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90_HB2209enr
70 ILCS 508/15
70 ILCS 508/35
Amends the Joliet Arsenal Development Authority Act.
Deletes the provision that provides that if the Authority
determines that its moneys will not be sufficient for the
principal and interest payments on its revenue bonds, the
Chairman of the Authority shall certify to the Governor the
amount required by the Authority and the Governor shall
submit the amount to the General Assembly no later than the
end of the current fiscal year. Deletes the provision that
provides that the Chairman shall certify to the Governor the
amount required to restore the reserve fund to the level
required in the resolution or indenture securing revenue
bonds if the Authority withdraws funds from the reserve funds
for a principal or interest payment on revenue bonds.
Increases the Board of Directors from 9 to 11 members.
Provides that the 2 new members shall be appointed by the
Governor from Will County, with the advice and consent of the
Senate. States that the new members' terms shall commence 30
days after the effective date of this amendatory Act.
Specifies the initial terms for the new members. Effective
immediately.
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1 AN ACT to amend the Joliet Arsenal Development Authority
2 Act by changing Sections 10.20, 10.40, 10.45, 10.55, 25, and
3 35.
4 Be it enacted by the People of the State of Illinois,
5 represented in the General Assembly:
6 Section 5. The Joliet Arsenal Development Authority Act
7 is amended by changing Sections 10.20, 10.40, 10.45, 10.55,
8 25, and 35 as follows:
9 (70 ILCS 508/10.20)
10 Sec. 10.20. Costs incurred in connection with the
11 development, construction, acquisition, or improvement of a
12 project. "Costs incurred in connection with the development,
13 construction, acquisition, or improvement of a project" means
14 the following: the cost of purchase and construction of all
15 lands and related improvements, together with the equipment
16 and other property, rights, easements, and franchises
17 acquired that are deemed necessary for the construction;
18 financing charges; interest costs with respect to revenue
19 bonds, notes, and other evidences of indebtedness of the
20 Authority prior to and during construction and for a period
21 of 36 6 months thereafter; engineering and legal expenses;
22 the costs of plans, specifications, surveys, and estimates of
23 costs and other expenses necessary or incident to determining
24 the feasibility or practicability of any project, together
25 with such other expenses as may be necessary or incident to
26 the financing, insuring, acquisition, and construction of a
27 specific project and the placing of the project in operation.
28 (Source: P.A. 89-333, eff. 8-17-95.)
29 (70 ILCS 508/10.40)
30 Sec. 10.40. Lease agreement. "Lease agreement" means an
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1 agreement under which a project acquired by the Authority by
2 purchase, gift, or lease is leased to any person or
3 governmental agency that will use or cause the project to be
4 used as a project upon terms providing for lease rental
5 payments at least sufficient to pay when due the lessee's pro
6 rata share of all principal of and interest and premium, if
7 any, on any revenue bonds, notes, or other evidences of
8 indebtedness of the Authority issued with respect to the
9 project, providing for the maintenance, insurance, and
10 operation of the project on terms satisfactory to the
11 Authority, and providing for disposition of the project upon
12 termination of the lease term, including purchase options or
13 abandonment of the premises, with such other terms as may be
14 deemed desirable by the Authority.
15 (Source: P.A. 89-333, eff. 8-17-95.)
16 (70 ILCS 508/10.45)
17 Sec. 10.45. Loan agreement. "Loan agreement" means any
18 agreement by which the Authority agrees to loan the proceeds
19 of its revenue bonds, notes, or other evidences of
20 indebtedness issued with respect to a project to any person
21 or governmental agency that will use or cause the project to
22 be used as a project upon terms providing for loan repayment
23 installments at least sufficient to pay when due the
24 borrower's pro rata share of all principal of and interest
25 and premium, if any, on any revenue bonds, notes, or other
26 evidences of indebtedness of the Authority issued with
27 respect to the project, providing for maintenance, insurance,
28 and operation of the project on terms satisfactory to the
29 Authority, and providing for other matters as may be deemed
30 advisable by the Authority.
31 (Source: P.A. 89-333, eff. 8-17-95.)
32 (70 ILCS 508/10.55)
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1 Sec. 10.55. Project. "Project" means an industrial or,
2 commercial, or service project or any combination thereof
3 provided that all uses shall fall within one of those
4 categories. Any project shall automatically include all site
5 improvements and new construction involving sidewalks,
6 sewers, solid waste and wastewater treatment and disposal
7 sites and other pollution control facilities, resource or
8 waste reduction, recovery, treatment, and disposal
9 facilities, parks, open spaces, wildlife sanctuaries,
10 streets, highways, and runways.
11 (Source: P.A. 89-333, eff. 8-17-95.)
