093_SB1754enr SB1754 Enrolled LRB093 10661 MKM 11490 b 1 AN ACT creating the Western Illinois Economic Development 2 Authority. 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 Western Illinois Economic Development Authority Act. 7 Section 10. Findings. The General Assembly determines 8 and declares the following: 9 (1) that labor surplus areas currently exist in western 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 16 fall upon the municipalities and other taxing districts 17 within the areas of unemployment in the form of reduced tax 18 revenues, thereby endangering their financial ability to 19 support 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 western region of Illinois; 26 (4) that a lack of decent housing contributes to urban 27 blight, crime, anti-social behavior, disease, a higher need 28 for public assistance, reduced tax revenues, and the 29 migration of workers and their families away from areas which 30 fail to offer adequate, decent, and affordable housing; 31 (5) that decent, affordable housing is a necessary SB1754 Enrolled -2- LRB093 10661 MKM 11490 b 1 ingredient of life affording each citizen basic human 2 dignity, a sense of self-worth, confidence, and a firm 3 foundation upon which to build a family and educate children; 4 (6) that in order to foster civic and neighborhood 5 pride, citizens require access to educational institutions, 6 recreation, parks and open spaces, entertainment, sports, a 7 reliable transportation network, cultural facilities, and 8 theaters; and 9 (7) that the main purpose of this Act is to promote 10 industrial, commercial, residential, service, transportation, 11 and recreational activities and facilities, thereby reducing 12 the evils attendant upon unemployment and enhancing the 13 public health, safety, morals, happiness, and general welfare 14 of the State. 15 Section 15. Definitions. In this Act: 16 "Authority" means the Western Illinois Economic 17 Development Authority. 18 "Governmental agency" means any federal, State, or local 19 governmental body and any agency or instrumentality thereof, 20 corporate or otherwise. 21 "Person" means any natural person, firm, partnership, 22 corporation, both domestic and foreign, company, association 23 or joint stock association and includes any trustee, 24 receiver, assignee or personal representative thereof. 25 "Revenue bond" means any bond issued by the Authority, 26 the principal and interest of which is payable solely from 27 revenues or income derived from any project or activity of 28 the Authority. 29 "Board" means the Board of Directors of the Western 30 Illinois Economic Development Authority. 31 "Governor" means the Governor of the State of Illinois. 32 "City" means any city, village, incorporated town, or 33 township within the geographical territory of the Authority. SB1754 Enrolled -3- LRB093 10661 MKM 11490 b 1 "Industrial project" means the following: 2 (1) a capital project, including one or more buildings 3 and other structures, improvements, machinery and equipment 4 whether or not on the same site or sites now existing or 5 hereafter acquired, suitable for use by any manufacturing, 6 industrial, research, transportation or commercial enterprise 7 including but not limited to use as a factory, mill, 8 processing plant, assembly plant, packaging plant, 9 fabricating plant, ethanol plant, office building, industrial 10 distribution center, warehouse, repair, overhaul or service 11 facility, freight terminal, research facility, test facility, 12 railroad facility, solid waste and wastewater treatment and 13 disposal sites and other pollution control facilities, 14 resource or waste reduction, recovery, treatment and disposal 15 facilities, and including also the sites thereof and other 16 rights in land therefore whether improved or unimproved, site 17 preparation and landscaping and all appurtenances and 18 facilities incidental thereto such as utilities, access 19 roads, railroad sidings, truck docking and similar 20 facilities, parking facilities, dockage, wharfage, railroad 21 roadbed, track, trestle, depot, terminal, switching and 22 signaling equipment or related equipment and other 23 improvements necessary or convenient thereto; or 24 (2) any land, buildings, machinery or equipment 25 comprising an addition to or renovation, rehabilitation or 26 improvement of any existing capital project. 27 "Commercial project" means any project, including, but 28 not 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, 31 suitable for use by any retail or wholesale concern, 32 distributorship, or agency. 