(70 ILCS 519/5-15) Sec. 5-15. Definitions. In this Act:
"Authority" means the Southern Illinois Economic Development Authority.
"Authority leader" means the Executive Director, Assistant Executive Director, or any other person serving in a management, administrative, or leadership role at the 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.
"Restricted person" means a person who has a familial or business relationship with an Authority leader. "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, |
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"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
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