Bill Text: IL SB0521 | 2017-2018 | 100th General Assembly | Enrolled


Bill Title: Amends the State Prompt Payment Act. Makes a technical change concerning examination of vouchers.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Enrolled) 2017-11-09 - Sent to the Governor [SB0521 Detail]

Download: Illinois-2017-SB0521-Enrolled.html



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1 AN ACT concerning finance.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Eastern Illinois Economic Development
5Authority Act is amended by changing Section 35 as follows:
6 (70 ILCS 506/35)
7 Sec. 35. Bonds.
8 (a) The Authority, with the written approval of the
9Governor, shall have the continuing power to issue bonds,
10notes, or other evidences of indebtedness in an aggregate
11amount outstanding not to exceed $500,000,000 $250,000,000 for
12the following purposes: (i) development, construction,
13acquisition, or improvement of projects, including those
14established by business entities locating or expanding
15property within the territorial jurisdiction of the Authority;
16(ii) entering into venture capital agreements with businesses
17locating or expanding within the territorial jurisdiction of
18the Authority; (iii) acquisition and improvement of any
19property necessary and useful in connection therewith; and (iv)
20for the purposes of the Employee Ownership Assistance Act. For
21the purpose of evidencing the obligations of the Authority to
22repay any money borrowed, the Authority may, pursuant to
23resolution, from time to time, issue and dispose of its

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1interest-bearing revenue bonds, notes, or other evidences of
2indebtedness and may also from time to time issue and dispose
3of such bonds, notes, or other evidences of indebtedness to
4refund, at maturity, at a redemption date or in advance of
5either, any bonds, notes, or other evidences of indebtedness
6pursuant to redemption provisions or at any time before
7maturity. All such bonds, notes, or other evidences of
8indebtedness shall be payable solely and only from the revenues
9or income to be derived from loans made with respect to
10projects, from the leasing or sale of the projects, or from any
11other funds available to the Authority for such purposes. The
12bonds, notes, or other evidences of indebtedness may bear such
13date or dates, may mature at such time or times not exceeding
1440 years from their respective dates, may bear interest at such
15rate or rates not exceeding the maximum rate permitted by the
16Bond Authorization Act, may be in such form, may carry such
17registration privileges, may be executed in such manner, may be
18payable at such place or places, may be made subject to
19redemption in such manner and upon such terms, with or without
20premium, as is stated on the face thereof, may be authenticated
21in such manner and may contain such terms and covenants as may
22be provided by an applicable resolution.
23 (b) The holder or holders of any bonds, notes, or other
24evidences of indebtedness issued by the Authority may bring
25suits at law or proceedings in equity to compel the performance
26and observance by any corporation or person or by the Authority

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1or any of its agents or employees of any contract or covenant
2made with the holders of the bonds, notes, or other evidences
3of indebtedness, to compel such corporation, person, the
4Authority, and any of its agents or employees to perform any
5duties required to be performed for the benefit of the holders
6of the bonds, notes, or other evidences of indebtedness by the
7provision of the resolution authorizing their issuance and to
8enjoin the corporation, person, the Authority, and any of its
9agents or employees from taking any action in conflict with any
10contract or covenant.
11 (c) If the Authority fails to pay the principal of or
12interest on any of the bonds or premium, if any, as the bond
13becomes due, a civil action to compel payment may be instituted
14in the appropriate circuit court by the holder or holders of
15the bonds on which the default of payment exists or by an
16indenture trustee acting on behalf of the holders. Delivery of
17a summons and a copy of the complaint to the chairman of the
18Board shall constitute sufficient service to give the circuit
19court jurisdiction over the subject matter of the suit and
20jurisdiction over the Authority and its officers named as
21defendants for the purpose of compelling such payment. Any
22case, controversy, or cause of action concerning the validity
23of this Act relates to the revenue of the State of Illinois.
24 (d) Notwithstanding the form and tenor of any bond, note,
25or other evidence of indebtedness and in the absence of any
26express recital on its face that it is non-negotiable, all such

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1bonds, notes, and other evidences of indebtedness shall be
2negotiable instruments. Pending the preparation and execution
3of any bonds, notes, or other evidences of indebtedness,
4temporary bonds, notes, or evidences of indebtedness may be
5issued as provided by ordinance.
6 (e) To secure the payment of any or all of such bonds,
7notes, or other evidences of indebtedness, the revenues to be
8received by the Authority from a lease agreement or loan
9agreement shall be pledged, and, for the purpose of setting
10forth the covenants and undertakings of the Authority in
11connection with the issuance of the bonds, notes, or other
12evidences of indebtedness and the issuance of any additional
13bonds, notes or other evidences of indebtedness payable from
14such revenues, income, or other funds to be derived from
15projects, the Authority may execute and deliver a mortgage or
16trust agreement. A remedy for any breach or default of the
17terms of any mortgage or trust agreement by the Authority may
18be by mandamus proceeding in the appropriate circuit court to
19compel performance and compliance under the terms of the
20mortgage or trust agreement, but the trust agreement may
21prescribe by whom or on whose behalf the action may be
22instituted.
23 (f) Bonds or notes shall be secured as provided in the
24authorizing ordinance which may include, notwithstanding any
25other provision of this Act, in addition to any other security,
26a specific pledge, assignment of and lien on, or security

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1interest in any or all revenues or money of the Authority, from
2whatever source, which may, by law, be used for debt service
3purposes and a specific pledge, or assignment of and lien on,
4or security interest in any funds or accounts established or
5provided for by ordinance of the Authority authorizing the
6issuance of the bonds or notes.
7 (g) The State of Illinois pledges to and agrees with the
8holders of the bonds and notes of the Authority issued pursuant
9to this Section that the State will not limit or alter the
10rights and powers vested in the Authority by this Act so as to
11impair the terms of any contract made by the Authority with the
12holders of bonds or notes or in any way impair the rights and
13remedies of those holders until the bonds and notes, together
14with interest thereon, with interest on any unpaid installments
15of interest, and all costs and expenses in connection with any
16action or proceedings by or on behalf of the holders, are fully
17met and discharged. In addition, the State pledges to and
18agrees with the holders of the bonds and notes of the Authority
19issued pursuant to this Section that the State will not limit
20or alter the basis on which State funds are to be paid to the
21Authority as provided in this Act, or the use of such funds, so
22as to impair the terms of any such contract. The Authority is
23authorized to include these pledges and agreements of the State
24in any contract with the holders of bonds or notes issued
25pursuant to this Section.
26 (h) (Blank).

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1(Source: P.A. 98-750, eff. 1-1-15.)
2 Section 99. Effective date. This Act takes effect upon
3becoming law.
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