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Public Act 098-0750
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SB0498 Enrolled | LRB098 04715 OMW 34743 b |
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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 Central Illinois
Economic Development |
Authority
Act is amended by changing Sections 10 and 35 as |
follows:
|
(70 ILCS 504/10)
|
Sec. 10. Definitions. In this Act:
|
"Authority" means the Central Illinois Economic |
Development Authority.
|
"Governmental agency" means any federal, State, or local |
governmental body
and any agency or
instrumentality thereof, |
corporate or otherwise.
|
"Person" means any natural person, firm, partnership, |
corporation, both
domestic and foreign,
company, association |
or joint stock association and includes any trustee,
receiver, |
assignee or personal
representative thereof.
|
"Revenue bond" means any bond issued by the Authority, the |
principal and
interest of which is payable
solely from revenues |
or income derived from any project or activity of the
|
Authority.
|
"Board" means the Board of Directors of the Central |
Illinois Economic
Development Authority.
|
|
"Governor" means the Governor of the State of Illinois.
|
"City" means any city, village, incorporated town, or |
township within the
geographical territory of the
Authority.
|
"Industrial project" means the following:
|
(1) a capital project, including one or more buildings |
and other
structures, improvements,
machinery and |
equipment whether or not on the same site or sites now |
existing
or hereafter acquired,
suitable for use by any |
manufacturing, industrial, research, transportation or
|
commercial enterprise
including but not limited to use as a |
factory, mill, processing plant, assembly
plant, packaging |
plant,
fabricating plant, ethanol plant, office building, |
industrial distribution
center, warehouse,
repair, |
overhaul or service
facility, freight terminal, research |
facility, test facility, railroad
facility, port facility, |
solid waste and wastewater
treatment and disposal sites and |
other pollution control facilities, resource
or waste |
reduction, recovery,
treatment and disposal facilities, |
and including also the sites thereof and
other rights in |
land therefore
whether improved or unimproved, site |
preparation and landscaping and all
appurtenances and |
facilities
incidental thereto such as utilities, access |
roads, railroad sidings, truck
docking and similar |
facilities,
parking facilities, dockage, wharfage, |
railroad roadbed, track, trestle, depot,
terminal, |
switching and
signaling equipment or related equipment and |
|
other improvements necessary or
convenient thereto; or
|
(2) any land, buildings, machinery or equipment |
comprising an addition to or
renovation,
rehabilitation or |
improvement of any existing capital project.
|
"Housing project" or "residential project" includes a |
specific work or improvement undertaken to provide dwelling |
accommodations, including the acquisition, construction or |
rehabilitation of lands, buildings and community facilities |
and in connection therewith to provide nonhousing facilities |
which are an integral part of a planned large-scale project or |
new community. |
"Commercial project" means any project, including, but not |
limited to, one or
more buildings and other
structures, |
improvements, machinery, and equipment, whether or not on the |
same
site or sites now existing
or hereafter acquired, suitable |
for use by any retail or wholesale concern,
distributorship, or |
agency.
|
"Project" means an industrial, housing, residential, |
commercial, or service
project, or any combination
thereof, |
provided that all uses fall within one of the categories |
described
above. Any project automatically
includes all site |
improvements and new construction involving sidewalks,
sewers, |
solid waste and
wastewater treatment and disposal sites and |
other pollution control facilities,
resource or waste |
reduction,
recovery, treatment and disposal facilities, parks, |
open spaces, wildlife
sanctuaries, streets, highways, and
|
|
runways.
|
"Lease agreement" means an agreement in which a project |
acquired by the
Authority by purchase, gift,
or lease is leased |
to any person or corporation that will use, or cause the
|
project to be used, as a project,
upon terms providing for |
lease rental payments at least sufficient to pay, when due, all |
principal of and
interest and premium, if any, on any bonds, |
notes, or other evidences of indebtedness of the Authority,
|
issued with respect to the project, providing for the |
maintenance, insurance, and operation of the project on
terms |
satisfactory to the Authority and providing for disposition of |
the project upon termination of the lease
term, including |
purchase options or abandonment of the premises, with other |
terms as may be deemed
desirable by the Authority.
|
"Loan agreement" means any agreement in which the Authority |
agrees to loan
the proceeds of its bonds,
notes, or other |
evidences of indebtedness, issued with respect to a project, to
|
any person or corporation
which will use or cause the project |
to be used as a project, upon terms
providing for loan |
repayment
installments at least sufficient to pay, when due, |
all principal of and
interest and premium, if any, on any
|
bonds, notes, or other evidences of indebtedness of the |
Authority issued with
respect to the project,
providing for |
maintenance, insurance, and operation of the project on terms
|
satisfactory to the Authority
and providing for other terms |
deemed advisable by the Authority.
|
|
"Financial aid" means the expenditure of Authority funds or |
funds provided by
the Authority for the
development, |
construction, acquisition or improvement of a project, through |
the
issuance of revenue bonds,
notes, or other evidences of |
indebtedness.
|
"Costs incurred in connection with
the development, |
construction, acquisition or improvement of a
project" means |
the following:
|
(1) the cost of purchase and construction of all lands |
and improvements in
connection therewith and
equipment and |
other property, rights, easements, and franchises acquired |
which
are deemed necessary for
the construction;
|
(2) financing charges;
|
(3) interest costs with respect to bonds, notes, and |
other evidences of
indebtedness of the Authority
prior to |
and during construction and for a period of 6 months |
thereafter;
|
(4) engineering and legal expenses; and
|
(5) the costs of plans, specifications, surveys, and |
estimates of costs and
other expenses necessary or
incident |
to determining the feasibility or practicability of any |
project,
together with such other expenses as
may be |
necessary or incident to the financing, insuring, |
acquisition, and
construction of a specific project
and the |
placing of the same in operation.
|
(Source: P.A. 94-995, eff. 7-3-06.)
|
|
(70 ILCS 504/35)
|
Sec. 35. Bonds.
|
(a) The Authority, with the written approval of the |
Governor, shall have the
continuing power to issue
bonds, |
notes, or other evidences of indebtedness in an aggregate |
amount outstanding not to
exceed $250,000,000 for the
following |
purposes: (i) development, construction, acquisition, or |
improvement
of projects, including those
established by |
business entities locating or expanding property within the
|
territorial jurisdiction of the
Authority; (ii) entering into |
venture capital agreements with businesses
locating or |
expanding within the
territorial jurisdiction of the |
Authority; and (iii) acquisition and improvement of
any |
property necessary and
useful in connection therewith. For
the |
purpose of evidencing the obligations of the Authority to repay |
any money
borrowed, the Authority
may, pursuant to resolution, |
from time to time, issue and dispose of its interest-bearing |
revenue bonds,
notes, or other evidences of indebtedness and |
may also from time to time issue and dispose of such bonds,
|
notes, or other evidences of indebtedness to refund, at |
maturity, at a redemption date or in advance of
either, any |
bonds, notes, or other evidences of indebtedness pursuant to |
redemption provisions or at any
time before maturity. All such |
bonds, notes, or other evidences of indebtedness shall be |
payable solely and
only from the revenues or income to be |
|
derived from loans made with respect to projects, from the |
leasing
or sale of the projects, or from any other funds |
available to the Authority for such purposes. The bonds,
notes, |
or other evidences of indebtedness may bear such date or dates, |
may mature at such time or times not
exceeding 40 years from |
their respective dates, may bear interest at such rate or rates |
not exceeding the
maximum rate permitted by the Bond |
Authorization Act, may be in such form, may carry such |
registration
privileges, may be executed in such manner, may be |
payable at such place or places, may be made subject
to |
redemption in such manner and upon such terms, with or without |
premium, as is stated on the face
thereof, may be authenticated |
in such manner and may contain such terms and
covenants as may |
be
provided by an applicable resolution.
|
(b) The holder or holders of any bonds, notes, or other |
evidences of
indebtedness issued by the
Authority may bring |
suits at law or proceedings in equity to compel the
performance |
and observance by
any corporation or person or by the Authority |
or any of its agents or employees
of any contract or covenant
|
made with the holders of the bonds, notes, or other evidences |
of indebtedness,
to compel such corporation,
person, the |
Authority, and any of its agents or employees to perform any |
duties
required to be performed
for the benefit of the holders |
of the bonds, notes, or other evidences of
indebtedness by the |
provision of the
resolution authorizing their issuance and to |
enjoin the corporation, person,
the Authority, and any of its
|
|
agents or employees from taking any action in conflict with any |
contract or
covenant.
|
(c) If the Authority fails to pay the principal of or |
interest on any of the
bonds or premium, if any, as the
bond |
becomes due, a civil action to compel payment may be instituted |
in the
appropriate circuit court by
the holder or holders of |
the bonds on which the default of payment exists or by
an |
indenture trustee acting
on behalf of the holders. Delivery of |
a summons and a copy of the complaint to
the chairman of the |
Board
shall constitute sufficient service to give the circuit |
court jurisdiction over
the subject matter of the suit and
|
jurisdiction over the Authority and its officers named as |
defendants for the
purpose of compelling such
payment. Any |
case, controversy, or cause of action concerning the validity |
of
this Act relates to the
revenue of the State of Illinois.
|
(d) Notwithstanding the form and tenor of any bond, note, |
or other evidence
of indebtedness and in
the absence of any |
express recital on its face that it is non-negotiable, all
such |
bonds, notes, and other
evidences of indebtedness shall be |
negotiable instruments. Pending the
preparation and execution |
of any
bonds, notes, or other evidences of indebtedness, |
temporary bonds, notes, or
evidences of indebtedness may
be |
issued as provided by ordinance.
|
(e) To secure the payment of any or all of such bonds, |
notes, or other
evidences of indebtedness, the
revenues to be |
received by the Authority from a lease agreement or loan
|
|
agreement shall be pledged, and,
for the purpose of setting |
forth the covenants and undertakings of the
Authority in |
connection with the
issuance of the bonds, notes, or other |
evidences of indebtedness and the
issuance of any additional |
bonds,
notes or other evidences of indebtedness payable from |
such revenues, income, or other funds to be derived
from |
projects, the Authority may execute and deliver a mortgage or |
trust agreement. A remedy for any
breach or default of the |
terms of any mortgage or trust agreement by the Authority may |
be by mandamus
proceeding in the appropriate circuit court to |
compel performance and compliance under the terms of the
|
mortgage or trust agreement, but the trust agreement may |
prescribe by whom or on whose behalf the action
may be |
instituted.
|
(f) Bonds or notes shall be secured as provided in the |
authorizing ordinance which may include,
notwithstanding any |
other provision of this Act, in addition to any other security, |
a specific pledge,
assignment of and lien on, or security |
interest in any or all revenues or money of the Authority, from
|
whatever source, which may, by law, be used for debt service |
purposes and a
specific pledge, or assignment
of and lien on, |
or security interest in any funds or accounts established or
|
provided for by ordinance of the
Authority authorizing the |
issuance of the bonds or notes.
