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1 | AN ACT concerning urban development.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 1. Short title. This Act may be cited as the | ||||||||||||||||||||||||||||
5 | Illinois Urban Development Authority Act. | ||||||||||||||||||||||||||||
6 | Section 2. Findings. The General Assembly hereby | ||||||||||||||||||||||||||||
7 | determines and declares that:
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8 | (1) the economic burdens resulting from involuntary | ||||||||||||||||||||||||||||
9 | unemployment fall in part upon the State in the form of | ||||||||||||||||||||||||||||
10 | increased need for public assistance, reduced tax | ||||||||||||||||||||||||||||
11 | revenues, and increased resources devoted to crime | ||||||||||||||||||||||||||||
12 | prevention and incarceration and that the unemployed | ||||||||||||||||||||||||||||
13 | worker and his or her family may migrate outside the State | ||||||||||||||||||||||||||||
14 | to find work and such migration will reduced the tax | ||||||||||||||||||||||||||||
15 | revenues of local governments and the State of Illinois, | ||||||||||||||||||||||||||||
16 | thereby endangering their financial ability to support | ||||||||||||||||||||||||||||
17 | necessary governmental services for their remaining | ||||||||||||||||||||||||||||
18 | inhabitants; | ||||||||||||||||||||||||||||
19 | (2) the State has a responsibility to help create a | ||||||||||||||||||||||||||||
20 | favorable climate for new and improved job opportunities | ||||||||||||||||||||||||||||
21 | for all of its citizens, especially in areas with high | ||||||||||||||||||||||||||||
22 | economic distress, by encouraging the development of | ||||||||||||||||||||||||||||
23 | commercial and service businesses and industrial and | ||||||||||||||||||||||||||||
24 | manufacturing plants and creating job opportunities; | ||||||||||||||||||||||||||||
25 | (3) the State has a responsibility to increase and | ||||||||||||||||||||||||||||
26 | improve post-release employment opportunities for | ||||||||||||||||||||||||||||
27 | ex-offenders and reduce recidivism rates through the | ||||||||||||||||||||||||||||
28 | combined resources and expertise of providers of workforce | ||||||||||||||||||||||||||||
29 | development, supportive services, and private enterprises; | ||||||||||||||||||||||||||||
30 | (4) a lack of decent housing contributes to urban | ||||||||||||||||||||||||||||
31 | blight, crime, anti-social behavior, disease, a higher | ||||||||||||||||||||||||||||
32 | need for public assistance, reduced tax revenues, and the |
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1 | migration of workers and their families away from areas | ||||||
2 | that fail to offer adequate, decent, affordable housing; | ||||||
3 | (5) decent, affordable housing is a necessary | ||||||
4 | ingredient of life affording each citizen basic human | ||||||
5 | dignity, a sense of self worth, confidence, and a firm | ||||||
6 | foundation upon which to build a family and educate | ||||||
7 | children; and | ||||||
8 | (6) in order to foster civic and neighborhood pride, | ||||||
9 | citizens require access to educational institutions, | ||||||
10 | recreation, parks and open spaces, entertainment and | ||||||
11 | sports, a reliable transportation network, cultural | ||||||
12 | facilities, and theaters.
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13 | It is hereby declared to be the policy of the State of | ||||||
14 | Illinois, in the interest of promoting industrial, commercial, | ||||||
15 | residential, jobs, service, transportation, and facilities, | ||||||
16 | thereby reducing the evils attendant upon unemployment, crime, | ||||||
17 | and recidivism and enhancing the public health, safety, morals, | ||||||
18 | happiness, and general welfare of this State specifically by | ||||||
19 | making available through the Illinois Urban Development | ||||||
20 | Authority, funds for industrial projects, commercial projects, | ||||||
21 | and housing projects to a municipality with a municipal poverty | ||||||
22 | rate greater than 3% in excess of the statewide average.
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23 | Section 3. Definitions. The following terms, whenever used | ||||||
24 | or referred to in this Act, shall have the following meanings, | ||||||
25 | except in such instances where the context may clearly indicate | ||||||
26 | otherwise: | ||||||
27 | "Authority" means the Illinois Urban Development Authority | ||||||
28 | created by this Act.
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29 | "Board" means the Illinois Urban Development Authority | ||||||
30 | Board of Directors. | ||||||
31 | "Bonds" shall include bonds, notes, or other evidence of | ||||||
32 | indebtedness. | ||||||
33 | "Commercial project" means any project, including but not | ||||||
34 | limited to one or more buildings and other structures, | ||||||
35 | improvements, machinery, and equipment whether or not on the |
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1 | same site or sites now existing or hereafter acquired, suitable | ||||||
2 | for use by any retail or wholesale concern, distributorship, or | ||||||
3 | agency, any cultural facilities of a for-profit or | ||||||
4 | not-for-profit type including but not limited to educational, | ||||||
5 | theatrical, recreational and entertainment, sports facilities, | ||||||
6 | racetracks, stadiums, convention centers, exhibition halls, | ||||||
7 | arenas, opera houses and theaters, waterfront improvements, | ||||||
8 | swimming pools, boat storage, moorage, docking facilities, | ||||||
9 | restaurants, coliseums, sports training facilities, parking | ||||||
10 | facilities, terminals, hotels and motels, gymnasiums, medical | ||||||
11 | facilities, and port facilities. | ||||||
12 | "Costs incurred in connection with the development, | ||||||
13 | construction, acquisition, or improvement of a project" means | ||||||
14 | the cost of purchase and construction of all lands and | ||||||
15 | improvements in connection with a project and equipment and | ||||||
16 | other property, rights, easements, and franchises acquired | ||||||
17 | that are deemed necessary for such construction; financing | ||||||
18 | charges; interest costs with respect to bonds, notes, and other | ||||||
19 | evidences of indebtedness of the Authority prior to and during | ||||||
20 | construction and for a period of 6 months thereafter; | ||||||
21 | engineering and legal expenses; the costs of plans, | ||||||
22 | specifications, surveys, and estimates of costs and other | ||||||
23 | expenses necessary or incident to determining the feasibility | ||||||
24 | or practicability of any project, together with such other | ||||||
25 | expenses as may be necessary or incident to the financing, | ||||||
26 | insuring, acquisition, and construction of a specific project | ||||||
27 | and the placing of the same in operation. | ||||||
28 | "Financial aid" means the expenditure of Authority funds or | ||||||
29 | funds provided by the Authority through the issuance of its | ||||||
30 | revenue bonds, notes, or other evidences of indebtedness for | ||||||
31 | the development, construction, acquisition, or improvement of | ||||||
32 | a project. | ||||||
33 | "Governmental agency" means any federal, State or local | ||||||
34 | governmental body, and any agency or instrumentality thereof, | ||||||
35 | corporate or otherwise.
