(70 ILCS 531/1)
Sec. 1. Short title. This Act may be cited as the Illinois Urban Development Authority Act.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/2)
Sec. 2. Findings. The General Assembly hereby determines and declares that:
(1) the economic burdens resulting from | ||
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(2) the State has a responsibility to help create a | ||
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(3) the State has a responsibility to increase and | ||
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(4) a lack of decent housing contributes to | ||
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(5) decent, affordable housing is a necessary | ||
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(6) in order to foster civic and neighborhood pride, | ||
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It is hereby declared to be the policy of the State of Illinois, in the interest of promoting industrial, commercial, residential, jobs, service, transportation, and facilities, thereby reducing the evils attendant upon unemployment, crime, and recidivism and enhancing the public health, safety, morals, happiness, and general welfare of this State specifically by making available through the Illinois Urban Development Authority, funds for industrial projects, commercial projects, transportation projects, and housing projects to a municipality with a municipal poverty rate greater than 3% in excess of the statewide average.
(Source: P.A. 98-384, eff. 8-16-13.) |
(70 ILCS 531/3)
Sec. 3. Definitions. The following terms, whenever used or referred to in this Act, shall have the following meanings, except in such instances where the context may clearly indicate otherwise: "Authority" means the Illinois Urban Development Authority created by this Act.
"Authority leader" means the Executive Director, Assistant Executive Director, or any other person serving in a management, administrative, or leadership role at the Authority. "Board" means the Illinois Urban Development Authority Board of Directors. "Bonds" shall include bonds, notes, or other evidence of indebtedness. "Commercial project" means any project, including but not limited to one or more buildings and other structures, improvements, machinery, and equipment whether or not on the same site or sites now existing or hereafter acquired, suitable for use by any retail or wholesale concern, distributorship, or agency, any cultural facilities of a for-profit or not-for-profit type including but not limited to educational, theatrical, recreational and entertainment, sports facilities, racetracks, stadiums, convention centers, exhibition halls, arenas, opera houses and theaters, waterfront improvements, swimming pools, boat storage, moorage, docking facilities, restaurants, coliseums, sports training facilities, parking facilities, terminals, hotels and motels, gymnasiums, medical facilities, and port facilities. "Costs incurred in connection with the development, construction, acquisition, or improvement of a project" means the cost of purchase and construction of all lands and improvements in connection with a project and equipment and other property, rights, easements, and franchises acquired that are deemed necessary for such construction; financing charges; interest costs with respect to bonds, notes, and other evidences of indebtedness of the Authority prior to and during construction and for a period of 6 months thereafter; engineering and legal expenses; the costs of plans, specifications, surveys, and estimates of costs and other expenses necessary or incident to determining the feasibility or practicability of any project, together with such other expenses as may be necessary or incident to the financing, insuring, acquisition, and construction of a specific project and the placing of the same in operation. "Develop" or "development" means to do one or more of the following: plan, design, develop, lease, acquire, install, construct, reconstruct, rehabilitate, extend, or expand. "Financial aid" means the expenditure of Authority funds or funds provided by the Authority through the issuance of its revenue bonds, notes, or other evidences of indebtedness for the development, construction, acquisition, or improvement of a project. "Governmental agency" means any federal, State or local governmental body, and any agency or instrumentality thereof, corporate or otherwise.