33 "Project" means an industrial, housing, residential, 34 commercial, or service project, or any combination thereof, SB1754 Enrolled -4- LRB093 10661 MKM 11490 b 1 provided that all uses fall within one of the categories 2 described above. Any project automatically includes all site 3 improvements and new construction involving sidewalks, 4 sewers, solid waste and wastewater treatment and disposal 5 sites and other pollution control facilities, resource or 6 waste reduction, recovery, treatment and disposal facilities, 7 parks, open spaces, wildlife sanctuaries, streets, highways, 8 and runways. 9 "Lease agreement" means an agreement in which a project 10 acquired by the Authority by purchase, gift, or lease is 11 leased to any person or corporation that will use, or cause 12 the project to be used, as a project, upon terms providing 13 for lease rental payments at least sufficient to pay, when 14 due, all principal of and interest and premium, if any, on 15 any bonds, notes, or other evidences of indebtedness of the 16 Authority, issued with respect to the project, providing for 17 the maintenance, insurance, and operation of the project on 18 terms satisfactory to the Authority and providing for 19 disposition of the project upon termination of the lease 20 term, including purchase options or abandonment of the 21 premises, with other terms as may be deemed desirable by the 22 Authority. 23 "Loan agreement" means any agreement in which the 24 Authority agrees to loan the proceeds of its bonds, notes, or 25 other evidences of indebtedness, issued with respect to a 26 project, to any person or corporation which will use or cause 27 the project to be used as a project, upon terms providing for 28 loan repayment installments at least sufficient to pay, when 29 due, all principal of and interest and premium, if any, on 30 any bonds, notes, or other evidences of indebtedness of the 31 Authority issued with respect to the project, providing for 32 maintenance, insurance, and operation of the project on terms 33 satisfactory to the Authority and providing for other terms 34 deemed advisable by the Authority. SB1754 Enrolled -5- LRB093 10661 MKM 11490 b 1 "Financial aid" means the expenditure of Authority funds 2 or funds provided by the Authority for the development, 3 construction, acquisition or improvement of a project, 4 through the issuance of revenue bonds, notes, or other 5 evidences of indebtedness. 6 "Costs incurred in connection with the development, 7 construction, acquisition or improvement of a project" means 8 the following: 9 (1) the cost of purchase and construction of all lands 10 and improvements in connection therewith and equipment and 11 other property, rights, easements, and franchises acquired 12 which are deemed necessary for the construction; 13 (2) financing charges; 14 (3) interest costs with respect to bonds, notes, and 15 other evidences of indebtedness of the Authority prior to and 16 during construction and for a period of 6 months thereafter; 17 (4) engineering and legal expenses; and 18 (5) the costs of plans, specifications, surveys, and 19 estimates of costs and other expenses necessary or incident 20 to determining the feasibility or practicability of any 21 project, together with such other expenses as may be 22 necessary or incident to the financing, insuring, 23 acquisition, and construction of a specific project and the 24 placing of the same in operation. 25 Section 20. Creation. 26 (a) There is created a political subdivision, body 27 politic, and municipal corporation named the Western Illinois 28 Economic Development Authority. The territorial jurisdiction 29 of the Authority is that geographic area within the 30 boundaries of the following counties: Warren, Henderson, 31 Hancock, McDonough, Fulton, Mason, Cass, Schuyler, Brown, 32 Adams, Scott, Morgan, and Pike and any navigable waters and 33 air space located therein. SB1754 Enrolled -6- LRB093 10661 MKM 11490 b 1 (b) The governing and administrative powers of the 2 Authority shall be vested in a body consisting of 23 members 3 as follows: 4 (1) Ex officio members. The Director of Commerce 5 and Community Affairs, or a designee of that Department, 6 and the Director of Central Management Services, or a 7 designee of that Department, shall serve as ex officio 8 members. 9 (2) Public members. Eight members shall be 10 appointed by the Governor with the advice and consent of 11 the Senate. The county board chairmen of the following 12 counties shall each appoint one member: Warren, 13 Henderson, Hancock, McDonough, Fulton, Mason, Cass, 14 Schuyler, Brown, Adams, Scott, Morgan, and Pike. All 15 public members shall reside within the territorial 16 jurisdiction of the Authority. The public members shall 17 be persons of recognized ability and experience in one or 18 more of the following areas: economic development, 19 finance, banking, industrial development, state or local 20 government, commercial agriculture, small business 21 management, real estate development, community 22 development, venture finance, organized labor, or civic 23 or community organization. 