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1 | AN ACT creating the Southern Illinois Economic Development | ||||||||||||||||||||||||
2 | Authority.
| ||||||||||||||||||||||||
3 | Be it enacted by the People of the State of | ||||||||||||||||||||||||
4 | Illinois,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 commercial and
| ||||||||||||||||||||||||
24 | service businesses and
industrial and manufacturing plants | ||||||||||||||||||||||||
25 | 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, |
| |||||||
| |||||||
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, |
| |||||||
| |||||||
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, railroad
| ||||||
9 | facility, solid waste and wastewater
treatment and disposal | ||||||
10 | sites and other pollution control facilities, resource
or waste | ||||||
11 | reduction, recovery,
treatment, and disposal facilities, and | ||||||
12 | including also the sites thereof and
other rights in land | ||||||
13 | therefore
whether improved or unimproved, site preparation and | ||||||
14 | landscaping and all
appurtenances and facilities
incidental | ||||||
15 | thereto such as utilities, access roads, railroad sidings, | ||||||
16 | truck
docking and similar facilities,
parking facilities, | ||||||
17 | dockage, wharfage, railroad roadbed, track, trestle, depot,
| ||||||
18 | terminal, switching and
signaling equipment or related | ||||||
19 | equipment and other improvements necessary or
convenient | ||||||
20 | thereto; or
| ||||||
21 | (2) any land, buildings, machinery, or equipment | ||||||
22 | comprising an addition to or
renovation,
rehabilitation, or | ||||||
23 | improvement of any existing capital project.
| ||||||
24 | "Commercial project" means any project, including, but not | ||||||
25 | limited to, one or
more buildings and other
structures, | ||||||
26 | improvements, machinery, and equipment, whether or not on the | ||||||
27 | same
site or sites now existing
or hereafter acquired, suitable | ||||||
28 | for use by any retail or wholesale concern,
distributorship, or | ||||||
29 | agency.
| ||||||
30 | "Project" means an industrial, housing, residential, | ||||||
31 | commercial, or service
project, or any combination
thereof, | ||||||
32 | provided that all uses fall within one of the categories | ||||||
33 | described
above. Any project automatically
includes all site | ||||||
34 | improvements and new construction involving sidewalks,
sewers, | ||||||
35 | solid waste and
wastewater treatment and disposal sites and | ||||||
36 | other pollution control facilities,
resource or waste |
| |||||||
| |||||||
1 | reduction,
recovery, treatment, and disposal facilities, | ||||||
2 | parks, open spaces, wildlife
sanctuaries, streets, highways, | ||||||
3 | and
runways.
| ||||||
4 | "Lease agreement" means an agreement in which a project | ||||||
5 | acquired by the
Authority by purchase, gift,
or lease is leased | ||||||
6 | to any person or corporation that will use, or cause the
| ||||||
7 | project to be used, as a project,
upon terms providing for | ||||||
8 | lease rental payments at least sufficient to pay, when due, all | ||||||
9 | principal of and
interest and premium, if any, on any bonds, | ||||||
10 | notes, or other evidences of indebtedness of the Authority,
| ||||||
11 | issued with respect to the project, providing for the | ||||||
12 | maintenance, insurance, and operation of the project on
terms | ||||||
13 | satisfactory to the Authority and providing for disposition of | ||||||
14 | the project upon termination of the lease
term, including | ||||||
15 | purchase options or abandonment of the premises, with other | ||||||
16 | terms as may be deemed
desirable by the Authority.
| ||||||
17 | "Loan agreement" means any agreement in which the Authority | ||||||
18 | agrees to loan
the proceeds of its bonds,
notes, or other | ||||||
19 | evidences of indebtedness, issued with respect to a project, to
| ||||||
20 | any person or corporation
that will use or cause the project to | ||||||
21 | be used as a project, upon terms
providing for loan repayment
| ||||||
22 | installments at least sufficient to pay, when due, all | ||||||
23 | principal of and
interest and premium, if any, on any
bonds, | ||||||
24 | notes, or other evidences of indebtedness of the Authority | ||||||
25 | issued with
respect to the project,
providing for maintenance, | ||||||
26 | insurance, and operation of the project on terms
satisfactory | ||||||
27 | to the Authority
and providing for other terms deemed advisable | ||||||
28 | by the Authority.
