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1 | AN ACT in relation to economic development.
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2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
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4 | Section 5. Short title. This Act may be cited as the | ||||||
5 | Southeastern Illinois
Economic Development Authority
Act .
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6 | Section 10. Findings. The General Assembly determines and | ||||||
7 | declares the
following:
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8 | (1) that labor surplus areas currently exist in | ||||||
9 | southeastern Illinois;
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10 | (2) that the economic burdens resulting from involuntary | ||||||
11 | unemployment fall,
in part, upon the State in
the form of | ||||||
12 | increased need for public assistance and reduced tax revenues | ||||||
13 | and,
in the event that the
unemployed worker and his or her | ||||||
14 | family migrate elsewhere to find work, the
burden may also fall | ||||||
15 | upon
the municipalities and other taxing districts within the | ||||||
16 | areas of unemployment
in the form of reduced tax
revenues, | ||||||
17 | thereby endangering their financial ability to support | ||||||
18 | necessary
governmental services for their
remaining | ||||||
19 | inhabitants;
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20 | (3) that the State has a responsibility to help create a | ||||||
21 | favorable climate
for new and improved job
opportunities for | ||||||
22 | its citizens by encouraging the development of tourism, | ||||||
23 | commercial, and
service businesses and
industrial and | ||||||
24 | manufacturing plants within the southeastern region of | ||||||
25 | Illinois;
| ||||||
26 | (4) that a lack of decent housing contributes to urban | ||||||
27 | blight, crime,
anti-social behavior, disease, a higher
need for | ||||||
28 | public assistance, reduced tax revenues, and the migration of | ||||||
29 | workers
and their families away from
areas which fail to offer | ||||||
30 | adequate, decent, and affordable housing;
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31 | (5) that decent, affordable housing is a necessary | ||||||
32 | ingredient of life
affording each citizen basic human
dignity, |
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1 | a sense of self worth, confidence, and a firm foundation upon | ||||||
2 | which to
build a family and educate
children;
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3 | (6) that in order to foster civic and neighborhood pride, | ||||||
4 | citizens require
access to educational institutions,
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5 | recreation, parks and open spaces, entertainment, sports, a | ||||||
6 | reliable
transportation network, cultural
facilities, and | ||||||
7 | theaters; and
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8 | (7) that the main purpose of this Act is to promote | ||||||
9 | industrial, commercial,
residential, service,
transportation, | ||||||
10 | and recreational activities and facilities, thereby reducing
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11 | the evils attendant upon
unemployment and enhancing the public | ||||||
12 | health, safety, morals, happiness, and
general welfare of the | ||||||
13 | State.
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14 | Section 15. Definitions. In this Act:
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15 | "Authority" means the Southeastern Illinois Economic | ||||||
16 | Development Authority.
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17 | "Governmental agency" means any federal, State, or local | ||||||
18 | governmental body
and any agency or
instrumentality thereof, | ||||||
19 | corporate or otherwise.
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20 | "Person" means any natural person, firm, partnership, | ||||||
21 | corporation, both
domestic and foreign,
company, association | ||||||
22 | or joint stock association and includes any trustee,
receiver, | ||||||
23 | assignee or personal
representative thereof.
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24 | "Revenue bond" means any bond issued by the Authority, the | ||||||
25 | principal and
interest of which is payable
solely from revenues | ||||||
26 | or income derived from any project or activity of the
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27 | Authority.
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28 | "Board" means the Board of Directors of the Southeastern | ||||||
29 | Illinois Economic
Development Authority.
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30 | "Governor" means the Governor of the State of Illinois.
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31 | "City" means any city, village, incorporated town, or | ||||||
32 | township within the
geographical territory of the
Authority.
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33 | "Industrial project" means the following:
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34 | (1) a capital project, including one or more buildings and | ||||||
35 | other
structures, improvements,
machinery and equipment |
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1 | whether or not on the same site or sites now existing
or | ||||||
2 | hereafter acquired,
suitable for use by any manufacturing, | ||||||
3 | industrial, research, transportation or
commercial enterprise
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4 | including but not limited to use as a factory, mill, processing | ||||||
5 | plant, assembly
plant, packaging plant,
fabricating plant, | ||||||
6 | ethanol plant, office building, industrial distribution
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7 | center, warehouse,
repair, overhaul or service
facility, | ||||||
8 | freight terminal, research facility, test facility, power | ||||||
9 | generation facility, mining operation, railroad
facility, | ||||||
10 | solid waste and wastewater
treatment and disposal sites and | ||||||
11 | other pollution control facilities, resource
or waste | ||||||
12 | reduction, recovery,
treatment and disposal facilities, | ||||||
13 | tourism-related facilities, including hotels, theaters, water | ||||||
14 | parks, and amusement parks, and including also the sites | ||||||
15 | thereof and
other rights in land therefore
whether improved or | ||||||
16 | unimproved, site preparation and landscaping and all
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17 | appurtenances and facilities
incidental thereto such as | ||||||
18 | utilities, access roads, railroad sidings, truck
docking and | ||||||
19 | similar facilities,
parking facilities, dockage, wharfage, | ||||||
20 | railroad roadbed, track, trestle, depot,
terminal, switching | ||||||
21 | and
signaling equipment or related equipment and other | ||||||
22 | improvements necessary or
convenient thereto; or
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23 | (2) any land, buildings, machinery or equipment comprising | ||||||
24 | an addition to or
renovation,
rehabilitation or improvement of | ||||||
25 | any existing capital project.
