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92_HB2432sam002 LRB9208015ARpcam03 1 AMENDMENT TO HOUSE BILL 2432 2 AMENDMENT NO. . Amend House Bill 2432, AS AMENDED, 3 as follows: 4 by replacing everything after the enacting clause with the 5 following: 6 "Section 5. The Housing Authorities Act is amended by 7 adding Section 8.4a and changing Sections 11, 17, and 21 as 8 follows: 9 (310 ILCS 10/8.4a new) 10 Sec. 8.4a. Additional powers. In addition to powers 11 conferred by this Act and other laws concerning housing 12 authorities, generally, an Authority for a municipality 13 having a population in excess of 1,000,000 may do any of the 14 following: 15 (a) Issue revenue bonds for the purpose of financing the 16 construction, equipping, or rehabilitation or refinancing of 17 multifamily rental housing and for the provision of capital 18 improvements in connection with and determined necessary to 19 the multifamily rental housing located within the 20 municipality having a population in excess of 1,000,000. 21 (b) Make or undertake commitments to make loans to -2- LRB9208015ARpcam03 1 finance the construction, equipping, or rehabilitation or 2 refinancing of multifamily rental housing located within the 3 municipality having a population in excess of 1,000,000. 4 (c) Purchase or undertake, directly or indirectly 5 through lending institutions, commitments to purchase, 6 construction loans, and mortgage loans originated in 7 accordance with a financing agreement with the Authority to 8 finance the construction, equipping, or rehabilitation or 9 refinancing of multifamily rental housing located within the 10 municipality having a population in excess of 1,000,000, or 11 make loans to lending institutions under terms and conditions 12 which, in addition to other provisions determined by the 13 Authority, shall require the lending institutions to use the 14 net proceeds of the loans for the making, directly or 15 indirectly, of construction loans or mortgage loans to 16 finance the construction, equipping, rehabilitation or 17 refinancing of multifamily rental housing located within the 18 municipality having a population in excess of 1,000,000. 19 (d) For purposes of this Section, the term 20 "construction" shall include the acquisition of land and 21 improvements constituting, or proximate to, any existing 22 project containing 25 or more residential units. 23 (310 ILCS 10/11) (from Ch. 67 1/2, par. 11) 24 Sec. 11. An Authority shall have power to issue bonds 25 from time to time in its discretion to finance in whole or in 26 part the cost of acquisition, purchase, construction, 27 reconstruction, improvement, alteration, extension or repair 28 of any project or undertaking hereunder. An Authority shall 29 also have power to issue refunding bonds for the purpose of 30 paying or retiring bonds previously issued by it. An 31 Authority may issue such types of bonds as it may determine 32 by resolution, including bonds on which the principal and 33 interest are payable; (a) exclusively from the income and -3- LRB9208015ARpcam03 1 revenues of the housing project financed with the proceeds of 2 such bonds (including, without limitation, income and 3 revenues derived from a loan agreement with respect to a 4 project located within the municipality having a population 5 in excess of 1,000,000), or with such proceeds together with 6 a grant from the Federal Government or any political 7 subdivision of the State in aid of such project; (b) 8 exclusively from the income and revenues of certain 9 designated housing projects of such Authority whether or not 10 they were financed in whole or in part with the proceeds of 11 such bonds; or (c) from its revenues generally. Any of such 12 bonds may be additionally secured by a pledge of any revenues 13 of any housing project, projects or other property of the 14 Authority. 15 In addition to powers conferred by this Act and other 16 laws concerning housing authorities in general, an Authority 17 for a municipality having a population in excess of 1,000,000 18 may grant a specific pledge or assignment of, and lien on or 19 security interest in, the income and revenues of the 20 Authority derived from the loan agreement with respect to the 21 project or projects, as well as in any reserves, funds, or 22 accounts established in the resolution authorizing the bonds 23 or the indenture or other instrument under which the bonds 24 are issued. As evidence of such pledge, assignment, lien, 25 and security interest, the Authority may execute and deliver 26 a mortgage, trust agreement, indenture, security agreement, 27 or an assignment thereof. The provisions of this amendatory 28 Act of the 92nd General Assembly create additional powers for 29 housing authorities having a population in excess of 30 1,000,000; these provisions do not limit the powers conferred 31 on housing authorities in general. 