| ||||||
29 | "Financial aid" means the expenditure of Authority funds or | ||||||
30 | funds provided by
the Authority for the
development, | ||||||
31 | construction, acquisition, or improvement of a project, | ||||||
32 | through the
issuance of revenue bonds,
notes, or other | ||||||
33 | evidences of indebtedness.
| ||||||
34 | "Costs incurred in connection with
the development, | ||||||
35 | construction, acquisition, or improvement of a
project" means | ||||||
36 | the following:
|
| |||||||
| |||||||
1 | (1) the cost of purchase and construction of all lands and | ||||||
2 | improvements in
connection therewith and
equipment and other | ||||||
3 | property, rights, easements, and franchises acquired which
are | ||||||
4 | deemed necessary for
the construction;
| ||||||
5 | (2) financing charges;
| ||||||
6 | (3) interest costs with respect to bonds, notes, and other | ||||||
7 | evidences of
indebtedness of the Authority
prior to and during | ||||||
8 | construction and for a period of 6 months thereafter;
| ||||||
9 | (4) engineering and legal expenses; and
| ||||||
10 | (5) the costs of plans, specifications, surveys, and | ||||||
11 | estimates of costs and
other expenses necessary or
incident to | ||||||
12 | determining the feasibility or practicability of any project,
| ||||||
13 | together with such other expenses as
may be necessary or | ||||||
14 | incident to the financing, insuring, acquisition, and
| ||||||
15 | construction of a specific project
and the placing of the same | ||||||
16 | in operation.
| ||||||
17 | Section 20. Creation.
| ||||||
18 | (a) There is created a political subdivision, body politic, | ||||||
19 | and municipal
corporation named the Southern
Illinois Economic | ||||||
20 | Development Authority. The territorial jurisdiction of the
| ||||||
21 | Authority is that geographic
area within the boundaries of the | ||||||
22 | following counties: Clinton, Marion, Clay, Jasper, Crawford, | ||||||
23 | Monroe, Washington, Jefferson, Wayne, Richland, Lawrence, | ||||||
24 | Jefferson, Edwards, Wabash, Randolph, Perry, Franklin, | ||||||
25 | Hamilton, White, Jackson, Franklin, Hamilton, White, Saline, | ||||||
26 | Gallatin, Union, Johnson, Pope, Hardin, Alexander, Pulaski, | ||||||
27 | Effingham, Fayette, Bond, Cumberland, Clark, and Massac and any
| ||||||
28 | navigable waters and
air space located therein.
| ||||||
29 | (b) The governing and administrative powers of the | ||||||
30 | Authority shall be vested
in a body consisting of 15
members as | ||||||
31 | follows:
| ||||||
32 | (1) Ex officio members. The Director of Commerce and
| ||||||
33 | Economic Opportunity, or
a designee of that Department, and | ||||||
34 | the Director of Central
Management Services, or a
designee | ||||||
35 | of that Department, shall serve as ex officio members.
|
| |||||||
| |||||||
1 | (2) Public members. Five members shall be appointed by | ||||||
2 | the Governor
with the advice and
consent of the Senate. One | ||||||
3 | member shall be appointed to represent each representative | ||||||
4 | district within the territorial jurisdiction of the | ||||||
5 | Authority. The county board chairmen of all counties within | ||||||
6 | the representative district shall approve and appoint, by | ||||||
7 | majority vote, one member to represent that representative | ||||||
8 | district. If a county lies within 2 or more representative | ||||||
9 | districts, the county board chairman of that county shall | ||||||
10 | vote with the district that includes the greatest | ||||||
11 | population of county residents. All public members shall | ||||||
12 | reside within
the territorial
jurisdiction of the | ||||||
13 | Authority.
The public members shall be persons of | ||||||
14 | recognized ability and experience in one
or more of the | ||||||
15 | following
areas: economic development, finance, banking, | ||||||
16 | industrial development, state or
local government, | ||||||
17 | commercial agriculture, small
business management, real
| ||||||
18 | estate development, community development, venture | ||||||
19 | finance, organized labor, or
civic or community
| ||||||
20 | organization.
| ||||||
21 | (c) Eight members shall constitute a quorum.
| ||||||
22 | (d) The chairman of the Authority shall be elected annually | ||||||
23 | by the Board
from among the 8 members
appointed by the county | ||||||
24 | board chairmen.