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26 | "Commercial project" means any project, including, but not | ||||||
27 | limited to, one or
more buildings and other
structures, | ||||||
28 | improvements, machinery, and equipment, whether or not on the | ||||||
29 | same
site or sites now existing
or hereafter acquired, suitable | ||||||
30 | for use by any retail or wholesale concern,
distributorship, or | ||||||
31 | agency, or health facility or retirement facility.
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32 | "Project" means an industrial, housing, residential, | ||||||
33 | commercial, or service
project, or any combination
thereof, | ||||||
34 | provided that all uses fall within one of the categories | ||||||
35 | described
above. Any project automatically
includes all site | ||||||
36 | improvements and new construction involving sidewalks,
sewers, |
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1 | solid waste and
wastewater treatment and disposal sites and | ||||||
2 | other pollution control facilities,
resource or waste | ||||||
3 | reduction,
recovery, treatment and disposal facilities, parks, | ||||||
4 | open spaces, wildlife
sanctuaries, streets, highways, and
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5 | runways.
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6 | "Lease agreement" means an agreement in which a project | ||||||
7 | acquired by the
Authority by purchase, gift,
or lease is leased | ||||||
8 | to any person or corporation that will use, or cause the
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9 | project to be used, as a project,
upon terms providing for | ||||||
10 | lease rental payments at least sufficient to pay, when due, all | ||||||
11 | principal of and
interest and premium, if any, on any bonds, | ||||||
12 | notes, or other evidences of indebtedness of the Authority,
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13 | issued with respect to the project, providing for the | ||||||
14 | maintenance, insurance, and operation of the project on
terms | ||||||
15 | satisfactory to the Authority and providing for disposition of | ||||||
16 | the project upon termination of the lease
term, including | ||||||
17 | purchase options or abandonment of the premises, with other | ||||||
18 | terms as may be deemed
desirable by the Authority.
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19 | "Loan agreement" means any agreement in which the Authority | ||||||
20 | agrees to loan
the proceeds of its bonds,
notes, or other | ||||||
21 | evidences of indebtedness, issued with respect to a project, to
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22 | any person or corporation
which will use or cause the project | ||||||
23 | to be used as a project, upon terms
providing for loan | ||||||
24 | repayment
installments at least sufficient to pay, when due, | ||||||
25 | all principal of and
interest and premium, if any, on any
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26 | bonds, notes, or other evidences of indebtedness of the | ||||||
27 | Authority issued with
respect to the project,
providing for | ||||||
28 | maintenance, insurance, and operation of the project on terms
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29 | satisfactory to the Authority
and providing for other terms | ||||||
30 | deemed advisable by the Authority.
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31 | "Financial aid" means the expenditure of Authority funds or | ||||||
32 | funds provided by
the Authority for the
development, | ||||||
33 | construction, acquisition or improvement of a project, through | ||||||
34 | the
issuance of revenue bonds,
notes, or other evidences of | ||||||
35 | indebtedness.
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36 | "Costs incurred in connection with
the development, |
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1 | construction, acquisition or improvement of a
project" means | ||||||
2 | the following:
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3 | (1) the cost of purchase and construction of all lands and | ||||||
4 | improvements in
connection therewith and
equipment and other | ||||||
5 | property, rights, easements, and franchises acquired which
are | ||||||
6 | deemed necessary for
the construction;
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7 | (2) financing charges;
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8 | (3) interest costs with respect to bonds, notes, and other | ||||||
9 | evidences of
indebtedness of the Authority
prior to and during | ||||||
10 | construction and for a period of 6 months thereafter;
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11 | (4) engineering and legal expenses; and
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12 | (5) the costs of plans, specifications, surveys, and | ||||||
13 | estimates of costs and
other expenses necessary or
incident to | ||||||
14 | determining the feasibility or practicability of any project,
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15 | together with such other expenses as
may be necessary or | ||||||
16 | incident to the financing, insuring, acquisition, and
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17 | construction of a specific project
and the placing of the same | ||||||
18 | in operation.
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19 | Section 20. Creation.
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20 | (a) There is created a political subdivision, body politic, | ||||||
21 | and municipal
corporation named the Southeastern
Illinois | ||||||
22 | Economic Development Authority. The territorial jurisdiction | ||||||
23 | of the
Authority is that geographic
area within the boundaries | ||||||
24 | of the following counties: Fayette, Cumberland, Clark, | ||||||
25 | Effingham, Jasper, Crawford, Marion, Clay, Richland, Lawrence, | ||||||
26 | Jefferson, Wayne, Edwards, Wabash, Hamilton, and White and any
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27 | navigable waters and
air space located therein.
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28 | (b) The governing and administrative powers of the | ||||||
29 | Authority shall be vested
in a body consisting of 10
members as | ||||||
30 | follows: | ||||||
31 | (1) Nine members shall be appointed by the Governor
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32 | with the advice and
consent of the Senate. | ||||||
33 | (2) One member shall be appointed by the Director of | ||||||
34 | Commerce and Economic Opportunity. | ||||||
35 | All public members shall reside within
the territorial
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1 | jurisdiction of the Authority.
