94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2519

 

Introduced 1/18/2006, by Sen. Deanna Demuzio

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Central Illinois Economic Development Authority Act. Establishes the Central Illinois Economic Development Authority in Calhoun, Greene, Macoupin, Montgomery, Jersey, and Christian counties in order to promote economic development within those counties. Contains provisions concerning the powers and duties of the Authority. Allows the Authority to acquire, own, sell, lease, or otherwise dispose of interests in real property and to issue bonds, notes, or other evidences of indebtedness for certain purposes in an aggregate amount not to exceed $250,000,000. Provides that the Authority shall be governed by a 9-member board. Contains other provisions. Effective immediately.


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A BILL FOR

 

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1     AN ACT in relation to economic development.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. Short title. This Act may be cited as the
5 Central Illinois Economic Development Authority Act.
 
6     Section 10. Findings. The General Assembly determines and
7 declares the following:
8     (1) that labor surplus areas currently exist in central
9 Illinois;
10     (2) that the economic burdens resulting from involuntary
11 unemployment fall, in part, upon the State in the form of
12 increased need for public assistance and reduced tax revenues
13 and, in the event that the unemployed worker and his or her
14 family migrate elsewhere to find work, the burden may also fall
15 upon the municipalities and other taxing districts within the
16 areas of unemployment in the form of reduced tax revenues,
17 thereby endangering their financial ability to support
18 necessary governmental services for their remaining
19 inhabitants;
20     (3) that the State has a responsibility to help create a
21 favorable climate for new and improved job opportunities for
22 its citizens by encouraging the development of commercial and
23 service businesses and industrial and manufacturing plants
24 within the central region of Illinois;
25     (4) that a lack of decent housing contributes to urban
26 blight, crime, anti-social behavior, disease, a higher need for
27 public assistance, reduced tax revenues, and the migration of
28 workers and their families away from areas which fail to offer
29 adequate, decent, and affordable housing;
30     (5) that decent, affordable housing is a necessary
31 ingredient of life affording each citizen basic human dignity,
32 a sense of self-worth, confidence, and a firm foundation upon

 

 

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1 which to build a family and educate children;
2     (6) that in order to foster civic and neighborhood pride,
3 citizens require access to educational institutions,
4 recreation, parks and open spaces, entertainment, sports, a
5 reliable transportation network, cultural facilities, and
6 theaters; and
7     (7) that the main purpose of this Act is to promote
8 industrial, commercial, residential, service, transportation,
9 and recreational activities and facilities, thereby reducing
10 the evils attendant upon unemployment and enhancing the public
11 health, safety, morals, happiness, and general welfare of the
12 State.
 
13     Section 15. Definitions. In this Act:
14     "Authority" means the Central Illinois Economic
15 Development Authority.
16     "Governmental agency" means any federal, State, or local
17 governmental body and any agency or instrumentality thereof,
18 corporate or otherwise.
19     "Person" means any natural person, firm, partnership,
20 corporation, both domestic and foreign, company, association
21 or joint stock association and includes any trustee, receiver,
22 assignee or personal representative thereof.
23     "Revenue bond" means any bond issued by the Authority, the
24 principal and interest of which is payable solely from revenues
25 or income derived from any project or activity of the
26 Authority.
27     "Board" means the Board of Directors of the Central
28 Illinois Economic Development Authority.
29     "Governor" means the Governor of the State of Illinois.
30     "City" means any city, village, incorporated town, or
31 township within the geographical territory of the Authority.
32     "Industrial project" means the following:
33         (1) a capital project, including one or more buildings
34     and other structures, improvements, machinery and
35     equipment whether or not on the same site or sites now

 

 

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1     existing or hereafter acquired, suitable for use by any
2     manufacturing, industrial, research, transportation or
3     commercial enterprise including but not limited to use as a
4     factory, mill, processing plant, assembly plant, packaging
5     plant, fabricating plant, ethanol plant, office building,
6     industrial distribution center, warehouse, repair,
7     overhaul or service facility, freight terminal, research
8     facility, test facility, railroad facility, port facility,
9     solid waste and wastewater treatment and disposal sites and
10     other pollution control facilities, resource or waste
11     reduction, recovery, treatment and disposal facilities,
12     and including also the sites thereof and other rights in
13     land therefore whether improved or unimproved, site
14     preparation and landscaping and all appurtenances and
15     facilities incidental thereto such as utilities, access
16     roads, railroad sidings, truck docking and similar
17     facilities, parking facilities, dockage, wharfage,
18     railroad roadbed, track, trestle, depot, terminal,
19     switching and signaling equipment or related equipment and
20     other improvements necessary or convenient 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

