(70 ILCS 520/1) (from Ch. 85, par. 6151)
Sec. 1.
This Act shall be known and may be cited as the "Southwestern
Illinois Development Authority Act".
(Source: P.A. 85-591.)
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(70 ILCS 520/2) (from Ch. 85, par. 6152)
Sec. 2.
The General Assembly hereby determines and declares:
(a) That labor surplus areas currently exist in the southwestern part of the State;
(b) That the economic burdens resulting from involuntary unemployment
fall in part upon the State in the form of increased need for
public assistance and reduced
tax revenues and, in the event that the unemployed worker and his family migrate
elsewhere to find work, may also fall upon the municipalities and other
taxing districts within the areas of unemployment in the form of reduced
tax revenues, thereby endangering their financial ability to support
necessary governmental services for their remaining inhabitants;
(c) That the State has a responsibility to help create a favorable
climate for new and improved job opportunities for its citizens by
encouraging the development of commercial and service businesses and
industrial and manufacturing plants within the southwestern part of the State;
(d) That a lack of decent housing contributes to urban blight, crime,
anti-social behavior, disease, a higher need for public assistance, reduced
tax revenues and the migration of workers and their families away from
areas which fail to offer adequate, decent, affordable housing;
(e) That decent, affordable housing is a necessary ingredient of life affording
each citizen basic human dignity, a sense of self worth, confidence and a
firm foundation upon which to build a family and educate children;
(f) That in order to foster civic and neighborhood pride, citizens
require access to educational institutions, recreation, parks and open
spaces, entertainment and sports, a reliable transportation network,
cultural facilities and theaters;
(g) That the main purpose of this Act is to promote industrial,
commercial, residential, service, transportation and recreational activities
and facilities, thereby reducing the evils attendant upon unemployment and
enhancing the public health, safety, morals, happiness and general welfare of this State.
(Source: P.A. 85-591.)
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(70 ILCS 520/3) (from Ch. 85, par. 6153)
Sec. 3. 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:
(a) "Authority" means the Southwestern Illinois Development Authority
created by this Act.
(a-5) "Authority leader" means the Executive Director, Assistant Executive Director, or any other person serving in a management, administrative, or leadership role at the Authority. (b) "Governmental agency" means any federal, State or local governmental
body, and any agency or instrumentality thereof, corporate or otherwise.
(c) "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.
(c-5) "Restricted person" means a person who has a familial or business relationship with an Authority leader. (d) "Revenue bond" means any bond issued by the Authority the principal
and interest of which is payable solely from revenues or income
derived from any project or activity of the Authority.
(e) "Board" means the Southwestern Illinois Development Authority Board of Directors.
(f) "Governor" means the Governor of the State of Illinois.
(g) "City" means any city, village, incorporated town or township
within the geographical territory of the Authority.
(h) "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.
(i) "Housing project" or "residential project" includes a specific work
or improvement undertaken to provide dwelling accommodations, including the
acquisition, construction 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.
(j) "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, velodromes, coliseums, sports training facilities,
parking facilities, terminals, hotels and motels, gymnasiums, medical
facilities and port facilities.
(k) "Unit of local government" means a unit of local government, as
defined in Section 1 of Article VII of the Illinois Constitution, and any
local public entity as that term is defined in the Local Governmental and
Governmental Employees Tort Immunity Act
and such unit of local government or local public entity is located
within the geographical territory of the Authority or, for the purposes of the Flood Prevention District Act, is located within Monroe County, Illinois.
(l) "Local government project" means a project or other undertaking that
is authorized or required by law to be acquired, constructed,
reconstructed, equipped, improved, rehabilitated, replaced, maintained, or
otherwise undertaken in any manner by a unit of local government.
