, note, or other evidence of indebtedness that it is | 12 | | nonnegotiable, all such revenue bonds, notes, and other | 13 | | evidences of indebtedness shall be negotiable instruments. | 14 | | Pending the preparation and execution of any such revenue | 15 | | bonds, notes, or other evidences of indebtedness, temporary | 16 | | revenue bonds, notes, or evidences of indebtedness may be | 17 | | issued as provided by ordinance. | 18 | | (e) To secure the payment of any or all of such revenue | 19 | | bonds, notes, or other evidences of indebtedness, the revenues | 20 | | to be received by the Authority from a lease agreement or loan | 21 | | agreement shall be pledged, and, for the purpose of setting | 22 | | forth the covenants and undertakings of the Authority in | 23 | | connection with the issuance thereof and the issuance of any | 24 | | additional revenue bonds, notes, or other evidences of | 25 | | indebtedness payable from such revenues, income, or other | 26 | | funds to be derived from projects, the Authority may execute |
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| 1 | | and deliver a mortgage or trust agreement. A remedy for any | 2 | | breach or default of the terms of any such mortgage or trust | 3 | | agreement by the Authority may be by mandamus proceedings in | 4 | | the appropriate circuit court to compel the performance and | 5 | | compliance therewith, but the trust agreement may prescribe by | 6 | | whom or on whose behalf the action may be instituted. | 7 | | (f) The revenue bonds or notes shall be secured as | 8 | | provided in the authorizing ordinance which may, | 9 | | notwithstanding any other provision of this Act, include in | 10 | | addition to any other security a specific pledge or assignment | 11 | | of and lien on or security interest in any or all revenues or | 12 | | money of the Authority from whatever source which may by law be | 13 | | used for debt service purposes and a specific pledge or | 14 | | assignment of and lien on or security interest in any funds or | 15 | | accounts established or provided for by ordinance of the | 16 | | Authority authorizing the issuance of such revenue bonds or | 17 | | notes. | 18 | | (g) The State of Illinois pledges to and agrees with the | 19 | | holders of the revenue bonds and notes of the Authority issued | 20 | | pursuant to this Section that the State will not limit or alter | 21 | | the rights and powers vested in the Authority by this Act so as | 22 | | to impair the terms of any contract made by the Authority with | 23 | | such holders or in any way impair the rights and remedies of | 24 | | such holders until such revenue bonds and notes, together with | 25 | | interest thereon, with interest on any unpaid installments of | 26 | | interest, and all costs and expenses in connection with any |
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| 1 | | action or proceedings by or on behalf of such holders, are | 2 | | fully met and discharged. The Authority is authorized to | 3 | | include these pledges and agreements of the State in any | 4 | | contract with the holders of revenue bonds or notes issued | 5 | | pursuant to this Section. | 6 | | (h) Under no circumstances shall any bonds issued by the | 7 | | Authority or any other obligation of the Authority be or | 8 | | become an indebtedness or obligation of the State of Illinois | 9 | | or of any other political subdivision of or municipality | 10 | | within the State, nor shall any such bond or obligation be or | 11 | | become an indebtedness of the Authority within the purview of | 12 | | any constitutional limitation or provision, and it shall be | 13 | | plainly stated on the face of each bond that it does not | 14 | | constitute such an indebtedness or obligation but is payable | 15 | | solely from the revenues or income as aforesaid. | 16 | | (i) For the purpose of financing a project pursuant to | 17 | | this Act, the Authority shall be authorized to apply for an | 18 | | allocation of tax-exempt bond financing authorization provided | 19 | | by Section 11143 of the Safe, Accountable, Flexible, Efficient | 20 | | Transportation Equity Act: A Legacy for Users (SAFETEA-LU), | 21 | | Public Law 109-59, as well as financing available under any | 22 | | other federal law or program. | 23 | | Section 40. Designation of depository. The Authority shall | 24 | | biennially designate a national or State bank or banks as | 25 | | depositories of its money. Those depositories shall be |
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| 1 | | designated only within the State and upon condition that bonds | 2 | | approved as to form and surety by the Authority and at least | 3 | | equal in amount to the maximum sum expected to be on deposit at | 4 | | any one time shall be first given by the depositories to the | 5 | | Authority, those bonds to be conditioned for the safekeeping | 6 | | and prompt repayment of the deposits. When any of the funds of | 7 | | the Authority shall be deposited by the treasurer in any such | 8 | | depository, the treasurer and the sureties on his official | 9 | | bond shall, to that extent, be exempt from liability for the | 10 | | loss of any of the deposited funds by reason of the failure, | 11 | | bankruptcy, or any other act or default of the depository. | 12 | | However, the Authority may accept assignments of collateral by | 13 | | any depository of its funds to secure the deposits to the same | 14 | | extent and conditioned in the same manner as assignments of | 15 | | collateral are permitted by law to secure deposits of the | 16 | | funds of any city. | 17 | | Section 45. Reports; Inspector General. The Authority | 18 | | shall, annually, submit a report of its finances to the | 19 | | Auditor General. The Authority shall, annually, submit a | 20 | | report of its activities to the Governor and to the General | 21 | | Assembly. The Authority may also create an office of the | 22 | | Inspector General to provide oversight and compliance with any | 23 | | of its regulatory policies. | 24 | | Section 50. Dissolution of the Authority. The Authority is |
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| 1 | | dissolved upon the last to occur of the following: (1) the | 2 | | expiration of the 15-year period that begins on the effective | 3 | | date of this Act; or (2) one year after the date that all | 4 | | revenue bonds, notes, and other evidence of indebtedness of | 5 | | the Authority have been fully paid and discharged or otherwise | 6 | | provided for. Upon the abolition of the Authority, all of its | 7 | | rights and property shall pass to and be vested in the State of | 8 | | Illinois. | 9 | | Section 900. The Illinois Finance Authority Act is amended | 10 | | by adding Section 825-13.1 as follows | 11 | | (20 ILCS 3501/825-13.1 new) | 12 | | Sec. 825-13.1. Supervision of the University Park | 13 | | Development Authority bond issuances. | 14 | | (a) All bond issuances of the University Park Development | 15 | | Authority are subject to supervision, management, control, and | 16 | | approval of the Illinois Finance Authority. | 17 | | (b) All bonds issued by the University Park Development | 18 | | Authority under the supervision of the Illinois Finance | 19 | | Authority are subject to the terms and conditions that are set | 20 | | forth in the University Park Development Authority Act. | 21 | | (c) The bonds issued by the University Park Development | 22 | | Authority under the supervision of the Illinois Finance | 23 | | Authority are not debts of the Illinois Finance Authority or | 24 | | of the State.
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| | | HB3706 Engrossed | - 22 - | LRB103 30038 AWJ 56459 b |
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| 1 | | Section 999. Effective date. This Act takes effect upon | 2 | | becoming law.
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