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Public Act 097-0770 | ||||
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Regional Transportation Authority Act is | ||||
amended by changing Section 3A.09 as follows:
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(70 ILCS 3615/3A.09) (from Ch. 111 2/3, par. 703A.09)
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Sec. 3A.09. General Powers. In addition to any powers | ||||
elsewhere provided
to the Suburban Bus Board, it shall have all | ||||
of the powers specified in
Section 2.20 of this Act except for | ||||
the powers specified in Section 2.20(a)(v). The Board shall | ||||
also have the power:
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(a) to cooperate with the Regional Transportation | ||||
Authority in the
exercise by the Regional Transportation | ||||
Authority of all the powers granted
it by such Act;
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(b) to receive funds from the Regional Transportation | ||||
Authority pursuant
to Sections 2.02, 4.01, 4.02, 4.09 and | ||||
4.10 of the Regional Transportation
Authority Act, all as | ||||
provided in the Regional Transportation Authority Act;
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(c) to receive financial grants from the Regional | ||||
Transportation
Authority or a Service Board, as defined in | ||||
the Regional Transportation
Authority Act, upon such terms | ||||
and conditions as shall be set forth in a
grant contract | ||||
between either the Division and the Regional |
Transportation
Authority or the Division and another | ||
Service Board, which contract or
agreement may be for such | ||
number of years or duration as the parties agree,
all as | ||
provided in the Regional Transportation Authority Act; and | ||
(d) to perform all functions necessary for the | ||
provision of paratransit services under Section 2.30 of | ||
this Act ; and .
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(e) to borrow money for the purposes of: (i) | ||
constructing a new garage in the northwestern Cook County | ||
suburbs at an estimated cost of $60,000,000, (ii) | ||
converting the South Cook garage in Markham to a Compressed | ||
Natural Gas facility at an estimated cost of $12,000,000, | ||
(iii) constructing a new paratransit garage in DuPage | ||
County at an estimated cost of $25,000,000, and (iv) | ||
expanding the North Shore garage in Evanston to accommodate | ||
additional indoor bus parking at an estimated cost of | ||
$3,000,000. For the purpose of evidencing the obligation of | ||
the Suburban Bus Board to repay any money borrowed as | ||
provided in this subsection, the Suburban Bus Board may | ||
issue revenue bonds from time to time pursuant to ordinance | ||
adopted by the Suburban Bus Board, subject to the approval | ||
of the Regional Transportation Authority of each such | ||
issuance by the affirmative vote of 12 of its then | ||
Directors; provided that the Suburban Bus Board may not | ||
issue bonds for the purpose of financing the acquisition, | ||
construction, or improvement of any facility other than |
those listed in this subsection (e). All such bonds shall | ||
be payable solely from the revenues or income or any other | ||
funds that the Suburban Bus Board may receive, provided | ||
that the Suburban Bus Board may not pledge as security for | ||
such bonds the moneys, if any, that the Suburban Bus Board | ||
receives from the Regional Transportation Authority | ||
pursuant to Section 4.03.3(f) of the Regional | ||
Transportation Authority Act. The bonds shall bear | ||
interest at a rate not to exceed the maximum rate | ||
authorized by the Bond Authorization Act and shall mature | ||
at such time or times not exceeding 25 years from their | ||
respective dates. Bonds issued pursuant to this paragraph | ||
must be issued with scheduled principal or mandatory | ||
redemption payments in equal amounts in each fiscal year | ||
over the term of the bonds, with the first principal or | ||
mandatory redemption payment scheduled within the fiscal | ||
year in which bonds are issued or within the next | ||
succeeding fiscal year. At least 25%, based on total | ||
principal amount, of all bonds authorized pursuant to this | ||
Section shall be sold pursuant to notice of sale and public | ||
bid. No more than 75%, based on total principal amount, of | ||
all bonds authorized pursuant to this Section shall be sold | ||
by negotiated sale. The maximum principal amount of the | ||
bonds that may be issued may not exceed $100,000,000. The | ||
bonds shall have all the qualities of negotiable | ||
instruments under the laws of this State. To secure the |
payment of any or all of such bonds and for the purpose of | ||
setting forth the covenants and undertakings of the | ||
Suburban Bus Board in connection with the issuance thereof | ||
and the issuance of any additional bonds payable from such | ||
revenue or income as well as the use and application of the | ||
revenue or income received by the Suburban Bus Board, the | ||
Suburban Bus Board may execute and deliver a trust | ||
agreement or agreements; provided that no lien upon any | ||
physical property of the Suburban Bus Board shall be | ||
created thereby. A remedy for any breach or default of the | ||
terms of any such trust agreement by the Suburban Bus Board | ||
may be by mandamus proceedings in any court of competent | ||
jurisdiction to compel performance and compliance | ||
therewith, but the trust agreement may prescribe by whom or | ||
on whose behalf such action may be instituted. Under no | ||
circumstances shall any bonds issued by the Suburban Bus | ||
Board or any other obligation of the Suburban Bus Board in | ||
connection with the issuance of such bonds be or become an | ||
indebtedness or obligation of the State of Illinois, the | ||
Regional Transportation Authority, or any other political | ||
subdivision of or municipality within the State, nor shall | ||
any such bonds or obligations be or become an indebtedness | ||
of the Suburban Bus Board within the purview of any | ||
constitutional limitation or provision, and it shall be | ||
plainly stated on the face of each bond that it does not | ||
constitute such an indebtedness or obligation but is |
payable solely from the revenues or income as aforesaid. | ||
(Source: P.A. 94-370, eff. 7-29-05.)
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