 

 

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1 reduction, recovery, treatment and disposal facilities, parks,
2 open spaces, wildlife sanctuaries, streets, highways, and
3 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 which will use or cause the project
21 to be used as a project, upon terms providing for loan
22 repayment installments at least sufficient to pay, when due,
23 all principal of and interest and premium, if any, on any
24 bonds, notes, or other evidences of indebtedness of the
25 Authority issued with respect to the project, providing for
26 maintenance, insurance, and operation of the project on terms
27 satisfactory to the Authority and providing for other terms
28 deemed advisable 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, through
32 the issuance of revenue bonds, notes, or other evidences of
33 indebtedness.
34     "Costs incurred in connection with the development,
35 construction, acquisition or improvement of a project" means
36 the following:

 

 

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1         (1) the cost of purchase and construction of all lands
2     and improvements in connection therewith and equipment and
3     other property, rights, easements, and franchises acquired
4     which are deemed necessary for the construction;
5         (2) financing charges;
6         (3) interest costs with respect to bonds, notes, and
7     other evidences of indebtedness of the Authority prior to
8     and during construction and for a period of 6 months
9     thereafter;
10         (4) engineering and legal expenses; and
11         (5) the costs of plans, specifications, surveys, and
12     estimates of costs and other expenses necessary or incident
13     to determining the feasibility or practicability of any
14     project, together with such other expenses as may be
15     necessary or incident to the financing, insuring,
16     acquisition, and construction of a specific project and the
17     placing of the same in operation.
 
18     Section 20. Creation.
19     (a) There is created a political subdivision, body politic,
20 and municipal corporation named the Central Illinois Economic
21 Development Authority. The territorial jurisdiction of the
22 Authority is that geographic area within the boundaries of the
23 following counties: Calhoun, Greene, Macoupin, Montgomery,
24 Jersey, and Christian and any navigable waters and air space
25 located therein.
26     (b) The governing and administrative powers of the
27 Authority shall be vested in a body consisting of 9 members as
28 follows:
29         (1) Ex officio member. The Director of Commerce and
30     Economic Opportunity, or a designee of that Department,
31     shall serve as an ex officio member.
32         (2) Public members. Two members shall be appointed by
33     the Governor with the advice and consent of the Senate. The
34     county board chairmen of the following counties shall each
35     appoint one member: Calhoun, Greene, Macoupin, Montgomery,

 

 

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1     Jersey, and Christian. All public members shall reside
2     within the territorial jurisdiction of the Authority. The
3     public 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,
6     state or local government, commercial agriculture, small
7     business management, real estate development, community
8     development, venture finance, organized labor, or civic or
9     community organization.
10     (c) 11 members shall constitute a quorum.
11     (d) The chairman of the Authority shall be elected annually
12 by the Board and must be a public member that resides within
13 the territorial jurisdiction of the Authority.
14     (e) The terms of all initial members of the Authority shall
15 begin 30 days after the effective date of this Act. Of the 2
16 original public members appointed by the Governor, 1 shall
17 serve until the third Monday in January, 2009; and 1 shall
18 serve until the third Monday in January, 2011. The initial
19 terms of the original public members appointed by the county
20 board chairmen shall be determined by lot, according to the
21 following schedule: (i) 2 shall serve until the third Monday in
22 January, 2009, (ii) 2 shall serve until the third Monday in
23 January, 2010, and (iii) 2 shall serve until the third Monday
24 in January, 2011. All successors to these original public
25 members shall be appointed by the original appointing authority
26 and all appointments made by the Governor shall be made with
27 the advice and consent of the Senate, pursuant to subsection
28 (b), and shall hold office for a term of 6 years commencing the
29 third Monday in January of the year in which their term
30 commences, except in the case of an appointment to fill a
31 vacancy. Vacancies occurring among the public members shall be
32 filled for the remainder of the term. In case of vacancy in a
33 Governor-appointed membership when the Senate is not in
34 session, the Governor may make a temporary appointment until
35 the next meeting of the Senate when a person shall be nominated
36 to fill the office and, upon confirmation by the Senate, he or

