Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 530/7

(70 ILCS 530/7) (from Ch. 85, par. 7157)

Sec. 7. Bonds.

(a) The Authority, with the written approval of the
Governor, shall have the continuing power to issue bonds, notes, or other
evidences of indebtedness in an aggregate amount outstanding not to exceed $500,000,000
for the purpose of developing, constructing, acquiring or improving
projects, including those established by business entities locating or
expanding property within the territorial jurisdiction of the Authority,
for entering into venture capital agreements with businesses locating or
expanding within the territorial jurisdiction of the Authority, for
acquiring and improving any property necessary and useful in connection
therewith and for the purposes of the Employee Ownership Assistance Act.
For the purpose of evidencing the obligations of the Authority to repay any
money borrowed, the Authority  may, pursuant to resolution, from time to
time issue and dispose of its interest bearing revenue bonds, notes or
other evidences of indebtedness and may also from time to time issue and
dispose of such bonds, notes or other evidences of indebtedness to refund,
at maturity, at a redemption date or in advance of either, any bonds, notes
or other evidences of indebtedness pursuant to redemption provisions or at
any time before maturity.  All such bonds, notes or other evidences of
indebtedness shall be payable solely and only from the revenues or income
to be derived from loans made with respect to projects, from the leasing or
sale of the projects or from any other funds available to the Authority for
such purposes.  The bonds, notes or other evidences of indebtedness may
bear such date or dates, may mature at such time or times not exceeding 40
years from their respective dates, may bear interest at such rate or rates
not exceeding the maximum rate permitted by "An Act to authorize public
corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as amended, may be in such form, may carry
such registration privileges, may be executed in such manner, may be
payable at such place or places, may be made subject to redemption in such
manner and upon such terms, with or without premium as is stated on the
face thereof, may be authenticated in such manner and may contain such
terms and covenants as may be provided by an applicable resolution.

(b-1) The holder or holders of any bonds, notes or other evidences of
indebtedness issued by the Authority may bring suits at law or proceedings
in equity to compel the performance and observance by any corporation or
person or by the Authority or any of its agents or employees of any
contract or covenant made with the holders of such bonds, notes or other
evidences of indebtedness, to compel such corporation, person, the
Authority and any of its agents or employees to perform any duties required
to be performed for the benefit of the holders of any such bonds, notes or
other evidences of indebtedness by the provision of the resolution
authorizing their issuance and to enjoin such corporation, person, the
Authority and any of its agents or employees from taking any action in
conflict with any such contract or covenant.

(b-2) If the Authority fails to pay the principal of or interest on any
of the bonds or premium, if any, as the same become due, a civil action to
compel payment may be instituted in the appropriate circuit court by the
holder or holders of the bonds on which such default of payment exists or
by an indenture trustee acting on behalf of such holders.  Delivery of a
summons and a copy of the complaint to the Chairman of the Board shall
constitute sufficient service to give the circuit court jurisdiction of the
subject matter of such a suit and jurisdiction over the Authority and its
officers named as defendants for the purpose of compelling such payment.
Any case, controversy or cause of action concerning the validity of this Act
relates to the revenue of the State of Illinois.

(c) Notwithstanding the form and tenor of any such bonds, notes or other
evidences of indebtedness and in the absence of any express recital on the
face thereof that it is non-negotiable, all such bonds, notes and other
evidences of indebtedness shall be negotiable instruments.  Pending the
preparation and execution of any such bonds, notes or other evidences of
indebtedness, temporary bonds, notes or evidences of indebtedness may be
issued as provided by ordinance.

(d) To secure the payment of any or all of such bonds, notes or other
evidences of indebtedness, the revenues to be received by the Authority from
a lease agreement or loan agreement shall be pledged, and, for the purpose
of setting forth the covenants and undertakings of the Authority in
connection with the issuance thereof and the issuance of any additional
bonds, notes or other evidences of indebtedness payable from such revenues,
income or other funds to be derived from projects, the Authority may
execute and deliver a mortgage or trust agreement.  A remedy for any breach
or default of the terms of any such mortgage or trust agreement by the
Authority may be by mandamus proceedings in the appropriate circuit court
to compel the performance and compliance therewith, but the trust agreement
may prescribe by whom or on whose behalf such action may be instituted.

(e) Such bonds or notes shall be secured as provided in the authorizing
ordinance which may, notwithstanding any other provision of this Act,
include in addition to any other security a specific pledge or assignment
of and lien on or security interest in any or all revenues or money of the
Authority from whatever source which may by law be used for debt
service purposes and a specific pledge or assignment of and lien on or
security interest in any funds or accounts established or provided for by
ordinance of the Authority authorizing the issuance of such bonds or notes.

(f) (Blank).

(g) The State of Illinois pledges to and agrees with the holders of the
bonds and notes of the Authority issued pursuant to this Section that the
State will not limit or alter the rights and powers vested in the Authority
by this Act so as to impair the terms of any contract made by the Authority
with such holders or in any way impair the rights and remedies of such
holders until such bonds and notes, together with interest thereon, with
interest on any unpaid installments of interest, and all costs and expenses
in connection with any action or proceedings by or on behalf of such
holders, are fully met and discharged.  In addition, the State pledges to
and agrees with the holders of the bonds and notes of the Authority issued
pursuant to this Section that the State will not limit or alter the basis
on which State funds are to be paid to the Authority as provided in this
Act, or the use of such funds, so as to impair the terms of any such
contract.  The Authority is authorized to include these pledges and
agreements of the State in any contract with the holders of bonds or notes
issued pursuant to this Section.

(h) (Blank).

(Source: P.A. 98-750, eff. 1-1-15; 99-499, eff. 1-29-16.)