| ||||||
25 | (e) The terms of all initial members of the Authority shall | ||||||
26 | begin 30 days
after the effective date of this
Act. Vacancies | ||||||
27 | occurring among the public members shall be filled for the
| ||||||
28 | remainder of the term. In case of
vacancy in a | ||||||
29 | Governor-appointed membership when the Senate is not in | ||||||
30 | session,
the Governor may make a
temporary appointment until | ||||||
31 | the next meeting of the Senate when a person shall
be nominated | ||||||
32 | to fill the
office and, upon confirmation by the Senate, he or | ||||||
33 | she shall hold office during
the remainder of the term
and | ||||||
34 | until a successor is appointed and qualified. Members of the | ||||||
35 | Authority are
not entitled to
compensation for their services | ||||||
36 | as members but are entitled to reimbursement
for all necessary |
| |||||||
| |||||||
1 | expenses
incurred in connection with the performance of their | ||||||
2 | duties as members.
| ||||||
3 | (f) The Governor may remove any public member of the | ||||||
4 | Authority in case of
incompetence, neglect of
duty, or | ||||||
5 | malfeasance in office. Any member appointed to represent a | ||||||
6 | representative district may, in the case of incompetence, | ||||||
7 | neglect of duty, or malfeasance
in office, be removed by | ||||||
8 | majority vote of the county board chairmen who appointed that | ||||||
9 | member.
| ||||||
10 | (g) The Board shall appoint an Executive Director who shall | ||||||
11 | have a
background in finance, including
familiarity with the | ||||||
12 | legal and procedural requirements of issuing bonds, real
| ||||||
13 | estate, or economic
development and administration. The | ||||||
14 | Executive Director shall hold office at the
discretion of the | ||||||
15 | Board.
The Executive Director shall be the chief administrative | ||||||
16 | and operational
officer of the Authority, shall
direct and | ||||||
17 | supervise its administrative affairs and general management, | ||||||
18 | perform
such other duties as may
be prescribed from time to | ||||||
19 | time by the members, and receive compensation fixed
by the | ||||||
20 | Authority. The Department of Commerce and Economic Opportunity | ||||||
21 | shall pay
the compensation of the Executive Director from | ||||||
22 | appropriations received for
that purpose. The
Executive | ||||||
23 | Director shall attend all meetings of the Authority. However, | ||||||
24 | no
action of the Authority shall be
invalid on account of the | ||||||
25 | absence of the Executive Director from a meeting. The
Authority | ||||||
26 | may engage
the services of other agents and employees, | ||||||
27 | including attorneys, appraisers,
engineers, accountants, | ||||||
28 | credit
analysts, and other consultants, if the Authority deems | ||||||
29 | it advisable, and may
prescribe their duties and fix
their | ||||||
30 | compensation.
| ||||||
31 | (h) The Board may, by majority vote, nominate up to 4 | ||||||
32 | non-voting members for
appointment by the
Governor. Non-voting | ||||||
33 | members shall be persons of recognized ability and
experience | ||||||
34 | in one or more of
the following areas: economic development, | ||||||
35 | finance, banking, industrial
development, small business
| ||||||
36 | management, real estate development, community development, |
| |||||||
| |||||||
1 | venture finance,
organized labor, or civic,
community, or | ||||||
2 | neighborhood organization. Non-voting members shall serve at | ||||||
3 | the
pleasure of the Board.
All non-voting members may attend | ||||||
4 | meetings of the Board and shall be reimbursed
as provided in
| ||||||
5 | subsection (e).
| ||||||
6 | (i) The Board shall create a task force to study and make | ||||||
7 | recommendations to
the Board on the economic
development of the | ||||||
8 | territory within the jurisdiction of the Authority. The
members | ||||||
9 | of the task force shall
reside within the territorial | ||||||
10 | jurisdiction of the Authority, shall serve at the
pleasure of | ||||||
11 | the Board, and shall
be persons of recognized ability and | ||||||
12 | experience in one or more of the following
areas: economic
| ||||||
13 | development, finance, banking, industrial development, small | ||||||
14 | business
management, real estate
development, commercial | ||||||
15 | agriculture, community development, venture finance,
organized | ||||||
16 | labor, or civic or community
organization. The number of | ||||||
17 | members constituting the task force shall be set by
the Board
| ||||||
18 | and may vary from time to time. The Board may set a specific | ||||||
19 | date by which the
task force is to submit its
final report and | ||||||
20 | recommendations to the Board.