The public members shall be | ||||||
2 | persons of recognized ability and experience in one
or more of | ||||||
3 | the following
areas: economic development, finance, banking, | ||||||
4 | industrial development, state or
local government, commercial | ||||||
5 | agriculture, small
business management, real
estate | ||||||
6 | development, community development, venture finance, organized | ||||||
7 | labor, or
civic or community
organization.
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8 | (c) Six members shall constitute a quorum.
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9 | (d) The chairman of the Authority shall be elected annually | ||||||
10 | by the Board.
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11 | (e) The terms of all initial members of the Authority shall | ||||||
12 | begin 30 days
after the effective date of this
Act. Of the 10 | ||||||
13 | original members appointed pursuant to subsection (b), one | ||||||
14 | shall serve until the third Monday in January, 2005; one shall | ||||||
15 | serve until the third Monday in January, 2006; 2 shall serve | ||||||
16 | until the third Monday in January, 2007; 2 shall serve until | ||||||
17 | the third Monday in January, 2008; 2 shall serve until the | ||||||
18 | third Monday in January, 2009; and 2 shall serve until the | ||||||
19 | third Monday in January, 2010. All successors to these original | ||||||
20 | public members shall be appointed by the Governor with the | ||||||
21 | advice and consent of the Senate, or by the Director of | ||||||
22 | Commerce and Economic Opportunity, as the case may be, pursuant | ||||||
23 | to subsection (b), and shall hold office for a term of 3 years | ||||||
24 | commencing the third Monday in January of the year in which | ||||||
25 | their term commences, except in the case of an appointment to | ||||||
26 | fill a vacancy. Vacancies occurring among the public members | ||||||
27 | shall be filled for the
remainder of the term. In case of
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28 | vacancy in a Governor-appointed membership when the Senate is | ||||||
29 | not in session,
the Governor may make a
temporary appointment | ||||||
30 | until the next meeting of the Senate when a person shall
be | ||||||
31 | nominated to fill the
office and, upon confirmation by the | ||||||
32 | Senate, he or she shall hold office during
the remainder of the | ||||||
33 | term
and until a successor is appointed and qualified. Members | ||||||
34 | of the Authority are
not entitled to
compensation for their | ||||||
35 | services as members but are entitled to reimbursement
for all | ||||||
36 | necessary expenses
incurred in connection with the performance |
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1 | of their duties as members.
Members of the Board may | ||||||
2 | participate in Board meetings by teleconference or video | ||||||
3 | conference.
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4 | (f) The Governor may remove any public member of the | ||||||
5 | Authority appointed by the Governor, and the Director of | ||||||
6 | Commerce and Economic Opportunity may remove any public member | ||||||
7 | appointed by the Director, in case of
incompetence, neglect of
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8 | duty, or malfeasance in office.
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9 | (g) The Board shall appoint an Executive Director who shall | ||||||
10 | have a
background in finance, including
familiarity with the | ||||||
11 | legal and procedural requirements of issuing bonds, real
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12 | estate, or economic
development and administration. The | ||||||
13 | Executive Director shall hold office at the
discretion of the | ||||||
14 | Board.
The Executive Director shall be the chief administrative | ||||||
15 | and operational
officer of the Authority, shall
direct and | ||||||
16 | supervise its administrative affairs and general management, | ||||||
17 | perform
such other duties as may
be prescribed from time to | ||||||
18 | time by the members, and receive compensation fixed
by the | ||||||
19 | Authority. The
Executive Director shall attend all meetings of | ||||||
20 | the Authority. However, no
action of the Authority shall be
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21 | invalid on account of the absence of the Executive Director | ||||||
22 | from a meeting. The
Authority may engage
the services of the | ||||||
23 | Illinois Finance Authority, attorneys, appraisers,
engineers, | ||||||
24 | accountants, credit
analysts, and other consultants, if the | ||||||
25 | Southeastern Illinois Economic Development Authority deems it | ||||||
26 | advisable.
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27 | Section 25. Duty. All official acts of the Authority shall | ||||||
28 | require the
approval of at least 6 members. It
shall be the | ||||||
29 | duty of the Authority to promote development within the | ||||||
30 | territorial jurisdiction of the Authority. The Authority shall | ||||||
31 | use the powers conferred upon it to assist in the
development, | ||||||
32 | construction,
and acquisition of industrial, commercial, | ||||||
33 | housing, or residential projects
within those counties.
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34 | Section 30. Powers.
