State of Illinois
90th General Assembly
Legislation

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[ Introduced ][ Enrolled ][ Senate Amendment 001 ]
[ Conference Committee Report 001 ]

90_HB1450eng

      20 ILCS 3505/7.56a        from Ch. 48, par. 850.07z12a
      20 ILCS 3505/8            from Ch. 48, par. 850.08
      20 ILCS 3505/13           from Ch. 48, par. 850.13
      20 ILCS 3515/9            from Ch. 127, par. 729
          Amends the Illinois Development Finance Authority Act  to
      increase bond authorization by $2,000,000,000.  Provides that
      the  provisions  prohibiting  bonds  or  other  evidences  of
      indebtedness   issued  by  the  Authority  from  becoming  an
      indebtedness or obligation of the State apply to bonds issued
      under  this  Act  or  any  other  law.  Amends  the  Illinois
      Environmental  Facilities  Financing  Act  to  increase  bond
      authorization by $900,000,000.  Effective immediately.
                                                     LRB9003624KDks
HB1450 Engrossed                               LRB9003624KDks
 1        AN ACT in relation to bonds, amending named Acts.
 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:
 4        Section  5.   The  Illinois Development Finance Authority
 5    Act is amended by changing  Sections  7.56a,  8,  and  13  as
 6    follows:
 7        (20 ILCS 3505/7.56a) (from Ch. 48, par. 850.07z12a)
 8        Sec.  7.56a.   Infrastructure  Bond Authorization Limits.
 9    In addition to  the  bonds  authorized  to  be  issued  under
10    Sections 7.8 and 8, the Authority may have outstanding at any
11    time,  bonds  for  the  purposes  enumerated in Sections 7.50
12    through 7.61 in an aggregate principal amount that shall  not
13    exceed $1,000,000,000 $500,000,000.
14        Such  bonds  shall  not  constitute  an  indebtedness  or
15    obligation  of  the State of Illinois and it shall be plainly
16    stated on the face of each bond that it does  not  constitute
17    such an indebtedness or obligation but is payable solely from
18    the revenues, income or other assets of the Authority pledged
19    therefor.
20    (Source: P.A. 88-164.)
21        (20 ILCS 3505/8) (from Ch. 48, par. 850.08)
22        Sec.  8.   Exclusive of the bonds authorized to be issued
23    under  Section  7.8  or  under  the  Illinois   Environmental
24    Facilities  Financing Act, and exclusive of the authorization
25    under Section 7.56a of this Act, the Authority may  not  have
26    outstanding  at  any  one time bonds for any of its corporate
27    purposes  in  an   aggregate   principal   amount   exceeding
28    $4,400,000,000  $2,900,000,000,  excluding  bonds  issued  to
29    refund   outstanding  bonds.   Up  to  $100,000,000  of  such
30    outstanding bonds shall be issued with respect to  industrial
HB1450 Engrossed            -2-                LRB9003624KDks
 1    projects  located within areas designated as Enterprise Zones
 2    by the Department of Commerce and Community Affairs.
 3    (Source: P.A. 89-460, eff. 5-24-96.)
 4        (20 ILCS 3505/13) (from Ch. 48, par. 850.13)
 5        Sec. 13. Under no circumstances shall any bonds or  other
 6    evidences  of indebtedness issued by the Authority under this
 7    Act or  any  other  law  be  or  become  an  indebtedness  or
 8    obligation  of  the  State of Illinois, within the purview of
 9    any constitutional limitation or provision, and it  shall  be
10    plainly  stated on the face of each bond or other evidence of
11    indebtedness that it does not constitute such an indebtedness
12    or obligation but is payable  solely  from  the  revenues  or
13    income of the Authority.
14    (Source: P.A. 81-454.)
15        Section   10.    The  Illinois  Environmental  Facilities
16    Financing Act is amended by changing Section 9 as follows:
17        (20 ILCS 3515/9) (from Ch. 127, par. 729)
18        Sec. 9.  Bonds.  The bonds may be issued as serial  bonds
19    or  as  term bonds or a combination of both types.  All bonds
20    issued by the State authority shall be payable solely out  of
21    the revenues and receipts derived from the leasing, financing
22    or  sale  by  the  authority  of the environmental facilities
23    financed with the proceeds thereof as may  be  designated  in
24    the  proceedings  of the directing body under which the bonds
25    shall be authorized to be issued.  Such bonds may be executed
26    and delivered by the authority at any time and from  time  to
27    time,  may  be  in  such  amounts,  may  be  in such form and
28    denominations and of such terms and  maturities,  may  be  in
29    fully registered form or in bearer form registrable either as