32 Neither the commissioners of an Authority nor any person 33 executing the bonds shall be liable personally on the bonds 34 by reason of the issuance thereof. The bonds and other -4- LRB9208015ARpcam03 1 obligations of an Authority (and such bonds and obligations 2 shall so state on their face) shall not be a debt of any 3 city, village, incorporated town, county, the State or any 4 political subdivision thereof and neither the city, village, 5 incorporated town or the county, nor the State or any 6 political subdivision thereof shall be liable thereon, nor in 7 any event shall such bonds or obligations be payable out of 8 any funds or properties other than those of said Authority. 9 The bonds shall not constitute an indebtedness within the 10 meaning of any constitutional or statutory debt limitation or 11 restriction. 12 (Source: Laws 1937, p. 679.) 13 (310 ILCS 10/17) (from Ch. 67 1/2, par. 17) 14 Sec. 17. The following terms, wherever used or referred 15 to in this Act shall have the following respective meanings, 16 unless in any case a different meaning clearly appears from 17 the context: 18 (a) "Authority" or "housing authority" shall mean a 19 municipal corporation organized in accordance with the 20 provisions of this Act for the purposes, with the powers and 21 subject to the restrictions herein set forth. 22 (b) "Area" or "area of operation" shall mean: (1) in the 23 case of an authority which is created hereunder for a city, 24 village, or incorporated town, the area within the 25 territorial boundaries of said city, village, or incorporated 26 town, and so long as no county housing authority has 27 jurisdiction therein, the area within three miles from such 28 territorial boundaries, except any part of such area located 29 within the territorial boundaries of any other city, village, 30 or incorporated town; and (2) in the case of a county shall 31 include all of the county except the area of any city, 32 village or incorporated town located therein in which there 33 is an Authority. When an authority is created for a county -5- LRB9208015ARpcam03 1 subsequent to the creation of an authority for a city, 2 village or incorporated town within the same county, the area 3 of operation of the authority for such city, village or 4 incorporated town shall thereafter be limited to the 5 territory of such city, village or incorporated town, but the 6 authority for such city, village or incorporated town may 7 continue to operate any project developed in whole or in part 8 in an area previously a part of its area of operation, or may 9 contract with the county housing authority with respect to 10 the sale, lease, development or administration of such 11 project. When an authority is created for a city, village or 12 incorporated town subsequent to the creation of a county 13 housing authority which previously included such city, 14 village or incorporated town within its area of operation, 15 such county housing authority shall have no power to create 16 any additional project within the city, village or 17 incorporated town, but any existing project in the city, 18 village or incorporated town currently owned and operated by 19 the county housing authority shall remain in the ownership, 20 operation, custody and control of the county housing 21 authority. 22 (c) "Presiding officer" shall mean the presiding officer 23 of the board of a county, or the mayor or president of a 24 city, village or incorporated town, as the case may be, for 25 which an Authority is created hereunder. 26 (d) "Commissioner" shall mean one of the members of an 27 Authority appointed in accordance with the provisions of this 28 Act. 29 (e) "Government" shall include the State and Federal 30 governments and the governments of any subdivisions, agency 31 or instrumentality, corporate or otherwise, of either of 32 them. 33 (f) "Department" shall mean the Department of Commerce 34 and Community Affairs. -6- LRB9208015ARpcam03 1 (g) "Project" shall include all lands, buildings, and 2 improvements, acquired, owned, leased, managed or operated by 3 a housing authority, and all buildings and improvements 4 constructed, reconstructed or repaired by a housing 5 authority, designed to provide housing accommodations and 6 facilities appurtenant thereto (including community 7 facilities and stores) which are planned as a unit, whether 8 or not acquired or constructed at one time even though all or 9 a portion of the buildings are not contiguous or adjacent to 10 one another; and the planning of buildings and improvements, 11 the acquisition of property, the demolition of existing 12 structures, the clearing of land, the construction, 13 reconstruction, and repair of buildings or improvements and 14 all other work in connection therewith. As provided in 15 Sections 8.14 to 8.18, inclusive, "project" also means, for 16 Housing Authorities for municipalities of less than 500,000 17 population and for counties, the conservation of urban areas 18 in accordance with an approved conservation plan. "Project" 19 shall also include (1) acquisition of (i) a slum or blighted 20 area or a deteriorated or deteriorating area which is 21 predominantly residential in character, or (ii) any other 22 deteriorated or deteriorating area which is to be developed 23 or redeveloped for predominantly residential uses, or (iii) 24 platted urban or suburban land which is predominantly open 25 and which because of obsolete platting, diversity of 26 ownership, deterioration of structures or of site 27 