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36 | "Governor" means the Governor of the State of Illinois. |
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1 | "Housing project" or "residential project" includes a | ||||||
2 | specific work or improvement undertaken to provide dwelling | ||||||
3 | accommodations, including the acquisition, construction, | ||||||
4 | leasing, or rehabilitation of lands, buildings, and community | ||||||
5 | facilities and in connection therewith to provide nonhousing | ||||||
6 | facilities which are an integral part of a planned large-scale | ||||||
7 | project or new community. | ||||||
8 | "Industrial project" means (1) a capital project, | ||||||
9 | including one or more buildings and other structures, | ||||||
10 | improvements, machinery, and equipment whether or not on the | ||||||
11 | same site or sites now existing or hereafter acquired, suitable | ||||||
12 | for use by any manufacturing, industrial, research, | ||||||
13 | transportation, or commercial enterprise including but not | ||||||
14 | limited to use as a factory, mill, processing plant, assembly | ||||||
15 | plant, packaging plant, fabricating plant, office building, | ||||||
16 | industrial distribution center, warehouse, repair, overhaul or | ||||||
17 | service facility, freight terminal, research facility, test | ||||||
18 | facility, railroad facility, solid waste and wastewater | ||||||
19 | treatment and disposal sites and other pollution control | ||||||
20 | facilities, resource or waste reduction, recovery, treatment | ||||||
21 | and disposal facilities, and including also the sites thereof | ||||||
22 | and other rights in land therefor whether improved or | ||||||
23 | unimproved, site preparation and landscaping and all | ||||||
24 | appurtenances and facilities incidental thereto such as | ||||||
25 | utilities, access roads, railroad sidings, truck docking and | ||||||
26 | similar facilities, parking facilities, dockage, wharfage, | ||||||
27 | railroad roadbed, track, trestle, depot, terminal, switching, | ||||||
28 | and signaling equipment or related equipment and other | ||||||
29 | improvements necessary or convenient thereto; or (2) any land, | ||||||
30 | buildings, machinery or equipment comprising an addition to or | ||||||
31 | renovation, rehabilitation or improvement of any existing | ||||||
32 | capital project. | ||||||
33 | "Lease agreement" means an agreement whereby a project | ||||||
34 | acquired by the Authority by purchase, gift, or lease is leased | ||||||
35 | to any person or corporation that will use or cause the project | ||||||
36 | to be used as a project as defined in this Act upon terms |
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1 | providing for lease rental payments at least sufficient to pay | ||||||
2 | when due all principal of and interest and premium, if any, on | ||||||
3 | any bonds, notes or other evidences of indebtedness of the | ||||||
4 | Authority issued with respect to such project, providing for | ||||||
5 | the maintenance, insurance, and operation of the project on | ||||||
6 | terms satisfactory to the Authority, and providing for | ||||||
7 | disposition of the project upon termination of the lease term, | ||||||
8 | including purchase options or abandonment of the premises, with | ||||||
9 | such other terms as may be deemed desirable by the Authority. | ||||||
10 | The Authority may, directly or indirectly, lease or otherwise | ||||||
11 | transfer property the Authority owns to another and such leased | ||||||
12 | property shall remain tax exempt. | ||||||
13 | "Loan agreement" means any agreement pursuant to which the | ||||||
14 | Authority agrees to loan the proceeds of its bonds, notes, or | ||||||
15 | other evidences of indebtedness issued with respect to a | ||||||
16 | project to any person or corporation that will use or cause the | ||||||
17 | project to be used as a project as defined in this Act upon | ||||||
18 | terms providing for loan repayment installments at least | ||||||
19 | sufficient to pay when due all principal and interest and | ||||||
20 | premium, if any, on any bonds, notes, or other evidences of | ||||||
21 | indebtedness of the Authority issued with respect to the | ||||||
22 | project, providing for maintenance, insurance, and operation | ||||||
23 | of the project on terms satisfactory to the Authority and | ||||||
24 | providing for other matters as may be deemed advisable by the | ||||||
25 | Authority. | ||||||
26 | "Municipal poverty rate" is the percentage of total | ||||||
27 | population of the municipality having income levels below the | ||||||
28 | poverty level as determined by the Authority based upon the | ||||||
29 | most recent data released by the United States Census Bureau | ||||||
30 | before the beginning of such calendar year.