"Governor" means the Governor of the State of Illinois. "Housing project" or "residential project" includes a specific work or improvement undertaken to provide dwelling accommodations, including the acquisition, construction, leasing, or rehabilitation of lands, buildings, and community facilities and in connection therewith to provide nonhousing facilities which are an integral part of a planned large-scale project or new community. "Industrial project" means (1) a capital project, including one or more buildings and other structures, improvements, machinery, and equipment whether or not on the same site or sites now existing or hereafter acquired, suitable for use by any manufacturing, industrial, research, transportation, or commercial enterprise including but not limited to use as a factory, mill, processing plant, assembly plant, packaging plant, fabricating plant, office building, industrial distribution center, warehouse, repair, overhaul or service facility, freight terminal, research facility, test facility, railroad facility, solid waste and wastewater treatment and disposal sites and other pollution control facilities, resource or waste reduction, recovery, treatment and disposal facilities, and including also the sites thereof and other rights in land therefor whether improved or unimproved, site preparation and landscaping and all appurtenances and facilities incidental thereto such as utilities, access roads, railroad sidings, truck docking and similar facilities, parking facilities, dockage, wharfage, railroad roadbed, track, trestle, depot, terminal, switching, and signaling equipment or related equipment and other improvements necessary or convenient thereto; or (2) any land, buildings, machinery or equipment comprising an addition to or renovation, rehabilitation or improvement of any existing capital project. "Lease agreement" means an agreement whereby a project acquired by the Authority by purchase, gift, or lease is leased to any person or corporation that will use or cause the project to be used as a project as defined in this Act upon terms providing for lease rental payments at least sufficient to pay when due all principal of and interest and premium, if any, on any bonds, notes or other evidences of indebtedness of the Authority issued with respect to such project, providing for the maintenance, insurance, and operation of the project on terms satisfactory to the Authority, and providing for disposition of the project upon termination of the lease term, including purchase options or abandonment of the premises, with such other terms as may be deemed desirable by the Authority. The Authority may, directly or indirectly, lease or otherwise transfer property the Authority owns to another and such leased property shall remain tax exempt. "Loan agreement" means any agreement pursuant to which the Authority agrees to loan the proceeds of its bonds, notes, or other evidences of indebtedness issued with respect to a project to any person or corporation that will use or cause the project to be used as a project as defined in this Act upon terms providing for loan repayment installments at least sufficient to pay when due all principal and interest and premium, if any, on any bonds, notes, or other evidences of indebtedness of the Authority issued with respect to the project, providing for maintenance, insurance, and operation of the project on terms satisfactory to the Authority and providing for other matters as may be deemed advisable by the Authority. "Maintain" or "maintenance" includes ordinary maintenance, repair, rehabilitation, capital maintenance, maintenance replacement, and any other categories of maintenance that may be designated by the local, regional, or State transportation agency. "Municipal poverty rate" is the percentage of total population of the municipality having income levels below the poverty level as determined by the Authority based upon the most recent data released by the United States Census Bureau before the beginning of such calendar year.
"Occupational license" means a license issued by the Illinois Gaming Board to a person or entity to perform an occupation which the Illinois Gaming Board has identified as requiring a license to engage in riverboat, dockside, or land-based gambling in Illinois. "Operate" or "operation" means to do one or more of the following: maintain, improve, equip, modify, or otherwise operate. "Person" means any natural person, firm, partnership, corporation, both domestic and foreign, company, association, or joint stock association and includes any trustee, receiver, assignee, or personal representative thereof.
"Project" means an industrial, housing, residential, commercial, transportation, or service project, or any combination thereof, provided that all uses shall fall within one of those categories. Any project, of any nature whatsoever, shall automatically include all site improvements and new construction involving sidewalks, sewers, solid waste and wastewater treatment and disposal sites and other pollution control facilities, resource or waste reduction, recovery, treatment and disposal facilities, parks, open spaces, wildlife sanctuaries, streets, highways, and runways. "Restricted person" means a person who has a familial or business relationship with an Authority leader. "Revenue bond" means any bond issued by the Authority under the supervision of the Illinois Finance Authority, the principal and interest of which are payable solely from revenues or income derived from any project or activity of the Authority. "Transportation facility" means any new or existing road, highway, toll highway, bridge, tunnel, intermodal facility, intercity or high-speed passenger rail, or other transportation facility or infrastructure, excluding airports. The term "transportation facility" may refer to one or more transportation facilities that are proposed to be developed or operated as part of a single transportation project. "Transportation project" means one or more transportation improvement projects including, but not limited to, new or existing roads or highways, new or expanded intermodal projects, and new or expanded transit projects, transit-oriented development, intercity rail, and passenger rail. "Transportation project" does not include airport projects.