| ||||||
21 | Section 25. Duty. All official acts of the Authority shall | ||||||
22 | require the
approval of at least 8 members. It
shall be the | ||||||
23 | duty of the Authority to promote development within the | ||||||
24 | territorial jurisdiction of the Authority. The Authority shall | ||||||
25 | use the powers conferred upon it to assist in the
development, | ||||||
26 | construction,
and acquisition of industrial, commercial, | ||||||
27 | housing, or residential projects
within those counties.
| ||||||
28 | Section 30. Powers.
| ||||||
29 | (a) The Authority possesses all the powers of a body | ||||||
30 | corporate necessary and
convenient to accomplish
the purposes | ||||||
31 | of this Act, including, without any intended limitation upon | ||||||
32 | the
general powers hereby
conferred, the following powers:
| ||||||
33 | (1) to enter into loans, contracts, agreements, and | ||||||
34 | mortgages in any
matter connected with any of
its corporate |
| |||||||
| |||||||
1 | purposes and to invest its funds;
| ||||||
2 | (2) to sue and be sued;
| ||||||
3 | (3) to employ agents and employees necessary to carry | ||||||
4 | out its purposes;
| ||||||
5 | (4) to have and use a common seal and to alter the seal | ||||||
6 | at its discretion;
| ||||||
7 | (5) to adopt all needful ordinances, resolutions, | ||||||
8 | bylaws, rules, and
regulations for the conduct of
its | ||||||
9 | business and affairs and for the management and use of the | ||||||
10 | projects
developed, constructed, acquired,
and improved in | ||||||
11 | furtherance of its purposes;
| ||||||
12 | (6) to designate the fiscal year for the Authority;
| ||||||
13 | (7) to accept and expend appropriations;
| ||||||
14 | (8) to acquire, own, lease, sell, or otherwise dispose | ||||||
15 | of interests in and
to real property and
improvements | ||||||
16 | situated on that real property and in personal property | ||||||
17 | necessary
to fulfill the purposes of the
Authority;
| ||||||
18 | (9) to engage in any activity or operation which is | ||||||
19 | incidental to and in
furtherance of efficient
operation to | ||||||
20 | accomplish the Authority's primary purpose;
| ||||||
21 | (10) to acquire, own, construct, lease, operate, and | ||||||
22 | maintain bridges,
terminals, terminal facilities,
and port | ||||||
23 | facilities and to fix and collect just, reasonable, and
| ||||||
24 | nondiscriminatory charges for the use of those
facilities. | ||||||
25 | These charges shall be used to defray the reasonable | ||||||
26 | expenses of
the Authority and to pay the
principal and | ||||||
27 | interest of any revenue bonds issued by the Authority;
| ||||||
28 | (11) subject to any applicable condition imposed by | ||||||
29 | this Act, to locate,
establish, and maintain public | ||||||
30 | airports and public airport facilities within its
| ||||||
31 | corporate limits or within or upon any
body of water | ||||||
32 | adjacent thereto and to construct, develop, expand, | ||||||
33 | extend, and
improve any such airport or
airport facility; | ||||||
34 | and
| ||||||
35 | (12) to have and exercise all powers and be subject to | ||||||
36 | all duties usually
incident to boards of
directors of |
| |||||||
| |||||||
1 | corporations.
| ||||||
2 | (b) The Authority shall not issue any bonds relating to the | ||||||
3 | financing of a
project located within the
planning and | ||||||
4 | subdivision control jurisdiction of any municipality or county
| ||||||
5 | unless: (i) notice, including a
description of the proposed | ||||||
6 | project and the financing for that project, is
submitted to the | ||||||
7 | corporate
authorities of the municipality or, in the case of a | ||||||
8 | proposed project in an
unincorporated area, to the county
board | ||||||
9 | and (ii) the corporate authorities of the municipality do not, | ||||||
10 | or the
county board does not, adopt a
resolution disapproving | ||||||
11 | the project within 45 days after receipt of the notice.
| ||||||
12 | (c) If any of the powers set forth in this Act are | ||||||
13 | exercised within the
jurisdictional limits of any
| ||||||
14 | municipality, all ordinances of the municipality remain in full | ||||||
15 | force and
effect and are controlling.