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31 | "Occupational license" means a license issued by the | ||||||
32 | Illinois Gaming Board to a person or entity to perform an | ||||||
33 | occupation which the Illinois Gaming Board has identified as | ||||||
34 | requiring a license to engage in riverboat, dockside, or | ||||||
35 | land-based gambling in Illinois. | ||||||
36 | "Person" means any natural person, firm, partnership, |
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1 | corporation, both domestic and foreign, company, association, | ||||||
2 | or joint stock association and includes any trustee, receiver, | ||||||
3 | assignee, or personal representative thereof.
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4 | "Project" means an industrial, housing, residential, | ||||||
5 | commercial, or service project, or any combination thereof, | ||||||
6 | provided that all uses shall fall within one of those | ||||||
7 | categories. Any project, of any nature whatsoever, shall | ||||||
8 | automatically include all site improvements and new | ||||||
9 | construction involving sidewalks, sewers, solid waste and | ||||||
10 | wastewater treatment and disposal sites and other pollution | ||||||
11 | control facilities, resource or waste reduction, recovery, | ||||||
12 | treatment and disposal facilities, parks, open spaces, | ||||||
13 | wildlife sanctuaries, streets, highways, and runways. | ||||||
14 | "Revenue bond" means any bond issued by the Authority the | ||||||
15 | principal and interest of which is payable solely from revenues | ||||||
16 | or income derived from any project or activity of the | ||||||
17 | Authority. | ||||||
18 | Section 4. Illinois Urban Development Authority. There is | ||||||
19 | hereby created a political subdivision, body politic and | ||||||
20 | corporate by the name of Illinois Urban Development Authority. | ||||||
21 | The exercise by the Authority of the powers conferred by law | ||||||
22 | shall be an essential public function. The governing powers of | ||||||
23 | the Authority shall be vested in a body consisting of 11 | ||||||
24 | members appointed as follows: one member appointed by the Mayor | ||||||
25 | of the City of Chicago; one member appointed by the President | ||||||
26 | of the Cook County Board; 4 members appointed by the Governor | ||||||
27 | who are residents of a municipality, other than a municipality | ||||||
28 | with a population greater than 1,000,000, whose municipal | ||||||
29 | poverty rate is greater than 3% in excess of the statewide | ||||||
30 | average; 2 members appointed by the Governor that have an | ||||||
31 | expertise, skill, and experience in labor relations; and 3 | ||||||
32 | members appointed by the Governor that have an expertise, | ||||||
33 | skill, and experience operating a business that is certified by | ||||||
34 | the State of Illinois as a Disadvantaged Business Enterprise, | ||||||
35 | Minority Business Enterprise, or Women Business Enterprise. |
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1 | Six members shall constitute a quorum. However, when a | ||||||
2 | quorum of members of the Authority is physically present at the | ||||||
3 | meeting site, other Authority members may participate in and | ||||||
4 | act at any meeting through the use of a conference telephone or | ||||||
5 | other communications equipment by means of which all persons | ||||||
6 | participating in the meeting can hear each other. Participation | ||||||
7 | in such meeting shall constitute attendance and presence in | ||||||
8 | person at the meeting of the person or persons so | ||||||
9 | participating. The Chairman of the Authority shall be elected | ||||||
10 | by the Authority. All board members shall be persons of | ||||||
11 | recognized ability and experience in one or more of the | ||||||
12 | following areas: economic development, finance, banking, | ||||||
13 | industrial development, small business management, real estate | ||||||
14 | development, community development, venture finance, | ||||||
15 | construction, and labor relations. | ||||||
16 | The terms of all members of the Authority shall begin 30 | ||||||
17 | days after the effective date of this Act. Of the 11 members | ||||||
18 | first appointed pursuant to this Act, 4 shall serve until the | ||||||
19 | third Monday in January 2005, 4 shall serve until the third | ||||||
20 | Monday in January 2006, and 3 shall serve until the third | ||||||
21 | Monday in January 2007. All board members shall hold office for | ||||||
22 | a term of 4 years commencing the third Monday in January of the | ||||||
23 | year in which their term commences, except in case of an | ||||||
24 | appointment to fill a vacancy. In case of vacancy in the office | ||||||
25 | when the Senate is not in session, the Governor may make a | ||||||
26 | temporary appointment until the next meeting of the Senate when | ||||||
27 | he shall nominate such person to fill such office, and any | ||||||
28 | person so nominated who is confirmed by the Senate, shall hold | ||||||
29 | his office during the remainder of the term and until his | ||||||
30 | successor shall be appointed and qualified. If the Senate is | ||||||
31 | not in session, the Governor may make temporary appointments in | ||||||
32 | the case of vacancies. | ||||||
33 | Members of the Authority shall not be entitled to | ||||||
34 | compensation for their
services
as members but shall be | ||||||
35 | entitled to reimbursement for all necessary expenses
incurred | ||||||
36 | in
connection with the performance of their duties as members. |
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1 | The Governor may
remove
any member of the Authority in case of | ||||||
2 | incompetency, neglect of duty, or
malfeasance in office, after | ||||||
3 | service on the member of a copy of the written
charges
against | ||||||
4 | the member and an opportunity to be publicly heard in person or | ||||||
5 | by
counsel in
the his or her defense upon not less than 10 | ||||||
6 | days' notice.