(m) "Local government security" means a bond, note, or other evidence of
indebtedness that a unit of local government is legally authorized to issue
for the purpose of financing a public purpose project or to issue for any
other lawful public purpose under any provision of the Illinois
Constitution or laws of this State, whether the obligation is payable from
taxes or revenues, rates, charges, assessments, appropriations, grants, or
any other lawful source or combination thereof, and specifically includes,
without limitation, obligations under any lease or lease purchase agreement
lawfully entered into by the unit of local
government for the acquisition or use of facilities or equipment.
(n) "Project" means an industrial, housing, residential,
commercial, local government, or
service project or any combination thereof provided that all uses shall
fall within one of the categories described above. 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.
(o) "Lease agreement" shall mean an agreement whereby
a project acquired
by the Authority by purchase, gift or lease is leased to any person or
corporation which will use or cause the project to be used as a project as
heretofore defined 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.
(p) "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
which will use or cause the project to be used as a project as heretofore
defined upon terms providing for loan repayment installments 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 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.
(q) "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.
(r) "Costs incurred in connection with the development, construction,
acquisition or improvement of a project" means the following: the cost of
purchase and construction of all lands and improvements in connection
therewith and equipment and other property, rights, easements and franchises
acquired which 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.
(s) "Terminal" means a public place, station or depot for receiving and
delivering passengers, baggage, mail, freight or express matter and any
combination thereof in connection with the transportation of
persons and property on water or land or in the air.
(t) "Terminal facilities" means all land, buildings, structures,
improvements, equipment and appliances useful in the operation of public
warehouse, storage and transportation facilities and industrial,
manufacturing or commercial activities for the accommodation of or in
connection with commerce by water or land or in the air or useful as an
aid, or constituting an advantage or convenience to, the safe landing,
taking off and navigation of aircraft or the safe and efficient operation
or maintenance of a public airport.
(u) "Port facilities" means all public structures, except terminal
facilities as defined herein, that are in, over, under or adjacent to
navigable waters and are necessary for or incident to the furtherance of
water commerce and includes the widening and deepening of slips, harbors
and navigable waters.
(v) "Airport" means any locality, either land or water, which is used or
designed for the landing and taking off of aircraft or for the location of
runways, landing fields, aerodromes, hangars, buildings, structures,
airport roadways and other facilities.
(Source: P.A. 103-517, eff. 8-11-23.)
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(70 ILCS 520/4) (from Ch. 85, par. 6154)
Sec. 4. (a) There is hereby created a political subdivision, body politic
and municipal corporation named the Southwestern Illinois Development
Authority.
The territorial jurisdiction of the Authority is that geographic area
within the boundaries of Madison,
St. Clair, Bond, Clinton, and Monroe
counties in the State of
Illinois and any navigable waters and air space located therein.
(b) The governing and administrative powers of the Authority shall be
vested in a body consisting of 15 voting
members including, as ex officio
members,
the Director of Commerce and Economic Opportunity, or his or her
designee, and the Secretary of Transportation,
or his or her designee.
The other 13 voting
members of the Authority
shall be designated "public members", 6 of whom shall be appointed by the
Governor
with the advice and consent of the Senate, 2 of whom shall be appointed by
the county board chairman of Madison County,
2 of whom shall be
appointed by the county board chairman of St. Clair County, one of whom
shall be appointed by the county board chairman of Bond County, one of whom
shall be appointed by the county board chairman of Clinton County, and one of whom shall be appointed by the county board chairman of Monroe County. All
public members shall reside within the territorial jurisdiction of this Act.
Eight voting members shall constitute a quorum, and the Board may not meet or take any action without a quorum present.
The public 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, organized labor
or civic, community or neighborhood organization. The Chairman of the
Authority shall be elected by the Board annually from the voting members
.
(c) Except as otherwise provided in this subsection, the terms of all members of the Authority shall begin 30 days after
the effective date of this Act. Of the 8 public members
initially appointed pursuant to this Act, 3 shall serve until the
third Monday in January, 1988, 3 shall serve until the third Monday in
January, 1989, and 2
shall serve until the third Monday in January, 1990.
