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