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7 | The members of the Authority shall appoint an Executive | ||||||
8 | Director, who must be
a
person knowledgeable in the areas of | ||||||
9 | financial markets and instruments and the
financing
of business | ||||||
10 | enterprises, to hold office at the pleasure of the members. The
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11 | Executive
Director shall be the chief administrative and | ||||||
12 | operational officer of the
Authority and
shall direct and | ||||||
13 | supervise its administrative affairs and general management
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14 | and perform
such other duties as may be prescribed from time to | ||||||
15 | time by the members and
shall
receive compensation fixed by the | ||||||
16 | Authority. The Executive Director or any
committee of the | ||||||
17 | members may carry out any responsibilities of the members as
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18 | the
members by resolution may delegate. The Executive Director | ||||||
19 | shall attend all
meetings of the Authority; however, no action | ||||||
20 | of the Authority shall be invalid on
account of the absence of | ||||||
21 | the Executive Director from a meeting. The Authority may
engage | ||||||
22 | the services of such other agents and employees, including | ||||||
23 | attorneys, appraisers,
engineers, accountants, credit | ||||||
24 | analysts, and other consultants, as it may deem
advisable
and | ||||||
25 | may prescribe their duties and fix their compensation.
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26 | The Authority shall determine the municipal poverty rate | ||||||
27 | and the statewide
average municipal poverty rate annually by | ||||||
28 | using the most recent data released
by the
United States Census | ||||||
29 | Bureau before the beginning of each calendar year. The
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30 | Authority
shall have the sole and exclusive authority to | ||||||
31 | determine the municipal poverty
rate and
the statewide average | ||||||
32 | municipal poverty rate and to determine whether a
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33 | municipality's
poverty rate is greater than 3% in excess of the | ||||||
34 | statewide average so long as
the
determination is based on the | ||||||
35 | most recent data released by the United States
Census
Bureau.
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1 | Section 5. Conflicts of interest.
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2 | (a) No member of the Authority or officer, agent, or | ||||||
3 | employee thereof
shall, in the member's own name or in the name | ||||||
4 | of a nominee, be an officer,
director, or
hold an ownership | ||||||
5 | interest of more than 7.5% in any person, association, trust,
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6 | corporation, partnership, or other entity which is, in its own | ||||||
7 | name or in the
name of a
nominee, a party to a contract or | ||||||
8 | agreement upon which the member or officer,
agent
or employee | ||||||
9 | may be called upon to act or vote.
| ||||||
10 | (b) With respect to any direct or any indirect interest, | ||||||
11 | other than an
interest
prohibited in subsection (a), in a | ||||||
12 | contract or agreement upon which the member
or
officer, agent | ||||||
13 | or employee may be called upon to act or vote, a member of the
| ||||||
14 | Authority
or officer, agent, or employee thereof must disclose | ||||||
15 | the interest to the
secretary
of the
Authority prior to the | ||||||
16 | taking of final action by the Authority concerning the
contract | ||||||
17 | or agreement and shall disclose the nature and extent of the
| ||||||
18 | interest and his or her acquisition thereof, which shall be | ||||||
19 | publicly
acknowledged by the Authority and entered upon the | ||||||
20 | minutes of the Authority. If
a member of the Authority or | ||||||
21 | officer, agent, or employee thereof holds such an
interest then | ||||||
22 | the member shall refrain from any further official involvement | ||||||
23 | in
regard to the contract or agreement, from voting on any | ||||||
24 | matter pertaining to
the contract or agreement, and from | ||||||
25 | communicating with other members of the
Authority or its | ||||||
26 | officers, agents, and employees concerning the
contract or | ||||||
27 | agreement. Notwithstanding any other provision of law, any | ||||||
28 | contract
or agreement entered into in conformity with this | ||||||
29 | subsection shall not be
void or
invalid by reason of the | ||||||
30 | interest described in this subsection, nor shall any
person
| ||||||
31 | disclosing an interest and refraining from further official | ||||||
32 | involvement as
provided in this subsection be guilty of an | ||||||
33 | offense, be removed from office, or
be subject
to any other | ||||||
34 | penalty on account of the interest.
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35 | (c) Any contract or agreement made in violation of | ||||||
36 | subsections (a) or (b)
shall be null and void, whether or not |
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1 | the contract performance
has been authorized, and shall give | ||||||
2 | rise to no action against the Authority. No
real
estate to | ||||||
3 | which a member or employee of the Authority holds legal title | ||||||
4 | or in
which a member or employee of the Authority has
any | ||||||
5 | beneficial interest, including any interest in a land trust, | ||||||
6 | shall be
purchased by the
Authority or by a nonprofit | ||||||
7 | corporation or limited-profit entity for a
development
to be | ||||||
8 | financed under this Act.
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9 | All members and employees of the Authority shall file | ||||||
10 | annually with the
Authority a record of all real estate in this | ||||||
11 | State to which the member or
employee holds
legal title or
in | ||||||
12 | which the member or employee has any beneficial interest, | ||||||
13 | including any
interest in a
land trust.
In the event it is | ||||||
14 | later disclosed that the Authority has purchased real
estate in | ||||||
15 | which a
member or employee had an interest, that purchase shall | ||||||
16 | be voidable by the
Authority
and the member or employee | ||||||
17 | involved shall be disqualified from membership in or
employment | ||||||
18 | by the Authority.