The public members initially appointed under this amendatory Act of the 94th General Assembly shall serve until the third Monday in January, 2008. The member initially appointed pursuant to this amendatory Act of the 103rd General Assembly by the county board chairman of Monroe County shall serve until the third Monday in January 2026. All successors shall be appointed by the original appointing authority and
hold office for a term of 3 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.
Vacancies
occurring among the public members shall be filled for the
remainder of the term.
In case of vacancy in a Governor-appointed membership when
the Senate is not in session, the Governor may make a temporary appointment
until the next meeting of the Senate when a person shall be nominated to
fill such office, and any person so nominated who is confirmed by the
Senate shall hold office during the remainder of the term and until a
successor shall be appointed and qualified.
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.
(d) The Governor may remove any public member of the Authority in case
of incompetency, neglect of duty, or malfeasance in office.
(e) The Board shall appoint an Executive Director who shall have a
background in finance, including familiarity with the legal and
procedural requirements of issuing bonds, real estate or economic
development and administration. The Executive Director shall hold office
at the discretion of the Board. The Executive Director shall be the chief
administrative and operational officer of the Authority, shall direct
and supervise its administrative affairs and general management, shall 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
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.
(f) The Board may, by majority vote, nominate up to 4 non-voting members
for appointment by the Governor. Non-voting 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,
organized labor, or civic, community, or neighborhood organization.
Non-voting members shall serve at the
pleasure of the Board. All non-voting members may attend meetings of the
Board and shall be reimbursed as provided in subsection (c).
(g) The Board shall create a task force to study and make
recommendations to the Board on the economic development of the city of
East St. Louis and on the economic development of the riverfront within the
territorial jurisdiction of this Act. The members of the task force shall
reside within the territorial jurisdiction of this Act, shall serve at the
pleasure of the Board and 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, organized labor
or civic, community or neighborhood organization. The number of members
constituting the task force shall be set by the Board and may vary from
time to time. The Board may set a specific date by which the task force is
to submit its final report and recommendations to the Board.
(Source: P.A. 103-517, eff. 8-11-23.)
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(70 ILCS 520/5) (from Ch. 85, par. 6155)
Sec. 5. All official acts of the Authority shall require the approval
of at least 8 voting members. It shall be the duty of the Authority to promote
development within the geographic confines of Madison, Bond, Clinton, St. Clair, and Monroe
counties. The Authority shall use the powers herein
conferred upon it to assist in the development, construction and
acquisition of industrial, commercial, housing or residential projects
within Madison, Bond, Clinton, St. Clair, and Monroe counties.
(Source: P.A. 103-517, eff. 8-11-23.)
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(70 ILCS 520/5.1) Sec. 5.1. Open meetings; record disclosure. (a) 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. (b) 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.
(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 520/6) (from Ch. 85, par. 6156)
Sec. 6.
(a) The Authority possesses all the powers of a body
corporate necessary and convenient to accomplish the purposes of this Act,
including, without any intended limitation upon the general powers hereby
conferred, the following:
(1) to enter into loans, contracts, agreements and mortgages in any
matter connected with any of its corporate purposes and to invest its funds;
(2) to sue and be sued;
(3) to employ agents and employees necessary to carry out its purposes;
(4) to have and use a common seal and to alter the same at its discretion;
(5) to adopt all needful ordinances, resolutions, by-laws, rules and
regulations for the conduct of its business and affairs and for the
management and use of the projects developed, constructed, acquired and
improved in furtherance of its purposes;
(6) to designate the fiscal year for the Authority;
(7) to accept and expend appropriations; and
(8) to have and exercise all powers and be subject to all duties usually
incident to boards of directors of corporations.
(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: (1) notice, including a description of the
proposed project and the financing therefor, is submitted to the corporate
authorities of such municipality or, in the case of a proposed project in
an unincorporated area, to the county board; and (2) such corporate authorities do
not, or the county board does not, adopt a resolution disapproving the
project within 45 days after
receipt of the notice.