12 (70 ILCS 508/25)
13 Sec. 25. Powers.
14 (a) The Authority possesses all powers of a body
15 corporate necessary and convenient to accomplish the purpose
16 of this Act, including without limitation the following:
17 (1) to enter into loans, contracts, agreements, and
18 mortgages in any matter connected with any of its
19 corporate purposes and to invest its funds;
20 (2) to sue and be sued;
21 (3) to employ agents and employees necessary to
22 carry out its purposes;
23 (4) to have, use, and alter a common seal;
24 (5) to adopt all needful ordinances, resolutions,
25 by-laws, rules, and regulations for the conduct of its
26 business and affairs and for the management and use of
27 the projects developed, constructed, acquired, and
28 improved in furtherance of its purposes;
29 (6) to designate the fiscal year for the Authority;
30 (7) to accept and expend appropriations;
31 (8) to have and exercise all powers and be subject
32 to all duties usually incident to boards of directors of
33 corporations;
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1 (9) to acquire, own, lease, sell, or otherwise
2 dispose of interests in and to real property and
3 improvements situated thereon and in personal property
4 necessary to fulfill the purposes of the Authority;
5 (10) to engage in any activity or operation that is
6 incidental to and in furtherance of efficient operation
7 to accomplish the Authority's primary purpose;
8 (11) to acquire, own, construct, lease, operate,
9 and maintain within its corporate limits terminals and
10 terminal facilities and to fix and collect just,
11 reasonable, and nondiscriminatory charges for the use of
12 those facilities;
13 (12) to collect fees and charges in connection with
14 its loans, commitments, and services;
15 (13) to use the charges and fees collected as
16 authorized under paragraphs (11) and (12) of this Section
17 to defray the reasonable expenses of the Authority and to
18 pay the principal and interest of any revenue bonds
19 issued by the Authority; and
20 (14) to use ground water resources of Will County;
21 and.
22 (15) to borrow money and to issue revenue bonds,
23 notes, or other evidences of indebtedness as provided in
24 Section 35 of this Act to evidence the obligation of the
25 Authority to repay the borrowings.
26 (Source: P.A. 89-333, eff. 8-17-95.)
27 (70 ILCS 508/35)
28 Sec. 35. Revenue Bonds.
29 (a) The Authority, with the written approval of the
30 Governor, shall have the continuing power to issue revenue
31 bonds, notes, or other evidences of indebtedness in an
32 aggregate amount not to exceed $100,000,000 for the purpose
33 of developing, constructing, acquiring, or improving
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1 projects, including those established by business entities
2 locating or expanding property within the territorial
3 jurisdiction of the Authority, for entering into venture
4 capital agreements with businesses locating or expanding
5 within the territorial jurisdiction of the Authority, for
6 acquiring and improving any property necessary and useful in
7 connection therewith, and for the purposes of the Employee
8 Ownership Assistance Act. For the purpose of evidencing the
9 obligations of the Authority to repay any money borrowed, the
10 Authority may, pursuant to resolution, from time to time
11 issue and dispose of its interest bearing revenue bonds,
12 notes, or other evidences of indebtedness and may also from
13 time to time issue and dispose of such bonds, notes, or other
14 evidences of indebtedness to refund, at maturity, at a
15 redemption date or in advance of either, any revenue bonds,
16 notes, or other evidences of indebtedness pursuant to
17 redemption provisions or at any time before maturity. All
18 such revenue bonds, notes, or other evidences of indebtedness
19 shall be payable solely from the revenues or income to be
20 derived from loans made with respect to projects, from the
21 leasing or sale of the projects, or from any other funds
22 available to the Authority for such purposes, including, when
23 so provided by ordinance of the Authority authorizing the
24 issuance of revenue bonds or notes. The revenue bonds,
25 notes, or other evidences of indebtedness may bear such date
26 or dates, may mature at such time or times not exceeding 40
27 years from their respective dates, may bear interest at such
28 rate or rates not exceeding the maximum rate permitted by the
29 Bond Authorization Act, may be in such form, may carry such
30 registration privileges, may be executed in such manner, may
31 be payable at such place or places, may be made subject to
32 redemption in such manner and upon such terms, with or
33 without premium as is stated on the face thereof, may be
34 authenticated in such manner, and may contain such terms and
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1 covenants as may be provided by an applicable resolution.
2 (b) The holder or holders of any revenue bonds, notes,
3 or other evidences of indebtedness issued by the Authority
4 may bring suits at law or proceedings in equity to compel the
5 performance and observance by any corporation or person or by
6 the Authority or any of its agents or employees of any
7 contract or covenant made with the holders of such revenue
8 bonds, notes, or other evidences of indebtedness, to compel
9 such corporation, person, the Authority, and any of its
10 agents or employees to perform any duties required to be
11 performed for the benefit of the holders of any such revenue
12 bonds, notes, or other evidences of indebtedness by the
13 provision of the resolution authorizing their issuance and to
14 enjoin such corporation, person, the Authority, and any of
15 its agents or employees from taking any action in conflict
16 with any such contract or covenant.