| ||||||
19 | Section 6. Records and reports of the Authority. The | ||||||
20 | secretary shall keep a
record of the proceedings of the | ||||||
21 | Authority. The treasurer of the Authority
shall be
custodian of | ||||||
22 | all Authority funds, and shall be bonded in such amount as the
| ||||||
23 | other
members of the Authority may designate. The accounts and | ||||||
24 | bonds of the Authority
shall
be set up and maintained in a | ||||||
25 | manner approved by the Auditor General, and the
Authority
shall | ||||||
26 | file with the Auditor General a certified annual report within | ||||||
27 | 120 days
after the
close of its fiscal year. The Authority | ||||||
28 | shall also file with the Governor, the
Secretary of
the Senate, | ||||||
29 | the Clerk of the House of Representatives, and the Illinois
| ||||||
30 | Commission
on Intergovernmental Cooperation, by March 1 of each | ||||||
31 | year, a written report
covering
its activities and any | ||||||
32 | activities of any instrumentality corporation
established | ||||||
33 | under
this Act for the previous fiscal year. In its report to | ||||||
34 | be filed by March 1,
2005, the
Authority shall present an | ||||||
35 | economic development strategy for all municipalities
with a
|
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1 | municipal poverty rate greater than 3% in excess of the | ||||||
2 | Statewide average, the
Authority
shall make modifications in | ||||||
3 | the economic development strategy for the 4 years
beginning on | ||||||
4 | the next ensuing July 1, to reflect changes in economic | ||||||
5 | conditions
or
other factors, including the policies of the | ||||||
6 | Authority and the State of
Illinois. It
shall also present an | ||||||
7 | economic development strategy for the fifth year
beginning | ||||||
8 | after the
next ensuing July 1. The strategy shall recommend | ||||||
9 | specific legislative and
administrative action by the State, | ||||||
10 | the Authority, units of local government,
or
other governmental | ||||||
11 | agencies. These recommendations may include, but are not
| ||||||
12 | limited to, new programs, modifications to existing programs, | ||||||
13 | credit
enhancements for bonds issued by the Authority, and | ||||||
14 | amendments to this Act.
When filed, the report shall be a | ||||||
15 | public record and open for inspection at the
offices of the | ||||||
16 | Authority during normal business hours.
| ||||||
17 | Section 7. Approval of official acts. All official acts of | ||||||
18 | the Authority
shall require the approval of
at least 6 members.
| ||||||
19 | Section 8. Powers of the Authority.
| ||||||
20 | (a) The Authority possesses all the powers of a body | ||||||
21 | corporate necessary
and convenient to accomplish the purposes | ||||||
22 | of this Act, including, without
limitation,
except as defined | ||||||
23 | in Section 9.1 of the Act, the following:
| ||||||
24 | (1) To enter into loans, contracts, agreements, and | ||||||
25 | mortgages in any
matter
connected with any of its corporate | ||||||
26 | purposes and to invest its funds.
| ||||||
27 | (2) To sue and be sued.
| ||||||
28 | (3) To employ agents and employees necessary to carry | ||||||
29 | out its
purposes.
| ||||||
30 | (4) To have and use a common seal and to alter the same | ||||||
31 | at its
discretion.
| ||||||
32 | (5) To adopt all needful ordinances, resolutions, | ||||||
33 | by-laws, rules, and
regulations for the conduct of its | ||||||
34 | business and affairs and for the management
and
use of the |
| |||||||
| |||||||
1 | projects developed, constructed, acquired, and improved in
| ||||||
2 | furtherance
of its purposes.
| ||||||
3 | (6) To designate the fiscal year for the Authority.
| ||||||
4 | (7) To accept and expend appropriations.
| ||||||
5 | (8) To maintain an office or offices at such place as | ||||||
6 | the Authority may
designate.
| ||||||
7 | (9) To employ, either as regular employees or as | ||||||
8 | independent
contractors, such consultants, engineers, | ||||||
9 | architects, accountants, attorneys,
financial experts, | ||||||
10 | construction experts and personnel, superintendents,
| ||||||
11 | managers, and other professional personnel as may be | ||||||
12 | necessary in the judgment
of the Authority and to fix their | ||||||
13 | compensation.
| ||||||
14 | (10) To acquire, hold, lease, use, encumber, transfer, | ||||||
15 | or dispose of real
and personal property.
| ||||||
16 | (11) To enter into contracts of any kind and execute | ||||||
17 | all instruments
necessary or convenient with respect to its | ||||||
18 | carrying out the powers in this Act
to
accomplish the | ||||||
19 | purposes of the Authority.
| ||||||
20 | (12) To fix and revise from time to time and to charge | ||||||
21 | and collect rates,
rents, fees, or other charges for the | ||||||
22 | use of facilities or for services
rendered in
connection | ||||||
23 | with the facilities.
| ||||||
24 | (13) To borrow money from any source for any corporate | ||||||
25 | purpose,
including working capital for its operations, | ||||||
26 | reserve funds, or the payment of
interest, to mortgage, | ||||||
27 | pledge, or otherwise encumber the property or funds of
the | ||||||
28 | Authority, and to contract with or engage the services of | ||||||
29 | any person in
connection with any financing, including | ||||||
30 | financial institutions, issuers of
letters of credit, or | ||||||
31 | insurers.
| ||||||
32 | (14) To issue bonds or notes under this Act.
| ||||||
33 | (15) To receive and accept from any source, private or | ||||||
34 | public,
contributions, gifts, or grants of money or | ||||||
35 | property.
| ||||||
36 | (16) To make loans from proceeds or funds otherwise |
| |||||||
| |||||||
1 | available to the
extent necessary or appropriate to | ||||||
2 | accomplish the purposes of the Authority.
| ||||||
3 | (17) To exercise all the corporate powers granted to | ||||||
4 | Illinois
corporations under the Business Corporation Act | ||||||
5 | of 1983, except to the extent
that any of these powers are | ||||||
6 | inconsistent with those of a body politic and
corporate of | ||||||
7 | the State.
| ||||||
8 | (18) To have and exercise all powers and be subject to | ||||||
9 | all duties usually
incident to boards of directors of | ||||||
10 | corporations.
| ||||||
11 | (19) To do all things necessary or convenient to carry | ||||||
12 | out the powers
granted by this Act.