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1 | (a) The Authority possesses all the powers of a body | ||||||
2 | corporate necessary and
convenient to accomplish
the purposes | ||||||
3 | of this Act, including, without any intended limitation upon | ||||||
4 | the
general powers hereby
conferred, the following powers:
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5 | (1) to enter into loans, contracts, agreements, and | ||||||
6 | mortgages in any
matter connected with any of
its corporate | ||||||
7 | purposes and to invest its funds;
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8 | (2) to sue and be sued;
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9 | (3) to utilize services of the Illinois Finance | ||||||
10 | Authority;
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11 | (4) to have and use a common seal and to alter the seal | ||||||
12 | at its discretion;
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13 | (5) to adopt all needful ordinances, resolutions, | ||||||
14 | by-laws, rules, and
regulations for the conduct of
its | ||||||
15 | business and affairs and for the management and use of the | ||||||
16 | projects
developed, constructed, acquired,
and improved in | ||||||
17 | furtherance of its purposes;
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18 | (6) to own or finance communications projects such as | ||||||
19 | telecommunications, fiber optics, and data transfer | ||||||
20 | projects;
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21 | (7) to designate the fiscal year for the Authority;
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22 | (8) to accept and expend appropriations;
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23 | (9) to acquire, own, lease, sell, or otherwise dispose | ||||||
24 | of interests in and
to real property and
improvements | ||||||
25 | situated on that real property and in personal property | ||||||
26 | necessary
to fulfill the purposes of the
Authority;
| ||||||
27 | (10) to engage in any activity or operation which is | ||||||
28 | incidental to and in
furtherance of efficient
operation to | ||||||
29 | accomplish the Authority's primary purpose;
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30 | (11) to acquire, own, construct, lease, operate, and | ||||||
31 | maintain bridges,
terminals, terminal facilities,
and port | ||||||
32 | facilities and to fix and collect just, reasonable, and
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33 | nondiscriminatory charges for the use of such
facilities. | ||||||
34 | These charges shall be used to defray the reasonable | ||||||
35 | expenses of
the Authority and to pay the
principal and | ||||||
36 | interest of any revenue bonds issued by the Authority;
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1 | (12) subject to any applicable condition imposed by | ||||||
2 | this Act, to locate,
establish and maintain a
public | ||||||
3 | airport, public airports and public airport facilities | ||||||
4 | within its
corporate limits or within or upon any
body of | ||||||
5 | water adjacent thereto and to construct, develop, expand, | ||||||
6 | extend and
improve any such airport or
airport facility; | ||||||
7 | and
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8 | (13) to have and exercise all powers and be subject to | ||||||
9 | all duties usually
incident to boards of
directors of | ||||||
10 | corporations.
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11 | (b) The Authority shall not issue any bonds relating to the | ||||||
12 | financing of a
project located within the
planning and | ||||||
13 | subdivision control jurisdiction of any municipality or county
| ||||||
14 | unless notice, including a
description of the proposed project | ||||||
15 | and the financing for that project, is
submitted to the | ||||||
16 | corporate
authorities of the municipality or, in the case of a | ||||||
17 | proposed project in an
unincorporated area, to the county
| ||||||
18 | board.
| ||||||
19 | (c) If any of the powers set forth in this Act are | ||||||
20 | exercised within the
jurisdictional limits of any
| ||||||
21 | municipality, all ordinances of the municipality remain in full | ||||||
22 | force and
effect and are controlling.
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23 | Section 35. Bonds.
| ||||||
24 | (a) The Authority, with the written approval of the | ||||||
25 | Governor, shall have the
continuing power to issue
bonds, | ||||||
26 | notes, or other evidences of indebtedness in an aggregate | ||||||
27 | amount not to
exceed $250,000,000 for the
following purposes: | ||||||
28 | (i) development, construction, acquisition, or improvement
of | ||||||
29 | projects, including those
established by business entities | ||||||
30 | locating or expanding property within the
territorial | ||||||
31 | jurisdiction of the
Authority; (ii) entering into venture | ||||||
32 | capital agreements with businesses
locating or expanding | ||||||
33 | within the
territorial jurisdiction of the Authority; (iii) | ||||||
34 | acquisition and improvement of
any property necessary and
| ||||||
35 | useful in connection therewith; and (iv) for the purposes of |
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| |||||||
1 | the Employee
Ownership Assistance Act. For
the purpose of | ||||||
2 | evidencing the obligations of the Authority to repay any money
| ||||||
3 | borrowed, the Authority
may, pursuant to resolution, from time | ||||||
4 | to time, issue and dispose of its interest-bearing revenue | ||||||
5 | bonds,
notes, or other evidences of indebtedness and may also | ||||||
6 | from time to time issue and dispose of such bonds,
notes, or | ||||||
7 | other evidences of indebtedness to refund, at maturity, at a | ||||||
8 | redemption date or in advance of
either, any bonds, notes, or | ||||||
9 | other evidences of indebtedness pursuant to redemption | ||||||
10 | provisions or at any
time before maturity. All such bonds, | ||||||
11 | notes, or other evidences of indebtedness shall be payable | ||||||
12 | solely and
only from the revenues or income to be derived from | ||||||
13 | loans made with respect to projects, from the leasing
or sale | ||||||
14 | of the projects, or from any other funds available to the | ||||||
15 | Authority for such purposes. The bonds,
notes, or other | ||||||
16 | evidences of indebtedness may bear such date or dates, may | ||||||
17 | mature at such time or times not
exceeding 40 years from their | ||||||
18 | respective dates, may bear interest at such rate or rates not | ||||||
19 | exceeding the
maximum rate permitted by the Bond Authorization | ||||||
20 | Act, may be in such form, may carry such registration
| ||||||
21 | privileges, may be executed in such manner, may be payable at | ||||||
22 | such place or places, may be made subject
to redemption in such | ||||||
23 | manner and upon such terms, with or without premium, as is | ||||||
24 | stated on the face
thereof, may be authenticated in such manner | ||||||
25 | and may contain such terms and
covenants as may be
provided by | ||||||
26 | an applicable resolution.