24 (c) Twelve members shall constitute a quorum. 25 (d) The chairman of the Authority shall be elected 26 annually by the Board from among the 13 members appointed by 27 the county board chairmen. 28 (e) The terms of all initial members of the Authority 29 shall begin 30 days after the effective date of this Act. 30 Vacancies occurring among the public members shall be filled 31 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 SB1754 Enrolled -7- LRB093 10661 MKM 11490 b 1 nominated to fill the office and, upon confirmation by the 2 Senate, he or she shall hold office during the remainder of 3 the term and until a successor is appointed and qualified. 4 Members of the Authority are not entitled to compensation for 5 their services as members but are entitled to reimbursement 6 for all necessary expenses incurred in connection with the 7 performance of their duties as members. 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. The chairman of a county board may 11 remove any public member appointed by that chairman in the 12 case of incompetence, neglect of duty, or malfeasance in 13 office. 14 (g) The Board shall appoint an Executive Director who 15 shall have a background in finance, including familiarity 16 with the legal and procedural requirements of issuing bonds, 17 real estate, or economic development and administration. The 18 Executive Director shall hold office at the discretion of the 19 Board. The Executive Director shall be the chief 20 administrative and operational officer of the Authority, 21 shall direct and supervise its administrative affairs and 22 general management, perform such other duties as may be 23 prescribed from time to time by the members, and receive 24 compensation fixed by the Authority. The Department of 25 Commerce and Community Affairs shall pay the compensation of 26 the Executive Director from appropriations received for that 27 purpose. The Executive Director shall attend all meetings of 28 the Authority. However, no action of the Authority shall be 29 invalid on account of the absence of the Executive Director 30 from a meeting. The Authority may engage the services of 31 other agents and employees, including attorneys, appraisers, 32 engineers, accountants, credit analysts, and other 33 consultants, if the Authority deems it advisable, and may 34 prescribe their duties and fix their compensation. SB1754 Enrolled -8- LRB093 10661 MKM 11490 b 1 (h) The Board may, by majority vote, nominate up to 4 2 non-voting members for appointment by the Governor. 3 Non-voting members shall be persons of recognized ability and 4 experience in one or more of the following areas: economic 5 development, finance, banking, industrial development, small 6 business management, real estate development, community 7 development, venture finance, organized labor, or civic, 8 community, or neighborhood organization. Non-voting members 9 shall serve at the pleasure of the Board. All non-voting 10 members may attend meetings of the Board and shall be 11 reimbursed as provided in subsection (e). 12 (i) The Board shall create a task force to study and 13 make recommendations to the Board on the economic development 14 of the territory within the jurisdiction of the Authority. 15 The members of the task force shall reside within the 16 territorial jurisdiction of the Authority, shall serve at the 17 pleasure of the Board, and shall be persons of recognized 18 ability and experience in one or more of the following areas: 19 economic development, finance, banking, industrial 20 development, small business management, real estate 21 development, commercial agriculture, community development, 22 venture finance, organized labor, or civic or community 23 organization. The number of members constituting the task 24 force shall be set by the Board and may vary from time to 25 time. The Board may set a specific date by which the task 26 force is to submit its final report and recommendations to 27 the Board. 28 Section 25. Duty. All official acts of the Authority 29 shall require the approval of at least 11 members. It shall 30 be the duty of the Authority to promote development within 31 the geographic confines of Warren, Henderson, Hancock, 32 McDonough, Fulton, Mason, Cass, Schuyler, Brown, Adams, 33 Scott, Morgan, and Pike counties. The Authority shall use the SB1754 Enrolled -9- LRB093 10661 MKM 11490 b 1 powers conferred upon it to assist in the development, 2 construction, and acquisition of industrial, commercial, 3 housing, or residential projects within those counties. 4 Section 30. Powers. 