|
(g) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority
issued pursuant |
|
to this Section that the State will not limit or alter the |
rights and powers vested in the
Authority by this Act so as to |
impair the terms of any contract made by the Authority with the |
holders of
bonds or notes or in any way impair the rights and |
remedies of those holders until the bonds and notes,
together |
with interest thereon, with interest on any unpaid installments |
of interest, and all costs and
expenses in connection with any |
action or proceedings by or on behalf of the holders, are fully |
met and
discharged. In addition, the State pledges to and |
agrees with the holders of the bonds and notes of the
Authority |
issued pursuant to this Section that the State will not limit |
or alter the basis on which State funds
are to be paid to the |
Authority as provided in this Act, or the use of such funds, so |
as to impair the terms of
any such contract. The Authority is |
authorized to include these pledges and agreements of the State |
in any
contract with the holders of bonds or notes issued |
pursuant to this Section.
|
(h) (Blank). Not less than 30 days prior to the commitment |
to issue bonds, notes, or
other evidences of
indebtedness for |
the purpose of developing, constructing, acquiring, or
|
improving housing or residential
projects, as defined in this |
Act, the Authority shall provide notice to the
Executive |
Director of the Illinois
Housing Development Authority. Within |
30 days after the notice is provided, the
Illinois Housing
|
Development Authority shall, in writing, either express |
interest in financing
the project or notify the
Authority that |
|
it is not interested in providing financing and that the
|
Authority may finance the project or
seek alternative |
financing.
|
(Source: P.A. 94-995, eff. 7-3-06.)
|
Section 10. The Eastern Illinois
Economic Development |
Authority
Act is amended by changing Sections 10 and 35 as |
follows:
|
(70 ILCS 506/10)
|
Sec. 10. Definitions. In this Act:
|
"Authority" means the Eastern Illinois Economic |
Development Authority.
|
"Governmental agency" means any federal, State, or local |
governmental body
and any agency or
instrumentality thereof, |
corporate or otherwise.
|
"Person" means any natural person, firm, partnership, |
corporation, both
domestic and foreign,
company, association |
or joint stock association and includes any trustee,
receiver, |
assignee or personal
representative thereof.
|
"Revenue bond" means any bond issued by the Authority, the |
principal and
interest of which is payable
solely from revenues |
or income derived from any project or activity of the
|
Authority.
|
"Board" means the Board of Directors of the Eastern |
Illinois Economic
Development Authority.
|
|
"Governor" means the Governor of the State of Illinois.
|
"City" means any city, village, incorporated town, or |
township within the
geographical territory of the
Authority.
|
"Industrial project" means the following:
|
(1) a capital project, including one or more buildings |
and other
structures, improvements,
machinery and |
equipment whether or not on the same site or sites now |
existing
or hereafter acquired,
suitable for use by any |
manufacturing, industrial, research, transportation or
|
commercial enterprise
including but not limited to use as a |
factory, mill, processing plant, assembly
plant, packaging |
plant,
fabricating plant, ethanol plant, office building, |
industrial distribution
center, warehouse,
repair, |
overhaul or service
facility, freight terminal, research |
facility, test facility, railroad
facility, port facility, |
solid waste and wastewater
treatment and disposal sites and |
other pollution control facilities, resource
or waste |
reduction, recovery,
treatment and disposal facilities, |
and including also the sites thereof and
other rights in |
land therefore
whether improved or unimproved, site |
preparation and landscaping and all
appurtenances and |
facilities
incidental thereto such as utilities, access |
roads, railroad sidings, truck
docking and similar |
facilities,
parking facilities, dockage, wharfage, |
railroad roadbed, track, trestle, depot,
terminal, |
switching and
signaling equipment or related equipment and |
|
other improvements necessary or
convenient thereto; or
|
(2) any land, buildings, machinery or equipment |
comprising an addition to or
renovation,
rehabilitation or |
improvement of any existing capital project.
|
"Housing project" or "residential project" includes a |
specific work or improvement undertaken to provide dwelling |
accommodations, including the acquisition, construction, or |
rehabilitation of lands, buildings, and community facilities, |
and to provide non-housing facilities which are an integral |
part of a planned large-scale project or new community. |
"Commercial project" means any project, including, but not |
limited to, one or
more buildings and other
structures, |
improvements, machinery, and equipment, whether or not on the |
same
site or sites now existing
or hereafter acquired, suitable |
for use by any retail or wholesale concern,
distributorship, or |
agency.
|
"Project" means an industrial, housing, residential, |
commercial, or service
project, or any combination
thereof, |
provided that all uses fall within one of the categories |
described
above. Any project automatically
includes all site |
improvements and new construction involving sidewalks,
sewers, |
solid waste and
wastewater treatment and disposal sites and |
other pollution control facilities,
resource or waste |
reduction,
recovery, treatment and disposal facilities, parks, |
open spaces, wildlife
sanctuaries, streets, highways, and
|
runways.
|
|
"Lease agreement" means an agreement in which a project |
acquired by the
Authority by purchase, gift,
or lease is leased |
to any person or corporation that will use, or cause the
|
project to be used, as a project,
upon terms providing for |
lease rental payments at least sufficient to pay, when due, all |
principal of and
interest and premium, if any, on any bonds, |
notes, or other evidences of indebtedness of the Authority,
|
issued with respect to the project, providing for the |
maintenance, insurance, and operation of the project on
terms |
satisfactory to the Authority and providing for disposition of |
the project upon termination of the lease
term, including |
purchase options or abandonment of the premises, with other |
terms as may be deemed
desirable by the Authority.
|
"Loan agreement" means any agreement in which the Authority |
agrees to loan
the proceeds of its bonds,
notes, or other |
evidences of indebtedness, issued with respect to a project, to
|
any person or corporation
which will use or cause the project |
to be used as a project, upon terms
providing for loan |
repayment
installments at least sufficient to pay, when due, |
all principal of and
interest and premium, if any, on any
|
bonds, notes, or other evidences of indebtedness of the |
Authority issued with
respect to the project,
providing for |
maintenance, insurance, and operation of the project on terms
|
satisfactory to the Authority
and providing for other terms |
deemed advisable by the Authority.
|
"Financial aid" means the expenditure of Authority funds or |
|
funds provided by
the Authority for the
development, |
construction, acquisition or improvement of a project, through |
the
issuance of revenue bonds,
notes, or other evidences of |
indebtedness.
|
"Costs incurred in connection with
the development, |
construction, acquisition or improvement of a
project" means |
the following:
|
(1) the cost of purchase and construction of all lands |
and improvements in
connection therewith and
equipment and |
other property, rights, easements, and franchises acquired |
which
are deemed necessary for
the construction;
|
(2) financing charges;
|
(3) interest costs with respect to bonds, notes, and |
other evidences of
indebtedness of the Authority
prior to |
and during construction and for a period of 6 months |
thereafter;
|
(4) engineering and legal expenses; and
|
(5) the costs of plans, specifications, surveys, and |
estimates of costs and
other expenses necessary or
incident |
to determining the feasibility or practicability of any |
project,
together with such other expenses as
may be |
necessary or incident to the financing, insuring, |
acquisition, and
construction of a specific project
and the |
placing of the same in operation.
|
(Source: P.A. 94-203, eff. 7-13-05.)
|
|
(70 ILCS 506/35)
|
Sec. 35. Bonds.
|
(a) The Authority, with the written approval of the |
Governor, shall have the
continuing power to issue
bonds, |
notes, or other evidences of indebtedness in an aggregate |
amount outstanding not to
exceed $250,000,000 for the
following |
purposes: (i) development, construction, acquisition, or |
improvement
of projects, including those
established by |
business entities locating or expanding property within the
|
territorial jurisdiction of the
Authority; (ii) entering into |
venture capital agreements with businesses
locating or |
expanding within the
territorial jurisdiction of the |
Authority; (iii) acquisition and improvement of
any property |
necessary and
useful in connection therewith; and (iv) for the |
purposes of the Employee
Ownership Assistance Act. For
the |
purpose of evidencing the obligations of the Authority to repay |
any money
borrowed, the Authority
may, pursuant to resolution, |
from time to time, issue and dispose of its interest-bearing |
revenue bonds,
notes, or other evidences of indebtedness and |
may also from time to time issue and dispose of such bonds,
|
notes, or other evidences of indebtedness to refund, at |
maturity, at a redemption date or in advance of
either, any |
bonds, notes, or other evidences of indebtedness pursuant to |
redemption provisions or at any
time before maturity. All such |
bonds, notes, or other evidences of indebtedness shall be |
payable solely and
only from the revenues or income to be |
|
derived from loans made with respect to projects, from the |
leasing
or sale of the projects, or from any other funds |
available to the Authority for such purposes. The bonds,
notes, |
or other evidences of indebtedness may bear such date or dates, |
may mature at such time or times not
exceeding 40 years from |
their respective dates, may bear interest at such rate or rates |
not exceeding the
maximum rate permitted by the Bond |
Authorization Act, may be in such form, may carry such |
registration
privileges, may be executed in such manner, may be |
payable at such place or places, may be made subject
to |
redemption in such manner and upon such terms, with or without |
premium, as is stated on the face
thereof, may be authenticated |
in such manner and may contain such terms and
covenants as may |
be
provided by an applicable resolution.
|
(b) The holder or holders of any bonds, notes, or other |
evidences of
indebtedness issued by the
Authority may bring |
suits at law or proceedings in equity to compel the
performance |
and observance by
any corporation or person or by the Authority |
or any of its agents or employees
of any contract or covenant
|
made with the holders of the bonds, notes, or other evidences |
of indebtedness,
to compel such corporation,
person, the |
Authority, and any of its agents or employees to perform any |
duties
required to be performed
for the benefit of the holders |
of the bonds, notes, or other evidences of
indebtedness by the |
provision of the
resolution authorizing their issuance and to |
enjoin the corporation, person,
the Authority, and any of its
|
|
agents or employees from taking any action in conflict with any |
contract or
covenant.
|
(c) If the Authority fails to pay the principal of or |
interest on any of the
bonds or premium, if any, as the
bond |
becomes due, a civil action to compel payment may be instituted |
in the
appropriate circuit court by
the holder or holders of |
the bonds on which the default of payment exists or by
an |
indenture trustee acting
on behalf of the holders. Delivery of |
a summons and a copy of the complaint to
the chairman of the |
Board
shall constitute sufficient service to give the circuit |
court jurisdiction over
the subject matter of the suit and
|
jurisdiction over the Authority and its officers named as |
defendants for the
purpose of compelling such
payment. Any |
case, controversy, or cause of action concerning the validity |
of
this Act relates to the
revenue of the State of Illinois.
|
(d) Notwithstanding the form and tenor of any bond, note, |
or other evidence
of indebtedness and in
the absence of any |
express recital on its face that it is non-negotiable, all
such |
bonds, notes, and other
evidences of indebtedness shall be |
negotiable instruments. Pending the
preparation and execution |
of any
bonds, notes, or other evidences of indebtedness, |
temporary bonds, notes, or
evidences of indebtedness may
be |
issued as provided by ordinance.
|
(e) To secure the payment of any or all of such bonds, |
notes, or other
evidences of indebtedness, the
revenues to be |
received by the Authority from a lease agreement or loan
|
|
agreement shall be pledged, and,
for the purpose of setting |
forth the covenants and undertakings of the
Authority in |
connection with the
issuance of the bonds, notes, or other |
evidences of indebtedness and the
issuance of any additional |
bonds,
notes or other evidences of indebtedness payable from |
such revenues, income, or other funds to be derived
from |
projects, the Authority may execute and deliver a mortgage or |
trust agreement. A remedy for any
breach or default of the |
terms of any mortgage or trust agreement by the Authority may |
be by mandamus
proceeding in the appropriate circuit court to |
compel performance and compliance under the terms of the
|
mortgage or trust agreement, but the trust agreement may |
prescribe by whom or on whose behalf the action
may be |
instituted.