| ||||||
27 | (b) The holder or holders of any bonds, notes, or other | ||||||
28 | evidences of
indebtedness issued by the
Authority may bring | ||||||
29 | suits at law or proceedings in equity to compel the
performance | ||||||
30 | and observance by
any corporation or person or by the Authority | ||||||
31 | or any of its agents or employees
of any contract or covenant
| ||||||
32 | made with the holders of the bonds, notes, or other evidences | ||||||
33 | of indebtedness,
to compel such corporation,
person, the | ||||||
34 | Authority, and any of its agents or employees to perform any | ||||||
35 | duties
required to be performed
for the benefit of the holders | ||||||
36 | of the bonds, notes, or other evidences of
indebtedness by the |
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| |||||||
1 | provision of the
resolution authorizing their issuance and to | ||||||
2 | enjoin the corporation, person,
the Authority, and any of its
| ||||||
3 | agents or employees from taking any action in conflict with any | ||||||
4 | contract or
covenant.
| ||||||
5 | (c) If the Authority fails to pay the principal of or | ||||||
6 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
7 | becomes due, a civil action to compel payment may be instituted | ||||||
8 | in the
appropriate circuit court by
the holder or holders of | ||||||
9 | the bonds on which the default of payment exists or by
an | ||||||
10 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
11 | a summons and a copy of the complaint to
the chairman of the | ||||||
12 | Board
shall constitute sufficient service to give the circuit | ||||||
13 | court jurisdiction over
the subject matter of the suit and
| ||||||
14 | jurisdiction over the Authority and its officers named as | ||||||
15 | defendants for the
purpose of compelling such
payment. Any | ||||||
16 | case, controversy, or cause of action concerning the validity | ||||||
17 | of
this Act relates to the
revenue of the State of Illinois.
| ||||||
18 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
19 | or other evidence
of indebtedness and in
the absence of any | ||||||
20 | express recital on its face that it is non-negotiable, all
such | ||||||
21 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
22 | negotiable instruments. Pending the
preparation and execution | ||||||
23 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
24 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
25 | issued as provided by ordinance.
| ||||||
26 | (e) To secure the payment of any or all of such bonds, | ||||||
27 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
28 | received by the Authority from a lease agreement or loan
| ||||||
29 | agreement shall be pledged, and,
for the purpose of setting | ||||||
30 | forth the covenants and undertakings of the
Authority in | ||||||
31 | connection with the
issuance of the bonds, notes, or other | ||||||
32 | evidences of indebtedness and the
issuance of any additional | ||||||
33 | bonds,
notes or other evidences of indebtedness payable from | ||||||
34 | such revenues, income, or other funds to be derived
from | ||||||
35 | projects, the Authority may execute and deliver a mortgage or | ||||||
36 | trust agreement. A remedy for any
breach or default of the |
| |||||||
| |||||||
1 | terms of any mortgage or trust agreement by the Authority may | ||||||
2 | be by mandamus
proceeding in the appropriate circuit court to | ||||||
3 | compel performance and compliance under the terms of the
| ||||||
4 | mortgage or trust agreement, but the trust agreement may | ||||||
5 | prescribe by whom or on whose behalf the action
may be | ||||||
6 | instituted.
| ||||||
7 | (f) Bonds or notes shall be secured as provided in the | ||||||
8 | authorizing ordinance which may include,
notwithstanding any | ||||||
9 | other provision of this Act, in addition to any other security, | ||||||
10 | a specific pledge,
assignment of and lien on, or security | ||||||
11 | interest in any or all revenues or money of the Authority, from
| ||||||
12 | whatever source, which may, by law, be used for debt service | ||||||
13 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
14 | or security interest in any funds or accounts established or
| ||||||
15 | provided for by ordinance of the
Authority authorizing the | ||||||
16 | issuance of the bonds or notes.
| ||||||
17 | (g) In the event that the Authority determines that moneys | ||||||
18 | of the Authority
will not be sufficient for the
payment of the | ||||||
19 | principal of and interest on its bonds during the next State
| ||||||
20 | fiscal year, the chairman, as soon
as practicable, shall | ||||||
21 | certify to the Governor the amount required by the
Authority to | ||||||
22 | enable it to pay the
principal of and interest on the bonds. | ||||||
23 | The Governor shall submit the certified
amount to the General
| ||||||
24 | Assembly as soon as practicable, but no later than the end of | ||||||
25 | the current State
fiscal year. This Section shall
not apply to | ||||||
26 | any bonds or notes to which the Authority determines, in the
| ||||||
27 | resolution authorizing the
issuance of the bonds or notes, that | ||||||
28 | this Section shall not apply. Whenever the
Authority makes this
| ||||||
29 | determination, it shall be plainly stated on the face of the | ||||||
30 | bonds or notes and
the determination shall also be
reported to | ||||||
31 | the Governor.
