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90_HB2209eng
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, 15, 25,
3 and 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 15, 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 508/15)
13 Sec. 15. Creation of Authority; Board members; officers.
14 (a) The Joliet Arsenal Development Authority is created
15 as a political subdivision, body politic, and municipal
16 corporation.
17 (b) The territorial jurisdiction of the Authority shall
18 extend over all of the territory, consisting of 3,000 acres,
19 more or less, that is commonly known and described as the
20 Joliet ammunition plant and arsenal. The legal description of
21 the territory is (1) approximately 1,900 acres located at
22 the Arsenal, the approximate legal description of which
23 includes part of section 30, Jackson Township, T34N R10E, and
24 sections or part of sections 24, 25, 26, 35, and 36,
25 Channahon Township, T34N R9E, Will County, Illinois, as
26 depicted in the Arsenal Land Use Concept; and
27 (2) approximately 1,100 acres, the approximate legal
28 description of which includes part of sections 16, 17, and
29 18, Florence Township, T33N R10E, Will County, Illinois, as
30 depicted in the Arsenal Land Use Concept.
31 (c) The governing and administrative powers of the
32 Authority shall be vested in its Board of Directors
33 consisting of 9 members, 4 of whom shall be appointed by the
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1 Governor from Will County, by and with the advice and consent
2 of the Senate, and 5 of whom shall be appointed by the County
3 Executive board of Will County with the advice and consent of
4 the county board of Will County. All members appointed to
5 the Board shall be residents of Will County, but of the 5
6 members who are appointed by the County Executive board of
7 Will County with the advice and consent of the county board,
8 one shall be a resident of the City of Joliet, one a resident
9 of the City of Wilmington, one a resident of the Village of
10 Elwood, one a resident of the Village of Manhattan, and one a
11 resident of the Village of Symerton. Each city council or
12 village board shall recommend 3 individuals who are residents
13 of the city or village to the County Executive of Will County
14 board to be members of the Board of Directors. The County
15 Executive of Will County Board shall choose one of the
16 recommended individuals from each city and village. All
17 persons appointed as members of the Board shall have
18 recognized ability and experience in one or more of the
19 following areas: economic development, finance, banking,
20 industrial development, small business management, real
21 estate development, community development, venture finance,
22 organized labor, or civic, community, or neighborhood
23 organization.
24 (d) The terms of the 9 initial appointees to the
25 Authority shall commence 30 days after the effective date of
26 this Act. Of the 9 members initially appointed (i) 2 of the
27 gubernatorial appointees and 2 of the non-gubernatorial
28 appointees shall be appointed to serve terms expiring on the
29 third Monday in January, 1997 and (ii) 2 of the gubernatorial
30 appointees and 3 of the non-gubernatorial appointees shall be
31 appointed to serve terms expiring on the third Monday in
32 January, 1999. All successors shall be appointed by the
33 original appointing authority and hold office for a term of 4
34 years commencing the third Monday in January of the year in
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1 which their term commences, except in case of an appointment
2 to fill a vacancy. Vacancies shall be filled for the
3 remainder of the term. In case of vacancy in a
4 Governor-appointed membership when the Senate is not in
5 session, the Governor may make a temporary appointment until
6 the next meeting of the Senate when a person shall be
7 nominated to fill that office, and any person so nominated
8 who is confirmed by the Senate shall hold office during the
9 remainder of the term. Each member appointed to the Board
10 shall serve until his or her successor is appointed and
11 qualified.
12 (e) The Chairperson of the Board shall be elected by the
13 Board annually from among the members who are appointed by
14 the County Executive board of Will County.
15 (f) The Governor may remove any member of the Board in
16 case of incompetency, neglect of duty, or malfeasance in
17 office.
18 (g) Members of the Board shall serve without
19 compensation for their services as members but may be
20 reimbursed for all necessary expenses incurred in connection
21 with the performance of their duties as members.
22 (h) The Board may appoint an Executive Director who
23 shall have a background in finance, including familiarity
24 with the legal and procedural requirements of issuing bonds,
25 real estate or economic development, and administration. The
26 Executive Director shall hold office at the discretion of the
27 Board. The Executive Director shall be the chief
28 administrative and operational officer of the Authority,
29 shall direct and supervise its administrative affairs and
30 general management, shall perform such other duties as may be
31 prescribed from time to time by the Board, and shall receive
32 compensation fixed by the Board. The Executive Director
33 shall attend all meetings of the Board; however, no action of
34 the Board or the Authority shall be invalid on account of the
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1 absence of the Executive Director from a meeting. The Board
2 may engage the services of such other agents and employees,
3 including attorneys, appraisers, engineers, accountants,
4 credit analysts and other consultants, and may prescribe
5 their duties and fix their compensation.
6 (i) The Board shall meet on the call of its Chairperson
7 or upon written notice of 6 members of the Board.
8 (Source: P.A. 89-333, eff. 8-17-95.)