(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 531/4)
Sec. 4. Illinois Urban Development Authority. There is hereby created a political subdivision, body politic and corporate by the name of Illinois Urban Development Authority. The exercise by the Authority of the powers conferred by law shall be an essential public function. The governing powers of the Authority shall be vested in a body consisting of 11 members appointed as follows: one member appointed by the Mayor of the City of Chicago that has expertise, skill, and experience in economic development; one member appointed by the President of the Cook County Board that has expertise, skill, and experience in economic development; 4 members appointed by the Governor who are residents of a municipality, other than a municipality with a population greater than 1,000,000, whose municipal poverty rate is greater than 3% in excess of the statewide average; 2 members appointed by the Governor that have an expertise, skill, and experience in labor relations; and 3 members appointed by the Governor that have an expertise, skill, and experience operating a business that is certified by the State of Illinois as a Disadvantaged Business Enterprise, Minority Business Enterprise, or Women Business Enterprise. Six members shall constitute a quorum. However, when a quorum of members of the Authority is physically present at the meeting site, other Authority members may participate in and act at any meeting through the use of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. Participation in such meeting shall constitute attendance and presence in person at the meeting of the person or persons so participating. The Chairman of the Authority shall be elected by the Authority. All board members shall be persons of recognized ability and experience in one or more of the following areas: economic development, finance, banking, industrial development, small business management, real estate development, community development, venture finance, construction, and labor relations. The Board may not meet or take any action unless the quorum of 6 members are physically present, are present by phone, or are otherwise present as required by this paragraph. The terms of all members of the Authority shall begin 30 days after the effective date of this Act. Of the 11 members first appointed pursuant to this Act, 4 shall serve until the third Monday in January 2011, 4 shall serve until the third Monday in January 2012, and 3 shall serve until the third Monday in January 2013. All board members shall hold office for a term of 4 years commencing the third Monday in January of the year in which their term commences, except in case of an appointment to fill a vacancy. In case of vacancy in the office when the Senate is not in session, the Governor may make a temporary appointment until the next meeting of the Senate when he shall nominate such person to fill such office, and any person so nominated who is confirmed by the Senate, shall hold his office during the remainder of the term and until his successor shall be appointed and qualified. If the Senate is not in session, the Governor may make temporary appointments in the case of vacancies. Members of the Authority shall not be entitled to compensation for their
services
as members but shall be entitled to reimbursement for all necessary expenses
incurred in
connection with the performance of their duties as members. The Governor may
remove
any member of the Authority in case of incompetency, neglect of duty, or
malfeasance in office, after service on the member of a copy of the written
charges
against the member and an opportunity to be publicly heard in person or by
counsel in
the his or her defense upon not less than 10 days' notice.
The members of the Authority shall appoint an Executive Director, who must be
a
person knowledgeable in the areas of financial markets and instruments and the
financing
of business enterprises, to hold office at the pleasure of the members. The
Executive
Director shall be the chief administrative and operational officer of the
Authority and
shall direct and supervise its administrative affairs and general management
and perform
such other duties as may be prescribed from time to time by the members and
shall
receive compensation fixed by the Authority. The Executive Director or any
committee of the members may carry out any responsibilities of the members as
the
members by resolution may delegate. The Executive Director shall attend all
meetings of the Authority; however, no action of the Authority shall be invalid on
account of the absence of the Executive Director from a meeting. The Authority may
engage the services of such other agents and employees, including attorneys, appraisers,
engineers, accountants, credit analysts, and other consultants, as it may deem
advisable
and may prescribe their duties and fix their compensation.
The Authority shall determine the municipal poverty rate and the statewide
average municipal poverty rate annually by using the most recent data released
by the
United States Census Bureau before the beginning of each calendar year. The
Authority
shall have the sole and exclusive authority to determine the municipal poverty
rate and
the statewide average municipal poverty rate and to determine whether a
municipality's
poverty rate is greater than 3% in excess of the statewide average so long as
the
determination is based on the most recent data released by the United States
Census
Bureau.
(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 531/5)
Sec. 5. Conflicts of interest; requests for assistance; disclosure of economic interests.
(a) No member of the Authority or officer, agent, or employee thereof
shall, in the member's own name or in the name of a nominee, be an officer,
director, or
hold an ownership interest in any person, association, trust,
corporation, partnership, or other entity which is, in its own name or in the
name of a
nominee, a party to a contract or agreement upon which the member or officer,
agent
or employee may be called upon to act or vote.
(b) With respect to any direct or any indirect interest, other than an
interest
prohibited in subsection (a), in a contract or agreement upon which the member
or
officer, agent or employee may be called upon to act or vote, a member of the
Authority
or officer, agent, or employee thereof must disclose the interest to the
secretary
of the
Authority prior to the taking of final action by the Authority concerning the
contract or agreement and shall disclose the nature and extent of the
interest and his or her acquisition thereof, which shall be publicly
acknowledged by the Authority and entered upon the minutes of the Authority. If
a member of the Authority or officer, agent, or employee thereof holds such an
interest then the member shall refrain from any further official involvement in
regard to the contract or agreement, from voting on any matter pertaining to
the contract or agreement, and from communicating with other members of the
Authority or its officers, agents, and employees concerning the
contract or agreement. Notwithstanding any other provision of law, any contract
or agreement entered into in conformity with this subsection shall not be
void or
invalid by reason of the interest described in this subsection, nor shall any
person
disclosing an interest and refraining from further official involvement as
provided in this subsection be guilty of an offense, be removed from office, or
be subject
to any other penalty on account of the interest.