| ||||||
13 | (b) The Authority shall not issue any bonds relating to the | ||||||
14 | financing of a
project located within the planning and | ||||||
15 | subdivision control jurisdiction of any
municipality or county | ||||||
16 | unless notice, including a description of the proposed
project | ||||||
17 | and the financing therefor, is submitted to the corporate | ||||||
18 | authorities
of the
municipality or, in the case of a proposed | ||||||
19 | project in an unincorporated area,
to the county
board.
| ||||||
20 | (c) If any of the powers set forth in this Act are | ||||||
21 | exercised within the
jurisdictional limits of any | ||||||
22 | municipality, all ordinances of the municipality
shall remain
| ||||||
23 | in full force and effect and shall be controlling.
| ||||||
24 | Section 9. Bonds and notes.
| ||||||
25 | (a) The Authority may, at any time and from time to time, | ||||||
26 | issue bonds and
notes for any corporate purpose, including the | ||||||
27 | establishment of reserves and
the payment of interest. In this | ||||||
28 | Act the term "bonds" includes notes of any
kind,
interim | ||||||
29 | certificates, refunding bonds, or any other evidence of | ||||||
30 | obligation.
| ||||||
31 | The bonds of any issue shall be payable solely from the | ||||||
32 | property or receipts
of the Authority, including, without | ||||||
33 | limitation: (i) fees, charges, or other
revenues payable to the | ||||||
34 | Authority; (ii) payments by financial institutions,
insurance | ||||||
35 | companies, or others under letters or lines of credit, policies |
| |||||||
| |||||||
1 | of
insurance, or purchase agreements; (iii) investment | ||||||
2 | earnings from funds or
accounts maintained under a bond | ||||||
3 | resolution or trust agreement; (iv) proceeds
of refunding | ||||||
4 | bonds; and (v) any and all appropriations authorized by the
| ||||||
5 | General Assembly.
| ||||||
6 | Bonds shall be authorized by a resolution of the Authority | ||||||
7 | and may be secured
by a trust agreement by and between the | ||||||
8 | Authority and a corporate trustee or
trustees, which may be any | ||||||
9 | trust company or bank having the powers of a trust
company | ||||||
10 | within or without the State.
Bonds shall:
| ||||||
11 | (1) be issued at, above, or below par value, for cash | ||||||
12 | or other valuable
consideration, and mature at time or | ||||||
13 | times, whether as serial bonds or as term
bonds or both, | ||||||
14 | not exceeding 35 years from their respective date of issue;
| ||||||
15 | however, the length of the term of the bond should bear a | ||||||
16 | reasonable
relationship
to the value life of the item | ||||||
17 | financed;
| ||||||
18 | (2) bear interest at the fixed or variable rate or | ||||||
19 | rates determined by
the method provided in the resolution | ||||||
20 | or trust agreement;
| ||||||
21 | (3) be payable at a time or times, in the denominations | ||||||
22 | and form, either
coupon or registered or both, and carry | ||||||
23 | the registration and privileges as to
conversion and for | ||||||
24 | the replacement of mutilated, lost, or destroyed bonds as
| ||||||
25 | the
resolution or trust agreement may provide;
| ||||||
26 | (4) be payable in lawful money of the United States at | ||||||
27 | a designated
place;
| ||||||
28 | (5) be subject to the terms of purchase, payment, | ||||||
29 | redemption,
refunding, or refinancing that the resolution | ||||||
30 | or trust agreement provides;
| ||||||
31 | (6) be executed by the manual or facsimile signatures | ||||||
32 | of the officers
of the Authority designated by the | ||||||
33 | Authority, which signatures shall be valid
at
delivery even | ||||||
34 | for one who has ceased to hold office; and
| ||||||
35 | (7) be sold in the manner and upon the terms determined | ||||||
36 | by the
Authority.
|
| |||||||
| |||||||
1 | (b) Any resolution or trust agreement may contain | ||||||
2 | provisions which shall be
a
part of the contract with the | ||||||
3 | holders of the bonds as to the following:
| ||||||
4 | (1) Pledging, assigning, or directing the use, | ||||||
5 | investment or disposition
of receipts of the Authority or | ||||||
6 | proceeds or benefits of any contract and
conveying or | ||||||
7 | otherwise securing any property or property rights.
| ||||||
8 | (2) The setting aside of loan funding deposits, debt | ||||||
9 | service reserves,
capitalized interest accounts, cost of | ||||||
10 | issuance accounts and sinking funds,
and
the
regulations, | ||||||
11 | investment, and disposition thereof.
| ||||||
12 | (3) Limitations on the purpose to which or the | ||||||
13 | investments in which the
proceeds of the sale of any issue | ||||||
14 | of bonds may be applied and restrictions to
investment of | ||||||
15 | revenues or bond proceeds in government obligations for | ||||||
16 | which
principal and interest are unconditionally | ||||||
17 | guaranteed by the United States of
America.
| ||||||
18 | (4) Limitations on the issue of additional bonds, the | ||||||
19 | terms upon which
additional bonds may be issued and | ||||||
20 | secured, and the terms upon which
additional bonds may rank | ||||||
21 | on a parity with or be subordinate or superior to
other | ||||||
22 | bonds.
| ||||||
23 | (5) The refunding or refinancing of outstanding bonds.
| ||||||
24 | (6) The procedure, if any, by which the terms of any | ||||||
25 | contract with
bondholders may be altered or amended, the | ||||||
26 | amount of bonds and holders of
which must consent thereto, | ||||||
27 | and the manner in which consent must be given.
