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| Public Act 099-0499
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| SB1262 Enrolled | LRB099 03635 AWJ 23643 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,
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represented in the General Assembly:
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Section 5. The Upper Illinois River Valley Development |
Authority Act is amended by changing Sections 4 and 7 as |
follows:
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(70 ILCS 530/4) (from Ch. 85, par. 7154)
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Sec. 4. Establishment.
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(a) There is hereby created a political
subdivision, body |
politic and municipal corporation named the Upper
Illinois |
River Valley Development Authority. The territorial |
jurisdiction
of the Authority is that geographic area within |
the boundaries of Grundy,
LaSalle, Bureau, Putnam, Kendall,
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Kane, Lake, McHenry,
and Marshall counties in the State of
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Illinois and
any navigable waters and air space located |
therein.
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(b) The governing and administrative powers of the |
Authority shall be
vested in a body consisting of 21 20 members |
including, as ex officio
members,
the Director of Commerce and |
Economic Opportunity, or his or her
designee, and the Director |
of the Department of Central Management Services,
or his or her |
designee. The other 19 18 members of the Authority shall
be
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designated "public members", 10 of whom shall be appointed by |
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the
Governor
with the advice and consent of the Senate and 9 8 |
of whom shall be
appointed
one each by the county board |
chairmen of Grundy, LaSalle, Bureau, Putnam,
Kendall,
Kane, |
Lake, McHenry,
and Marshall counties. All public members shall |
reside within the
territorial jurisdiction of this Act. Eleven |
members shall
constitute a
quorum. The public members shall be |
persons of recognized ability and
experience in one or more of |
the following areas: economic development,
finance, banking, |
industrial development, small business management, real
estate |
development, community development, venture finance, organized |
labor
or civic, community or neighborhood organization. The |
Chairman of the
Authority shall be elected by the Board |
annually from the 9 8 members
appointed by the county board |
chairmen.
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(c) The terms of all initial members of the Authority shall |
begin 30
days after
the effective date of this Act. Of the 14 |
public members appointed
pursuant to this Act, 4 appointed by |
the Governor shall serve until the
third Monday in January, |
1992, 4 appointed by the Governor shall serve
until the third |
Monday in January, 1993, one appointed by the Governor
shall |
serve until the third Monday in January, 1994, one appointed by |
the
Governor shall serve until the third Monday in January |
1999, the member
appointed by the county board chairman of |
LaSalle County shall serve until the
third Monday in January, |
1992, the members appointed by the county
board
chairmen of |
Grundy County, Bureau County, Putnam County, and Marshall
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County shall serve until the third Monday in January, 1994, and |
the
member appointed by the county board chairman of Kendall |
County
shall serve until the third Monday in January, 1999.
The |
initial members appointed by the chairmen of the county boards
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of Kane and McHenry counties shall serve until
the third Monday |
in January, 2003. The initial members appointed by the chairman |
of the county board
of Lake County shall serve until
the third |
Monday in January, 2018.
All successors shall be
appointed by |
the original appointing authority and hold office for a term
of |
3 years commencing the third Monday in January of the year in |
which
their term commences, except in case of an appointment to |
fill a vacancy.
Vacancies occurring among the public members |
shall be filled for the
remainder of the term. In case of |
vacancy in a Governor-appointed
membership when the Senate is |
not in session, the Governor may make a
temporary appointment |
until the next meeting of the Senate when a person
shall be |
nominated to fill such office, and any person so nominated who |
is
confirmed by the Senate shall hold office during the |
remainder of the term
and until a successor shall be appointed |
and qualified. Members of the
Authority shall not be entitled |
to compensation for their services as
members but shall be |
entitled to reimbursement for all necessary expenses
incurred |
in connection with the performance of their duties as members.
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(d) The Governor may remove any public member of the |
Authority in case
of incompetency, neglect of duty, or |
malfeasance in office.
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(e) The Board shall appoint an Executive Director who shall |
have a
background in finance, including familiarity with the |
legal and
procedural requirements of issuing bonds, real estate |
or economic
development and administration. The Executive |
Director shall hold office
at the discretion of the Board. The |
Executive Director shall be the chief
administrative and |
operational officer of the Authority, shall direct
and |
supervise its administrative affairs and general management, |
shall perform
such other duties as may be prescribed from time |
to time by the members and
shall receive compensation fixed by |
the Authority. The Executive Director
shall attend all meetings |
of the Authority; however, no action of the
Authority shall be |
invalid on account of the absence of the Executive
Director |
from a meeting. The Authority may engage the services of such
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other agents and employees, including attorneys, appraisers, |
engineers,
accountants, credit analysts and other consultants, |
as it may deem
advisable and may prescribe their duties and fix |
their compensation.
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(f) The Board may, by majority vote, nominate up to 4 |
non-voting members
for appointment by the Governor. Non-voting |
members shall be persons of
recognized ability and experience |
in one or more of the following areas:
economic development, |
finance, banking, industrial development, small
business |
management, real estate development, community development,
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venture finance, organized labor or civic, community or |
neighborhood
organization. Non-voting members shall serve at |
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the pleasure of the Board.
All non-voting members may attend |
meetings of the Board and shall be
reimbursed as provided in |
subsection (c).
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(g) The Board shall create a task force to study and make
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recommendations to the Board on the economic development of the |
territory
within the jurisdiction of this Act. The members of |
the task force shall
reside within the territorial jurisdiction |
of this Act, shall serve at the
pleasure of the Board and shall |
be persons of recognized ability and
experience in one or more |
of the following areas: economic development,
finance, |
banking, industrial development, small business management, |
real
estate development, community development, venture |
finance, organized labor
or civic, community or neighborhood |
organization. The number of members
constituting the task force |
shall be set by the Board and may vary from
time to time. The |
Board may set a specific date by which the task force is
to |
submit its final report and recommendations to the Board.
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(Source: P.A. 94-793, eff. 5-19-06.)
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(70 ILCS 530/7) (from Ch. 85, par. 7157)
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Sec. 7. Bonds.
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(a) The Authority, with the written approval of the
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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, |
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including those established by business entities locating or
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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 |
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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
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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.
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(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
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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.
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(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 |
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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.
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(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
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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.
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(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
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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 |
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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
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to compel the performance and compliance therewith, but the |
trust agreement
may prescribe by whom or on whose behalf such |
action may be instituted.
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(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
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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.
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(f) (Blank). 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 |
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Section shall
not apply to any bonds or notes as to which the
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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.
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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.
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(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, |
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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
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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.
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(h) (Blank).
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(Source: P.A. 97-312, eff. 8-11-11; 98-750, eff. 1-1-15.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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