 

 

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1 she shall hold office during the remainder of the term and
2 until a successor is appointed and qualified. Members of the
3 Authority are not entitled to compensation for their services
4 as members but are entitled to reimbursement for all necessary
5 expenses incurred in connection with the performance of their
6 duties as members.
7     (f) The Governor may remove any public member of the
8 Authority in case of incompetence, neglect of duty, or
9 malfeasance in office. The chairman of a county board may
10 remove any public member appointed by that chairman in the case
11 of incompetence, neglect of duty, or malfeasance in office.
12     (g) The Board shall appoint an Executive Director who shall
13 have a background in finance, including familiarity with the
14 legal and procedural requirements of issuing bonds, real
15 estate, or economic development and administration. The
16 Executive Director shall hold office at the discretion of the
17 Board. The Executive Director shall be the chief administrative
18 and operational officer of the Authority, shall direct and
19 supervise its administrative affairs and general management,
20 perform such other duties as may be prescribed from time to
21 time by the members, and receive compensation fixed by the
22 Authority. The Department of Commerce and Community Affairs
23 shall pay the compensation of the Executive Director from
24 appropriations received for that purpose. The Executive
25 Director shall attend all meetings of the Authority. However,
26 no action of the Authority shall be invalid on account of the
27 absence of the Executive Director from a meeting. The Authority
28 may engage the services of the Illinois Finance Authority,
29 attorneys, appraisers, engineers, accountants, credit
30 analysts, and other consultants if the Central Illinois
31 Economic Development Authority deems it advisable.
 
32     Section 25. Duty. All official acts of the Authority shall
33 require the approval of at least 11 members. It shall be the
34 duty of the Authority to promote development within the
35 geographic confines of Calhoun, Greene, Macoupin, Montgomery,

 

 

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1 Jersey, and Christian counties. The Authority shall use the
2 powers conferred upon it to assist in the development,
3 construction, and acquisition of industrial, commercial,
4 housing, or residential projects within those counties.
 
5     Section 30. Powers.
6     (a) The Authority possesses all the powers of a body
7 corporate necessary and convenient to accomplish the purposes
8 of this Act, including, without any intended limitation upon
9 the general powers hereby conferred, the following powers:
10         (1) to enter into loans, contracts, agreements, and
11     mortgages in any matter connected with any of its corporate
12     purposes and to invest its funds;
13         (2) to sue and be sued;
14         (3) to utilize services of the Illinois Finance
15     Authority necessary to carry out its purposes;
16         (4) to have and use a common seal and to alter the seal
17     at its discretion;
18         (5) to adopt all needful ordinances, resolutions,
19     bylaws, rules, and regulations for the conduct of its
20     business and affairs and for the management and use of the
21     projects developed, constructed, acquired, and improved in
22     furtherance of its purposes;
23         (6) to designate the fiscal year for the Authority;
24         (7) to accept and expend appropriations;
25         (8) to acquire, own, lease, sell, or otherwise dispose
26     of interests in and to real property and improvements
27     situated on that real property and in personal property
28     necessary to fulfill the purposes of the Authority;
29         (9) to engage in any activity or operation which is
30     incidental to and in furtherance of efficient operation to
31     accomplish the Authority's primary purpose;
32         (10) to acquire, own, construct, lease, operate, and
33     maintain bridges, terminals, terminal facilities, and port
34     facilities and to fix and collect just, reasonable, and
35     nondiscriminatory charges for the use of such facilities.

 

 

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1     These charges shall be used to defray the reasonable
2     expenses of the Authority and to pay the principal and
3     interest of any revenue bonds issued by the Authority;
4         (11) subject to any applicable condition imposed by
5     this Act, to locate, establish and maintain a public
6     airport, public airports and public airport facilities
7     within its corporate limits or within or upon any body of
8     water adjacent thereto and to construct, develop, expand,
9     extend and improve any such airport or airport facility;
10     and
11         (12) to have and exercise all powers and be subject to
12     all duties usually incident to boards of directors of
13     corporations.
14     (b) The Authority shall not issue any bonds relating to the
15 financing of a project located within the planning and
16 subdivision control jurisdiction of any municipality or county
17 unless: (i) notice, including a description of the proposed
18 project and the financing for that project, is submitted to the
19 corporate authorities of the municipality or, in the case of a
20 proposed project in an unincorporated area, to the county board
21 and (ii) the corporate authorities of the municipality do not,
22 or the county board does not, adopt a resolution disapproving
23 the project within 45 days after receipt of the notice.
24     (c) If any of the powers set forth in this Act are
25 exercised within the jurisdictional limits of any
26 municipality, all ordinances of the municipality remain in full
27 force and effect and are controlling.
 