| ||||||
16 | Section 35. Tax avoidance. Notwithstanding any other | ||||||
17 | provision of law, the
Authority shall not enter into
any | ||||||
18 | agreement providing for the purchase and lease of tangible | ||||||
19 | personal
property which results in the
avoidance of taxation | ||||||
20 | under the Retailers' Occupation Tax Act, the Use Tax Act,
the | ||||||
21 | Service Use Tax Act,
or the Service Occupation Tax Act, without | ||||||
22 | the prior written consent of the
Governor.
| ||||||
23 | Section 40. 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
|
| |||||||
| |||||||
1 | useful in connection therewith; and (iv) for the purposes of | ||||||
2 | the Employee
Ownership Assistance Act. For
the purpose of | ||||||
3 | evidencing the obligations of the Authority to repay any money
| ||||||
4 | borrowed, the Authority
may, pursuant to resolution, from time | ||||||
5 | to time, issue and dispose of its interest-bearing revenue | ||||||
6 | bonds,
notes, or other evidences of indebtedness and may also | ||||||
7 | from time to time issue and dispose of such bonds,
notes, or | ||||||
8 | other evidences of indebtedness to refund, at maturity, at a | ||||||
9 | redemption date or in advance of
either, any bonds, notes, or | ||||||
10 | other evidences of indebtedness pursuant to redemption | ||||||
11 | provisions or at any
time before maturity. All such bonds, | ||||||
12 | notes, or other evidences of indebtedness shall be payable | ||||||
13 | solely and
only from the revenues or income to be derived from | ||||||
14 | loans made with respect to projects, from the leasing
or sale | ||||||
15 | of the projects, or from any other funds available to the | ||||||
16 | Authority for such purposes. The bonds,
notes, or other | ||||||
17 | evidences of indebtedness may bear such date or dates, may | ||||||
18 | mature at such time or times not
exceeding 40 years from their | ||||||
19 | respective dates, may bear interest at such rate or rates not | ||||||
20 | exceeding the
maximum rate permitted by the Bond Authorization | ||||||
21 | Act, may be in such form, may carry such registration
| ||||||
22 | privileges, may be executed in such manner, may be payable at | ||||||
23 | such place or places, may be made subject
to redemption in such | ||||||
24 | manner and upon such terms, with or without premium, as is | ||||||
25 | stated on the face
thereof, may be authenticated in such manner | ||||||
26 | and may contain such terms and
covenants as may be
provided by | ||||||
27 | an applicable resolution.
| ||||||
28 | (b) The holder or holders of any bonds, notes, or other | ||||||
29 | evidences of
indebtedness issued by the
Authority may bring | ||||||
30 | suits at law or proceedings in equity to compel the
performance | ||||||
31 | and observance by
any corporation or person or by the Authority | ||||||
32 | or any of its agents or employees
of any contract or covenant
| ||||||
33 | made with the holders of the bonds, notes, or other evidences | ||||||
34 | of indebtedness,
to compel such corporation,
person, the | ||||||
35 | Authority, and any of its agents or employees to perform any | ||||||
36 | duties
required to be performed
for the benefit of the holders |
| |||||||
| |||||||
1 | of the bonds, notes, or other evidences of
indebtedness by the | ||||||
2 | provision of the
resolution authorizing their issuance and to | ||||||
3 | enjoin the corporation, person,
the Authority, and any of its
| ||||||
4 | agents or employees from taking any action in conflict with any | ||||||
5 | contract or
covenant.
| ||||||
6 | (c) If the Authority fails to pay the principal of or | ||||||
7 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
8 | becomes due, a civil action to compel payment may be instituted | ||||||
9 | in the
appropriate circuit court by
the holder or holders of | ||||||
10 | the bonds on which the default of payment exists or by
an | ||||||
11 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
12 | a summons and a copy of the complaint to
the chairman of the | ||||||
13 | Board
shall constitute sufficient service to give the circuit | ||||||
14 | court jurisdiction over
the subject matter of the suit and
| ||||||
15 | jurisdiction over the Authority and its officers named as | ||||||
16 | defendants for the
purpose of compelling such
payment. Any | ||||||
17 | case, controversy, or cause of action concerning the validity | ||||||
18 | of
this Act relates to the
revenue of the State of Illinois.