|
(f) Bonds or notes shall be secured as provided in the |
authorizing ordinance which may include,
notwithstanding any |
other provision of this Act, in addition to any other security, |
a specific pledge,
assignment of and lien on, or security |
interest in any or all revenues or money of the Authority, from
|
whatever source, which may, by law, be used for debt service |
purposes and a
specific pledge, or assignment
of and lien on, |
or security interest in any funds or accounts established or
|
provided for by ordinance of the
Authority authorizing the |
issuance of the bonds or notes.
|
(g) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority
issued pursuant |
|
to this Section that the State will not limit or alter the |
rights and powers vested in the
Authority by this Act so as to |
impair the terms of any contract made by the Authority with the |
holders of
bonds or notes or in any way impair the rights and |
remedies of those holders until the bonds and notes,
together |
with interest thereon, with interest on any unpaid installments |
of interest, and all costs and
expenses in connection with any |
action or proceedings by or on behalf of the holders, are fully |
met and
discharged. In addition, the State pledges to and |
agrees with the holders of the bonds and notes of the
Authority |
issued pursuant to this Section that the State will not limit |
or alter the basis on which State funds
are to be paid to the |
Authority as provided in this Act, or the use of such funds, so |
as to impair the terms of
any such contract. The Authority is |
authorized to include these pledges and agreements of the State |
in any
contract with the holders of bonds or notes issued |
pursuant to this Section.
|
(h) (Blank). Not less than 30 days prior to the commitment |
to issue bonds, notes, or
other evidences of
indebtedness for |
the purpose of developing, constructing, acquiring, or
|
improving housing or residential
projects, as defined in this |
Act, the Authority shall provide notice to the
Executive |
Director of the Illinois
Housing Development Authority. Within |
30 days after the notice is provided, the
Illinois Housing
|
Development Authority shall, in writing, either express |
interest in financing
the project or notify the
Authority that |
|
it is not interested in providing financing and that the
|
Authority may finance the project or
seek alternative |
financing.
|
(Source: P.A. 94-203, eff. 7-13-05.)
|
Section 15. The Southeastern Illinois
Economic Development |
Authority
Act is amended by changing Sections 15, 35, and 70 as |
follows:
|
(70 ILCS 518/15)
|
Sec. 15. Definitions. In this Act:
|
"Authority" means the Southeastern Illinois Economic |
Development Authority.
|
"Governmental agency" means any federal, State, or local |
governmental body
and any agency or
instrumentality thereof, |
corporate or otherwise.
|
"Person" means any natural person, firm, partnership, |
corporation, both
domestic and foreign,
company, association |
or joint stock association and includes any trustee,
receiver, |
assignee or personal
representative thereof.
|
"Revenue bond" means any bond issued by the Authority, the |
principal and
interest of which is payable
solely from revenues |
or income derived from any project or activity of the
|
Authority.
|
"Board" means the Board of Directors of the Southeastern |
Illinois Economic
Development Authority.
|
|
"Governor" means the Governor of the State of Illinois.
|
"City" means any city, village, incorporated town, or |
township within the
geographical territory of the
Authority.
|
"Industrial project" means the following:
|
(1) a capital project, including one or more buildings |
and other
structures, improvements,
machinery and |
equipment whether or not on the same site or sites now |
existing
or hereafter acquired,
suitable for use by any |
manufacturing, industrial, research, transportation or
|
commercial enterprise
including but not limited to use as a |
factory, mill, processing plant, assembly
plant, packaging |
plant,
fabricating plant, ethanol plant, office building, |
industrial distribution
center, warehouse,
repair, |
overhaul or service
facility, freight terminal, research |
facility, test facility, power generation facility, mining |
operation, railroad
facility, solid waste and wastewater
|
treatment and disposal sites and other pollution control |
facilities, resource
or waste reduction, recovery,
|
treatment and disposal facilities, tourism-related |
facilities, including hotels, theaters, water parks, and |
amusement parks, and including also the sites thereof and
|
other rights in land therefore
whether improved or |
unimproved, site preparation and landscaping and all
|
appurtenances and facilities
incidental thereto such as |
utilities, access roads, railroad sidings, truck
docking |
and similar facilities,
parking facilities, dockage, |
|
wharfage, railroad roadbed, track, trestle, depot,
|
terminal, switching and
signaling equipment or related |
equipment and other improvements necessary or
convenient |
thereto; or
|
(2) any land, buildings, machinery or equipment |
comprising an addition to or
renovation,
rehabilitation or |
improvement of any existing capital project.
|
"Housing project" or "residential project" includes a |
specific work or improvement undertaken to provide dwelling |
accommodations, including the acquisition, construction or |
rehabilitation of lands, buildings and community facilities |
and in connection therewith to provide nonhousing facilities |
which are an integral part of a planned large-scale project or |
new community. |
"Commercial project" means any project, including, but not |
limited to, one or
more buildings and other
structures, |
improvements, machinery, and equipment, whether or not on the |
same
site or sites now existing
or hereafter acquired, suitable |
for use by any retail or wholesale concern,
distributorship, or |
agency, or health facility or retirement facility.
|
"Project" means an industrial, housing, residential, |
commercial, or service
project, or any combination
thereof, |
provided that all uses fall within one of the categories |
described
above. Any project automatically
includes all site |
improvements and new construction involving sidewalks,
sewers, |
solid waste and
wastewater treatment and disposal sites and |
|
other pollution control facilities,
resource or waste |
reduction,
recovery, treatment and disposal facilities, parks, |
open spaces, wildlife
sanctuaries, streets, highways, and
|
runways.
|
"Lease agreement" means an agreement in which a project |
acquired by the
Authority by purchase, gift,
or lease is leased |
to any person or corporation that will use, or cause the
|
project to be used, as a project,
upon terms providing for |
lease rental payments at least sufficient to pay, when due, all |
principal of and
interest and premium, if any, on any bonds, |
notes, or other evidences of indebtedness of the Authority,
|
issued with respect to the project, providing for the |
maintenance, insurance, and operation of the project on
terms |
satisfactory to the Authority and providing for disposition of |
the project upon termination of the lease
term, including |
purchase options or abandonment of the premises, with other |
terms as may be deemed
desirable by the Authority.
|
"Loan agreement" means any agreement in which the Authority |
agrees to loan
the proceeds of its bonds,
notes, or other |
evidences of indebtedness, issued with respect to a project, to
|
any person or corporation
which will use or cause the project |
to be used as a project, upon terms
providing for loan |
repayment
installments at least sufficient to pay, when due, |
all principal of and
interest and premium, if any, on any
|
bonds, notes, or other evidences of indebtedness of the |
Authority issued with
respect to the project,
providing for |
|
maintenance, insurance, and operation of the project on terms
|
satisfactory to the Authority
and providing for other terms |
deemed advisable by the Authority.
|
"Financial aid" means the expenditure of Authority funds or |
funds provided by
the Authority for the
development, |
construction, acquisition or improvement of a project, through |
the
issuance of revenue bonds,
notes, or other evidences of |
indebtedness.
|
"Costs incurred in connection with
the development, |
construction, acquisition or improvement of a
project" means |
the following:
|
(1) the cost of purchase and construction of all lands |
and improvements in
connection therewith and
equipment and |
other property, rights, easements, and franchises acquired |
which
are deemed necessary for
the construction;
|
(2) financing charges;
|
(3) interest costs with respect to bonds, notes, and |
other evidences of
indebtedness of the Authority
prior to |
and during construction and for a period of 6 months |
thereafter;
|
(4) engineering and legal expenses; and
|
(5) the costs of plans, specifications, surveys, and |
estimates of costs and
other expenses necessary or
incident |
to determining the feasibility or practicability of any |
project,
together with such other expenses as
may be |
necessary or incident to the financing, insuring, |
|
acquisition, and
construction of a specific project
and the |
placing of the same in operation.
|
(Source: P.A. 93-968, eff. 8-20-04.)
|
(70 ILCS 518/35)
|
Sec. 35. Bonds.
|
(a) The Authority, with the written approval of the |
Governor, shall have the
continuing power to issue
bonds, |
notes, or other evidences of indebtedness in an aggregate |
amount outstanding not to
exceed $250,000,000 for the
following |
purposes: (i) development, construction, acquisition, or |
improvement
of projects, including those
established by |
business entities locating or expanding property within the
|
territorial jurisdiction of the
Authority; (ii) entering into |
venture capital agreements with businesses
locating or |
expanding within the
territorial jurisdiction of the |
Authority; (iii) acquisition and improvement of
any property |
necessary and
useful in connection therewith; and (iv) for the |
purposes of the Employee
Ownership Assistance Act. For
the |
purpose of evidencing the obligations of the Authority to repay |
any money
borrowed, the Authority
may, pursuant to resolution, |
from time to time, issue and dispose of its interest-bearing |
revenue bonds,
notes, or other evidences of indebtedness and |
may also from time to time issue and dispose of such bonds,
|
notes, or other evidences of indebtedness to refund, at |
maturity, at a redemption date or in advance of
either, any |
|
bonds, notes, or other evidences of indebtedness pursuant to |
redemption provisions or at any
time before maturity. All such |
bonds, notes, or other evidences of indebtedness shall be |
payable solely and
only from the revenues or income to be |
derived from loans made with respect to projects, from the |
leasing
or sale of the projects, or from any other funds |
available to the Authority for such purposes. The bonds,
notes, |
or other evidences of indebtedness may bear such date or dates, |
may mature at such time or times not
exceeding 40 years from |
their respective dates, may bear interest at such rate or rates |
not exceeding the
maximum rate permitted by the Bond |
Authorization Act, may be in such form, may carry such |
registration
privileges, may be executed in such manner, may be |
payable at such place or places, may be made subject
to |
redemption in such manner and upon such terms, with or without |
premium, as is stated on the face
thereof, may be authenticated |
in such manner and may contain such terms and
covenants as may |
be
provided by an applicable resolution.
|
(b) The holder or holders of any bonds, notes, or other |
evidences of
indebtedness issued by the
Authority may bring |
suits at law or proceedings in equity to compel the
performance |
and observance by
any corporation or person or by the Authority |
or any of its agents or employees
of any contract or covenant
|
made with the holders of the bonds, notes, or other evidences |
of indebtedness,
to compel such corporation,
person, the |
Authority, and any of its agents or employees to perform any |
|
duties
required to be performed
for the benefit of the holders |
of the bonds, notes, or other evidences of
indebtedness by the |
provision of the
resolution authorizing their issuance and to |
enjoin the corporation, person,
the Authority, and any of its
|
agents or employees from taking any action in conflict with any |
contract or
covenant.