5 (a) The Authority possesses all the powers of a body 6 corporate necessary and convenient to accomplish the purposes 7 of this Act, including, without any intended limitation upon 8 the general powers hereby conferred, the following powers: 9 (1) to enter into loans, contracts, agreements, and 10 mortgages in any matter connected with any of its 11 corporate purposes and to invest its funds; 12 (2) to sue and be sued; 13 (3) to employ agents and employees necessary to 14 carry out its purposes; 15 (4) to have and use a common seal and to alter the 16 seal at its discretion; 17 (5) to adopt all needful ordinances, resolutions, 18 bylaws, rules, and regulations for the conduct of its 19 business and affairs and for the management and use of 20 the projects developed, constructed, acquired, and 21 improved in furtherance of its purposes; 22 (6) to designate the fiscal year for the Authority; 23 (7) to accept and expend appropriations; 24 (8) to acquire, own, lease, sell, or otherwise 25 dispose of interests in and to real property and 26 improvements situated on that real property and in 27 personal property necessary to fulfill the purposes of 28 the Authority; 29 (9) to engage in any activity or operation which is 30 incidental to and in furtherance of efficient operation 31 to accomplish the Authority's primary purpose; 32 (10) to acquire, own, construct, lease, operate, 33 and maintain bridges, terminals, terminal facilities, and SB1754 Enrolled -10- LRB093 10661 MKM 11490 b 1 port facilities and to fix and collect just, reasonable, 2 and nondiscriminatory charges for the use of such 3 facilities. These charges shall be used to defray the 4 reasonable expenses of the Authority and to pay the 5 principal and interest of any revenue bonds issued by the 6 Authority; 7 (11) 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 (12) to have and exercise all powers and be subject 15 to all duties usually incident to boards of directors of 16 corporations. 17 (b) The Authority shall not issue any bonds relating to 18 the financing of a project located within the planning and 19 subdivision control jurisdiction of any municipality or 20 county unless: (i) notice, including a description of the 21 proposed project and the financing for that project, is 22 submitted to the corporate authorities of the municipality 23 or, in the case of a proposed project in an unincorporated 24 area, to the county board and (ii) the corporate authorities 25 of the municipality do not, or the county board does not, 26 adopt a resolution disapproving the project within 45 days 27 after receipt of the notice. 28 (c) If any of the powers set forth in this Act are 29 exercised within the jurisdictional limits of any 30 municipality, all ordinances of the municipality remain in 31 full force and effect and are controlling. 32 Section 35. Tax avoidance. Notwithstanding any other 33 provision of law, the Authority shall not enter into any SB1754 Enrolled -11- LRB093 10661 MKM 11490 b 1 agreement providing for the purchase and lease of tangible 2 personal property which results in the avoidance of taxation 3 under the Retailers' Occupation Tax Act, the Use Tax Act, the 4 Service Use Tax Act, or the Service Occupation Tax Act, 5 without the prior written consent of the Governor. 6 Section 40. Bonds. 7 (a) The Authority, with the written approval of the 8 Governor, shall have the continuing power to issue bonds, 9 notes, or other evidences of indebtedness in an aggregate 10 amount not to exceed $250,000,000 for the following purposes: 11 (i) development, construction, acquisition, or improvement of 12 projects, including those established by business entities 13 locating or expanding property within the territorial 14 jurisdiction of the Authority; (ii) entering into venture 15 capital agreements with businesses locating or expanding 16 within the territorial jurisdiction of the Authority; (iii) 17 acquisition and improvement of any property necessary and 18 useful in connection therewith; and (iv) for the purposes of 19 the Employee Ownership Assistance Act. For the purpose of 20 evidencing the obligations of the Authority to repay any 21 money borrowed, the Authority may, pursuant to resolution, 22 from time to time, issue and dispose of its interest-bearing 23 revenue bonds, notes, or other evidences of indebtedness and 24 may also from time to time issue and dispose of such bonds, 25 notes, or other evidences of indebtedness to refund, at 26 maturity, at a redemption date or in advance of either, any 27 bonds, notes, or other evidences of indebtedness pursuant to 28 redemption provisions or at any time before maturity. All 29 such bonds, notes, or other evidences of indebtedness shall 30 be payable solely and only from the revenues or income to be 31 derived from loans made with respect to projects, from the 32 leasing or sale of the projects, or from any other funds 33 available to the Authority for