(c) If any of the powers set forth in this Act are exercised within the
jurisdictional limits of any municipality, all ordinances of such
municipality shall remain in full force and effect and shall be controlling.
(d) To acquire, own, lease, sell or otherwise dispose of interests in
and to real property and improvements situated thereon and in personal
property necessary to fulfill the purposes of the Authority.
(e) To engage in any activity or operation which is incidental to and in
furtherance of efficient operation to accomplish the Authority's primary purpose.
(f) To acquire, own, construct, lease, operate and maintain bridges,
terminals, terminal facilities and port facilities and to fix and collect
just, reasonable and nondiscriminatory charges for the use of such
facilities. The charges so collected shall be used to defray the
reasonable expenses of the Authority and to pay the principal and
interest of any revenue bonds issued by the Authority.
(g) Subject to any applicable condition imposed by
this Act, to locate, establish and maintain a public airport, public
airports and public airport facilities within its corporate limits or
within or upon any body of water adjacent thereto and to construct,
develop, expand, extend and improve any such airport or airport facility.
(Source: P.A. 85-591.)
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(70 ILCS 520/6.1) Sec. 6.1. Commitment notice. 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 520/7) (from Ch. 85, par. 6157)
Sec. 7.
(a) The Authority, with the written approval of the Governor,
shall have the continuing power to issue bonds, notes, or other evidences
of indebtedness for the purpose of developing, constructing, acquiring or
improving projects, including without limitation 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, for the purposes of the Employee Ownership
Assistance Act, and any local government projects. With respect to any
local government project, the Authority is authorized to purchase from time
to time pursuant to negotiated sale or to otherwise acquire from time to
time any local government security upon terms and conditions as the
Authority may prescribe in connection therewith. For the purpose of
evidencing the obligations of the Authority to repay any money borrowed for
any project, 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, notwithstanding any other law to the
contrary may bear interest at such rate or rates payable annually,
semi-annually, quarterly or monthly, 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 | ||
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(2) If the Authority fails to pay the principal of or | ||
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(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
and, with respect to any local government project, may include without
limitation a pledge of any local government securities, including any
payments thereon.
(f) In the event that the Authority determines that monies of the
Authority will not be sufficient for the payment of the principal of and
interest on its bonds during the next State fiscal year, the Chairman, as
soon as practicable, shall certify to the Governor the amount required by
the Authority to enable it to pay such principal of and interest on the
bonds. The Governor shall submit the amount so certified to the General
Assembly as soon as practicable, but no later than the end of the current
State fiscal year. This subsection shall not apply to any bonds or notes as
to which the Authority shall have determined, in the resolution authorizing
the issuance of the bonds or notes, that this subsection shall not apply.
Whenever the Authority makes such a determination, that fact shall be
plainly stated on the face of the bonds or notes, and that fact shall also
be reported to the Governor.
In the event of a withdrawal of moneys from a reserve fund established
with respect to any issue or issues of bonds of the Authority to pay
principal or interest on those bonds, the Chairman of the Authority, as
soon as practicable, shall certify to the Governor the amount required
to restore the reserve fund to the level required in the resolution or
indenture securing those bonds. The Governor shall submit the amount so
certified to the General Assembly as soon as practicable, but no later than
the end of the current State fiscal year.
(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 under this Section.
(Source: P.A. 86-1455; 87-778.)
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(70 ILCS 520/7.1) (from Ch. 85, par. 6157.1)
Sec. 7.1.
Any unit of local government which is authorized to issue,
sell and
deliver its local government securities under any provision of the Illinois
Constitution or laws of this State may issue, sell, and deliver such local
government securities to the Authority as provided by this Act, provided
that and notwithstanding any other provision of law to the contrary, any
such unit of local government may issue and sell any such local government
security at any interest rate, which rate or rates may be established by
an index or formula which may be implemented by persons appointed or
retained therefor, payable at such time or times and at such price or
prices to which the unit of local government and the Authority may agree.