In the event of a withdrawal of moneys from a | ||||||
32 | reserve fund established with
respect to any issue or
issues of | ||||||
33 | bonds of the Authority to pay principal or interest on those | ||||||
34 | bonds,
the chairman of the Authority,
as soon as practicable, | ||||||
35 | shall certify to the Governor the amount required to
restore | ||||||
36 | the reserve fund to the
level required in the resolution or |
| |||||||
| |||||||
1 | indenture securing those bonds. The
Governor shall submit the | ||||||
2 | certified
amount to the General Assembly as soon as | ||||||
3 | practicable, but no later than the
end of the current State | ||||||
4 | fiscal
year.
| ||||||
5 | (h) The State of Illinois pledges to and agrees with the | ||||||
6 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
7 | to this Section that the State will not limit or alter the | ||||||
8 | rights and powers vested in the
Authority by this Act so as to | ||||||
9 | impair the terms of any contract made by the Authority with the | ||||||
10 | holders of
bonds or notes or in any way impair the rights and | ||||||
11 | remedies of those holders until the bonds and notes,
together | ||||||
12 | with interest thereon, with interest on any unpaid installments | ||||||
13 | of interest, and all costs and
expenses in connection with any | ||||||
14 | action or proceedings by or on behalf of the holders, are fully | ||||||
15 | met and
discharged. In addition, the State pledges to and | ||||||
16 | agrees with the holders of the bonds and notes of the
Authority | ||||||
17 | issued pursuant to this Section that the State will not limit | ||||||
18 | or alter the basis on which State funds
are to be paid to the | ||||||
19 | Authority as provided in this Act, or the use of such funds, so | ||||||
20 | as to impair the terms of
any such contract. The Authority is | ||||||
21 | authorized to include these pledges and agreements of the State | ||||||
22 | in any
contract with the holders of bonds or notes issued | ||||||
23 | pursuant to this Section.
| ||||||
24 | Section 40. Bonds and notes; exemption from taxation. The | ||||||
25 | creation of the
Authority is in all respects for
the benefit of | ||||||
26 | the people of Illinois and for the improvement of their health,
| ||||||
27 | safety, welfare, comfort, and
security, and its purposes are | ||||||
28 | public purposes. In consideration thereof, the
notes and bonds | ||||||
29 | of the
Authority issued pursuant to this Act and the income | ||||||
30 | from these notes and bonds
may be free from all
taxation by the | ||||||
31 | State or its political subdivisions, exempt for estate,
| ||||||
32 | transfer, and inheritance taxes. The
exemption from taxation | ||||||
33 | provided by the preceding sentence shall apply to the
income on | ||||||
34 | any notes or
bonds of the Authority only if the Authority in | ||||||
35 | its sole judgment determines
that the exemption enhances
the |
| |||||||
| |||||||
1 | marketability of the bonds or notes or reduces the interest | ||||||
2 | rates that
would otherwise be borne by the
bonds or notes. For | ||||||
3 | purposes of Section 250 of the Illinois Income Tax Act, the
| ||||||
4 | exemption of the Authority
shall terminate after all of the | ||||||
5 | bonds have been paid. The amount of such income that shall be | ||||||
6 | added and
then subtracted on the Illinois income tax return of | ||||||
7 | a taxpayer, subject to Section 203 of the Illinois Income
Tax | ||||||
8 | Act, from federal adjusted gross income or federal taxable | ||||||
9 | income in computing Illinois base income
shall be the interest | ||||||
10 | net of any bond premium amortization.
| ||||||
11 | Section 45. Acquisition.
| ||||||
12 | (a) The Authority may, but need not, acquire title to any | ||||||
13 | project with
respect to which it exercises its
authority.
| ||||||
14 | (b) The Authority shall have power to acquire by purchase, | ||||||
15 | lease, gift, or
otherwise any property or
rights therein from | ||||||
16 | any person or persons, the State of Illinois, any municipal
| ||||||
17 | corporation, any local unit of
government, the government of | ||||||
18 | the United States and any agency or
instrumentality of the | ||||||
19 | United States,
any body politic, or any county useful for its | ||||||
20 | purposes, whether improved for
the purposes of any
prospective | ||||||
21 | project or unimproved. The Authority may also accept any | ||||||
22 | donation
of funds for its purposes
from any of these sources.
| ||||||
23 | (c) The Authority shall have power to develop, construct, | ||||||
24 | and improve,
either under its own direction or
through | ||||||
25 | collaboration with any approved applicant, or to acquire, | ||||||
26 | through
purchase or otherwise, any
project, using for this | ||||||
27 | purpose the proceeds derived from its sale of revenue
bonds, | ||||||
28 | notes, or other
evidences of indebtedness or governmental loans | ||||||
29 | or grants and shall have the
power to hold title to those
| ||||||
30 | projects in the name of the Authority.
| ||||||
31 | (d) The Authority shall have the power to enter into | ||||||
32 | intergovernmental
agreements with the State of
Illinois, the | ||||||
33 | counties of Fayette, Cumberland, Clark, Effingham, Jasper, | ||||||
34 | Crawford, Marion, Clay, Richland, Lawrence, Jefferson, Wayne, | ||||||
35 | Edwards, Wabash, Hamilton, and White, the Illinois
Development |
| |||||||
| |||||||
1 | Finance Authority, the Illinois Housing
Development Authority, | ||||||
2 | the Illinois Education Facilities Authority, the
Illinois
Farm
| ||||||
3 | Development Authority, the Rural Bond Bank,
the United States | ||||||
4 | government and any agency or instrumentality of the United
| ||||||
5 | States, any unit
of local government located within the | ||||||
6 | territory of the Authority, or any other
unit of government to | ||||||
7 | the
extent allowed by Article VII, Section 10 of the Illinois | ||||||
8 | Constitution and the
Intergovernmental
Cooperation Act.