improvements, or otherwise substantially impairs or arrests 28 the sound growth of the community and which is to be 29 developed for predominantly residential uses, or (iv) open 30 unplatted urban or suburban land necessary for sound 31 community growth which is to be developed for predominantly 32 residential uses, or (v) any other area where parcels of land 33 remain undeveloped because of improper platting, delinquent 34 taxes or special assessments, scattered or uncertain -7- LRB9208015ARpcam03 1 ownerships, clouds on title, artificial values due to 2 excessive utility costs, or any other impediments to the use 3 of such area for predominantly residential uses; (2) 4 installation, construction, or reconstruction of streets, 5 utilities, and other site improvements essential to the 6 preparation of sites for uses in accordance with the 7 development or redevelopment plan; and (3) making the land 8 available for development or redevelopment by private 9 enterprise or public agencies (including sale, initial 10 leasing, or retention by the local public agency itself). If 11 in any city, village or incorporated town there exists a land 12 clearance commission created under the "Blighted Areas 13 Redevelopment Act of 1947" having the same area of operation 14 as a housing authority created in and for any such 15 municipality such housing authority shall have no power to 16 acquire land of the character described in subparagraph 17 (iii), (iv) or (v) of paragraph 1 of the definition of 18 "project" for the purpose of development or redevelopment by 19 private enterprise. 20 (h) "Community facilities" shall include lands, 21 buildings, and equipment for recreation or social assembly, 22 for education, health or welfare activities and other 23 necessary utilities primarily for use and benefit of the 24 occupants of housing accommodations to be constructed, 25 reconstructed, repaired or operated hereunder. 26 (i) "Real property" shall include lands, lands under 27 water, structures, and any and all easements, franchises and 28 incorporeal hereditaments and estates, and rights, legal and 29 equitable, including terms for years and liens by way of 30 judgment, mortgage or otherwise. 31 (j) The term "governing body" shall include the city 32 council of any city, the president and board of trustees of 33 any village or incorporated town, the council of any city or 34 village, and the county board of any county. -8- LRB9208015ARpcam03 1 (k) The phrase "individual, association, corporation or 2 organization" shall include any individual, private 3 corporation, insurance company, housing corporation, 4 neighborhood redevelopment corporation, non-profit 5 corporation, incorporated or unincorporated group or 6 association, educational institution, hospital, or charitable 7 organization, and any mutual ownership or cooperative 8 organization. 9 (l) "Conservation area", for the purpose of the exercise 10 of the powers granted in Sections 8.14 to 8.18, inclusive, 11 for housing authorities for municipalities of less than 12 500,000 population and for counties, means an area of not 13 less than 2 acres in which the structures in 50% or more of 14 the area are residential having an average age of 35 years or 15 more. Such an area is not yet a slum or blighted area as 16 defined in the Blighted Areas Redevelopment Act of 1947, but 17 such an area by reason of dilapidation, obsolescence, 18 deterioration or illegal use of individual structures, 19 overcrowding of structures and community facilities, 20 conversion of residential units into non-residential use, 21 deleterious land use or layout, decline of physical 22 maintenance, lack of community planning, or any combination 23 of these factors may become a slum and blighted area. 24 (m) "Conservation plan" means the comprehensive program 25 for the physical development and replanning of a 26 "Conservation Area" as defined in paragraph (l) embodying the 27 steps required to prevent such Conservation Area from 28 becoming a slum and blighted area. 29 (n) "Fair use value" means the fair cash market value of 30 real property when employed for the use contemplated by a 31 "Conservation Plan" in municipalities of less than 500,000 32 population and in counties. 33 (o) "Community facilities" means, in relation to a 34 "Conservation Plan", those physical plants which implement, -9- LRB9208015ARpcam03 1 support and facilitate the activities, services and interests 2 of education, recreation, shopping, health, welfare, religion 3 and general culture. 4 (p) "Loan agreement" means any agreement pursuant to 5 which an Authority agrees to loan the proceeds of its revenue 6 bonds issued with respect to a multifamily rental housing 7 project or other funds of the Authority to any person upon 8 terms providing for loan repayment installments at least 9 sufficient to pay when due all principal of, premium, if any, 10 and interest on the revenue bonds of the Authority issued 11 with respect to the multifamily rental housing project, and 12 providing for maintenance, insurance, and other matters as 13 may be deemed desirable by the Authority. 14 (q) "Multifamily rental housing" means any rental 15 project designed for mixed-income or low-income occupancy. 