|
| Public Act 097-0770
|
| HB4036 Enrolled | LRB097 16965 KMW 62155 b |
|
|
AN ACT concerning local government.
|
Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
|
Section 5. The Regional Transportation Authority Act is |
amended by changing Section 3A.09 as follows:
|
(70 ILCS 3615/3A.09) (from Ch. 111 2/3, par. 703A.09)
|
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:
|
(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;
|
(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;
|
(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 .
|
(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 |