Any unit of local government may pay any amount charged by the Authority.
Any unit of local government may pay out of the proceeds of its local
government securities or out of any other moneys or funds available to it
for such purposes any costs, fees, interest deemed necessary, premiums or
revenues incurred or required for financing or refinancing this program,
including without limitation any fees charged by the Authority and its
share, as determined by the Authority, of any costs, fees, interest deemed
necessary, premiums or revenues incurred or required pursuant to this Act.
All local government securities purchased by the Authority pursuant to this
Act shall upon delivery to the Authority be accompanied by an approving
opinion of bond counsel as to the validity of such securities. The
Authority shall have discretion to purchase or otherwise acquire those
local government securities as it shall deem to be in the best interest of
its financing program for all units of local government taken as a whole.
(Source: P.A. 86-1455.)
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(70 ILCS 520/7.2) (from Ch. 85, par. 6157.2)
Sec. 7.2.
(a) Any unit of local government which receives funds from
the Department of Revenue, including without limitation funds received
pursuant to Sections 8-11-1, 8-11-1.4 or 8-11-5 of the Illinois Municipal
Code, the Home Rule County Retailers' Occupation Tax Act or the Home Rule
County Service Occupation Tax Act, Section 5.01 of the Local Mass Transit
District Act, Sections 2 or 12 of "An Act in relation to State revenue
sharing with local governmental entities", approved July 31, 1969, from the
Department of Transportation pursuant to Section 8 of the Motor Fuel Tax
Law, or from the State Superintendent of Education (directly or indirectly
through regional superintendents of schools) pursuant to Article 18 of The
School Code, or any unit of local government which receives other funds
which are at any time in the custody of the State Treasurer, the State
Comptroller, the Department of Revenue, the Department of Transportation or
the State Superintendent of Education may, by appropriate proceedings,
pledge to the Authority or any entity acting on behalf of the Authority
(including, without limitation, any trustee), any or all of such receipts
to the extent that such receipts are necessary to provide revenues to pay
the principal of, premium, if any, and interest on, and other fees related
to, or to secure, any of the local government securities of such unit of
local government which have been sold or delivered to the Authority or its
designee or to pay lease rental payments to be made by such unit of local
government to the extent that such lease rental payments secure the payment
of the principal of, premium, if any, and interest on, and other fees
related to, any local government securities which have been sold or
delivered to the Authority or its designee. Any pledge of such receipts
(or any portion thereof) shall constitute a first and prior lien thereon
and shall be binding from the time the pledge is made.
(b) Any such unit of local government may, by such proceedings, direct
that all or any of such pledged receipts payable to such unit of local
government be paid directly to the Authority or such other entity
(including, without limitation, any trustee) for the purpose of paying the
principal of, premium, if any, and interest on, and fees relating to, such
local government securities or for the purpose of paying such
lease rental payments to the extent
necessary to pay the principal of, premium, if any, and interest on, and
other fees related to, such local government securities secured by such
lease rental payments. Upon receipt of a certified copy of such
proceedings by the State Treasurer, the State Comptroller, the Department
of Revenue, the Department of Transportation or the State Superintendent of
Education, as the case may be, such Department or State Superintendent
shall direct the State Comptroller and State Treasurer to pay to, or on
behalf of, the Authority or such other entity (including, without
limitation, any trustee) all or such portion of the pledged receipts from
the Department of Revenue, or the Department of Transportation or the State
Superintendent of Education (directly or indirectly through regional
superintendents of schools), as the case may be, sufficient to pay the
principal of and premium, if any, and interest on, and other fees related
to, the local governmental securities for which the pledge was made or to
pay such lease rental payments securing such local government securities
for which the pledge was made. The proceedings shall constitute
authorization for such a directive to the State Comptroller to cause orders
to be drawn and to the State Treasurer to pay in accordance with such
directive. To the extent that the Authority or its designee notifies the
Department of Revenue, the Department of Transportation or the
State Superintendent of Education, as the case may be, that the unit of
local government has previously paid to the Authority or its designee the
amount of any principal,
premium, interest and fees payable from such pledged receipts, the State
Comptroller shall cause orders to be drawn and the State Treasurer shall
pay such pledged receipts to the unit of local government as if they were
not pledged receipts. To the extent that such receipts are pledged and
paid to the Authority or such other entity, any taxes which have been
levied or fees or charges assessed pursuant to law on account of the
issuance of such local government securities shall be paid to the unit of
local government
and may be used for the purposes which the pledged receipts would have been used.
