Full Text of HB1237 96th General Assembly
HB1237 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB1237
Introduced 2/18/2009, by Rep. Jack D. Franks SYNOPSIS AS INTRODUCED: |
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605 ILCS 10/17 |
from Ch. 121, par. 100-17 |
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Amends the Toll Highway Act. Makes a technical change in a
Section concerning bonds.
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A BILL FOR
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HB1237 |
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LRB096 10210 AJT 20378 b |
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| AN ACT concerning transportation.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Toll Highway Act is amended by changing | 5 |
| Section 17 as follows:
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| (605 ILCS 10/17) (from Ch. 121, par. 100-17)
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| Sec. 17.
(a) The
The Authority may from time to time issue | 8 |
| bonds for any
lawful purpose including, without limitation, the | 9 |
| costs of issuance thereof
and all such bonds or other | 10 |
| obligations of the Authority
issued pursuant to this Act shall | 11 |
| be and are hereby declared to be
negotiable for all purposes | 12 |
| notwithstanding their payment from a limited
source and without | 13 |
| regard to any other law or laws. | 14 |
| (b) The bonds of every issue shall be payable solely out of | 15 |
| revenues of
the Authority, accumulated reserves or sinking | 16 |
| funds, bond proceeds,
proceeds of refunding bonds, or | 17 |
| investment earnings as the Authority shall
specify in a bond | 18 |
| resolution.
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| (c) The bonds may be issued as serial bonds or as term | 20 |
| bonds, or the
Authority, in its discretion, may issue bonds of | 21 |
| both types. The bonds
shall be authorized by a bond resolution | 22 |
| of the Authority, may be issued
in one or more series and shall | 23 |
| bear such date or dates, mature at such
time or times not |
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HB1237 |
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LRB096 10210 AJT 20378 b |
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| exceeding 25 years from their respective date or dates of
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| issue, bear interest at such rate or rates, fixed or variable, | 3 |
| without
regard to any limit contained in any other statute or | 4 |
| law of
the State of Illinois, be payable as to principal and | 5 |
| interest at such time
or times, be in such denominations, be in | 6 |
| such form, either coupon or fully
registered, carry such | 7 |
| registration and conversion privileges, be payable
in lawful | 8 |
| money of the United States of America at such places, be
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| subject to such terms of redemption and may contain such other | 10 |
| terms and
provisions, as such bond resolution or resolutions
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| may provide. The bonds shall be executed by the manual or | 12 |
| facsimile
signatures of the Chairman and the Secretary. In case | 13 |
| any of the officers
whose signature appears on the bonds or | 14 |
| coupons, if any, shall cease to be an
officer before the | 15 |
| delivery of such bonds, such signature shall
nevertheless be | 16 |
| valid and sufficient for all purposes, as if he had
remained in | 17 |
| office until such delivery. The bonds shall be sold in such
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| manner as the Authority shall determine. The proceeds from the | 19 |
| sale of
such bonds shall be paid to the Treasurer of the State | 20 |
| of Illinois as ex
officio custodian. Pending preparation of the | 21 |
| definitive bonds, the
Authority may issue interim receipts or | 22 |
| certificates which shall be
exchanged for such definitive | 23 |
| bonds.
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| (d) Any bond resolution, or trust indenture entered into | 25 |
| pursuant to a
bond resolution, may contain provisions, which | 26 |
| shall be a part of
the contract with the holders of the bonds |
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HB1237 |
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LRB096 10210 AJT 20378 b |
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| to be authorized, as to: (i)
pledging or creating a lien upon | 2 |
| all or part of the revenues of the
Authority or any reserves, | 3 |
| sinking funds, bond proceeds or investment
earnings; (ii) the | 4 |
| setting aside of reserves or sinking funds, and the
regulation, | 5 |
| investment and disposition thereof; (iii) the use and
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| maintenance requirements for the toll highways; (iv) the | 7 |
| purposes to which
or the investments in which the proceeds of | 8 |
| sale of any series or issue of
bonds then or thereafter to be | 9 |
| issued may be applied; (v)
the issuance of additional bonds, | 10 |
| the terms upon which
additional bonds may be issued and | 11 |
| secured, the purposes for such
additional bonds, and the terms | 12 |
| upon which additional
bonds may rank on a parity with, or be | 13 |
| subordinate or superior to other
bonds; (vi) the refunding of | 14 |
| outstanding bonds; (vii) the procedure, if
any, by which the | 15 |
| terms of any contract with bondholders may be amended or
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| abrogated, the amount of bonds the holders of which must | 17 |
| consent thereto,
and the manner in which such consent may be | 18 |
| given; (viii) defining the acts
or omissions to act which shall | 19 |
| constitute a default in the duties of the
Authority to holders | 20 |
| of its obligations and providing the rights and
remedies of | 21 |
| such holders in the event of a default; (ix) any other matters
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| relating to the bonds which the Authority deems desirable.