| ||||||
28 | (7) Defining the acts or omissions that constitute a | ||||||
29 | default in the duties
of the Authority to holders of bonds | ||||||
30 | and providing the rights or remedies of
the
holders in the | ||||||
31 | event of a default which may include provisions restricting
| ||||||
32 | individual right of action by bondholders.
| ||||||
33 | (8) Providing for guarantees, pledges of property, | ||||||
34 | letters of credit, or
other security, or insurance for the | ||||||
35 | benefit of bondholders.
| ||||||
36 | (9) Any other matter relating to the bonds that the |
| |||||||
| |||||||
1 | Authority determines
appropriate.
| ||||||
2 | (c) No member of the Authority nor any person executing the | ||||||
3 | bonds shall be
liable personally on the bonds or subject to any | ||||||
4 | personal liability by reason
of the
issuance of the bonds.
| ||||||
5 | (d) The Authority may enter into agreements with agents, | ||||||
6 | banks, insurers, or
others for the purpose of enhancing the | ||||||
7 | marketability of or as security for its
bonds.
| ||||||
8 | (e) A pledge by the Authority of revenues as security for | ||||||
9 | an issue of bonds
shall
be valid and binding from the time the | ||||||
10 | pledge is made.
| ||||||
11 | The revenues pledged shall immediately be subject to the | ||||||
12 | lien of the pledge
without any physical delivery or further | ||||||
13 | act, and the lien of any pledge shall
be valid and
binding | ||||||
14 | against any person having any claim of any kind in tort, | ||||||
15 | contract, or
otherwise
against the Authority, irrespective of | ||||||
16 | whether the person has notice.
| ||||||
17 | No resolution, trust agreement or financing statement, | ||||||
18 | continuation
statement, or other instrument adopted or entered | ||||||
19 | into by the Authority need be
filed or
recorded in any public | ||||||
20 | record other than the records of the Authority in order
to | ||||||
21 | perfect
the lien against third persons, regardless of any | ||||||
22 | contrary provision of law.
| ||||||
23 | (f) The Authority may issue bonds to refund any of its | ||||||
24 | bonds then
outstanding,
including the payment of any redemption | ||||||
25 | premium and any interest accrued or to
accrue to the earliest | ||||||
26 | or any subsequent date of redemption, purchase, or
maturity of | ||||||
27 | the
bonds. Refunding bonds may be issued for the public | ||||||
28 | purposes of realizing
savings in the
effective costs of debt | ||||||
29 | service, directly or through a debt restructuring, for
| ||||||
30 | alleviating
impending or actual default and may be issued in | ||||||
31 | one or more series in an
amount in
excess of that of the bonds | ||||||
32 | to be refunded.
| ||||||
33 | (g) Bonds or notes of the Authority may be sold by the | ||||||
34 | Authority through the
process of competitive bid or negotiated | ||||||
35 | sale.
| ||||||
36 | (h) At no time shall the total outstanding bonds and notes |
| |||||||
| |||||||
1 | of the Authority
exceed $500 million exclusive of bonds issued | ||||||
2 | to refund outstanding bonds.
| ||||||
3 | (i) The bonds and notes of the Authority shall not be debts | ||||||
4 | of the State,
any unit
of local government, or any political | ||||||
5 | subdivision of the State other than the
Authority.
| ||||||
6 | Section 9.1. Limitation.
| ||||||
7 | (a) The Authority may issue its bonds or notes (including | ||||||
8 | refunding bond or
notes) only if the financed project is | ||||||
9 | situated within the territorial
jurisdiction of a
municipality | ||||||
10 | with a municipal poverty rate greater than 3% in excess of the
| ||||||
11 | statewide
average.
| ||||||
12 | (b) If a project is situated in 2 or more municipalities | ||||||
13 | where one
municipality
has a municipal poverty rate greater | ||||||
14 | than 3% in excess of the Statewide average
and the
other does | ||||||
15 | not, the project shall be deemed to be within the municipality | ||||||
16 | with
a
municipal
poverty rate greater than 3% in excess of the | ||||||
17 | Statewide average.
| ||||||
18 | Section 10. Legality for investment. Any financial | ||||||
19 | institution, investment
company, insurance company, or | ||||||
20 | association and any personal representative,
guardian,
| ||||||
21 | trustee, or other fiduciary, may legally invest any monies | ||||||
22 | belonging to them or
within
their control in any bonds issued | ||||||
23 | by the Authority.
| ||||||
24 | Section 11. Tax exemption. The Authority shall not be | ||||||
25 | required to pay any
taxes
or assessments of any kind whatsoever | ||||||
26 | and its bonds, their transfer, the
interest payable
on them, | ||||||
27 | and any income derived from them shall be exempt at the time of
| ||||||
28 | issuance and
at all times from every kind and nature of | ||||||
29 | taxation by this State or by any of
its political
subdivisions, | ||||||
30 | municipal corporations, or public agencies of any kind, except
| ||||||
31 | for estate,
transfer, and inheritance taxes as provided in | ||||||
32 | Section 12.
| ||||||
33 | For purposes of Section 250 of the Illinois Income Tax Act, |
| |||||||
| |||||||
1 | the exemption of
the income from bonds issued by the Authority | ||||||
2 | shall terminate after all of the
bonds have been paid. The | ||||||
3 | amount of such income that shall be added and then
subtracted | ||||||
4 | on the Illinois income tax return of a taxpayer, under Section | ||||||
5 | 203
of the Illinois Income Tax Act, from federal adjusted gross | ||||||
6 | income or federal
taxable
income in computing Illinois base | ||||||
7 | income shall be the interest net of any bond
premium
| ||||||
8 | amortization.
| ||||||
9 | Section 12. Additional powers and duties.