| ||||||
9 | (e) The Authority shall have the power to share employees | ||||||
10 | with other units
of government, including
agencies of the | ||||||
11 | United States, agencies of the State of Illinois, and agencies
| ||||||
12 | or personnel of any unit of
local government.
| ||||||
13 | (f) The Authority shall have the power to exercise powers | ||||||
14 | and issue bonds as
if it were a municipality so
authorized in | ||||||
15 | Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
| ||||||
16 | Illinois Municipal Code.
| ||||||
17 | Section 50. Enterprise zones. The Authority may by | ||||||
18 | ordinance designate a
portion of the territorial
jurisdiction | ||||||
19 | of the Authority for certification as an Enterprise Zone under | ||||||
20 | the
Illinois Enterprise Zone Act in
addition to any other | ||||||
21 | enterprise zones which may be created under that Act,
which | ||||||
22 | area shall have all the
privileges and rights of an Enterprise | ||||||
23 | Zone pursuant to the Illinois Enterprise
Zone Act, but which | ||||||
24 | shall not
be counted in determining the number of Enterprise | ||||||
25 | Zones to be created in any
year pursuant to that Act.
| ||||||
26 | Section 55. Designation of depository. The Authority shall | ||||||
27 | biennially
designate a national or State bank or
banks as | ||||||
28 | depositories of its money. Such depositories shall be | ||||||
29 | designated only
within the State and upon
condition that bonds | ||||||
30 | approved as to form and surety by the Authority and at
least | ||||||
31 | equal in amount to the
maximum sum expected to be on deposit at | ||||||
32 | any one time shall be first given by
such depositories to the
| ||||||
33 | Authority, such bonds to be conditioned for the safekeeping and | ||||||
34 | prompt
repayment of such deposits.
When any of the funds of the |
| |||||||
| |||||||
1 | Authority shall be deposited by the treasurer in
any such | ||||||
2 | depository, the
treasurer and the sureties on his official bond | ||||||
3 | shall, to such extent, be
exempt from liability for the loss of
| ||||||
4 | any such deposited funds by reason of the failure, bankruptcy, | ||||||
5 | or any other act
or default of such depository;
provided that | ||||||
6 | the Authority may accept assignments of collateral by any
| ||||||
7 | depository of its funds to secure
such deposits to the same | ||||||
8 | extent and conditioned in the same manner as
assignments of | ||||||
9 | collateral are
permitted by law to secure deposits of the funds | ||||||
10 | of any city.
| ||||||
11 | Section 60. Taxation prohibited. The Authority shall have | ||||||
12 | no right or
authority to levy any tax or special
assessment, to | ||||||
13 | pledge the credit of the State or any other subdivision or
| ||||||
14 | municipal corporation thereof, or to
incur any obligation | ||||||
15 | enforceable upon any property, either within or without
the | ||||||
16 | territory of the Authority.
| ||||||
17 | Section 65. Fees. The Authority may collect fees and | ||||||
18 | charges in connection
with its loans, commitments,
and | ||||||
19 | servicing and may provide technical assistance in the | ||||||
20 | development of the
region.
| ||||||
21 | Section 70. Reports and audit.
| ||||||
22 | (a) The Authority shall annually submit a report of its
| ||||||
23 | finances to the Auditor General. The Authority shall annually | ||||||
24 | submit a report of its activities to the Governor
and to the | ||||||
25 | General Assembly.
| ||||||
26 | (b) Beginning 5 years after the effective date of this Act | ||||||
27 | and every 5 years thereafter, the Auditor General shall conduct | ||||||
28 | a financial audit of the Authority.
| ||||||
29 | Section 99. The Illinois State Auditing Act is amended by | ||||||
30 | changing Section 3-1 as follows:
| ||||||
31 | (30 ILCS 5/3-1) (from Ch. 15, par. 303-1)
|
| |||||||
| |||||||
1 | Sec. 3-1. Jurisdiction of Auditor General. The Auditor | ||||||
2 | General has
jurisdiction over all State agencies to make post | ||||||
3 | audits and investigations
authorized by or under this Act or | ||||||
4 | the Constitution.
| ||||||
5 | The Auditor General has jurisdiction over local government | ||||||
6 | agencies
and private agencies only:
| ||||||
7 | (a) to make such post audits authorized by or under | ||||||
8 | this Act as are
necessary and incidental to a post audit of | ||||||
9 | a State agency or of a
program administered by a State | ||||||
10 | agency involving public funds of the
State, but this | ||||||
11 | jurisdiction does not include any authority to review
local | ||||||
12 | governmental agencies in the obligation, receipt, | ||||||
13 | expenditure or
use of public funds of the State that are | ||||||
14 | granted without limitation or
condition imposed by law, | ||||||
15 | other than the general limitation that such
funds be used | ||||||
16 | for public purposes;
| ||||||
17 | (b) to make investigations authorized by or under this | ||||||
18 | Act or the
Constitution; and
| ||||||
19 | (c) to make audits of the records of local government | ||||||
20 | agencies to verify
actual costs of state-mandated programs | ||||||
21 | when directed to do so by the
Legislative Audit Commission | ||||||
22 | at the request of the State Board of Appeals
under the | ||||||
23 | State Mandates Act.