such purposes. The bonds, SB1754 Enrolled -12- LRB093 10661 MKM 11490 b 1 notes, or other evidences of indebtedness may bear such date 2 or dates, may mature at such time or times not exceeding 40 3 years from their respective dates, may bear interest at such 4 rate or rates not exceeding the maximum rate permitted by the 5 Bond Authorization Act, may be in such form, may carry such 6 registration privileges, may be executed in such manner, may 7 be payable at such place or places, may be made subject to 8 redemption in such manner and upon such terms, with or 9 without premium, as is stated on the face thereof, may be 10 authenticated in such manner and may contain such terms and 11 covenants as may be provided by an applicable resolution. 12 (b) The holder or holders of any bonds, notes, or other 13 evidences of indebtedness issued by the Authority may bring 14 suits at law or proceedings in equity to compel the 15 performance and observance by any corporation or person or by 16 the Authority or any of its agents or employees of any 17 contract or covenant made with the holders of the bonds, 18 notes, or other evidences of indebtedness, to compel such 19 corporation, person, the Authority, and any of its agents or 20 employees to perform any duties required to be performed for 21 the benefit of the holders of the bonds, notes, or other 22 evidences of indebtedness by the provision of the resolution 23 authorizing their issuance and to enjoin the corporation, 24 person, the Authority, and any of its agents or employees 25 from taking any action in conflict with any contract or 26 covenant. 27 (c) If the Authority fails to pay the principal of or 28 interest on any of the bonds or premium, if any, as the bond 29 becomes due, a civil action to compel payment may be 30 instituted in the appropriate circuit court by the holder or 31 holders of the bonds on which the default of payment exists 32 or by an indenture trustee acting on behalf of the holders. 33 Delivery of a summons and a copy of the complaint to the 34 chairman of the Board shall constitute sufficient service to SB1754 Enrolled -13- LRB093 10661 MKM 11490 b 1 give the circuit court jurisdiction over the subject matter 2 of the suit and jurisdiction over the Authority and its 3 officers named as defendants for the purpose of compelling 4 such payment. Any case, controversy, or cause of action 5 concerning the validity of this Act relates to the revenue of 6 the State of Illinois. 7 (d) Notwithstanding the form and tenor of any bond, 8 note, or other evidence of indebtedness and in the absence of 9 any express recital on its face that it is non-negotiable, 10 all such bonds, notes, and other evidences of indebtedness 11 shall be negotiable instruments. Pending the preparation and 12 execution of any bonds, notes, or other evidences of 13 indebtedness, temporary bonds, notes, or evidences of 14 indebtedness may be issued as provided by ordinance. 15 (e) To secure the payment of any or all of such bonds, 16 notes, or other evidences of indebtedness, the revenues to be 17 received by the Authority from a lease agreement or loan 18 agreement shall be pledged, and, for the purpose of setting 19 forth the covenants and undertakings of the Authority in 20 connection with the issuance of the bonds, notes, or other 21 evidences of indebtedness and the issuance of any additional 22 bonds, notes or other evidences of indebtedness payable from 23 such revenues, income, or other funds to be derived from 24 projects, the Authority may execute and deliver a mortgage or 25 trust agreement. A remedy for any breach or default of the 26 terms of any mortgage or trust agreement by the Authority may 27 be by mandamus proceeding in the appropriate circuit court to 28 compel performance and compliance under the terms of the 29 mortgage or trust agreement, but the trust agreement may 30 prescribe by whom or on whose behalf the action may be 31 instituted. 32 (f) Bonds or notes shall be secured as provided in the 33 authorizing ordinance which may include, notwithstanding any 34 other provision of this Act, in addition to any other SB1754 Enrolled -14- LRB093 10661 MKM 11490 b 1 security, a specific pledge, assignment of and lien on, or 2 security interest in any or all revenues or money of the 3 Authority, from whatever source, which may, by law, be used 4 for debt service purposes and a specific pledge, or 5 assignment of and lien on, or security interest in any funds 6 or accounts established or provided for by ordinance of the 7 Authority authorizing the issuance of the bonds or notes. 