Full Text of HB5225 094th General Assembly
HB5225 94TH GENERAL ASSEMBLY
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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB5225
Introduced 01/24/06, by Rep. Robert Rita 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. Provides that the Illinois State Toll Highway Authority, in connection with its issuance of bonds under the Act, is authorized to enter into agreements commonly known as interest rate swaps, subject to limitations specified in the Bond Authorization Act. Effective immediately.
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A BILL FOR
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HB5225 |
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LRB094 16684 DRH 51954 b |
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| AN ACT concerning transportation.
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| Be it enacted by the People of the State of Illinois,
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| 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 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.
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| (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 | 24 |
| 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, | 26 |
| without
regard to any limit contained in any other statute or | 27 |
| law of
the State of Illinois, be payable as to principal and | 28 |
| interest at such time
or times, be in such denominations, be in | 29 |
| such form, either coupon or fully
registered, carry such | 30 |
| registration and conversion privileges, be payable
in lawful | 31 |
| 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 |
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HB5225 |
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LRB094 16684 DRH 51954 b |
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| terms and
provisions, as such bond resolution or resolutions
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| may provide. The bonds shall be executed by the manual or | 3 |
| facsimile
signatures of the Chairman and the Secretary. In case | 4 |
| any of the officers
whose signature appears on the bonds or | 5 |
| coupons, if any, shall cease to be an
officer before the | 6 |
| delivery of such bonds, such signature shall
nevertheless be | 7 |
| valid and sufficient for all purposes, as if he had
remained in | 8 |
| 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 | 10 |
| sale of
such bonds shall be paid to the Treasurer of the State | 11 |
| of Illinois as ex
officio custodian. Pending preparation of the | 12 |
| definitive bonds, the
Authority may issue interim receipts or | 13 |
| certificates which shall be
exchanged for such definitive | 14 |
| bonds.
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| (d) Any bond resolution, or trust indenture entered into | 16 |
| pursuant to a
bond resolution, may contain provisions, which | 17 |
| shall be a part of
the contract with the holders of the bonds | 18 |
| to be authorized, as to: (i)
pledging or creating a lien upon | 19 |
| all or part of the revenues of the
Authority or any reserves, | 20 |
| sinking funds, bond proceeds or investment
earnings; (ii) the | 21 |
| setting aside of reserves or sinking funds, and the
regulation, | 22 |
| investment and disposition thereof; (iii) the use and
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| maintenance requirements for the toll highways; (iv) the | 24 |
| purposes to which
or the investments in which the proceeds of | 25 |
| sale of any series or issue of
bonds then or thereafter to be | 26 |
| issued may be applied; (v)
the issuance of additional bonds, | 27 |
| the terms upon which
additional bonds may be issued and | 28 |
| secured, the purposes for such
additional bonds, and the terms | 29 |
| upon which additional
bonds may rank on a parity with, or be | 30 |
| subordinate or superior to other
bonds; (vi) the refunding of | 31 |
| outstanding bonds; (vii) the procedure, if
any, by which the | 32 |
| terms of any contract with bondholders may be amended or
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| abrogated, the amount of bonds the holders of which must | 34 |
| consent thereto,
and the manner in which such consent may be | 35 |
| given; (viii) defining the acts
or omissions to act which shall | 36 |
| constitute a default in the duties of the
Authority to holders |
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HB5225 |
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LRB094 16684 DRH 51954 b |
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| of its obligations and providing the rights and
remedies of | 2 |
| 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. | 4 |
| (d-5) The Authority is authorized to enter into agreements | 5 |
| commonly known as interest rate swaps, subject to the | 6 |
| limitations set forth in Section 7 of the Bond Authorization | 7 |
| Act.
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| (e) Neither the directors of the Authority nor any person | 9 |
| executing the
bonds shall be liable personally on the bonds or | 10 |
| be subject to any personal
liability or accountability by | 11 |
| reason of the issuance thereof.
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| (f) The Authority shall have power out of any funds | 13 |
| available therefor
to purchase its bonds. The Authority may | 14 |
| hold, pledge, cancel or resell
such bonds subject to and in | 15 |
| accordance with agreements with bondholders.
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| (g) In the discretion of the Authority any bonds issued | 17 |
| under the
provisions of this Act may be secured by a trust | 18 |
| indenture by and between
the Authority and a trustee or | 19 |
| trustees, which may be any trust
company or bank in the State | 20 |
| of Illinois having the powers of a trust
company and possessing | 21 |
| capital and surplus of not less than $50,000,000.
The bond | 22 |
| resolution or trust indenture providing for the issuance of | 23 |
| bonds
so secured shall pledge such revenues of the Authority, | 24 |
| sinking funds,
bond proceeds, or investment earnings as may be | 25 |
| specified therein, may
contain such provisions for protecting | 26 |
| and enforcing the rights and
remedies of the bondholders as may | 27 |
| be reasonable and proper and not in
violation of law, including | 28 |
| particularly such provisions as have
hereinabove been | 29 |
| specifically authorized to be included in any bond
resolution | 30 |
| or trust indenture of the Authority, and may restrict the
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| individual right of action by bondholders. In addition to the | 32 |
| foregoing,
any bond resolution or trust indenture may contain | 33 |
| such other provisions as
the Authority may deem reasonable and | 34 |
| proper for the security of the
bondholders, including, but not | 35 |
| limited to, the purchase of bond insurance
and the arrangement | 36 |
| of letters of credit, lines of credit or other credit
or |
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HB5225 |
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LRB094 16684 DRH 51954 b |
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| liquidity enhancement facilities; provided there shall be no | 2 |
| pledge of
the toll highway or any part thereof. All expenses | 3 |
| incurred in carrying
out the provisions of any bond resolution | 4 |
| or trust indenture may be treated
as a part of the cost of the | 5 |
| operation of the toll highways.
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| (h) Bonds issued under the authority of this Act do not, | 7 |
| and shall state
upon the face of each bond that they do not, | 8 |
| represent or constitute a debt
of the Authority or of the State | 9 |
| of Illinois within the meaning of any
constitutional or | 10 |
| statutory limitation or a pledge of the faith and credit
of the | 11 |
| Authority or the State of Illinois, or grant to the owners or | 12 |
| holders
thereof any right to have the Authority or the General | 13 |
| Assembly levy any
taxes or appropriate any funds for the | 14 |
| payment of the principal thereof or
interest thereon. Such | 15 |
| bonds shall be payable and shall state that they are
payable | 16 |
| solely from the revenues and the sources authorized under this | 17 |
| Act
and pledged for their payment in accordance with the bond | 18 |
| resolution or trust indenture.
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| Nothing in this Act shall be construed to authorize the | 20 |
| Authority or any
department, board, commission or other agency | 21 |
| to create an obligation of
the State of Illinois within the | 22 |
| meaning of the Constitution or Statutes
of Illinois.
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| (i) Any resolution or trust indenture authorizing the | 24 |
| issuance
of the bonds may include provision for the issuance of | 25 |
| additional bonds. All
resolutions of the Authority to
carry | 26 |
| such adopted bond resolutions into effect, to provide
for the | 27 |
| sale and delivery of the bonds, for letting of contracts for | 28 |
| the
construction of toll highways and the acquisition of real | 29 |
| and personal
property deemed by the Authority necessary or | 30 |
| convenient for the
construction thereof, shall not require the | 31 |
| approval of the Governor or of
any other department, division, | 32 |
| commission, bureau, board or other agency of the State.
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| (Source: P.A. 83-1258.)
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| Section 99. Effective date. This Act takes effect upon | 35 |
| becoming law.
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