(c) Any contract or agreement made in violation of subsections (a) or (b)
shall be null and void, whether or not the contract performance
has been authorized, and shall give rise to no action against the Authority. No
real
estate to which a member or employee of the Authority holds legal title or in
which a member or employee of the Authority has
any beneficial interest, including any interest in a land trust, shall be
purchased by the
Authority or by a nonprofit corporation or limited-profit entity for a
development
to be financed under this Act.
All members and employees of the Authority shall file annually with the
Authority a record of all real estate in this State to which the member or
employee holds
legal title or
in which the member or employee has any beneficial interest, including any
interest in a
land trust.
In the event it is later disclosed that the Authority has purchased real
estate in which a
member or employee had an interest, that purchase shall be voidable by the
Authority
and the member or employee involved shall be disqualified from membership in or
employment by the Authority.
(d) The Authority may not hear a request for assistance from a restricted person. This prohibition extends to business relationships between a person who is an Authority leader within one year prior to the request for assistance and to any entity in which a restricted person holds or, within the past 2 years, held an ownership interest of 10% or more. (e) An Authority leader shall disclose and recuse himself or herself from matters relating to requests for assistance from an entity that is relocating full-time employees from another Authority's counties if (i) both Authorities contract with or employ the same Authority leader or (ii) there is or, within the past 2 years of the request, there was a business relationship between the Authority leaders at the 2 Authorities. (f) The Board of the Authority shall vote to renew the appointment of the Executive Director and other Authority leaders on an annual basis. All contracts shall be approved on an annual basis and use a public process to solicit applications. This requirement does not apply to full-time employees of the Authority unless otherwise required by applicable State law or local ordinance. (g) Each Authority leader shall submit a statement of economic interest in accordance with Article 4A of the Illinois Governmental Ethics Act. Additionally, each Authority leader shall disclose to the Board outside sources of income and any business relationships in economic development consulting or lobbying. Reporting shall include the source of income, services provided, and timeline of when services were provided. If the source of income is a firm or organization with multiple clients, the report shall list all of the entities for which the individual provided services.(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 531/6)
Sec. 6. Records, reports, and notices of the Authority. The secretary shall keep a
record of the proceedings of the Authority. The treasurer of the Authority
shall be
custodian of all Authority funds, and shall be bonded in such amount as the
other
members of the Authority may designate. The accounts and bonds of the Authority
shall
be set up and maintained in a manner approved by the Auditor General, and the
Authority
shall file with the Auditor General a certified annual report within 120 days
after the
close of its fiscal year. The Authority shall also file with the Governor, the
Secretary of
the Senate, the Clerk of the House of Representatives, and the Commission on Government Forecasting and Accountability, by March 1 of each year, a written report
covering
its activities and any activities of any instrumentality corporation
established under
this Act for the previous fiscal year. In its report to be filed by March 1,
2010, the
Authority shall present an economic development strategy for all municipalities
with a
municipal poverty rate greater than 3% in excess of the statewide average, the
Authority
shall make modifications in the economic development strategy for the 4 years
beginning on the next ensuing July 1, to reflect changes in economic conditions
or
other factors, including the policies of the Authority and the State of
Illinois. It
shall also present an economic development strategy for the fifth year
beginning after the
next ensuing July 1. The strategy shall recommend specific legislative and
administrative action by the State, the Authority, units of local government,
or
other governmental agencies. These recommendations may include, but are not
limited to, new programs, modifications to existing programs, credit
enhancements for bonds issued by the Authority, and amendments to this Act.
When filed, the report shall be a public record and open for inspection at the
offices of the Authority during normal business hours.