8 (g) In the event that the Authority determines that 9 moneys of the Authority will not be sufficient for the 10 payment of the principal of and interest on its bonds during 11 the next State fiscal year, the chairman, as soon as 12 practicable, shall certify to the Governor the amount 13 required by the Authority to enable it to pay the principal 14 of and interest on the bonds. The Governor shall submit the 15 certified amount to the General Assembly as soon as 16 practicable, but no later than the end of the current State 17 fiscal year. This Section shall not apply to any bonds or 18 notes to which the Authority determines, in the resolution 19 authorizing the issuance of the bonds or notes, that this 20 Section shall not apply. Whenever the Authority makes this 21 determination, it shall be plainly stated on the face of the 22 bonds or notes and the determination shall also be reported 23 to the Governor. In the event of a withdrawal of moneys from 24 a reserve fund established with respect to any issue or 25 issues of bonds of the Authority to pay principal or interest 26 on those bonds, the chairman of the Authority, as soon as 27 practicable, shall certify to the Governor the amount 28 required to restore the reserve fund to the level required in 29 the resolution or indenture securing those bonds. The 30 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. 33 (h) The State of Illinois pledges to and agrees with the 34 holders of the bonds and notes of the Authority issued SB1754 Enrolled -15- LRB093 10661 MKM 11490 b 1 pursuant to this Section that the State will not limit or 2 alter the rights and powers vested in the Authority by this 3 Act so as to impair the terms of any contract made by the 4 Authority with the holders of bonds or notes or in any way 5 impair the rights and remedies of those holders until the 6 bonds and notes, together with interest thereon, with 7 interest on any unpaid installments of interest, and all 8 costs and expenses in connection with any action or 9 proceedings by or on behalf of the holders, are fully met and 10 discharged. In addition, the State pledges to and agrees with 11 the holders of the bonds and notes of the Authority issued 12 pursuant to this Section that the State will not limit or 13 alter the basis on which State funds are to be paid to the 14 Authority as provided in this Act, or the use of such funds, 15 so as to impair the terms of any such contract. The Authority 16 is authorized to include these pledges and agreements of the 17 State in any contract with the holders of bonds or notes 18 issued pursuant to this Section. 19 (i) Not less than 30 days prior to the commitment to 20 issue bonds, notes, or other evidences of indebtedness for 21 the purpose of developing, constructing, acquiring, or 22 improving housing or residential projects, as defined in this 23 Act, the Authority shall provide notice to the Executive 24 Director of the Illinois Housing Development Authority. 25 Within 30 days after the notice is provided, the Illinois 26 Housing Development Authority shall, in writing, either 27 express interest in financing the project or notify the 28 Authority that it is not interested in providing financing 29 and that the Authority may finance the project or seek 30 alternative financing. 31 Section 45. Bonds and notes; exemption from taxation. 32 The creation of the Authority is in all respects for the 33 benefit of the people of Illinois and for the improvement of SB1754 Enrolled -16- LRB093 10661 MKM 11490 b 1 their health, safety, welfare, comfort, and security, and its 2 purposes are public purposes. In consideration thereof, the 3 notes and bonds of the Authority issued pursuant to this Act 4 and the income from these notes and bonds may be free from 5 all taxation by the State or its political subdivisions, 6 exempt for estate, transfer, and inheritance taxes. The 7 exemption from taxation provided by the preceding sentence 8 shall apply to the income on any notes or bonds of the 9 Authority only if the Authority in its sole judgment 10 determines that the exemption enhances the marketability of 11 the bonds or notes or reduces the interest rates that would 12 otherwise be borne by the bonds or notes. For purposes of 13 Section 250 of the Illinois Income Tax Act, the exemption of 14 the Authority shall terminate after all of the bonds have 15 been paid. The amount of such income that shall be added and 16 then subtracted on the Illinois income tax return of a 17 taxpayer, subject to Section 203 of the Illinois Income Tax 18 Act, from federal adjusted gross income or federal taxable 19 income in computing Illinois base income shall be the 20 interest net of any bond premium amortization. 21 Section 50. Acquisition. 22 (a) The Authority may, but need not, acquire title to 23 any project with respect to which it exercises its authority. 