30    to  principal  or  interest or both, may bear such conversion
31    privileges and be payable in such installments  and  at  such
HB1450 Engrossed            -3-                LRB9003624KDks
 1    time  or  times not exceeding 40 years from the date thereof,
 2    may be payable at such place  or  places  whether  within  or
 3    without the State of Illinois, may bear interest at such rate
 4    or  rates  per  annum  without  regard  to  any interest rate
 5    limitation appearing in any other law, may be payable at such
 6    time or times and at such place or places  and  evidenced  in
 7    such  manner,  may  be  executed  by  the manual or facsimile
 8    signatures of such officers of the authority, and may contain
 9    such provisions not inconsistent with this Act, all as  shall
10    be  provided  in the proceedings of the directing body of the
11    authority.  If deemed advisable by the directing  body  there
12    may  be  retained in the proceedings under which any bonds of
13    the authority are authorized to be issued an option to redeem
14    all  or  any  part  thereof  as  may  be  specified  in  such
15    proceedings, at such price or prices and after such notice or
16    notices and on such terms and conditions as may be set  forth
17    in  such  proceedings,  but nothing herein contained shall be
18    construed to confer on the authority the right or  option  to
19    redeem any bonds except as may be provided in the proceedings
20    under which they shall be issued.  Any bonds of the authority
21    may  be  sold at public or private sale for such price and in
22    such manner and from time to time as may be determined by the
23    directing body of the authority, and the  authority  may  pay
24    all  expenses,  premiums  and commissions which its directing
25    body may deem necessary or advantageous  in  connection  with
26    the  issuance thereof. Issuance by the State authority of one
27    or more series of bonds for one or more  purposes  shall  not
28    preclude  it  from issuing other bonds in connection with the
29    same  environmental  facility  or  any  other   environmental
30    facility  or  for  any  other purpose under this Act, but the
31    proceedings whereunder any subsequent  bonds  may  be  issued
32    shall  recognize  and  protect  any prior pledge made for any
33    prior issue of bonds.  Any bonds of the  State  authority  at
34    any time outstanding may at any time and from time to time be
HB1450 Engrossed            -4-                LRB9003624KDks
 1    refunded  by  the  authority by the issuance of its refunding
 2    bonds in such amount as the directing body may deem necessary
 3    but  not  exceeding  an  amount  sufficient  to  refund   the
 4    principal  of  the bonds so to be refunded, together with any
 5    unpaid  interest  thereon  and  any  premiums,   commissions,
 6    service  fees  and  other  expenses  necessary  to be paid in
 7    connection therewith.  Any such  refunding  may  be  effected
 8    whether  the  bonds to be refunded shall have then matured or
 9    shall thereafter mature, either  by  sale  of  the  refunding
10    bonds  and  the  application  of the proceeds thereof for the
11    payment of the bonds  to  be  refunded  thereby,  or  by  the
12    exchange  of the refunding bonds for the bonds to be refunded
13    thereby with the consent of the holders of the bonds so to be
14    refunded, and regardless of whether or not the  bonds  to  be
15    refunded   were   issued   in   connection   with   the  same
16    environmental facility or separate  environmental  facilities
17    or  for  any  other purpose under this Act, and regardless of
18    whether or not the bonds proposed to  be  refunded  shall  be
19    payable  on  the same date or different dates or shall be due
20    serially or otherwise.   All  such  bonds  and  the  interest
21    coupons applicable thereto, if any, are hereby made and shall
22    be construed to be negotiable instruments.
23        The  aggregate  principal  amount  of  bonds which may be
24    issued and outstanding under this Act by the State  authority
25    is  $2,500,000,000  $1,600,000,000. In order to carry out the
26    purposes expressed in paragraph  (c)  of  Section  2  hereof,
27    $75,000,000  of  such  amount shall be allocated by the State
28    authority for the issuance of bonds to finance  environmental
29    facilities  for  small  businesses. The State authority shall
30    keep a record of all bonds issued by it under this Act.
31    (Source: P.A. 89-460, eff. 5-24-96.)
32        Section 99.  Effective date.  This Act takes effect  upon
33    becoming law.

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