The Authority is subject to the Open Meetings Act and the Freedom of Information Act. Documents subject to the Freedom of Information Act include, but are not limited to, expenses,
payroll, origination bonuses, and other financial details of the Authority. A contract or agreement entered into by the Authority must be posted on the Authority's website. The Authority shall provide a detailed report of the Authority's financial information on the Authority's website, including, but not limited to, a statement of profits and losses, balance sheet, and income statement of the Authority. The Authority shall provide notice to the General Assembly, the Department of Commerce and Economic Opportunity, and the Governor once the Authority enters into a commitment to support the financing of a project. The notice to the General Assembly shall be filed with the Clerk of the House of Representatives and the Secretary of the Senate, in electronic form only, in the manner that the Clerk and the Secretary shall direct. (Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 531/7)
Sec. 7. Approval of official acts. All official acts of the Authority
shall require the approval of
at least 6 members.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/8)
Sec. 8. Powers of the Authority.
(a) The Authority possesses all the powers of a body corporate necessary
and convenient to accomplish the purposes of this Act, including, without
limitation,
except as defined in Section 9.1 of the Act, the following:
(1) To enter into loans, contracts, agreements, and | ||
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(2) To sue and be sued.
(3) To employ agents and employees necessary to carry | ||
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(4) To have and use a common seal and to alter the | ||
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(5) To adopt all needful ordinances, resolutions, | ||
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(6) To designate the fiscal year for the Authority.
(7) To accept and expend appropriations.
(8) To maintain an office or offices at such place as | ||
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(9) To employ, either as regular employees or as | ||
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(10) To acquire, hold, lease, use, encumber, | ||
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(11) To enter into contracts of any kind and execute | ||
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(12) To fix and revise from time to time and to | ||
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(13) To borrow money from any source for any | ||
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(14) To borrow money and issue revenue bonds, notes, | ||
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(15) To receive and accept from any source, private | ||
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(16) To make loans from proceeds or funds otherwise | ||
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(17) To exercise all the corporate powers granted to | ||
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(18) To have and exercise all powers and be subject | ||
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(19) To enter into intergovernmental agreements with | ||
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(20) To do all things necessary or convenient to | ||
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(b) The Authority shall not issue any bonds relating to the financing of a
project located within the planning and subdivision control jurisdiction of any
municipality or county unless notice, including a description of the proposed
project and the financing therefor, is submitted to the corporate authorities
of the
municipality or, in the case of a proposed project in an unincorporated area,
to the county
board.
(c) If any of the powers set forth in this Act are exercised within the
jurisdictional limits of any municipality, all ordinances of the municipality
shall remain
in full force and effect and shall be controlling.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/9)
Sec. 9. Revenue bonds.
(a) The Authority shall have the continuing power to issue revenue bonds, notes, or other evidences of indebtedness in an aggregate amount 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. The bonds must be issued under the supervision of the Illinois Finance Authority, as set forth under Section 825-13.5 of the Illinois Finance Authority 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 revenue bonds, notes, or other evidences of indebtedness pursuant to redemption provisions or at any time before maturity. All such revenue bonds, notes, or other evidences of indebtedness shall be payable solely 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, including, when so provided by ordinance of the Authority authorizing the issuance of revenue bonds or notes. The revenue bonds, notes, or other evidences of indebtedness may bear such date or dates, may mature at such time or times not exceeding 35 years from their respective dates, may bear interest at such rate or rates not exceeding the maximum rate permitted by the Bond Authorization Act, 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) The holder or holders of any revenue 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 revenue 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 revenue 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. (c) If the Authority fails to pay the principal of or interest on any of the revenue 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 revenue 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 Chairperson 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. (d) Notwithstanding the form and tenor of any such revenue bonds, notes, or other evidences of indebtedness and in the absence of any express recital on the face of any such revenue bond, note, or other evidence of indebtedness that it is nonnegotiable, all such revenue bonds, notes, and other evidences of indebtedness shall be negotiable instruments. Pending the preparation and execution of any such revenue bonds, notes, or other evidences of indebtedness, temporary revenue bonds, notes, or evidences of indebtedness may be issued as provided by ordinance. (e) To secure the payment of any or all of such revenue 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 revenue 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 the action may be instituted. (f) The revenue 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 revenue bonds or notes. (g) The State of Illinois pledges to and agrees with the holders of the revenue 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 revenue 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. The Authority is authorized to include these pledges and agreements of the State in any contract with the holders of revenue bonds or notes issued pursuant to this Section. (h) Under no circumstances shall any bonds issued by the Authority or any other obligation of the Authority be or become an indebtedness or obligation of the State of Illinois or of any other political subdivision of or municipality within the State, nor shall any such bond or obligation be or become an indebtedness of the Authority within the purview of any constitutional limitation or provision, and it shall be plainly stated on the face of each bond that it does not constitute such an indebtedness or obligation but is payable solely from the revenues or income as aforesaid. (i) For the purpose of financing a project pursuant to this Act, the Authority shall be authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 11143 of the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU), Public Law 109-59, as well as financing available under any other federal law or program.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/9.1)
Sec. 9.1. Limitation.