|
(c) If the Authority fails to pay the principal of or |
interest on any of the
bonds or premium, if any, as the
bond |
becomes due, a civil action to compel payment may be instituted |
in the
appropriate circuit court by
the holder or holders of |
the bonds on which the default of payment exists or by
an |
indenture trustee acting
on behalf of the holders. Delivery of |
a summons and a copy of the complaint to
the chairman of the |
Board
shall constitute sufficient service to give the circuit |
court jurisdiction over
the subject matter of the suit and
|
jurisdiction over the Authority and its officers named as |
defendants for the
purpose of compelling such
payment. Any |
case, controversy, or cause of action concerning the validity |
of
this Act relates to the
revenue of the State of Illinois.
|
(d) Notwithstanding the form and tenor of any bond, note, |
or other evidence
of indebtedness and in
the absence of any |
express recital on its face that it is non-negotiable, all
such |
bonds, notes, and other
evidences of indebtedness shall be |
negotiable instruments. Pending the
preparation and execution |
of any
bonds, notes, or other evidences of indebtedness, |
temporary bonds, notes, or
evidences of indebtedness may
be |
|
issued as provided by ordinance.
|
(e) To secure the payment of any or all of such bonds, |
notes, or other
evidences of indebtedness, the
revenues to be |
received by the Authority from a lease agreement or loan
|
agreement shall be pledged, and,
for the purpose of setting |
forth the covenants and undertakings of the
Authority in |
connection with the
issuance of the bonds, notes, or other |
evidences of indebtedness and the
issuance of any additional |
bonds,
notes or other evidences of indebtedness payable from |
such revenues, income, or other funds to be derived
from |
projects, the Authority may execute and deliver a mortgage or |
trust agreement. A remedy for any
breach or default of the |
terms of any mortgage or trust agreement by the Authority may |
be by mandamus
proceeding in the appropriate circuit court to |
compel performance and compliance under the terms of the
|
mortgage or trust agreement, but the trust agreement may |
prescribe by whom or on whose behalf the action
may be |
instituted.
|
(f) Bonds or notes shall be secured as provided in the |
authorizing ordinance which may include,
notwithstanding any |
other provision of this Act, in addition to any other security, |
a specific pledge,
assignment of and lien on, or security |
interest in any or all revenues or money of the Authority, from
|
whatever source, which may, by law, be used for debt service |
purposes and a
specific pledge, or assignment
of and lien on, |
or security interest in any funds or accounts established or
|
|
provided for by ordinance of the
Authority authorizing the |
issuance of the bonds or notes.
|
(g) In the event that the Authority determines that moneys |
of the Authority
will not be sufficient for the
payment of the |
principal of and interest on its bonds during the next State
|
fiscal year, the chairman, as soon
as practicable, shall |
certify to the Governor the amount required by the
Authority to |
enable it to pay the
principal of and interest on the bonds. |
The Governor shall submit the certified
amount to the General
|
Assembly as soon as practicable, but no later than the end of |
the current State
fiscal year. This Section shall
not apply to |
any bonds or notes to which the Authority determines, in the
|
resolution authorizing the
issuance of the bonds or notes, that |
this Section shall not apply. Whenever the
Authority makes this
|
determination, it shall be plainly stated on the face of the |
bonds or notes and
the determination shall also be
reported to |
the Governor.
In the event of a withdrawal of moneys from a |
reserve fund established with
respect to any issue or
issues of |
bonds of the Authority to pay principal or interest on those |
bonds,
the chairman of the Authority,
as soon as practicable, |
shall certify to the Governor the amount required to
restore |
the reserve fund to the
level required in the resolution or |
indenture securing those bonds. The
Governor shall submit the |
certified
amount to the General Assembly as soon as |
practicable, but no later than the
end of the current State |
fiscal
year.
This subsection (g) shall not apply to any bond |
|
issued on or after the effective date of this amendatory Act of |
the 97th General Assembly.
|
(h) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority
issued pursuant |
to this Section that the State will not limit or alter the |
rights and powers vested in the
Authority by this Act so as to |
impair the terms of any contract made by the Authority with the |
holders of
bonds or notes or in any way impair the rights and |
remedies of those holders until the bonds and notes,
together |
with interest thereon, with interest on any unpaid installments |
of interest, and all costs and
expenses in connection with any |
action or proceedings by or on behalf of the holders, are fully |
met and
discharged. In addition, the State pledges to and |
agrees with the holders of the bonds and notes of the
Authority |
issued pursuant to this Section that the State will not limit |
or alter the basis on which State funds
are to be paid to the |
Authority as provided in this Act, or the use of such funds, so |
as to impair the terms of
any such contract. The Authority is |
authorized to include these pledges and agreements of the State |
in any
contract with the holders of bonds or notes issued |
pursuant to this Section.
|
(Source: P.A. 97-717, eff. 6-29-12.)
|
(70 ILCS 518/70)
|
Sec. 70. Reports and audit.
|
(a) The Authority shall annually submit a report of its
|
|
finances to the Auditor General. The Authority shall annually |
submit a report of its activities to the Governor
and to the |
General Assembly.
|
(b) (Blank). Beginning 5 years after the effective date of |
this Act and every 5 years thereafter, the Auditor General |
shall conduct a financial audit of the Authority.
|
(Source: P.A. 93-968, eff. 8-20-04.)
|
Section 20. The Southern Illinois
Economic Development |
Authority
Act is amended by changing Sections 5-15 and 5-40 as |
follows:
|
(70 ILCS 519/5-15)
|
Sec. 5-15. Definitions. In this Act:
|
"Authority" means the Southern Illinois Economic |
Development Authority.
|
"Governmental agency" means any federal, State, or local |
governmental body
and any agency or
instrumentality thereof, |
corporate or otherwise.
|
"Person" means any natural person, firm, partnership, |
corporation, both
domestic and foreign,
company, association |
or joint stock association and includes any trustee,
receiver, |
assignee or personal
representative thereof.
|
"Revenue bond" means any bond issued by the Authority, the |
principal and
interest of which is payable
solely from revenues |
or income derived from any project or activity of the
|
|
Authority.
|
"Board" means the Board of Directors of the Southern |
Illinois Economic
Development Authority.
|
"Governor" means the Governor of the State of Illinois.
|
"City" means any city, village, incorporated town, or |
township within the
geographical territory of the
Authority.
|
"Industrial project" means the following:
|
(1) a capital project, including one or more buildings |
and other
structures, improvements,
machinery and |
equipment whether or not on the same site or sites now |
existing
or hereafter acquired,
suitable for use by any |
manufacturing, industrial, research, transportation or
|
commercial enterprise
including but not limited to use as a |
factory, mill, processing plant, assembly
plant, packaging |
plant,
fabricating plant, ethanol plant, office building, |
industrial distribution
center, warehouse,
repair, |
overhaul or service
facility, freight terminal, research |
facility, test facility, railroad
facility, port facility, |
solid waste and wastewater
treatment and disposal sites and |
other pollution control facilities, resource
or waste |
reduction, recovery,
treatment and disposal facilities, |
and including also the sites thereof and
other rights in |
land therefore
whether improved or unimproved, site |
preparation and landscaping and all
appurtenances and |
facilities
incidental thereto such as utilities, access |
roads, railroad sidings, truck
docking and similar |
|
facilities,
parking facilities, dockage, wharfage, |
railroad roadbed, track, trestle, depot,
terminal, |
switching and
signaling equipment or related equipment and |
other improvements necessary or
convenient thereto; or
|
(2) any land, buildings, machinery or equipment |
comprising an addition to or
renovation,
rehabilitation or |
improvement of any existing capital project.
|
"Housing project" or "residential project" includes a |
specific work or improvement undertaken to provide dwelling |
accommodations, including the acquisition, construction or |
rehabilitation of lands, buildings and community facilities |
and in connection therewith to provide nonhousing facilities |
which are an integral part of a planned large-scale project or |
new community. |
"Commercial project" means any project, including, but not |
limited to, one or
more buildings and other
structures, |
improvements, machinery, and equipment, whether or not on the |
same
site or sites now existing
or hereafter acquired, suitable |
for use by any retail or wholesale concern,
distributorship, or |
agency.
|
"Project" means an industrial, housing, residential, |
commercial, or service
project, or any combination
thereof, |
provided that all uses fall within one of the categories |
described
above. Any project automatically
includes all site |
improvements and new construction involving sidewalks,
sewers, |
solid waste and
wastewater treatment and disposal sites and |
|
other pollution control facilities,
resource or waste |
reduction,
recovery, treatment and disposal facilities, parks, |
open spaces, wildlife
sanctuaries, streets, highways, and
|
runways.
|
"Lease agreement" means an agreement in which a project |
acquired by the
Authority by purchase, gift,
or lease is leased |
to any person or corporation that will use, or cause the
|
project to be used, as a project,
upon terms providing for |
lease rental payments at least sufficient to pay, when due, all |
principal of and
interest and premium, if any, on any bonds, |
notes, or other evidences of indebtedness of the Authority,
|
issued with respect to the project, providing for the |
maintenance, insurance, and operation of the project on
terms |
satisfactory to the Authority and providing for disposition of |
the project upon termination of the lease
term, including |
purchase options or abandonment of the premises, with other |
terms as may be deemed
desirable by the Authority.
|
"Loan agreement" means any agreement in which the Authority |
agrees to loan
the proceeds of its bonds,
notes, or other |
evidences of indebtedness, issued with respect to a project, to
|
any person or corporation
which will use or cause the project |
to be used as a project, upon terms
providing for loan |
repayment
installments at least sufficient to pay, when due, |
all principal of and
interest and premium, if any, on any
|
bonds, notes, or other evidences of indebtedness of the |
Authority issued with
respect to the project,
providing for |
|
maintenance, insurance, and operation of the project on terms
|
satisfactory to the Authority
and providing for other terms |
deemed advisable by the Authority.
|
"Financial aid" means the expenditure of Authority funds or |
funds provided by
the Authority for the
development, |
construction, acquisition or improvement of a project, through |
the
issuance of revenue bonds,
notes, or other evidences of |
indebtedness.
|
"Costs incurred in connection with
the development, |
construction, acquisition or improvement of a
project" means |
the following:
|
(1) the cost of purchase and construction of all lands |
and improvements in
connection therewith and
equipment and |
other property, rights, easements, and franchises acquired |
which
are deemed necessary for
the construction;
|
(2) financing charges;
|
(3) interest costs with respect to bonds, notes, and |
other evidences of
indebtedness of the Authority
prior to |
and during construction and for a period of 6 months |
thereafter;
|
(4) engineering and legal expenses; and
|
(5) the costs of plans, specifications, surveys, and |
estimates of costs and
other expenses necessary or
incident |
to determining the feasibility or practicability of any |
project,
together with such other expenses as
may be |
necessary or incident to the financing, insuring, |
|
acquisition, and
construction of a specific project
and the |
placing of the same in operation.
|
(Source: P.A. 94-1021, eff. 7-12-06.)
|
(70 ILCS 519/5-40)
|
Sec. 5-40. Bonds.