(c) Any such unit of local government may, by such proceedings, direct that
such pledged receipts payable to such unit of local government be paid to
the Authority or such other entity (including without limitation any
trustee) upon a default in the payment of any principal of, premium, if
any, or interest on, or fees relating to, any of the local government
securities of such unit of local government which have been sold or
delivered to the Authority or its designee or any of the local government
securities which have been sold or delivered to the Authority or its
designee and which are secured by such lease rental payments. If such
local governmental security is in default as to the payment of principal
thereof, premium, if any, or interest thereon, or fees relating thereto, to the
extent that the State Treasurer, the State Comptroller, the Department of
Revenue, the Department of Transportation or the State Superintendent of
Education (directly or indirectly through regional superintendents of
schools) shall be the custodian at any time of any other available funds or
moneys pledged to the payment of such local government securities or such lease rental
payments securing such local government securities pursuant to this Section
and due or payable to such a unit of local government at any time
subsequent to written notice to the State Comptroller and State Treasurer
from the Authority or any entity acting on behalf of the Authority
(including, without limitation, any trustee) to the effect that such unit of
local government has not paid or is in default as to payment of the
principal of, premium, if any, or interest on, or fees relating to, any
local government security sold or delivered to the Authority or any such
entity (including, without limitation, any trustee) or has not paid or is in
default as to the payment of such lease rental payments securing the
payment of the principal of, premiums, if any, or interest on, or other
fees relating to, any local government security sold or delivered to the
Authority or such other entity (including, without limitation, any trustee):
(i) The State Comptroller and the State Treasurer | ||
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(ii) Within 10 days after a demand for payment by the | ||
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(d) Upon the sale or delivery of any local government securities of the
Authority or its designee, the local government which issued such local
government securities shall be deemed to have agreed that upon its failure
to pay interest or premium, if any, on, or principal of, or fees relating
to, the local government securities sold or delivered to the Authority or
any entity acting on behalf of the Authority (including, without limitation,
any trustee) when payable, all statutory defenses to nonpayment are thereby
waived. Upon a default in the payment of principal of or interest on any
local government securities issued by a unit
of local government and sold or delivered to the Authority or its designee,
and upon demand on the unit of local government for payment, if the local
government securities are payable from property taxes and funds are not
legally available in the treasury of the unit of local government to make
payment, an action in mandamus for the levy of a tax by the unit of local
government to pay the principal of or interest on the local government
securities shall lie, and the Authority or such entity shall be constituted
a holder or owner of the local government securities as being in default.
Upon the occurrence of any failure or default with respect to any local
government securities issued by a unit of local government, the Authority
or such entity may thereupon avail itself of all remedies, rights and
provisions of law applicable in the circumstances, and the failure to
exercise or exert any rights or remedies within a time or period provided
by law may not be raised as a defense by the unit of local government.
(Source: P.A. 86-1455.)
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(70 ILCS 520/7.3) (from Ch. 85, par. 6157.3)
Sec. 7.3.
The Authority may issue a single bond issue pursuant to this Act
for a group of industrial projects, a group of housing projects, a group of
residential projects, a group of commercial projects, a group of local
government projects, or any combination thereof. A bond issue for multiple
projects as provided in this Section shall be subject to all requirements
for bond issue as established by this Act.