| ||||||
24 | In addition to the foregoing, the Auditor General may | ||||||
25 | conduct an
audit of the Metropolitan Pier and Exposition | ||||||
26 | Authority, the
Regional Transportation Authority, the Suburban | ||||||
27 | Bus Division, the Commuter
Rail Division and the Chicago | ||||||
28 | Transit Authority and any other subsidized
carrier when | ||||||
29 | authorized by the Legislative Audit Commission. Such audit
may | ||||||
30 | be a financial, management or program audit, or any combination | ||||||
31 | thereof.
| ||||||
32 | The audit shall determine whether they are operating in | ||||||
33 | accordance with
all applicable laws and regulations. Subject to | ||||||
34 | the limitations of this
Act, the Legislative Audit Commission | ||||||
35 | may by resolution specify additional
determinations to be | ||||||
36 | included in the scope of the audit.
|
| |||||||
| |||||||
1 | In addition to the foregoing, the Auditor General must also | ||||||
2 | conduct a
financial audit of
the Illinois Sports Facilities | ||||||
3 | Authority's expenditures of public funds in
connection with the | ||||||
4 | reconstruction, renovation, remodeling, extension, or
| ||||||
5 | improvement of all or substantially all of any existing | ||||||
6 | "facility", as that
term is defined in the Illinois Sports | ||||||
7 | Facilities Authority Act.
| ||||||
8 | The Auditor General may also conduct an audit, when | ||||||
9 | authorized by
the Legislative Audit Commission, of any hospital | ||||||
10 | which receives 10% or
more of its gross revenues from payments | ||||||
11 | from the State of Illinois,
Department of Public Aid, Medical | ||||||
12 | Assistance Program.
| ||||||
13 | The Auditor General is authorized to conduct financial and | ||||||
14 | compliance
audits of the Illinois Distance Learning Foundation | ||||||
15 | and the Illinois
Conservation Foundation.
| ||||||
16 | As soon as practical after the effective date of this | ||||||
17 | amendatory Act of
1995, the Auditor General shall conduct a | ||||||
18 | compliance and management audit of
the City of
Chicago and any | ||||||
19 | other entity with regard to the operation of Chicago O'Hare
| ||||||
20 | International Airport, Chicago Midway Airport and Merrill C. | ||||||
21 | Meigs Field. The
audit shall include, but not be limited to, an | ||||||
22 | examination of revenues,
expenses, and transfers of funds; | ||||||
23 | purchasing and contracting policies and
practices; staffing | ||||||
24 | levels; and hiring practices and procedures. When
completed, | ||||||
25 | the audit required by this paragraph shall be distributed in
| ||||||
26 | accordance with Section 3-14.
| ||||||
27 | The Auditor General shall conduct a financial and | ||||||
28 | compliance and program
audit of distributions from the | ||||||
29 | Municipal Economic Development Fund
during the immediately | ||||||
30 | preceding calendar year pursuant to Section 8-403.1 of
the | ||||||
31 | Public Utilities Act at no cost to the city, village, or | ||||||
32 | incorporated town
that received the distributions.
| ||||||
33 | The Auditor General must conduct an audit of the Health | ||||||
34 | Facilities Planning
Board pursuant to Section 19.5 of the | ||||||
35 | Illinois Health Facilities Planning
Act.
| ||||||
36 | The Auditor General of the State of Illinois shall annually |
| |||||||
| |||||||
1 | conduct or
cause to be conducted a financial and compliance | ||||||
2 | audit of the books and records
of any county water commission | ||||||
3 | organized pursuant to the Water Commission Act
of 1985 and | ||||||
4 | shall file a copy of the report of that audit with the Governor | ||||||
5 | and
the Legislative Audit Commission. The filed audit shall be | ||||||
6 | open to the public
for inspection. The cost of the audit shall | ||||||
7 | be charged to the county water
commission in accordance with | ||||||
8 | Section 6z-27 of the State Finance Act. The
county water | ||||||
9 | commission shall make available to the Auditor General its | ||||||
10 | books
and records and any other documentation, whether in the | ||||||
11 | possession of its
trustees or other parties, necessary to | ||||||
12 | conduct the audit required. These
audit requirements apply only | ||||||
13 | through July 1, 2007.
| ||||||
14 | The Auditor General must conduct audits of the Rend Lake | ||||||
15 | Conservancy
District as provided in Section 25.5 of the River | ||||||
16 | Conservancy Districts Act.
| ||||||
17 | The Auditor General must conduct financial audits of the | ||||||
18 | Southeastern Illinois Economic Development Authority as | ||||||
19 | provided in Section 70 of the Southeastern Illinois Economic | ||||||
20 | Development Authority Act.
| ||||||
21 | (Source: P.A. 93-226, eff. 7-22-03; 93-259, eff. 7-22-03; | ||||||
22 | 93-275, eff.
7-22-03; revised 8-25-03.)
| ||||||
23 | Section 999. Effective date. This Act takes effect upon | ||||||
24 | becoming law. |