|
(a) The Authority, with the written approval of the |
Governor, shall have the
continuing power to issue
bonds, |
notes, or other evidences of indebtedness in an aggregate |
amount outstanding not to
exceed $250,000,000 for the
following |
purposes: (i) development, construction, acquisition, or |
improvement
of projects, including those
established by |
business entities locating or expanding property within the
|
territorial jurisdiction of the
Authority; (ii) entering into |
venture capital agreements with businesses
locating or |
expanding within the
territorial jurisdiction of the |
Authority; and (iii) acquisition and improvement of
any |
property necessary and
useful in connection therewith. For
the |
purpose of evidencing the obligations of the Authority to repay |
any money
borrowed, the Authority
may, pursuant to resolution, |
from time to time, issue and dispose of its interest-bearing |
revenue bonds,
notes, or other evidences of indebtedness and |
may also from time to time issue and dispose of such bonds,
|
notes, or other evidences of indebtedness to refund, at |
maturity, at a redemption date or in advance of
either, any |
bonds, notes, or other evidences of indebtedness pursuant to |
|
redemption provisions or at any
time before maturity. All such |
bonds, notes, or other evidences of indebtedness shall be |
payable solely and
only from the revenues or income to be |
derived from loans made with respect to projects, from the |
leasing
or sale of the projects, or from any other funds |
available to the Authority for such purposes. The bonds,
notes, |
or other evidences of indebtedness may bear such date or dates, |
may mature at such time or times not
exceeding 40 years from |
their respective dates, may bear interest at such rate or rates |
not exceeding the
maximum rate permitted by the Bond |
Authorization Act, may be in such form, may carry such |
registration
privileges, may be executed in such manner, may be |
payable at such place or places, may be made subject
to |
redemption in such manner and upon such terms, with or without |
premium, as is stated on the face
thereof, may be authenticated |
in such manner and may contain such terms and
covenants as may |
be
provided by an applicable resolution.
|
(b) The holder or holders of any bonds, notes, or other |
evidences of
indebtedness issued by the
Authority may bring |
suits at law or proceedings in equity to compel the
performance |
and observance by
any corporation or person or by the Authority |
or any of its agents or employees
of any contract or covenant
|
made with the holders of the bonds, notes, or other evidences |
of indebtedness,
to compel such corporation,
person, the |
Authority, and any of its agents or employees to perform any |
duties
required to be performed
for the benefit of the holders |
|
of the bonds, notes, or other evidences of
indebtedness by the |
provision of the
resolution authorizing their issuance and to |
enjoin the corporation, person,
the Authority, and any of its
|
agents or employees from taking any action in conflict with any |
contract or
covenant.
|
(c) If the Authority fails to pay the principal of or |
interest on any of the
bonds or premium, if any, as the
bond |
becomes due, a civil action to compel payment may be instituted |
in the
appropriate circuit court by
the holder or holders of |
the bonds on which the default of payment exists or by
an |
indenture trustee acting
on behalf of the holders. Delivery of |
a summons and a copy of the complaint to
the chairman of the |
Board
shall constitute sufficient service to give the circuit |
court jurisdiction over
the subject matter of the suit and
|
jurisdiction over the Authority and its officers named as |
defendants for the
purpose of compelling such
payment. Any |
case, controversy, or cause of action concerning the validity |
of
this Act relates to the
revenue of the State of Illinois.
|
(d) Notwithstanding the form and tenor of any bond, note, |
or other evidence
of indebtedness and in
the absence of any |
express recital on its face that it is non-negotiable, all
such |
bonds, notes, and other
evidences of indebtedness shall be |
negotiable instruments. Pending the
preparation and execution |
of any
bonds, notes, or other evidences of indebtedness, |
temporary bonds, notes, or
evidences of indebtedness may
be |
issued as provided by ordinance.
|
|
(e) To secure the payment of any or all of such bonds, |
notes, or other
evidences of indebtedness, the
revenues to be |
received by the Authority from a lease agreement or loan
|
agreement shall be pledged, and,
for the purpose of setting |
forth the covenants and undertakings of the
Authority in |
connection with the
issuance of the bonds, notes, or other |
evidences of indebtedness and the
issuance of any additional |
bonds,
notes or other evidences of indebtedness payable from |
such revenues, income, or other funds to be derived
from |
projects, the Authority may execute and deliver a mortgage or |
trust agreement. A remedy for any
breach or default of the |
terms of any mortgage or trust agreement by the Authority may |
be by mandamus
proceeding in the appropriate circuit court to |
compel performance and compliance under the terms of the
|
mortgage or trust agreement, but the trust agreement may |
prescribe by whom or on whose behalf the action
may be |
instituted.
|
(f) Bonds or notes shall be secured as provided in the |
authorizing ordinance which may include,
notwithstanding any |
other provision of this Act, in addition to any other security, |
a specific pledge,
assignment of and lien on, or security |
interest in any or all revenues or money of the Authority, from
|
whatever source, which may, by law, be used for debt service |
purposes and a
specific pledge, or assignment
of and lien on, |
or security interest in any funds or accounts established or
|
provided for by ordinance of the
Authority authorizing the |
|
issuance of the bonds or notes.
|
(g) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority
issued pursuant |
to this Section that the State will not limit or alter the |
rights and powers vested in the
Authority by this Act so as to |
impair the terms of any contract made by the Authority with the |
holders of
bonds or notes or in any way impair the rights and |
remedies of those holders until the bonds and notes,
together |
with interest thereon, with interest on any unpaid installments |
of interest, and all costs and
expenses in connection with any |
action or proceedings by or on behalf of the holders, are fully |
met and
discharged. In addition, the State pledges to and |
agrees with the holders of the bonds and notes of the
Authority |
issued pursuant to this Section that the State will not limit |
or alter the basis on which State funds
are to be paid to the |
Authority as provided in this Act, or the use of such funds, so |
as to impair the terms of
any such contract. The Authority is |
authorized to include these pledges and agreements of the State |
in any
contract with the holders of bonds or notes issued |
pursuant to this Section.
|
(h) (Blank). Not less than 30 days prior to the commitment |
to issue bonds, notes, or
other evidences of
indebtedness for |
the purpose of developing, constructing, acquiring, or
|
improving housing or residential
projects, as defined in this |
Act, the Authority shall provide notice to the
Executive |
Director of the Illinois
Housing Development Authority. Within |
|
30 days after the notice is provided, the
Illinois Housing
|
Development Authority shall, in writing, either express |
interest in financing
the project or notify the
Authority that |
it is not interested in providing financing and that the
|
Authority may finance the project or
seek alternative |
financing.
|
(Source: P.A. 94-1021, eff. 7-12-06.)
|
Section 25. The Tri-County River Valley Development |
Authority Law is amended by changing Section 2007 and by adding |
Section 2007.1 as follows:
|
(70 ILCS 525/2007) (from Ch. 85, par. 7507)
|
Sec. 2007. Bonds.
|
(a) The Authority, with the written approval of the |
Governor,
shall have the continuing power to issue bonds, |
notes, or other evidences
of indebtedness in an aggregate |
amount outstanding not to exceed $250,000,000 $100,000,000 for |
the
purpose of developing, constructing, acquiring or |
improving projects,
including those established by business |
entities locating or expanding
property within the territorial |
jurisdiction of the Authority, for entering
into venture |
capital agreements with businesses locating or expanding
|
within the territorial jurisdiction of the Authority, for |
acquiring and
improving any property necessary and useful in |
connection therewith and for
the purposes of the Employee |
|
Ownership Assistance Act. For the purpose of
evidencing the |
obligations of the Authority to repay any money borrowed,
the |
Authority may, pursuant to resolution, from time to time issue |
and
dispose of its interest bearing revenue bonds, notes or |
other evidences of
indebtedness and may also from time to time |
issue and dispose of such
bonds, notes or other evidences of |
indebtedness to refund, at maturity, at
a redemption date or in |
advance of either, any bonds, notes or other
evidences of |
indebtedness pursuant to redemption provisions or at any time
|
before maturity. All such bonds, notes or other evidences of |
indebtedness
shall be payable from the revenues or income to be |
derived from loans made
with respect to projects, from the |
leasing or sale of the projects or from
any other funds |
available to the Authority for such purposes. The bonds,
notes |
or other evidences of indebtedness may bear such date or dates, |
may
mature at such time or times not exceeding 40 years from |
their respective
dates, may bear interest at such rate or rates |
not exceeding the maximum
rate permitted by the Bond |
Authorization Act, may be in such form, may
carry such |
registration privileges, may be executed in such manner, may be
|
payable at such place or places, may be made subject to |
redemption in such
manner and upon such terms, with or without |
premium as is stated on the
face thereof, may be authenticated |
in such manner and may contain such
terms and covenants as may |
be provided by an applicable resolution.
|
(b-1) The holder or holders of any bonds, notes or other |
|
evidences of
indebtedness issued by the Authority may bring |
suits at law or proceedings
in equity to compel the performance |
and observance by any corporation or
person or by the Authority |
or any of its agents or employees of any
contract or covenant |
made with the holders of such bonds, notes or other
evidences |
of indebtedness, to compel such corporation, person, the
|
Authority and any of its agents or employees to perform any |
duties required
to be performed for the benefit of the holders |
of any such bonds, notes or
other evidences of indebtedness by |
the provision of the resolution
authorizing their issuance and |
to enjoin such corporation, person, the
Authority and any of |
its agents or employees from taking any action in
conflict with |
any such contract or covenant.
|
(b-2) If the Authority fails to pay the principal of or |
interest on any
of the bonds or premium, if any, as the same |
become due, a civil action to
compel payment may be instituted |
in the appropriate circuit court by the
holder or holders of |
the bonds on which such default of payment exists or
by an |
indenture trustee acting on behalf of such holders. Delivery of |
a
summons and a copy of the complaint to the Chairman of the |
Board shall
constitute sufficient service to give the circuit |
court jurisdiction of the
subject matter of such a suit and |
jurisdiction over the Authority and its
officers named as |
defendants for the purpose of compelling such payment.
Any |
case, controversy or cause of action concerning the validity of |
this
Article relates to the revenue of the State of Illinois.
|
|
(c) Notwithstanding the form and tenor of any such bonds, |
notes or other
evidences of indebtedness and in the absence of |
any express recital on the
face thereof that it is |
non-negotiable, all such bonds, notes and other
evidences of |
indebtedness shall be negotiable instruments. Pending the
|
preparation and execution of any such bonds, notes or other |
evidences of
indebtedness, temporary bonds, notes or evidences |
of indebtedness may be
issued as provided by ordinance.
|
(d) To secure the payment of any or all of such bonds, |
notes or other
evidences of indebtedness, the revenues to be |
received by the Authority from
a lease agreement or loan |
agreement shall be pledged, and, for the purpose
of setting |
forth the covenants and undertakings of the Authority in
|
connection with the issuance thereof and the issuance of any |
additional
bonds, notes or other evidences of indebtedness |
payable from such revenues,
income or other funds to be derived |
from projects, the Authority may
execute and deliver a mortgage |
or trust agreement. A remedy for any breach
or default of the |
terms of any such mortgage or trust agreement by the
Authority |
may be by mandamus proceedings in the appropriate circuit court
|
to compel the performance and compliance therewith, but the |
trust agreement
may prescribe by whom or on whose behalf such |
action may be instituted.
|
(e) Such bonds or notes shall be secured as provided in the |
authorizing
ordinance which may, notwithstanding any other |
provision of this Article,
include in addition to any other |
|
security a specific pledge or assignment
of and lien on or |
security interest in any or all revenues or money of the
|
Authority from whatever source which may by law be used for |
debt
service purposes and a specific pledge or assignment of |
and lien on or
security interest in any funds or accounts |
established or provided for by
ordinance of the Authority |
authorizing the issuance of such bonds or notes.
