Bill Text: IL SB3342 | 2009-2010 | 96th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Bi-State Development Powers Act. Provides that bonds, notes, and other instruments issued by the Bi-State Development Authority must mature not later than 40 (instead of 30) years after the date of issuance. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Enrolled - Dead) 2010-12-17 - Sent to the Governor [SB3342 Detail]

Download: Illinois-2009-SB3342-Engrossed.html

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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Bi-State Development Powers Act is amended
by changing Section 1 as follows:
(45 ILCS 110/1) (from Ch. 127, par. 63s-9)
Sec. 1. In further effectuation of that certain compact
between the States of Missouri and Illinois heretofore made and
entered into on September 20, 1949, the Bi-State Development
Agency, created by and under the aforesaid compact, is
authorized to exercise the following powers in addition to
those heretofore expressly authorized by the aforesaid
compact:
(1) To acquire by gift, purchase or lease, sell or
otherwise dispose of, and to plan, construct, operate and
maintain, or lease to others for operation and maintenance,
airports, wharves, docks, harbors, and industrial parks
adjacent to and necessary and convenient thereto, bridges,
tunnels, warehouses, grain elevators, commodity and other
storage facilities, sewage disposal plants, passenger
transportation facilities, and air, water, rail, motor vehicle
and other terminal or parking facilities;
(2) To acquire by gift, purchase or lease; to plan,

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construct, operate, maintain, or lease to or contract with
others for operation and maintenance; or lease, sell or
otherwise dispose of to any person, firm or corporation,
subject to such mortgage, pledge or other security arrangement
that the Bi-State Development Agency may require, facilities
for the receiving, transferring, sorting, processing,
treatment, storage, recovery and disposal of refuse or waste,
and facilities for the production, conversion, recovery,
storage, use, or use and sale of refuse or waste derived
resources, fuel or energy and industrial parks adjacent to and
necessary and convenient thereto;
(3) To acquire by gift, purchase or lease, to plan,
construct, operate, maintain, or lease to or contract with
others for operation and maintenance; or lease, sell or
otherwise dispose of to any person, firm or corporation,
subject to such mortgage, pledge, or other security
arrangements that the Bi-State Development Agency may require,
a development project described as a world trade center
consisting of one or more buildings, structures, improvements
and areas necessary, convenient, or desirable for the
centralized accommodation of functions, activities and
services for or incidental to the transportation of persons,
and the exchange, buying, selling and transporting of
commodities and other property in world trade and commerce, the
promotion and protection of such trade and commerce, government
services, including but not limited to customs houses, customs

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stores, inspection and appraisal facilities, foreign trade
zone, terminal and transportation facilities, parking areas,
offices, storage, warehouse, marketing and exhibition
facilities and other facilities, and accommodations for
persons and property;
(4) To contract with municipalities or other political
subdivisions for the services or use of any facility owned or
operated by the Bi-State Agency, or owned or operated by any
such municipality or other political subdivision. The Agency is
authorized and empowered to cooperate with the States of
Illinois and Missouri, with any municipality, with the Federal
government and with any agency or commission of any one or more
of the foregoing, or with any one or more of them, for and in
connection with the acquisition, clearance, replanning,
rehabilitation, reconstruction or redevelopment of a world
trade center area or of any other area forming part of a
development project for the purpose of renewal and improvement
of said area and for any of the purposes of this Act, and to
enter into an agreement or agreements (and from time to time to
enter into agreements amending or supplementing the same) with
any such municipality, commission or agency and with the States
of Illinois and Missouri and with the Federal government, or
with any one or more of them, for or relating to such purposes;
(5) To borrow money for any of the authorized purposes of
the Bi-State Development Agency, and to issue the negotiable
notes, bonds or other instruments in writing of the Bi-State

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Development Agency in evidence of the sum or sums so to be
borrowed;
(6) To issue negotiable refunding notes, bonds or other
instruments in writing for the purpose of refunding, extending
or unifying the whole or any part of its valid indebtedness
from time to time outstanding, whether evidenced by notes,
bonds or other instruments in writing;
(7) To provide that all negotiable notes, bonds or other
instruments in writing issued either pursuant to subparagraph
(4) or pursuant to subparagraph (5) hereof shall be payable,
both as to principal and interest, out of the revenues
collected for the use of any facility or combination of
facilities owned or operated or owned and operated by the
Bi-State Development Agency, or out of any other resources of
the Bi-State Development Agency, and may be further secured by
a mortgage or deed of trust upon any property owned by the
Bi-State Development Agency. All notes, bonds or other
instruments in writing issued by the Bi-State Development
Agency as herein provided shall mature in not to exceed 40 30
years from the date thereof, shall bear interest at a rate not
exceeding 14% per annum, and shall be sold for not less than
95% of the par value thereof. The Bi-State Development Agency
shall have the power to prescribe the details of such notes,
bonds or other instruments in writing, and of the issuance and
sale thereof, and shall have power to enter into covenants with
the holders of such notes, bonds or other instruments in

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writing, not inconsistent with the powers herein granted to the
Bi-State Development Agency, without further legislative
authority;
(8) To condemn any and all rights or property, of any kind
or character, necessary for the purposes of the Bi-State
Development Agency, subject, however, to the provisions of the
aforesaid compact; provided, however, that no rights or
property of any kind or character, now or hereafter owned,
leased, controlled, operated or used, in whole or in part, by
any common carrier engaged in interstate commerce, or by any
grain elevator, shall be taken or appropriated by the Bi-State
Development Agency without first obtaining the written consent
and approval of such common carrier or of the owner or operator
of such grain elevator. If the property to be condemned be
situated in the State of Illinois, the said Agency shall follow
the procedure of the Act of the State of Illinois providing for
the exercise of the right of eminent domain, and if the
property to be condemned be situated in the State of Missouri,
the said Agency shall follow the procedure provided by the Laws
of the State of Missouri for the appropriation of land or other
property taken for telegraph, telephone or railroad
rights-of-way;
(9) To contract and to be contracted with, to enter into
limited partnerships and joint ventures for any purpose
authorized by this compact, and to sue and to be sued in
contract;

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(10) To issue bonds for industrial, manufacturing or
commercial facilities located within the Bi-State Metropolitan
District upon the security of the revenue to be derived from
such facilities; and, or upon any property held or to be held
by it.
The State of Illinois may not expend any funds for any
purpose connected with the projects authorized pursuant to this
amendatory Act of 1985.
(Source: P.A. 84-247.)
Section 99. Effective date. This Act takes effect upon
becoming law.