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| (e) Neither the directors of the Authority nor any person | 24 |
| executing the
bonds shall be liable personally on the bonds or | 25 |
| be subject to any personal
liability or accountability by | 26 |
| reason of the issuance thereof.
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LRB096 10210 AJT 20378 b |
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| (f) The Authority shall have power out of any funds | 2 |
| available therefor
to purchase its bonds. The Authority may | 3 |
| hold, pledge, cancel or resell
such bonds subject to and in | 4 |
| accordance with agreements with bondholders.
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| (g) In the discretion of the Authority any bonds issued | 6 |
| under the
provisions of this Act may be secured by a trust | 7 |
| indenture by and between
the Authority and a trustee or | 8 |
| trustees, which may be any trust
company or bank in the State | 9 |
| of Illinois having the powers of a trust
company and possessing | 10 |
| capital and surplus of not less than $50,000,000.
The bond | 11 |
| resolution or trust indenture providing for the issuance of | 12 |
| bonds
so secured shall pledge such revenues of the Authority, | 13 |
| sinking funds,
bond proceeds, or investment earnings as may be | 14 |
| specified therein, may
contain such provisions for protecting | 15 |
| and enforcing the rights and
remedies of the bondholders as may | 16 |
| be reasonable and proper and not in
violation of law, including | 17 |
| particularly such provisions as have
hereinabove been | 18 |
| specifically authorized to be included in any bond
resolution | 19 |
| or trust indenture of the Authority, and may restrict the
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| individual right of action by bondholders. In addition to the | 21 |
| foregoing,
any bond resolution or trust indenture may contain | 22 |
| such other provisions as
the Authority may deem reasonable and | 23 |
| proper for the security of the
bondholders, including, but not | 24 |
| limited to, the purchase of bond insurance
and the arrangement | 25 |
| of letters of credit, lines of credit or other credit
or | 26 |
| liquidity enhancement facilities; provided there shall be no |
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LRB096 10210 AJT 20378 b |
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| pledge of
the toll highway or any part thereof. All expenses | 2 |
| incurred in carrying
out the provisions of any bond resolution | 3 |
| or trust indenture may be treated
as a part of the cost of the | 4 |
| operation of the toll highways.
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| (h) Bonds issued under the authority of this Act do not, | 6 |
| and shall state
upon the face of each bond that they do not, | 7 |
| represent or constitute a debt
of the Authority or of the State | 8 |
| of Illinois within the meaning of any
constitutional or | 9 |
| statutory limitation or a pledge of the faith and credit
of the | 10 |
| Authority or the State of Illinois, or grant to the owners or | 11 |
| holders
thereof any right to have the Authority or the General | 12 |
| Assembly levy any
taxes or appropriate any funds for the | 13 |
| payment of the principal thereof or
interest thereon. Such | 14 |
| bonds shall be payable and shall state that they are
payable | 15 |
| solely from the revenues and the sources authorized under this | 16 |
| Act
and pledged for their payment in accordance with the bond | 17 |
| resolution or trust indenture.
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| Nothing in this Act shall be construed to authorize the | 19 |
| Authority or any
department, board, commission or other agency | 20 |
| to create an obligation of
the State of Illinois within the | 21 |
| meaning of the Constitution or Statutes
of Illinois.
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| (i) Any resolution or trust indenture authorizing the | 23 |
| issuance
of the bonds may include provision for the issuance of | 24 |
| additional bonds. All
resolutions of the Authority to
carry | 25 |
| such adopted bond resolutions into effect, to provide
for the | 26 |
| sale and delivery of the bonds, for letting of contracts for |
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HB1237 |
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LRB096 10210 AJT 20378 b |
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| the
construction of toll highways and the acquisition of real | 2 |
| and personal
property deemed by the Authority necessary or | 3 |
| convenient for the
construction thereof, shall not require the | 4 |
| approval of the Governor or of
any other department, division, | 5 |
| commission, bureau, board or other agency of the State.
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| (Source: P.A. 83-1258.)
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