24 (b) The Authority shall have power to acquire by 25 purchase, lease, gift, or otherwise any property or rights 26 therein from any person or persons, the State of Illinois, 27 any municipal corporation, any local unit of government, the 28 government of the United States and any agency or 29 instrumentality of the United States, any body politic, or 30 any county useful for its purposes, whether improved for the 31 purposes of any prospective project or unimproved. The 32 Authority may also accept any donation of funds for its 33 purposes from any of these sources. SB1754 Enrolled -17- LRB093 10661 MKM 11490 b 1 (c) The Authority shall have power to develop, 2 construct, and improve, either under its own direction or 3 through collaboration with any approved applicant, or to 4 acquire, through purchase or otherwise, any project, using 5 for this purpose the proceeds derived from its sale of 6 revenue bonds, notes, or other evidences of indebtedness or 7 governmental loans or grants and shall have the power to hold 8 title to those projects in the name of the Authority. 9 (d) The Authority shall have the power to enter into 10 intergovernmental agreements with the State of Illinois, the 11 counties of Warren, Henderson, Hancock, McDonough, Fulton, 12 Mason, Cass, Schuyler, Brown, Adams, Scott, Morgan, or Pike, 13 the Illinois Development Finance Authority, the Illinois 14 Housing Development Authority, the Illinois Education 15 Facilities Authority, the Illinois Farm Development 16 Authority, the Rural Bond Bank, the United States government 17 and any agency or instrumentality of the United States, any 18 unit of local government located within the territory of the 19 Authority, or any other unit of government to the extent 20 allowed by Article VII, Section 10 of the Illinois 21 Constitution and the Intergovernmental Cooperation Act. 22 (e) The Authority shall have the power to share 23 employees with other units of government, including agencies 24 of the United States, agencies of the State of Illinois, and 25 agencies or personnel of any unit of local government. 26 (f) The Authority shall have the power to exercise 27 powers and issue bonds as if it were a municipality so 28 authorized in Divisions 12.1, 74, 74.1, 74.3, and 74.5 of 29 Article 11 of the Illinois Municipal Code. 30 Section 55. Enterprise zones. The Authority may by 31 ordinance designate a portion of the territorial jurisdiction 32 of the Authority for certification as an Enterprise Zone 33 under the Illinois Enterprise Zone Act in addition to any SB1754 Enrolled -18- LRB093 10661 MKM 11490 b 1 other enterprise zones which may be created under that Act, 2 which area shall have all the privileges and rights of an 3 Enterprise Zone pursuant to the Illinois Enterprise Zone Act, 4 but which shall not be counted in determining the number of 5 Enterprise Zones to be created in any year pursuant to that 6 Act. 7 Section 60. Designation of depository. The Authority 8 shall biennially designate a national or State bank or banks 9 as depositories of its money. Such depositories shall be 10 designated only within the State and upon condition that 11 bonds approved as to form and surety by the Authority and at 12 least equal in amount to the maximum sum expected to be on 13 deposit at any one time shall be first given by such 14 depositories to the Authority, such bonds to be conditioned 15 for the safe keeping and prompt repayment of such deposits. 16 When any of the funds of the Authority shall be deposited by 17 the treasurer in any such depository, the treasurer and the 18 sureties on his official bond shall, to such extent, be 19 exempt from liability for the loss of any such deposited 20 funds by reason of the failure, bankruptcy, or any other act 21 or default of such depository; provided that the Authority 22 may accept assignments of collateral by any depository of its 23 funds to secure such deposits to the same extent and 24 conditioned in the same manner as assignments of collateral 25 are permitted by law to secure deposits of the funds of any 26 city. 27 Section 65. Taxation prohibited. The Authority shall 28 have no right or authority to levy any tax or special 29 assessment, to pledge the credit of the State or any other 30 subdivision or municipal corporation thereof, or to incur any 31 obligation enforceable upon any property, either within or 32 without the territory of the Authority. SB1754 Enrolled -19- LRB093 10661 MKM 11490 b 1 Section 70. Fees. The Authority may collect fees and 2 charges in connection with its loans, commitments, and 3 servicing and may provide technical assistance in the 4 development of the region. 5 Section 75. Reports. The Authority shall annually submit 6 a report of its finances to the Auditor General. The 7 Authority shall annually submit a report of its activities to 8 the Governor and to the General Assembly. 9 Section 999. Effective date. This Act takes effect upon 10 becoming law.