(Source: P.A. 86-1455.)
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(70 ILCS 520/7.5)
Sec. 7.5.
Tax exemption of bonds.
The issuance of bonds under this Act
is deemed an essential public and governmental purpose.
Interest on the bonds issued
under this Act after the effective date of this amendatory Act of 1996
is
exempt from taxation within this State.
For purposes of Section 250 of the Illinois Income Tax Act, the exemption of
the interest from bonds granted under this Section 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, pursuant to 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. 89-460, eff. 5-24-96.)
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(70 ILCS 520/8) (from Ch. 85, par. 6158)
Sec. 8. (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 power to acquire by purchase, lease, gift or
otherwise any property or rights therein from any person or persons, the
State of Illinois, any municipal corporation, any local unit of government, the
government of the United States and any agency or instrumentality of the
United States, any body politic or any county useful for its purposes, whether
improved for the purposes of any prospective project or unimproved. The
Authority may also accept any donation of funds for its purposes from any
such source. The Authority may acquire any real property, or rights
therein, upon condemnation. The acquisition by eminent domain of such real
property or any interest therein by the Authority shall be in the manner
provided by the Eminent Domain Act,
including Article 20 thereof (quick-take power).
The Authority shall not exercise any quick-take eminent domain powers
granted by State law within the corporate limits of a municipality unless the
governing authority of the municipality authorizes the Authority to do so. The
Authority shall not exercise any quick-take eminent domain powers granted by
State law within the unincorporated areas of a county unless the county board
authorizes the Authority to do so.
(c) The Authority shall have power to develop, construct and improve,
either under its own direction or through collaboration with any approved
applicant, or to acquire through purchase or otherwise any project, using
for such purpose the proceeds derived from its sale of revenue bonds, notes
or other evidences of indebtedness or governmental loans or grants and to
hold title in the name of the Authority to such projects.
(d) The Authority shall have the power to enter into intergovernmental
agreements with the State of Illinois, the counties of Bond, Clinton, Madison, Monroe, and
St. Clair, the Southwest Regional Port District, the Illinois
Finance Authority, the Illinois Housing Development Authority, the Metropolitan
Pier and
Exposition Authority, the United States government and any agency or
instrumentality of the United States, the city of East St. Louis, any unit
of local government located within the territory of the Authority or any
other unit of government to the extent allowed by Article VII, Section 10
of the Illinois Constitution and the Intergovernmental Cooperation Act.
(e) 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.
(f) 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 and 74.5 of Article 11 of the Illinois Municipal Code.
(Source: P.A. 103-517, eff. 8-11-23.)
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(70 ILCS 520/8.5) Sec. 8.5. Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act.
(Source: P.A. 94-1055, eff. 1-1-07.) |
(70 ILCS 520/9) (from Ch. 85, par. 6159)
Sec. 9.
In addition to the power and authority heretofore conferred
upon the Authority, the Authority, in its own name, shall have full power
and authority: to acquire and thereafter operate and maintain any existing
vehicular toll bridge across any waters which form a common boundary
between any city within the territory of the Authority and any other city
either within or without the State and to reconstruct, improve and repair
such existing bridge; to construct, maintain and operate an additional
vehicular toll bridge and approaches across these waters at a point
suitable to the interests of navigation and to reconstruct, repair and
improve the same; to construct, maintain and operate a tunnel under
these waters and to reconstruct, repair and improve the same; to
reconstruct, improve, and repair or to provide financial aid for the
reconstruction, improvement, and repair of any existing vehicular toll
bridge; and to issue
and sell bonds, notes, or other evidence of
indebtedness for such purposes as provided in Section 7.
(Source: P.A. 86-1455.)
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(70 ILCS 520/10) (from Ch. 85, par. 6160)
Sec. 10.