| ||||||
19 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
20 | or other evidence
of indebtedness and in
the absence of any | ||||||
21 | express recital on its face that it is non-negotiable, all
such | ||||||
22 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
23 | negotiable instruments. Pending the
preparation and execution | ||||||
24 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
25 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
26 | issued as provided by ordinance.
| ||||||
27 | (e) To secure the payment of any or all of such bonds, | ||||||
28 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
29 | received by the Authority from a lease agreement or loan
| ||||||
30 | agreement shall be pledged, and,
for the purpose of setting | ||||||
31 | forth the covenants and undertakings of the
Authority in | ||||||
32 | connection with the
issuance of the bonds, notes, or other | ||||||
33 | evidences of indebtedness and the
issuance of any additional | ||||||
34 | bonds,
notes or other evidences of indebtedness payable from | ||||||
35 | such revenues, income, or other funds to be derived
from | ||||||
36 | projects, the Authority may execute and deliver a mortgage or |
| |||||||
| |||||||
1 | trust agreement. A remedy for any
breach or default of the | ||||||
2 | terms of any mortgage or trust agreement by the Authority may | ||||||
3 | be by mandamus
proceeding in the appropriate circuit court to | ||||||
4 | compel performance and compliance under the terms of the
| ||||||
5 | mortgage or trust agreement, but the trust agreement may | ||||||
6 | prescribe by whom or on whose behalf the action
may be | ||||||
7 | instituted.
| ||||||
8 | (f) Bonds or notes shall be secured as provided in the | ||||||
9 | authorizing ordinance which may include,
notwithstanding any | ||||||
10 | other provision of this Act, in addition to any other security, | ||||||
11 | a specific pledge,
assignment of and lien on, or security | ||||||
12 | interest in any or all revenues or money of the Authority, from
| ||||||
13 | whatever source, which may, by law, be used for debt service | ||||||
14 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
15 | or security interest in any funds or accounts established or
| ||||||
16 | provided for by ordinance of the
Authority authorizing the | ||||||
17 | issuance of the bonds or notes.
| ||||||
18 | (g) In the event that the Authority determines that moneys | ||||||
19 | of the Authority
will not be sufficient for the
payment of the | ||||||
20 | principal of and interest on its bonds during the next State
| ||||||
21 | fiscal year, the chairman, as soon
as practicable, shall | ||||||
22 | certify to the Governor the amount required by the
Authority to | ||||||
23 | enable it to pay the
principal of and interest on the bonds. | ||||||
24 | The Governor shall submit the certified
amount to the General
| ||||||
25 | Assembly as soon as practicable, but no later than the end of | ||||||
26 | the current State
fiscal year. This Section shall
not apply to | ||||||
27 | any bonds or notes to which the Authority determines, in the
| ||||||
28 | resolution authorizing the
issuance of the bonds or notes, that | ||||||
29 | this Section shall not apply. Whenever the
Authority makes this
| ||||||
30 | determination, it shall be plainly stated on the face of the | ||||||
31 | bonds or notes and
the determination shall also be
reported to | ||||||
32 | the Governor.
In the event of a withdrawal of moneys from a | ||||||
33 | reserve fund established with
respect to any issue or
issues of | ||||||
34 | bonds of the Authority to pay principal or interest on those | ||||||
35 | bonds,
the chairman of the Authority,
as soon as practicable, | ||||||
36 | shall certify to the Governor the amount required to
restore |
| |||||||
| |||||||
1 | the reserve fund to the
level required in the resolution or | ||||||
2 | indenture securing those bonds. The
Governor shall submit the | ||||||
3 | certified
amount to the General Assembly as soon as | ||||||
4 | practicable, but no later than the
end of the current State | ||||||
5 | fiscal
year.
| ||||||
6 | (h) The State of Illinois pledges to and agrees with the | ||||||
7 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
8 | to this Section that the State will not limit or alter the | ||||||
9 | rights and powers vested in the
Authority by this Act so as to | ||||||
10 | impair the terms of any contract made by the Authority with the | ||||||
11 | holders of
bonds or notes or in any way impair the rights and | ||||||
12 | remedies of those holders until the bonds and notes,
together | ||||||
13 | with interest thereon, with interest on any unpaid installments | ||||||
14 | of interest, and all costs and
expenses in connection with any | ||||||
15 | action or proceedings by or on behalf of the holders, are fully | ||||||
16 | met and
discharged. In addition, the State pledges to and | ||||||
17 | agrees with the holders of the bonds and notes of the
Authority | ||||||
18 | issued pursuant to this Section that the State will not limit | ||||||
19 | or alter the basis on which State funds
are to be paid to the | ||||||
20 | Authority as provided in this Act, or the use of such funds, so | ||||||
21 | as to impair the terms of
any such contract. The Authority is | ||||||
22 | authorized to include these pledges and agreements of the State | ||||||
23 | in any
contract with the holders of bonds or notes issued | ||||||
24 | pursuant to this Section.