(a) The Authority may issue its bonds or notes (including refunding bond or
notes) only if the financed project is situated within the territorial
jurisdiction of a
municipality with a municipal poverty rate greater than 3% in excess of the
statewide
average.
(b) If a project is situated in 2 or more municipalities where one
municipality
has a municipal poverty rate greater than 3% in excess of the statewide average
and the
other does not, the project shall be deemed to be within the municipality with
a
municipal
poverty rate greater than 3% in excess of the statewide average.
(c) Not less than 30 days prior to the commitment to issue bonds, notes, or other evidences of indebtedness for the purpose of developing, constructing, acquiring, or improving housing or residential projects, as defined in this Act, the Authority shall provide notice to the Executive Director of the Illinois Housing Development Authority. Within 30 days after the notice is provided, the Illinois Housing Development Authority shall, in writing, either express interest in financing the project or notify the Authority that it is not interested in providing financing and that the Authority may finance the project or seek alternative financing.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/10)
Sec. 10. Legality for investment. Any financial institution, investment
company, insurance company, or association and any personal representative,
guardian,
trustee, or other fiduciary, may legally invest any moneys belonging to them or
within
their control in any bonds issued by the Authority.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/11)
Sec. 11. Tax exemption. The Authority shall not be required to pay any
taxes
or assessments of any kind whatsoever and its bonds, their transfer, the
interest payable
on them, and any income derived from them shall be exempt at the time of
issuance and
at all times from every kind and nature of taxation by this State or by any of
its political
subdivisions, municipal corporations, or public agencies of any kind, except
for estate,
transfer, and inheritance taxes as provided in Section 12.
For purposes of Section 250 of the Illinois Income Tax Act, the exemption of
the income from bonds issued by the Authority shall terminate after all of the
bonds have been paid. The amount of such income that shall be added and then
subtracted on the Illinois income tax return of a taxpayer, under Section 203
of the Illinois Income Tax Act, from federal adjusted gross income or federal
taxable
income in computing Illinois base income shall be the interest net of any bond
premium
amortization.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/12)
Sec. 12. Additional powers and duties.
(a) The Authority may, but need not, acquire title to any project with
respect
to which it exercises its authority.
(b) The Authority shall have the power to enter into intergovernmental
agreements with the State of Illinois, the United States government and any
agency or
instrumentality of the United States, any unit of local government, or any
other unit
of government to the extent allowed by Article VII, Section 10 of the Illinois
Constitution
and the Intergovernmental Cooperation Act.
(c) The Authority shall have the power to share employees with other units
of government, including agencies of the United States, agencies of the State
of
Illinois, and agencies or personnel of any unit of local government.
(d) The Authority shall have the power to exercise powers and issue bonds as
if it were a municipality so authorized in Divisions 12.1, 74, 74.1, 74.3,
74.4, and 74.5 of Article 11 of the Illinois Municipal Code.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/13)
Sec. 13. Fees and charges. The Authority may collect fees and charges in
connection with its loans, commitments, and servicing and may provide technical
assistance in the development of the region.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/14)
Sec. 14. Designation of depository. The Authority shall biennially designate a national or State bank or banks as depositories of its money. Those depositories shall be designated only within the State and upon condition that bonds approved as to form and surety by the Authority and at least equal in amount to the maximum sum expected to be on deposit at any one time shall be first given by the depositories to the Authority, those bonds to be conditioned for the safekeeping and prompt repayment of the deposits. When any of the funds of the Authority shall be deposited by the treasurer in any such depository, the treasurer and the sureties on his official bond shall, to that extent, be exempt from liability for the loss of any of the deposited funds by reason of the failure, bankruptcy, or any other act or default of the depository. However, the Authority may accept assignments of collateral by any depository of its funds to secure the deposits to the same extent and conditioned in the same manner as assignments of collateral are permitted by law to secure deposits of the funds of any city.
(Source: P.A. 96-234, eff. 1-1-10.) |
(70 ILCS 531/90)
Sec. 90. (Amendatory provisions; text omitted).
(Source: P.A. 96-234, eff. 1-1-10; text omitted.) |