Enterprise Zone.
The Authority may by ordinance designate a
portion of the
territorial jurisdiction of the Authority for certification as an
Enterprise Zone under the Illinois Enterprise Zone Act in addition to any
other enterprise zones which may be created under that Act, which area
shall have all the privileges and rights of an Enterprise Zone pursuant to
the Illinois Enterprise Zone Act, but which shall not be counted in
determining the number of Enterprise Zones to be created in any year pursuant
to that Act.
Prior to January 1, 1999, the Authority may by ordinance designate a
portion of the territorial jurisdiction of the Authority located in the
southeastern portion of Chouteau Township and the southwestern portion of
Edwardsville Township along FAR 310 for certification as an Enterprise Zone
under the Illinois Enterprise Zone Act in addition to any other enterprise
zones which may be created under that Act, which area shall have all the
privileges and rights of an Enterprise Zone under the Illinois Enterprise Zone
Act, but which shall not be counted in determining the number of Enterprise
Zones to be created in any year pursuant to that Act.
Prior to January 1, 2000 the Authority may by ordinance designate a portion
of the territorial jurisdiction of the Authority located in the townships of
O'Fallon, Lebanon, Mascoutah, and Shiloh Valley of the county of St. Clair for
certification as an Enterprise Zone under the Illinois Enterprise Zone Act in
addition to any other Enterprise Zones which may be created under that Act.
The area shall have all the privileges and rights of an Enterprise Zone
under the Illinois Enterprise Zone Act but shall not be counted in
determining the number of Enterprise Zones to be created in any year under
that Act.
(Source: P.A. 90-5, eff. 3-19-97; 91-567, eff. 8-14-99.)
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(70 ILCS 520/11) (from Ch. 85, par. 6161)
Sec. 11.
The Authority shall biennially designate a national or State
bank or banks as depositories of its money. Such 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 such depositories to the Authority, such bonds to be conditioned for the
safe keeping and prompt repayment of such 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
such extent, be exempt from liability for the loss of any such deposited
funds by reason of the failure, bankruptcy or any other act or default of
such depository; provided that the Authority may accept assignments of
collateral by any depository of its funds to secure such 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. 85-591.)
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(70 ILCS 520/11.1) (from Ch. 85, par. 6161.1)
Sec. 11.1.
(a) No member of the Authority or officer, agent, or
employee of the Authority shall, in his or her own name or in the name of a
nominee, be an officer or director of or hold an ownership of more than
7.5% in any person, association, trust, corporation, partnership, or other
entity that is, in its own name or in the name of a nominee, a party to a
contract or agreement upon which the member, 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, officer, agent, or employee may be called upon to act or
vote, the member, officer, agent, or employee shall disclose that interest
to the secretary of the Authority before the taking of final action by the
Authority concerning that contract or agreement and shall also disclose the
nature and extent of that interest and his or her acquisition of that
interest, which disclosures shall be publicly acknowledged by the Authority
and entered upon the minutes of the Authority. If a member of the
Authority or an officer, agent, or employee of the Authority holds such an
interest, then he or she 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 (b) shall not be void or
invalid by reason of an interest described in this subsection, nor shall
any person so disclosing the 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 that interest.
(c) Any contract or agreement made in violation of subsection (a) or (b)
is void and gives rise to no action against 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.)
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(70 ILCS 520/12) (from Ch. 85, par. 6162)
Sec. 12.
The Authority shall have no right or authority to levy any
tax or special assessment, to pledge the credit of the State or any
other subdivision or municipal corporation thereof or to incur any
obligation enforceable upon any property, either within or without the
territory of the Authority.
(Source: P.A. 85-591.)
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(70 ILCS 520/13) (from Ch. 85, par. 6163)
Sec. 13.
The Authority may collect fees and charges in connection
with its loans, commitments and servicing and provide technical assistance
in the development of the region.
(Source: P.A. 85-591.)
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