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90_SB0647
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.
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LRB9000854KDsbA
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 7.56, 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
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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
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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
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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.