9 (70 ILCS 508/25)
10 Sec. 25. Powers.
11 (a) The Authority possesses all powers of a body
12 corporate necessary and convenient to accomplish the purpose
13 of this Act, including without limitation the following:
14 (1) to enter into loans, contracts, agreements, and
15 mortgages in any matter connected with any of its
16 corporate purposes and to invest its funds;
17 (2) to sue and be sued;
18 (3) to employ agents and employees necessary to
19 carry out its purposes;
20 (4) to have, use, and alter a common seal;
21 (5) to adopt all needful ordinances, resolutions,
22 by-laws, rules, and regulations for the conduct of its
23 business and affairs and for the management and use of
24 the projects developed, constructed, acquired, and
25 improved in furtherance of its purposes;
26 (6) to designate the fiscal year for the Authority;
27 (7) to accept and expend appropriations;
28 (8) to have and exercise all powers and be subject
29 to all duties usually incident to boards of directors of
30 corporations.
31 (9) to acquire, own, lease, sell, or otherwise
32 dispose of interests in and to real property and
33 improvements situated thereon and in personal property
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1 necessary to fulfill the purposes of the Authority;
2 (10) to engage in any activity or operation that is
3 incidental to and in furtherance of efficient operation
4 to accomplish the Authority's primary purpose;
5 (11) to acquire, own, construct, lease, operate,
6 and maintain within its corporate limits terminals and
7 terminal facilities and to fix and collect just,
8 reasonable, and nondiscriminatory charges for the use of
9 those facilities;
10 (12) to collect fees and charges in connection with
11 its loans, commitments, and services;
12 (13) to use the charges and fees collected as
13 authorized under paragraphs (11) and (12) of this Section
14 to defray the reasonable expenses of the Authority and to
15 pay the principal and interest of any revenue bonds
16 issued by the Authority; and
17 (14) to use ground water resources of Will County;
18 and.
19 (15) to borrow money and to issue revenue bonds,
20 notes, or other evidences of indebtedness as provided in
21 Section 35 of this Act to evidence the obligation of the
22 Authority to repay the borrowings.
23 (Source: P.A. 89-333, eff. 8-17-95.)
24 (70 ILCS 508/35)
25 Sec. 35. Revenue Bonds.
26 (a) The Authority, with the written approval of the
27 Governor, shall have the continuing power to issue revenue
28 bonds, notes, or other evidences of indebtedness in an
29 aggregate amount not to exceed $100,000,000 for the purpose
30 of developing, constructing, acquiring, or improving
31 projects, including those established by business entities
32 locating or expanding property within the territorial
33 jurisdiction of the Authority, for entering into venture
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1 capital agreements with businesses locating or expanding
2 within the territorial jurisdiction of the Authority, for
3 acquiring and improving any property necessary and useful in
4 connection therewith, and for the purposes of the Employee
5 Ownership Assistance Act. For the purpose of evidencing the
6 obligations of the Authority to repay any money borrowed, the
7 Authority may, pursuant to resolution, from time to time
8 issue and dispose of its interest bearing revenue bonds,
9 notes, or other evidences of indebtedness and may also from
10 time to time issue and dispose of such bonds, notes, or other
11 evidences of indebtedness to refund, at maturity, at a
12 redemption date or in advance of either, any revenue bonds,
13 notes, or other evidences of indebtedness pursuant to
14 redemption provisions or at any time before maturity. All
15 such revenue bonds, notes, or other evidences of indebtedness
16 shall be payable solely from the revenues or income to be
17 derived from loans made with respect to projects, from the
18 leasing or sale of the projects, or from any other funds
19 available to the Authority for such purposes, including, when
20 so provided by ordinance of the Authority authorizing the
21 issuance of revenue bonds or notes. The revenue bonds,
22 notes, or other evidences of indebtedness may bear such date
23 or dates, may mature at such time or times not exceeding 40
24 years from their respective dates, may bear interest at such
25 rate or rates not exceeding the maximum rate permitted by the
26 Bond Authorization Act, may be in such form, may carry such
27 registration privileges, may be executed in such manner, may
28 be payable at such place or places, may be made subject to
29 redemption in such manner and upon such terms, with or
30 without premium as is stated on the face thereof, may be
31 authenticated in such manner, and may contain such terms and
32 covenants as may be provided by an applicable resolution.
33 (b) The holder or holders of any revenue bonds, notes,
34 or other evidences of indebtedness issued by the Authority
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1 may bring suits at law or proceedings in equity to compel the
2 performance and observance by any corporation or person or by
3 the Authority or any of its agents or employees of any
4 contract or covenant made with the holders of such revenue
5 bonds, notes, or other evidences of indebtedness, to compel
6 such corporation, person, the Authority, and any of its
7 agents or employees to perform any duties required to be
8 performed for the benefit of the holders of any such revenue
9 bonds, notes, or other evidences of indebtedness by the
10 provision of the resolution authorizing their issuance and to
11 enjoin such corporation, person, the Authority, and any of
12 its agents or employees from taking any action in conflict
13 with any such contract or covenant.