17 (c) If the Authority fails to pay the principal of or
18 interest on any of the revenue bonds or premium, if any, as
19 the same become due, a civil action to compel payment may be
20 instituted in the appropriate circuit court by the holder or
21 holders of the revenue bonds on which such default of payment
22 exists or by an indenture trustee acting on behalf of such
23 holders. Delivery of a summons and a copy of the complaint
24 to the Chairperson of the Board shall constitute sufficient
25 service to give the circuit court jurisdiction of the subject
26 matter of such a suit and jurisdiction over the Authority and
27 its officers named as defendants for the purpose of
28 compelling such payment. Any case, controversy, or cause of
29 action concerning the validity of this Act relates to the
30 revenue of the State of Illinois.
31 (d) Notwithstanding the form and tenor of any such
32 revenue bonds, notes, or other evidences of indebtedness and
33 in the absence of any express recital on the face of any such
34 revenue bond, note, or other evidence of indebtedness that it
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1 is non-negotiable, all such revenue bonds, notes, and other
2 evidences of indebtedness shall be negotiable instruments.
3 Pending the preparation and execution of any such revenue
4 bonds, notes, or other evidences of indebtedness, temporary
5 revenue bonds, notes, or evidences of indebtedness may be
6 issued as provided by ordinance.
7 (e) To secure the payment of any or all of such revenue
8 bonds, notes, or other evidences of indebtedness, the
9 revenues to be received by the Authority from a lease
10 agreement or loan agreement shall be pledged, and, for the
11 purpose of setting forth the covenants and undertakings of
12 the Authority in connection with the issuance thereof and the
13 issuance of any additional revenue bonds, notes, or other
14 evidences of indebtedness payable from such revenues, income,
15 or other funds to be derived from projects, the Authority may
16 execute and deliver a mortgage or trust agreement. A remedy
17 for any breach or default of the terms of any such mortgage
18 or trust agreement by the Authority may be by mandamus
19 proceedings in the appropriate circuit court to compel the
20 performance and compliance therewith, but the trust agreement
21 may prescribe by whom or on whose behalf the action may be
22 instituted.
23 (f) The revenue bonds or notes shall be secured as
24 provided in the authorizing ordinance which may,
25 notwithstanding any other provision of this Act, include in
26 addition to any other security a specific pledge or
27 assignment of and lien on or security interest in any or all
28 revenues or money of the Authority from whatever source which
29 may by law be used for debt service purposes and a specific
30 pledge or assignment of and lien on or security interest in
31 any funds or accounts established or provided for by
32 ordinance of the Authority authorizing the issuance of such
33 revenue bonds or notes.
34 (g) Blank. In the event that the Authority determines
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1 that moneys of the Authority will not be sufficient for the
2 payment of the principal of and interest on its revenue bonds
3 during the next State fiscal year, the Chairperson, as soon
4 as practicable, shall certify to the Governor the amount
5 required by the Authority to enable it to pay such principal
6 of and interest on the revenue bonds. The Governor shall
7 submit the amount so certified to the General Assembly as
8 soon as practicable, but no later than the end of the current
9 State fiscal year. Neither the General Assembly, the
10 Governor, nor the State, however, has any obligation to
11 appropriate or otherwise provide funds for the payment of
12 such principal and interest. This subsection shall not apply
13 to any revenue bonds or notes as to which the Authority shall
14 have determined, in the resolution authorizing the issuance
15 of the revenue bonds or notes, that this subsection shall not
16 apply. Whenever the Authority makes such a determination,
17 that fact shall be plainly stated on the face of the bonds or
18 notes and that fact shall also be reported to the Governor.
19 In the event of a withdrawal of moneys from a reserve
20 fund established with respect to any issue or issues of bonds
21 of the Authority to pay principal or interest on those
22 revenue bonds, the Chairperson of the Authority, as soon as
23 practicable, shall certify to the Governor the amount
24 required to restore the reserve fund to the level required in
25 the resolution or indenture securing those revenue bonds. The
26 Governor shall submit the amount so certified to the General
27 Assembly as soon as practicable, but no later than the end of
28 the current State fiscal year. Neither the General Assembly,
29 the Governor, nor the State, however, has any obligation to
30 appropriate or otherwise provide funds to restore the reserve
31 fund.
32 (h) The State of Illinois pledges to and agrees with the
33 holders of the revenue bonds and notes of the Authority
34 issued pursuant to this Section that the State will not limit
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1 or alter the rights and powers vested in the Authority by
2 this Act so as to impair the terms of any contract made by
3 the Authority with such holders or in any way impair the
4 rights and remedies of such holders until such revenue bonds
5 and notes, together with interest thereon, with interest on
6 any unpaid installments of interest, and all costs and
7 expenses in connection with any action or proceedings by or
8 on behalf of such holders, are fully met and discharged. The
9 Authority is authorized to include these pledges and
10 agreements of the State in any contract with the holders of
11 revenue bonds or notes issued pursuant to this Section.
12 (i) The revenue bonds, notes, and other evidences of
13 indebtedness authorized by this Act are not, and shall not be
14 construed to be, "State debt" within the meaning of Section 9
15 of Article IX of the Illinois Constitution, are not secured
16 by the full faith and credit of the State, and are not
17 required to be repaid, directly or indirectly, from tax
18 revenue.
19 (Source: P.A. 89-333, eff. 8-17-95.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.