|
(f) In the event that the Authority determines that monies |
of the
Authority will not be sufficient for the payment of the |
principal of and
interest on its bonds during the next State |
fiscal year, the
Chairman, as soon as practicable, shall |
certify to the Governor the
amount required by the Authority to |
enable it to pay such principal of and
interest on the bonds. |
The Governor shall submit the amount so certified to
the |
General Assembly as soon as practicable, but no later than the |
end of
the current State fiscal year. This subsection shall not |
apply to any
bonds or notes as to which the Authority shall |
have determined, in the
resolution authorizing the issuance of |
the bonds or notes, that this
subsection shall not apply. |
Whenever the Authority makes such a
determination, that fact |
shall be plainly stated on the face of the bonds
or notes and |
that fact shall also be reported to the Governor.
|
In the event of a withdrawal of moneys from a reserve fund |
established
with respect to any issue or issues of bonds of the |
Authority to pay
principal or interest on those bonds, the |
Chairman of the Authority, as
soon as practicable, shall |
|
certify to the Governor the amount required
to restore the |
reserve fund to the level required in the resolution or
|
indenture securing those bonds. The Governor shall submit the |
amount so
certified to the General Assembly as soon as |
practicable, but no later than
the end of the current state |
fiscal year. This subsection (f) shall not apply to any bond |
issued on or after the effective date of this amendatory Act of |
the 98th General Assembly.
|
(g) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority issued pursuant |
to this Section that the
State will not limit or alter the |
rights and powers vested in the Authority
by this Article so as |
to impair the terms of any contract made by the Authority
with |
such holders or in any way impair the rights and remedies of |
such
holders until such bonds and notes, together with interest |
thereon, with
interest on any unpaid installments of interest, |
and all costs and expenses
in connection with any action or |
proceedings by or on behalf of such
holders, are fully met and |
discharged. In addition, the State pledges to
and agrees with |
the holders of the bonds and notes of the Authority issued
|
pursuant to this Section that the State will not limit or alter |
the basis
on which State funds are to be paid to the Authority |
as provided in this
Act, or the use of such funds, so as to |
impair the terms of any such
contract. The Authority is |
authorized to include these pledges and
agreements of the State |
in any contract with the holders of bonds or notes
issued |
|
pursuant to this Section.
|
(h) (Blank). Not less than 30 days prior to the commitment |
to issue bonds,
notes, or other evidences of indebtedness for |
the purpose of developing,
constructing, acquiring or |
improving housing or residential projects, as
defined in |
Section 2003, the Authority shall provide notice to the
|
Executive Director of the Illinois Housing Development |
Authority.
Within 30 days after receipt of the notice, the |
Illinois Housing
Development Authority shall notify the |
Authority as to its interest in
financing the project. If the |
Illinois Housing Development Authority
notifies the Authority |
that it is not interested in financing the project,
the |
Authority may finance the project or seek alternative financing |
for
the project.
|
(Source: P.A. 91-357, eff. 7-29-99.)
|
(70 ILCS 525/2007.1 new) |
Sec. 2007.1. Bonds and notes; exemption from taxation. The |
creation of the Authority is in all respects for the benefit of |
the people of Illinois and for the improvement of their health, |
safety, welfare, comfort, and security, and its purposes are |
public purposes. In consideration thereof, the notes and bonds |
of the Authority issued pursuant to this Act and the income |
from these notes and bonds may be free from all taxation by the |
State or its political subdivisions, except for estate, |
transfer, and inheritance taxes. The exemption from taxation |
|
set forth in this Section shall apply to the income on any |
notes or bonds of the Authority only if the Authority in its |
sole judgment determines that the exemption enhances the |
marketability of the bonds or notes or reduces the interest |
rates that would otherwise be borne by the bonds or notes. For |
purposes of Section 250 of the Illinois Income Tax Act, the |
exemption of the Authority shall terminate after all of the |
bonds have been paid. The amount of the income that shall be |
added and then subtracted on the Illinois income tax return of |
a taxpayer, subject to Section 203 of the Illinois Income Tax |
Act, from federal adjusted gross income or federal taxable |
income in computing Illinois base income shall be the interest |
net of any bond premium amortization.
|
Section 30. The Upper Illinois River Valley Development |
Authority Act is amended by changing Section 7 as follows:
|
(70 ILCS 530/7) (from Ch. 85, par. 7157)
|
Sec. 7. Bonds.
|
(a) The Authority, with the written approval of the
|
Governor, shall have the continuing power to issue bonds, |
notes, or other
evidences of indebtedness in an aggregate |
amount outstanding not to exceed $500,000,000
for the purpose |
of developing, constructing, acquiring or improving
projects, |
including those established by business entities locating or
|
expanding property within the territorial jurisdiction of the |
|
Authority,
for entering into venture capital agreements with |
businesses locating or
expanding within the territorial |
jurisdiction of the Authority, for
acquiring and improving any |
property necessary and useful in connection
therewith and for |
the purposes of the Employee Ownership Assistance Act.
For the |
purpose of evidencing the obligations of the Authority to repay |
any
money borrowed, the Authority may, pursuant to resolution, |
from time to
time issue and dispose of its interest bearing |
revenue bonds, notes or
other evidences of indebtedness and may |
also from time to time issue and
dispose of such bonds, notes |
or other evidences of indebtedness to refund,
at maturity, at a |
redemption date or in advance of either, any bonds, notes
or |
other evidences of indebtedness pursuant to redemption |
provisions or at
any time before maturity. All such bonds, |
notes or other evidences of
indebtedness shall be payable |
solely and only from the revenues or income
to be derived from |
loans made with respect to projects, from the leasing or
sale |
of the projects or from any other funds available to the |
Authority for
such purposes. The bonds, notes or other |
evidences of indebtedness may
bear such date or dates, may |
mature at such time or times not exceeding 40
years from their |
respective dates, may bear interest at such rate or rates
not |
exceeding the maximum rate permitted by "An Act to authorize |
public
corporations to issue bonds, other evidences of |
indebtedness and tax
anticipation warrants subject to interest |
rate limitations set forth
therein", approved May 26, 1970, as |
|
amended, may be in such form, may carry
such registration |
privileges, may be executed in such manner, may be
payable at |
such place or places, may be made subject to redemption in such
|
manner and upon such terms, with or without premium as is |
stated on the
face thereof, may be authenticated in such manner |
and may contain such
terms and covenants as may be provided by |
an applicable resolution.
|
(b-1) The holder or holders of any bonds, notes or other |
evidences of
indebtedness issued by the Authority may bring |
suits at law or proceedings
in equity to compel the performance |
and observance by any corporation or
person or by the Authority |
or any of its agents or employees of any
contract or covenant |
made with the holders of such bonds, notes or other
evidences |
of indebtedness, to compel such corporation, person, the
|
Authority and any of its agents or employees to perform any |
duties required
to be performed for the benefit of the holders |
of any such bonds, notes or
other evidences of indebtedness by |
the provision of the resolution
authorizing their issuance and |
to enjoin such corporation, person, the
Authority and any of |
its agents or employees from taking any action in
conflict with |
any such contract or covenant.
|
(b-2) If the Authority fails to pay the principal of or |
interest on any
of the bonds or premium, if any, as the same |
become due, a civil action to
compel payment may be instituted |
in the appropriate circuit court by the
holder or holders of |
the bonds on which such default of payment exists or
by an |
|
indenture trustee acting on behalf of such holders. Delivery of |
a
summons and a copy of the complaint to the Chairman of the |
Board shall
constitute sufficient service to give the circuit |
court jurisdiction of the
subject matter of such a suit and |
jurisdiction over the Authority and its
officers named as |
defendants for the purpose of compelling such payment.
Any |
case, controversy or cause of action concerning the validity of |
this Act
relates to the revenue of the State of Illinois.
|
(c) Notwithstanding the form and tenor of any such bonds, |
notes or other
evidences of indebtedness and in the absence of |
any express recital on the
face thereof that it is |
non-negotiable, all such bonds, notes and other
evidences of |
indebtedness shall be negotiable instruments. Pending the
|
preparation and execution of any such bonds, notes or other |
evidences of
indebtedness, temporary bonds, notes or evidences |
of indebtedness may be
issued as provided by ordinance.
|
(d) To secure the payment of any or all of such bonds, |
notes or other
evidences of indebtedness, the revenues to be |
received by the Authority from
a lease agreement or loan |
agreement shall be pledged, and, for the purpose
of setting |
forth the covenants and undertakings of the Authority in
|
connection with the issuance thereof and the issuance of any |
additional
bonds, notes or other evidences of indebtedness |
payable from such revenues,
income or other funds to be derived |
from projects, the Authority may
execute and deliver a mortgage |
or trust agreement. A remedy for any breach
or default of the |
|
terms of any such mortgage or trust agreement by the
Authority |
may be by mandamus proceedings in the appropriate circuit court
|
to compel the performance and compliance therewith, but the |
trust agreement
may prescribe by whom or on whose behalf such |
action may be instituted.
|
(e) Such bonds or notes shall be secured as provided in the |
authorizing
ordinance which may, notwithstanding any other |
provision of this Act,
include in addition to any other |
security a specific pledge or assignment
of and lien on or |
security interest in any or all revenues or money of the
|
Authority from whatever source which may by law be used for |
debt
service purposes and a specific pledge or assignment of |
and lien on or
security interest in any funds or accounts |
established or provided for by
ordinance of the Authority |
authorizing the issuance of such bonds or notes.
|
(f) In the event that the Authority determines that monies |
of the
Authority will not be sufficient for the payment of the |
principal of and
interest on its bonds during the next State |
fiscal year, the
Chairman, as soon as practicable, shall |
certify to the Governor the
amount required by the Authority to |
enable
it to pay such principal of and interest on the bonds.
|
The Governor shall submit the amount so certified to the |
General Assembly
as soon as practicable, but no later than the |
end of the current State fiscal
year. This Section shall
not |
apply to any bonds or notes as to which the
Authority shall |
have determined, in the resolution authorizing the issuance
of |
|
the bonds or notes, that this Section shall not apply. Whenever |
the
Authority makes such a determination, that fact shall be |
plainly stated on
the face of the bonds or notes and that fact |
shall also be reported to the Governor.
|
In the event of a withdrawal of moneys from a reserve fund |
established
with respect to any issue or issues of bonds of the |
Authority to pay
principal or interest on those bonds, the |
Chairman of the Authority, as
soon as practicable, shall |
certify to the Governor the amount required
to restore the |
reserve fund to the level required in the
resolution or |
indenture securing those bonds.