14 (c) If the Authority fails to pay the principal of or
15 interest on any of the revenue bonds or premium, if any, as
16 the same become due, a civil action to compel payment may be
17 instituted in the appropriate circuit court by the holder or
18 holders of the revenue bonds on which such default of payment
19 exists or by an indenture trustee acting on behalf of such
20 holders. Delivery of a summons and a copy of the complaint
21 to the Chairperson of the Board shall constitute sufficient
22 service to give the circuit court jurisdiction of the subject
23 matter of such a suit and jurisdiction over the Authority and
24 its officers named as defendants for the purpose of
25 compelling such payment. Any case, controversy, or cause of
26 action concerning the validity of this Act relates to the
27 revenue of the State of Illinois.
28 (d) Notwithstanding the form and tenor of any such
29 revenue bonds, notes, or other evidences of indebtedness and
30 in the absence of any express recital on the face of any such
31 revenue bond, note, or other evidence of indebtedness that it
32 is non-negotiable, all such revenue bonds, notes, and other
33 evidences of indebtedness shall be negotiable instruments.
34 Pending the preparation and execution of any such revenue
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1 bonds, notes, or other evidences of indebtedness, temporary
2 revenue bonds, notes, or evidences of indebtedness may be
3 issued as provided by ordinance.
4 (e) To secure the payment of any or all of such revenue
5 bonds, notes, or other evidences of indebtedness, the
6 revenues to be received by the Authority from a lease
7 agreement or loan agreement shall be pledged, and, for the
8 purpose of setting forth the covenants and undertakings of
9 the Authority in connection with the issuance thereof and the
10 issuance of any additional revenue bonds, notes, or other
11 evidences of indebtedness payable from such revenues, income,
12 or other funds to be derived from projects, the Authority may
13 execute and deliver a mortgage or trust agreement. A remedy
14 for any breach or default of the terms of any such mortgage
15 or trust agreement by the Authority may be by mandamus
16 proceedings in the appropriate circuit court to compel the
17 performance and compliance therewith, but the trust agreement
18 may prescribe by whom or on whose behalf the action may be
19 instituted.
20 (f) The revenue bonds or notes shall be secured as
21 provided in the authorizing ordinance which may,
22 notwithstanding any other provision of this Act, include in
23 addition to any other security a specific pledge or
24 assignment of and lien on or security interest in any or all
25 revenues or money of the Authority from whatever source which
26 may by law be used for debt service purposes and a specific
27 pledge or assignment of and lien on or security interest in
28 any funds or accounts established or provided for by
29 ordinance of the Authority authorizing the issuance of such
30 revenue bonds or notes.
31 (g) Blank. In the event that the Authority determines
32 that moneys of the Authority will not be sufficient for the
33 payment of the principal of and interest on its revenue bonds
34 during the next State fiscal year, the Chairperson, as soon
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1 as practicable, shall certify to the Governor the amount
2 required by the Authority to enable it to pay such principal
3 of and interest on the revenue bonds. The Governor shall
4 submit the amount so certified to the General Assembly as
5 soon as practicable, but no later than the end of the current
6 State fiscal year. Neither the General Assembly, the
7 Governor, nor the State, however, has any obligation to
8 appropriate or otherwise provide funds for the payment of
9 such principal and interest. This subsection shall not apply
10 to any revenue bonds or notes as to which the Authority shall
11 have determined, in the resolution authorizing the issuance
12 of the revenue bonds or notes, that this subsection shall not
13 apply. Whenever the Authority makes such a determination,
14 that fact shall be plainly stated on the face of the bonds or
15 notes and that fact shall also be reported to the Governor.
16 In the event of a withdrawal of moneys from a reserve
17 fund established with respect to any issue or issues of bonds
18 of the Authority to pay principal or interest on those
19 revenue bonds, the Chairperson of the Authority, as soon as
20 practicable, shall certify to the Governor the amount
21 required to restore the reserve fund to the level required in
22 the resolution or indenture securing those revenue bonds. The
23 Governor shall submit the amount so certified to the General
24 Assembly as soon as practicable, but no later than the end of
25 the current State fiscal year. Neither the General Assembly,
26 the Governor, nor the State, however, has any obligation to
27 appropriate or otherwise provide funds to restore the reserve
28 fund.
29 (h) The State of Illinois pledges to and agrees with the
30 holders of the revenue bonds and notes of the Authority
31 issued pursuant to this Section that the State will not limit
32 or alter the rights and powers vested in the Authority by
33 this Act so as to impair the terms of any contract made by
34 the Authority with such holders or in any way impair the
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1 rights and remedies of such holders until such revenue bonds
2 and notes, together with interest thereon, with interest on
3 any unpaid installments of interest, and all costs and
4 expenses in connection with any action or proceedings by or
5 on behalf of such holders, are fully met and discharged. The
6 Authority is authorized to include these pledges and
7 agreements of the State in any contract with the holders of
8 revenue bonds or notes issued pursuant to this Section.
9 (i) The revenue bonds, notes, and other evidences of
10 indebtedness authorized by this Act are not, and shall not be
11 construed to be, "State debt" within the meaning of Section 9
12 of Article IX of the Illinois Constitution, are not secured
13 by the full faith and credit of the State, and are not
14 required to be repaid, directly or indirectly, from tax
15 revenue.
16 (Source: P.A. 89-333, eff. 8-17-95.)
17 Section 99. Effective date. This Act takes effect upon
18 becoming law.