| ||||||
25 | (i) Not less than 30 days prior to the commitment to issue | ||||||
26 | bonds, notes, or
other evidences of
indebtedness for the | ||||||
27 | purpose of developing, constructing, acquiring, or
improving | ||||||
28 | housing or residential
projects, as defined in this Act, the | ||||||
29 | Authority shall provide notice to the
Executive Director of the | ||||||
30 | Illinois
Housing Development Authority. Within 30 days after | ||||||
31 | the notice is provided, the
Illinois Housing
Development | ||||||
32 | Authority shall, in writing, either express interest in | ||||||
33 | financing
the project or notify the
Authority that it is not | ||||||
34 | interested in providing financing and that the
Authority may | ||||||
35 | finance the project or
seek alternative financing.
|
| |||||||
| |||||||
1 | Section 45. Bonds and notes; exemption from taxation. The | ||||||
2 | creation of the
Authority is in all respects for
the benefit of | ||||||
3 | the people of Illinois and for the improvement of their health,
| ||||||
4 | safety, welfare, comfort, and
security, and its purposes are | ||||||
5 | public purposes. In consideration thereof, the
notes and bonds | ||||||
6 | of the
Authority issued pursuant to this Act and the income | ||||||
7 | from these notes and bonds
may be free from all
taxation by the | ||||||
8 | State or its political subdivisions, exempt for estate,
| ||||||
9 | transfer, and inheritance taxes. The
exemption from taxation | ||||||
10 | provided by the preceding sentence shall apply to the
income on | ||||||
11 | any notes or
bonds of the Authority only if the Authority in | ||||||
12 | its sole judgment determines
that the exemption enhances
the | ||||||
13 | marketability of the bonds or notes or reduces the interest | ||||||
14 | rates that
would otherwise be borne by the
bonds or notes. For | ||||||
15 | purposes of Section 250 of the Illinois Income Tax Act, the
| ||||||
16 | exemption of the Authority
shall terminate after all of the | ||||||
17 | bonds have been paid. The amount of such income that shall be | ||||||
18 | added and
then subtracted on the Illinois income tax return of | ||||||
19 | a taxpayer, subject to Section 203 of the Illinois Income
Tax | ||||||
20 | Act, from federal adjusted gross income or federal taxable | ||||||
21 | income in computing Illinois base income
shall be the interest | ||||||
22 | net of any bond premium amortization.
| ||||||
23 | Section 50. Acquisition.
| ||||||
24 | (a) The Authority may, but need not, acquire title to any | ||||||
25 | project with
respect to which it exercises its
authority.
| ||||||
26 | (b) The Authority shall have power to acquire by purchase, | ||||||
27 | lease, gift, or
otherwise any property or
rights therein from | ||||||
28 | any person or persons, the State of Illinois, any municipal
| ||||||
29 | corporation, any local unit of
government, the government of | ||||||
30 | the United States and any agency or
instrumentality of the | ||||||
31 | United States,
any body politic, or any county useful for its | ||||||
32 | purposes, whether improved for
the purposes of any
prospective | ||||||
33 | project or unimproved. The Authority may also accept any | ||||||
34 | donation
of funds for its purposes
from any of these sources.
| ||||||
35 | (c) The Authority shall have power to develop, construct, |
| |||||||
| |||||||
1 | and improve,
either under its own direction or
through | ||||||
2 | collaboration with any approved applicant, or to acquire, | ||||||
3 | through
purchase or otherwise, any
project, using for this | ||||||
4 | purpose the proceeds derived from its sale of revenue
bonds, | ||||||
5 | notes, or other
evidences of indebtedness or governmental loans | ||||||
6 | or grants and shall have the
power to hold title to those
| ||||||
7 | projects in the name of the Authority.