The Governor shall submit the |
amount so certified to the General Assembly
as soon as |
practicable, but no later than the end of the current State |
fiscal year. This subsection (f) shall not apply to any bond |
issued on or after the effective date of this amendatory Act of |
the 97th General Assembly.
|
(g) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority issued pursuant |
to this Section that the
State will not limit or alter the |
rights and powers vested in the Authority
by this Act so as to |
impair the terms of any contract made by the Authority
with |
such holders or in any way impair the rights and remedies of |
such
holders until such bonds and notes, together with interest |
thereon, with
interest on any unpaid installments of interest, |
and all costs and expenses
in connection with any action or |
proceedings by or on behalf of such
holders, are fully met and |
|
discharged. In addition, the State pledges to
and agrees with |
the holders of the bonds and notes of the Authority issued
|
pursuant to this Section that the State will not limit or alter |
the basis
on which State funds are to be paid to the Authority |
as provided in this
Act, or the use of such funds, so as to |
impair the terms of any such
contract. The Authority is |
authorized to include these pledges and
agreements of the State |
in any contract with the holders of bonds or notes
issued |
pursuant to this Section.
|
(h) (Blank). Not less than 30 days prior to the commitment |
to issue bonds,
notes, or other evidences of indebtedness for |
the purpose of developing,
constructing, acquiring or |
improving housing or residential projects, as
defined in |
Section 3, the Authority shall provide notice to the
Executive |
Director of the Illinois Housing Development Authority. Within
|
30 days after notice is provided, the Illinois Housing |
Development
Authority shall either in writing express interest |
in financing the project
or notify the Authority that it is not |
interested in providing such
financing and the Authority may |
finance the project or seek alternative
financing.
|
(Source: P.A. 97-312, eff. 8-11-11.)
|
Section 35. The Western Illinois Economic Development |
Authority Act is amended by changing Sections 15 and 40 as |
follows:
|
|
(70 ILCS 532/15)
|
Sec. 15. Definitions. In this Act:
|
"Authority" means the Western Illinois Economic |
Development Authority.
|
"Governmental agency" means any federal, State, or local |
governmental body
and any agency or
instrumentality thereof, |
corporate or otherwise.
|
"Person" means any natural person, firm, partnership, |
corporation, both
domestic and foreign,
company, association |
or joint stock association and includes any trustee,
receiver, |
assignee or personal
representative thereof.
|
"Revenue bond" means any bond issued by the Authority, the |
principal and
interest of which is payable
solely from revenues |
or income derived from any project or activity of the
|
Authority.
|
"Board" means the Board of Directors of the Western |
Illinois Economic
Development Authority.
|
"Governor" means the Governor of the State of Illinois.
|
"City" means any city, village, incorporated town, or |
township within the
geographical territory of the
Authority.
|
"Industrial project" means the following:
|
(1) a capital project, including one or more buildings |
and other
structures, improvements,
machinery and |
equipment whether or not on the same site or sites now |
existing
or hereafter acquired,
suitable for use by any |
manufacturing, industrial, research, transportation or
|
|
commercial enterprise
including but not limited to use as a |
factory, mill, processing plant, assembly
plant, packaging |
plant,
fabricating plant, ethanol plant, office building, |
industrial distribution
center, warehouse,
repair, |
overhaul or service
facility, freight terminal, research |
facility, test facility, railroad
facility, port facility, |
solid waste and wastewater
treatment and disposal sites and |
other pollution control facilities, resource
or waste |
reduction, recovery,
treatment and disposal facilities, |
and including also the sites thereof and
other rights in |
land therefore
whether improved or unimproved, site |
preparation and landscaping and all
appurtenances and |
facilities
incidental thereto such as utilities, access |
roads, railroad sidings, truck
docking and similar |
facilities,
parking facilities, dockage, wharfage, |
railroad roadbed, track, trestle, depot,
terminal, |
switching and
signaling equipment or related equipment and |
other improvements necessary or
convenient thereto; or
|
(2) any land, buildings, machinery or equipment |
comprising an addition to or
renovation,
rehabilitation or |
improvement of any existing capital project.
|
"Housing project" or "residential project" includes a |
specific work or improvement undertaken to provide dwelling |
accommodations, including the acquisition, construction or |
rehabilitation of lands, buildings and community facilities |
and in connection therewith to provide nonhousing facilities |
|
which are an integral part of a planned large-scale project or |
new community. |
"Commercial project" means any project, including, but not |
limited to, one or
more buildings and other
structures, |
improvements, machinery, and equipment, whether or not on the |
same
site or sites now existing
or hereafter acquired, suitable |
for use by any retail or wholesale concern,
distributorship, or |
agency.
|
"Project" means an industrial, housing, residential, |
commercial, or service
project, or any combination
thereof, |
provided that all uses fall within one of the categories |
described
above. Any project automatically
includes all site |
improvements and new construction involving sidewalks,
sewers, |
solid waste and
wastewater treatment and disposal sites and |
other pollution control facilities,
resource or waste |
reduction,
recovery, treatment and disposal facilities, parks, |
open spaces, wildlife
sanctuaries, streets, highways, and
|
runways.
|
"Lease agreement" means an agreement in which a project |
acquired by the
Authority by purchase, gift,
or lease is leased |
to any person or corporation that will use, or cause the
|
project to be used, as a project,
upon terms providing for |
lease rental payments at least sufficient to pay, when due, all |
principal of and
interest and premium, if any, on any bonds, |
notes, or other evidences of indebtedness of the Authority,
|
issued with respect to the project, providing for the |
|
maintenance, insurance, and operation of the project on
terms |
satisfactory to the Authority and providing for disposition of |
the project upon termination of the lease
term, including |
purchase options or abandonment of the premises, with other |
terms as may be deemed
desirable by the Authority.
|
"Loan agreement" means any agreement in which the Authority |
agrees to loan
the proceeds of its bonds,
notes, or other |
evidences of indebtedness, issued with respect to a project, to
|
any person or corporation
which will use or cause the project |
to be used as a project, upon terms
providing for loan |
repayment
installments at least sufficient to pay, when due, |
all principal of and
interest and premium, if any, on any
|
bonds, notes, or other evidences of indebtedness of the |
Authority issued with
respect to the project,
providing for |
maintenance, insurance, and operation of the project on terms
|
satisfactory to the Authority
and providing for other terms |
deemed advisable by the Authority.
|
"Financial aid" means the expenditure of Authority funds or |
funds provided by
the Authority for the
development, |
construction, acquisition or improvement of a project, through |
the
issuance of revenue bonds,
notes, or other evidences of |
indebtedness.
|
"Costs incurred in connection with
the development, |
construction, acquisition or improvement of a
project" means |
the following:
|
(1) the cost of purchase and construction of all lands |
|
and improvements in
connection therewith and
equipment and |
other property, rights, easements, and franchises acquired |
which
are deemed necessary for
the construction;
|
(2) financing charges;
|
(3) interest costs with respect to bonds, notes, and |
other evidences of
indebtedness of the Authority
prior to |
and during construction and for a period of 6 months |
thereafter;
|
(4) engineering and legal expenses; and
|
(5) the costs of plans, specifications, surveys, and |
estimates of costs and
other expenses necessary or
incident |
to determining the feasibility or practicability of any |
project,
together with such other expenses as
may be |
necessary or incident to the financing, insuring, |
acquisition, and
construction of a specific project
and the |
placing of the same in operation.
|
(Source: P.A. 93-874, eff. 8-6-04.)
|
(70 ILCS 532/40)
|
Sec. 40. Bonds.
|
(a) The Authority, with the written approval of the |
Governor, shall have the
continuing power to issue
bonds, |
notes, or other evidences of indebtedness in an aggregate |
amount outstanding not to
exceed $250,000,000 for the
following |
purposes: (i) development, construction, acquisition, or |
improvement
of projects, including those
established by |
|
business entities locating or expanding property within the
|
territorial jurisdiction of the
Authority; (ii) entering into |
venture capital agreements with businesses
locating or |
expanding within the
territorial jurisdiction of the |
Authority; (iii) acquisition and improvement of
any property |
necessary and
useful in connection therewith; and (iv) for the |
purposes of the Employee
Ownership Assistance Act. For
the |
purpose of evidencing the obligations of the Authority to repay |
any money
borrowed, the Authority
may, pursuant to resolution, |
from time to time, issue and dispose of its interest-bearing |
revenue bonds,
notes, or other evidences of indebtedness and |
may also from time to time issue and dispose of such bonds,
|
notes, or other evidences of indebtedness to refund, at |
maturity, at a redemption date or in advance of
either, any |
bonds, notes, or other evidences of indebtedness pursuant to |
redemption provisions or at any
time before maturity. All such |
bonds, notes, or other evidences of indebtedness shall be |
payable solely and
only from the revenues or income to be |
derived from loans made with respect to projects, from the |
leasing
or sale of the projects, or from any other funds |
available to the Authority for such purposes. The bonds,
notes, |
or other evidences of indebtedness may bear such date or dates, |
may mature at such time or times not
exceeding 40 years from |
their respective dates, may bear interest at such rate or rates |
not exceeding the
maximum rate permitted by the Bond |
Authorization Act, may be in such form, may carry such |
|
registration
privileges, may be executed in such manner, may be |
payable at such place or places, may be made subject
to |
redemption in such manner and upon such terms, with or without |
premium, as is stated on the face
thereof, may be authenticated |
in such manner and may contain such terms and
covenants as may |
be
provided by an applicable resolution.
|
(b) The holder or holders of any bonds, notes, or other |
evidences of
indebtedness issued by the
Authority may bring |
suits at law or proceedings in equity to compel the
performance |
and observance by
any corporation or person or by the Authority |
or any of its agents or employees
of any contract or covenant
|
made with the holders of the bonds, notes, or other evidences |
of indebtedness,
to compel such corporation,
person, the |
Authority, and any of its agents or employees to perform any |
duties
required to be performed
for the benefit of the holders |
of the bonds, notes, or other evidences of
indebtedness by the |
provision of the
resolution authorizing their issuance and to |
enjoin the corporation, person,
the Authority, and any of its
|
agents or employees from taking any action in conflict with any |
contract or
covenant.
|
(c) If the Authority fails to pay the principal of or |
interest on any of the
bonds or premium, if any, as the
bond |
becomes due, a civil action to compel payment may be instituted |
in the
appropriate circuit court by
the holder or holders of |
the bonds on which the default of payment exists or by
an |
indenture trustee acting
on behalf of the holders. Delivery of |
|
a summons and a copy of the complaint to
the chairman of the |
Board
shall constitute sufficient service to give the circuit |
court jurisdiction over
the subject matter of the suit and
|
jurisdiction over the Authority and its officers named as |
defendants for the
purpose of compelling such
payment. Any |
case, controversy, or cause of action concerning the validity |
of
this Act relates to the
revenue of the State of Illinois.
|
(d) Notwithstanding the form and tenor of any bond, note, |
or other evidence
of indebtedness and in
the absence of any |
express recital on its face that it is non-negotiable, all
such |
bonds, notes, and other
evidences of indebtedness shall be |
negotiable instruments. Pending the
preparation and execution |
of any
bonds, notes, or other evidences of indebtedness, |
temporary bonds, notes, or
evidences of indebtedness may
be |
issued as provided by ordinance.
|
(e) To secure the payment of any or all of such bonds, |
notes, or other
evidences of indebtedness, the
revenues to be |
received by the Authority from a lease agreement or loan
|
agreement shall be pledged, and,
for the purpose of setting |
forth the covenants and undertakings of the
Authority in |
connection with the
issuance of the bonds, notes, or other |
evidences of indebtedness and the
issuance of any additional |
bonds,
notes or other evidences of indebtedness payable from |
such revenues, income, or other funds to be derived
from |
projects, the Authority may execute and deliver a mortgage or |
trust agreement. A remedy for any
breach or default of the |
|
terms of any mortgage or trust agreement by the Authority may |
be by mandamus
proceeding in the appropriate circuit court to |
compel performance and compliance under the terms of the
|
mortgage or trust agreement, but the trust agreement may |
prescribe by whom or on whose behalf the action
may be |
instituted.
|
(f) Bonds or notes shall be secured as provided in the |
authorizing ordinance which may include,
notwithstanding any |
other provision of this Act, in addition to any other security, |
a specific pledge,
assignment of and lien on, or security |
interest in any or all revenues or money of the Authority, from
|
whatever source, which may, by law, be used for debt service |
purposes and a
specific pledge, or assignment
of and lien on, |
or security interest in any funds or accounts established or
|
provided for by ordinance of the
Authority authorizing the |
issuance of the bonds or notes.
|
(g) In the event that the Authority determines that moneys |
of the Authority
will not be sufficient for the
payment of the |
principal of and interest on its bonds during the next State
|
fiscal year, the chairman, as soon
as practicable, shall |
certify to the Governor the amount required by the
Authority to |
enable it to pay the
principal of and interest on the bonds. |
The Governor shall submit the certified
amount to the General
|
Assembly as soon as practicable, but no later than the end of |
the current State
fiscal year. This Section shall
not apply to |
any bonds or notes to which the Authority determines, in the
|
|
resolution authorizing the
issuance of the bonds or notes, that |
this Section shall not apply. Whenever the
Authority makes this
|
determination, it shall be plainly stated on the face of the |
bonds or notes and
the determination shall also be
reported to |
the Governor.