16 (Source: P.A. 87-200.) 17 (310 ILCS 10/21) (from Ch. 67 1/2, par. 21) 18 Sec. 21. In connection with the issuance of bonds or the 19 incurring of obligations under leases and in order to secure 20 the payment of such bonds or obligations, an Authority, in 21 addition to its other powers, shall have power: 22 (a) To pledge all or any part of its gross or net rents, 23 fees or revenues to which its right then exists or may 24 thereafter come into existence. 25 (b) To covenant against pledging all or any part of its 26 rents, fees and revenues, or against permitting or allowing 27 any lien on such revenues or property; to covenant with 28 respect to limitations on its right to sell, lease or 29 otherwise dispose of any housing project or any part thereof; 30 and to covenant as to what other, or additional debts or 31 obligations may be incurred by it. 32 (c) To covenant as to the bonds to be issued and as to 33 the issuance of such bonds in escrow or otherwise, and as to -10- LRB9208015ARpcam03 1 the use and disposition of the proceeds thereof: to provide 2 for the replacement of lost, destroyed or mutilated bonds; to 3 covenant against extending the time for the payment of its 4 bonds or interest thereon; and to redeem the bonds, and to 5 covenant for their redemption and to provide the terms and 6 conditions thereof. 7 (d) To covenant (subject to the limitations contained in 8 this Act) as to the rents and fees to be charged in the 9 operation of a housing project or projects, the amount to be 10 raised each year or other period of time by rents, fees and 11 other revenues, and as to the use and disposition to be made 12 thereof; to create or to authorize the creation of special 13 funds for moneys held for construction or operating costs, 14 debt service, reserves, or other purposes, and to covenant as 15 to the use and disposition of the moneys held in such funds. 16 (e) To prescribe the procedure, if any, by which the 17 terms of any contract with bondholders may be amended or 18 abrogated, the amount of bonds the holders of which must 19 consent thereto and the manner in which such consent may be 20 given. 21 (f) To covenant as to the use of any or all of its real 22 or personal property; and to covenant as to the maintenance 23 of its real and personal property, the replacement thereof, 24 the insurance to be carried thereon and the use and 25 disposition of insurance moneys. 26 (g) To covenant as to the rights, liabilities, powers 27 and duties arising upon the breach by it of any covenant, 28 condition, or obligation; and to covenant and prescribe as to 29 events of default and terms and conditions upon which any or 30 all of its bonds or obligations shall become or may be 31 declared due before maturity, and as to the terms and 32 conditions upon which such declaration and its consequences 33 may be waived. 34 (h) To vest in a trustee or trustees or the holders of -11- LRB9208015ARpcam03 1 bonds or any specified proportion of them the right to 2 enforce the payment of the bonds or any covenants securing or 3 relating to the bonds; to vest in a trustee or trustees the 4 right, in the event of a default by the Authority, to take 5 possession of any housing project or part thereof, and (so 6 long as the Authority shall continue in default) to retain 7 such possession and use, operate and manage the project, and 8 to collect the rents and revenues arising therefrom and to 9 dispose of such moneys in accordance with the agreement of 10 the Authority with the trustee; to provide for the powers and 11 duties of a trustee or trustees and to limit the liabilities 12 thereof; and to provide the terms and conditions upon which 13 the trustee or trustees or the holders of bonds or any 14 proportion of them may enforce any covenant or rights 15 securing or relating to the bonds. 16 (i) In the case of an Authority for a municipality 17 having a population in excess of 1,000,000, to enter into 18 loan agreements, regulatory agreements, and all other 19 instruments or documentation with private borrowers of the 20 proceeds of the Authority's multifamily housing revenue bonds 21 and to accept guaranties from persons of its loans or the 22 resultant evidences of obligations to the Authority. The 23 provisions of this amendatory Act of the 92nd General 24 Assembly create additional powers for housing authorities 25 having a population in excess of 1,000,000; these provisions 26 do not limit the powers conferred on housing authorities in 27 general. 28 (j) To exercise all or any part or combination of the 29 powers herein granted; to make covenants other than and in 30 addition to the covenants herein expressly authorized, of 31 like or different character; to make such covenants and to do 32 any and all such acts and things as may be necessary or 33 convenient or desirable in order to secure its bonds, or, in 34 the absolute discretion of the Authority, as will tend to -12- LRB9208015ARpcam03 1 make the bonds more marketable notwithstanding that such 2 covenants, acts or things may not be enumerated herein. 3 (Source: P.A. 84-551.) 4 Section 99. Effective date. This Act takes effect upon 5 becoming law.".