| ||||||
8 | (d) The Authority shall have the power to enter into | ||||||
9 | intergovernmental
agreements with the State of
Illinois, the | ||||||
10 | counties within the territorial jurisdiction of the Authority, | ||||||
11 | the Illinois
Development Finance Authority, the Illinois | ||||||
12 | Housing
Development Authority, the Illinois Education | ||||||
13 | Facilities Authority, the
Illinois
Farm
Development Authority, | ||||||
14 | the Rural Bond Bank,
the United States government and any | ||||||
15 | agency or instrumentality of the United
States, any unit
of | ||||||
16 | local government located within the territory of the Authority, | ||||||
17 | or any other
unit of government to the
extent allowed by | ||||||
18 | Article VII, Section 10 of the Illinois Constitution and the
| ||||||
19 | Intergovernmental
Cooperation Act.
| ||||||
20 | (e) The Authority shall have the power to share employees | ||||||
21 | with other units
of government, including
agencies of the | ||||||
22 | United States, agencies of the State of Illinois, and agencies
| ||||||
23 | or personnel of any unit of
local government.
| ||||||
24 | (f) The Authority shall have the power to exercise powers | ||||||
25 | and issue bonds as
if it were a municipality so
authorized in | ||||||
26 | Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
| ||||||
27 | Illinois Municipal Code.
| ||||||
28 | Section 55. Enterprise zones. The Authority may by | ||||||
29 | ordinance designate a
portion of the territorial
jurisdiction | ||||||
30 | of the Authority for certification as an Enterprise Zone under | ||||||
31 | the
Illinois Enterprise Zone Act in
addition to any other | ||||||
32 | enterprise zones which may be created under that Act,
which | ||||||
33 | area shall have all the
privileges and rights of an Enterprise | ||||||
34 | Zone pursuant to the Illinois Enterprise
Zone Act, but which | ||||||
35 | shall not
be counted in determining the number of Enterprise |
| |||||||
| |||||||
1 | Zones to be created in any
year pursuant to that Act.
| ||||||
2 | Section 60. Designation of depository. The Authority shall | ||||||
3 | biennially
designate a national or State bank or
banks as | ||||||
4 | depositories of its money. Such depositories shall be | ||||||
5 | designated only
within the State and upon
condition that bonds | ||||||
6 | approved as to form and surety by the Authority and at
least | ||||||
7 | equal in amount to the
maximum sum expected to be on deposit at | ||||||
8 | any one time shall be first given by
such depositories to the
| ||||||
9 | Authority, such bonds to be conditioned for the safe keeping | ||||||
10 | and prompt
repayment of such deposits.
When any of the funds of | ||||||
11 | the Authority shall be deposited by the treasurer in
any such | ||||||
12 | depository, the
treasurer and the sureties on his official bond | ||||||
13 | shall, to such extent, be
exempt from liability for the loss of
| ||||||
14 | any such deposited funds by reason of the failure, bankruptcy, | ||||||
15 | or any other act
or default of such depository;
provided that | ||||||
16 | the Authority may accept assignments of collateral by any
| ||||||
17 | depository of its funds to secure
such deposits to the same | ||||||
18 | extent and conditioned in the same manner as
assignments of | ||||||
19 | collateral are
permitted by law to secure deposits of the funds | ||||||
20 | of any city.
| ||||||
21 | Section 65. Taxation prohibited. The Authority shall have | ||||||
22 | no right or
authority to levy any tax or special
assessment, to | ||||||
23 | pledge the credit of the State or any other subdivision or
| ||||||
24 | municipal corporation thereof, or to
incur any obligation | ||||||
25 | enforceable upon any property, either within or without
the | ||||||
26 | territory of the Authority.
| ||||||
27 | Section 70. Fees. The Authority may collect fees and | ||||||
28 | charges in connection
with its loans, commitments,
and | ||||||
29 | servicing and may provide technical assistance in the | ||||||
30 | development of the
region.
| ||||||
31 | Section 75. Reports. The Authority shall annually submit a | ||||||
32 | report of its
finances to the Auditor General.
The Authority |
| |||||||
| |||||||
1 | shall annually submit a report of its activities to the | ||||||
2 | Governor
and to the General Assembly.
| ||||||
3 | Section 999. Effective date. This Act takes effect upon | ||||||
4 | becoming law. |