In the event of a withdrawal of moneys from a |
reserve fund established with
respect to any issue or
issues of |
bonds of the Authority to pay principal or interest on those |
bonds,
the chairman of the Authority,
as soon as practicable, |
shall certify to the Governor the amount required to
restore |
the reserve fund to the
level required in the resolution or |
indenture securing those bonds. The
Governor shall submit the |
certified
amount to the General Assembly as soon as |
practicable, but no later than the
end of the current State |
fiscal
year. This subsection (g) shall not apply to any bond |
issued on or after the effective date of this amendatory Act of |
the 98th General Assembly.
|
(h) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority
issued pursuant |
to this Section that the State will not limit or alter the |
rights and powers vested in the
Authority by this Act so as to |
impair the terms of any contract made by the Authority with the |
holders of
bonds or notes or in any way impair the rights and |
remedies of those holders until the bonds and notes,
together |
with interest thereon, with interest on any unpaid installments |
of interest, and all costs and
expenses in connection with any |
action or proceedings by or on behalf of the holders, are fully |
|
met and
discharged. In addition, the State pledges to and |
agrees with the holders of the bonds and notes of the
Authority |
issued pursuant to this Section that the State will not limit |
or alter the basis on which State funds
are to be paid to the |
Authority as provided in this Act, or the use of such funds, so |
as to impair the terms of
any such contract. The Authority is |
authorized to include these pledges and agreements of the State |
in any
contract with the holders of bonds or notes issued |
pursuant to this Section.
|
(i) (Blank). Not less than 30 days prior to the commitment |
to issue bonds, notes, or
other evidences of
indebtedness for |
the purpose of developing, constructing, acquiring, or
|
improving housing or residential
projects, as defined in this |
Act, the Authority shall provide notice to the
Executive |
Director of the Illinois
Housing Development Authority. Within |
30 days after the notice is provided, the
Illinois Housing
|
Development Authority shall, in writing, either express |
interest in financing
the project or notify the
Authority that |
it is not interested in providing financing and that the
|
Authority may finance the project or
seek alternative |
financing.
|
(Source: P.A. 93-874, eff. 8-6-04.)
|
Section 40. The Will-Kankakee Regional Development |
Authority Law is amended by changing Sections 3 and 5 as |
follows:
|
|
(70 ILCS 535/3) (from Ch. 85, par. 7453)
|
Sec. 3. Definitions. The following terms, whenever used or |
referred to
in this Act, shall have the following meanings, |
except in such instances
where the context may clearly indicate |
otherwise:
|
(a) "Authority" means the Will-Kankakee Regional |
Development Authority
created by this Act.
|
(b) "Governmental agency" means any federal, State or local |
governmental
body, and any agency or instrumentality thereof, |
corporate or otherwise.
|
(c) "Person" means any natural person, firm, partnership, |
corporation,
both domestic and foreign, company, association |
or joint stock association
and includes any trustee, receiver, |
assignee or personal representative
thereof.
|
(d) "Revenue bond" means any bond issued by the Authority |
the principal
and interest of which is payable solely from |
revenues or income
derived from any project or activity of the |
Authority.
|
(e) "Board" means the Will-Kankakee Regional Development |
Authority
Board of Directors.
|
(f) "Governor" means the Governor of the State of Illinois.
|
(g) "City" means any city, village, incorporated town or |
township
within the geographical territory of the Authority.
|
(h) "Industrial project" means (1) a capital project, |
including one or
more buildings and other structures, |
|
improvements, machinery and equipment
whether or not on the |
same site or sites now existing or hereafter
acquired, suitable |
for use by any manufacturing, industrial, research,
|
transportation or commercial enterprise including but not |
limited to use
as a factory, mill, processing plant, assembly |
plant, packaging plant,
fabricating plant, office building, |
industrial distribution center,
warehouse, repair, overhaul or |
service facility, freight terminal, research
facility, test |
facility, railroad facility, solid waste and wastewater
|
treatment and disposal sites and other pollution control |
facilities,
resource or waste reduction, recovery, treatment |
and disposal facilities,
and including also the sites thereof |
and other rights in land therefor
whether improved or |
unimproved, site preparation and landscaping and all
|
appurtenances and facilities incidental thereto such as |
utilities, access
roads, railroad sidings, truck docking and |
similar facilities, parking
facilities, dockage, wharfage, |
railroad roadbed, track, trestle, depot,
terminal, switching |
and signaling equipment or related equipment and other
|
improvements necessary or convenient thereto; or (2) any land, |
buildings,
machinery or equipment comprising an addition to or |
renovation,
rehabilitation or improvement of any existing |
capital project.
|
(h-5) "Housing project" or "residential project" includes |
a specific work or improvement undertaken to provide dwelling |
accommodations, including the acquisition, construction or |
|
rehabilitation of lands, buildings and community facilities |
and in connection therewith to provide nonhousing facilities |
which are an integral part of a planned large-scale project or |
new community. |
(i) "Commercial project" means any project, including but |
not limited to
one or more buildings and other structures, |
improvements, machinery and
equipment whether or not on the |
same site or sites now existing or
hereafter acquired, suitable |
for use by any retail or wholesale concern,
distributorship or |
agency, any cultural facilities of a for-profit or
|
not-for-profit type including but not limited to educational, |
theatrical,
recreational and entertainment, sports facilities, |
racetracks, stadiums,
convention centers, exhibition halls, |
arenas, opera houses and theaters,
waterfront improvements, |
swimming pools, boat storage, moorage, docking
facilities, |
restaurants, velodromes, coliseums, sports training |
facilities,
parking facilities, terminals, hotels and motels, |
gymnasiums, medical
facilities and port facilities.
|
(j) "Project" means an industrial, commercial or
service |
project or any combination thereof provided that all uses shall
|
fall within one of the categories described above. Any project, |
of any
nature whatsoever, shall automatically include all site |
improvements and
new construction involving sidewalks, sewers, |
solid waste and wastewater
treatment and disposal sites and |
other pollution control facilities,
resource or waste |
reduction, recovery, treatment and disposal facilities,
parks, |
|
open spaces, wildlife sanctuaries, streets, highways and |
runways.
|
(k) "Lease agreement" shall mean an agreement whereby a |
project acquired
by the Authority by purchase, gift or lease is |
leased to any person or
corporation which will use or cause the |
project to be used as a project as
heretofore defined upon |
terms providing for lease rental payments at least
sufficient |
to pay when due all principal of and interest and premium, if |
any,
on any bonds, notes or other evidences of indebtedness of |
the Authority
issued with respect to such project, providing |
for the maintenance,
insurance and operation of the project on |
terms satisfactory to the
Authority and providing for |
disposition of the project upon termination of
the lease term, |
including purchase options or abandonment of the premises,
with |
such other terms as may be deemed desirable by the Authority.
|
(l) "Loan agreement" means any agreement pursuant to which |
the Authority
agrees to loan the proceeds of its bonds, notes |
or other evidences of
indebtedness issued with respect to a |
project to any person or corporation
which will use or cause |
the project to be used as a project as heretofore
defined upon |
terms providing for loan repayment installments at least
|
sufficient to pay when due all principal of and interest and |
premium, if any,
on any bonds, notes or other evidences of |
indebtedness of the Authority
issued with respect to the |
project, providing for maintenance,
insurance and operation of |
the project on terms satisfactory to the
Authority and |
|
providing for other matters as may be deemed advisable by
the |
Authority.
|
(m) "Financial aid" means the expenditure of Authority |
funds or funds
provided by the Authority through the issuance |
of its revenue bonds, notes
or other evidences of indebtedness |
for the development, construction,
acquisition or improvement |
of a project.
|
(n) "Costs incurred in connection with the development, |
construction,
acquisition or improvement of a project" means |
the following: the cost of
purchase and construction of all |
lands and improvements in connection
therewith and equipment |
and other property, rights, easements and franchises
acquired |
which are deemed necessary for such construction; financing
|
charges; interest costs with respect to bonds, notes and other |
evidences of
indebtedness of the Authority prior to and during |
construction and for a
period of 6 months thereafter; |
engineering and legal expenses; the costs of
plans, |
specifications, surveys and estimates of costs and other |
expenses
necessary or incident to determining the feasibility |
or practicability of
any project, together with such other |
expenses as may be necessary or
incident to the financing, |
insuring, acquisition and construction of a
specific project |
and the placing of the same in operation.
|
(o) "Terminal" means a public place, station or depot for |
receiving and
delivering passengers, baggage, mail, freight or |
express matter and any
combination thereof in connection with |
|
the transportation of
persons and property on water or land or |
in the air.
|
(p) "Terminal facilities" means all land, buildings, |
structures,
improvements, equipment and appliances useful in |
the operation of public
warehouse, storage and transportation |
facilities and industrial,
manufacturing or commercial |
activities for the accommodation of or in
connection with |
commerce by water or land or in the air or useful as an
aid, or |
constituting an advantage or convenience to, the safe landing,
|
taking off and navigation of aircraft or the safe and efficient |
operation
or maintenance of a public airport.
|
(q) "Port facilities" means all public structures, except |
terminal
facilities as defined herein, that are in, over, under |
or adjacent to
navigable waters and are necessary for or |
incident to the furtherance of
water commerce and includes the |
widening and deepening of slips, harbors
and navigable waters.
|
(r) "Airport" means any locality, either land or water, |
which is used or
designed for the landing and taking off of |
aircraft or for the location of
runways, landing fields, |
aerodromes, hangars, buildings, structures,
airport roadways |
and other facilities.
|
(Source: P.A. 86-1481.)
|
(70 ILCS 535/5) (from Ch. 85, par. 7455)
|
Sec. 5. Duty. All official acts of the Authority shall |
require the
approval of at least 6 members. It shall be the |