| ||||||
10 | (a) The Authority may, but need not, acquire title to any | ||||||
11 | project with
respect
to which it exercises its authority.
| ||||||
12 | (b) The Authority shall have the power to enter into | ||||||
13 | intergovernmental
agreements with the State of Illinois, the | ||||||
14 | United States government and any
agency or
instrumentality of | ||||||
15 | the United States, any unit of local government, or any
other | ||||||
16 | unit
of government to the extent allowed by Article VII, | ||||||
17 | Section 10 of the Illinois
Constitution
and the | ||||||
18 | Intergovernmental Cooperation Act.
| ||||||
19 | (c) The Authority shall have the power to share employees | ||||||
20 | with other units
of government, including agencies of the | ||||||
21 | United States, agencies of the State
of
Illinois, and agencies | ||||||
22 | or personnel of any unit of local government.
| ||||||
23 | (d) The Authority shall have the power to exercise powers | ||||||
24 | and issue bonds as
if it were a municipality so authorized in | ||||||
25 | Divisions 12.1, 74, 74.1, 74.3,
74.4, and 74.5 of Article 11 of | ||||||
26 | the Illinois Municipal Code.
| ||||||
27 | Section 13. Fees and charges. The Authority may collect | ||||||
28 | fees and charges in
connection with its loans, commitments, and | ||||||
29 | servicing and may provide technical
assistance in the | ||||||
30 | development of the region.
| ||||||
31 | Section 90. The Illinois Enterprise Zone Act is amended by | ||||||
32 | changing Section 5 and by adding Section 11.2 as follows:
|
| |||||||
| |||||||
1 | (20 ILCS 655/5) (from Ch. 67 1/2, par. 605)
| ||||||
2 | Sec. 5. Initiation of Enterprise Zones by Municipality or | ||||||
3 | County.
| ||||||
4 | (a) Except as provided in Section 11.2, no
No area may be | ||||||
5 | designated as an enterprise zone except pursuant to an
| ||||||
6 | initiating ordinance adopted in accordance with this Section.
| ||||||
7 | (b) A county or municipality may by ordinance designate an | ||||||
8 | area within
its jurisdiction as an enterprise zone, subject to | ||||||
9 | the certification of
the Department in accordance with this | ||||||
10 | Act, if:
| ||||||
11 | (i) the area is qualified in accordance with Section 4; and
| ||||||
12 | (ii) the county or municipality has conducted at least one | ||||||
13 | public hearing
within the proposed zone area on the question of | ||||||
14 | whether to create the zone,
what local plans, tax incentives | ||||||
15 | and other programs should be established
in connection with the | ||||||
16 | zone, and what the boundaries of the zone should
be; public | ||||||
17 | notice of such hearing shall be published in at least one | ||||||
18 | newspaper
of general circulation within the zone area, not more | ||||||
19 | than 20 days nor less
than 5 days before the hearing.
| ||||||
20 | (c) An ordinance designating an area as an enterprise zone | ||||||
21 | shall set forth:
| ||||||
22 | (i) a precise description of the area comprising the zone, | ||||||
23 | either in the
form of a legal description or by reference to | ||||||
24 | roadways, lakes and waterways,
and township, county | ||||||
25 | boundaries;
| ||||||
26 | (ii) a finding that the zone area meets the qualifications | ||||||
27 | of Section 4;
| ||||||
28 | (iii) provisions for any tax incentives or reimbursement | ||||||
29 | for taxes, which
pursuant to state and federal
law apply to | ||||||
30 | business enterprises within the zone at the election of the
| ||||||
31 | designating county or municipality, and which are not | ||||||
32 | applicable throughout
the county or municipality;
| ||||||
33 | (iv) a designation of the area as an enterprise zone, | ||||||
34 | subject to the approval
of the Department in accordance with | ||||||
35 | this Act;
| ||||||
36 | (v) the duration or term of the enterprise zone.
|
| |||||||
| |||||||
1 | (d) This Section does not prohibit a municipality or county | ||||||
2 | from extending
additional tax incentives or reimbursement for | ||||||
3 | business enterprises in Enterprise
Zones or throughout their | ||||||
4 | territory by separate ordinance.
| ||||||
5 | (e) No county or municipality located within the Metro East | ||||||
6 | Mass
Transit District which adopts an ordinance designating an | ||||||
7 | area within the
District as an Enterprise Zone shall provide | ||||||
8 | for any exemption, deduction,
credit, refund or abatement of | ||||||
9 | any taxes imposed by the Metro East Mass
Transit District Board | ||||||
10 | of Trustees under Section 5.01 of the "Local Mass
Transit | ||||||
11 | District Act", approved July 21, 1959, as amended.
| ||||||
12 | (f) The Department shall encourage applications from all | ||||||
13 | areas of the
State and shall actively solicit applications from | ||||||
14 | those counties with
populations of less than 300,000.
| ||||||
15 | (Source: P.A. 85-870.)
| ||||||
16 | (20 ILCS 655/11.2 new)
| ||||||
17 | Sec. 11.2. The Illinois Urban Development Authority. The | ||||||
18 | Illinois Urban Development Authority may by resolution | ||||||
19 | designate any
portion of the State as an Enterprise Zone under | ||||||
20 | this
Act in
addition to any other Enterprise Zones that may be | ||||||
21 | created under this Act. The designated area shall have all the | ||||||
22 | privileges and
rights of an
Enterprise Zone under this Act, but | ||||||
23 | shall not be
counted in determining the number of Enterprise | ||||||
24 | Zones to be created in any year
under this Act.
| ||||||
25 | Section 99. Effective date. This Act takes effect upon | ||||||
26 | becoming law.
|