28     Section 35. Tax avoidance. Notwithstanding any other
29 provision of law, the Authority shall not enter into any
30 agreement providing for the purchase and lease of tangible
31 personal property which results in the avoidance of taxation
32 under the Retailers' Occupation Tax Act, the Use Tax Act, the
33 Service Use Tax Act, or the Service Occupation Tax Act, without
34 the prior written consent of the Governor.
 

 

 

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1     Section 40. Bonds.
2     (a) The Authority, with the written approval of the
3 Governor, shall have the continuing power to issue bonds,
4 notes, or other evidences of indebtedness in an aggregate
5 amount not to exceed $250,000,000 for the following purposes:
6 (i) development, construction, acquisition, or improvement of
7 projects, including those established by business entities
8 locating or expanding property within the territorial
9 jurisdiction of the Authority; (ii) entering into venture
10 capital agreements with businesses locating or expanding
11 within the territorial jurisdiction of the Authority; (iii)
12 acquisition and improvement of any property necessary and
13 useful in connection therewith; and (iv) for the purposes of
14 the Employee Ownership Assistance Act. For the purpose of
15 evidencing the obligations of the Authority to repay any money
16 borrowed, the Authority may, pursuant to resolution, from time
17 to time, issue and dispose of its interest-bearing revenue
18 bonds, notes, or other evidences of indebtedness and may also
19 from time to time issue and dispose of such bonds, notes, or
20 other evidences of indebtedness to refund, at maturity, at a
21 redemption date or in advance of either, any bonds, notes, or
22 other evidences of indebtedness pursuant to redemption
23 provisions or at any time before maturity. All such bonds,
24 notes, or other evidences of indebtedness shall be payable
25 solely and only from the revenues or income to be derived from
26 loans made with respect to projects, from the leasing or sale
27 of the projects, or from any other funds available to the
28 Authority for such purposes. The bonds, notes, or other
29 evidences of indebtedness may bear such date or dates, may
30 mature at such time or times not exceeding 40 years from their
31 respective dates, may bear interest at such rate or rates not
32 exceeding the maximum rate permitted by the Bond Authorization
33 Act, may be in such form, may carry such registration
34 privileges, may be executed in such manner, may be payable at
35 such place or places, may be made subject to redemption in such
36 manner and upon such terms, with or without premium, as is

 

 

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1 stated on the face thereof, may be authenticated in such manner
2 and may contain such terms and covenants as may be provided by
3 an applicable resolution.
4     (b) The holder or holders of any bonds, notes, or other
5 evidences of indebtedness issued by the Authority may bring
6 suits at law or proceedings in equity to compel the performance
7 and observance by any corporation or person or by the Authority
8 or any of its agents or employees of any contract or covenant
9 made with the holders of the bonds, notes, or other evidences
10 of indebtedness, to compel such corporation, person, the
11 Authority, and any of its agents or employees to perform any
12 duties required to be performed for the benefit of the holders
13 of the bonds, notes, or other evidences of indebtedness by the
14 provision of the resolution authorizing their issuance and to
15 enjoin the corporation, person, the Authority, and any of its
16 agents or employees from taking any action in conflict with any
17 contract or covenant.
18     (c) If the Authority fails to pay the principal of or
19 interest on any of the bonds or premium, if any, as the bond
20 becomes due, a civil action to compel payment may be instituted
21 in the appropriate circuit court by the holder or holders of
22 the bonds on which the default of payment exists or by an
23 indenture trustee acting on behalf of the holders. Delivery of
24 a summons and a copy of the complaint to the chairman of the
25 Board shall constitute sufficient service to give the circuit
26 court jurisdiction over the subject matter of the suit and
27 jurisdiction over the Authority and its officers named as
28 defendants for the purpose of compelling such payment. Any
29 case, controversy, or cause of action concerning the validity
30 of this Act relates to the revenue of the State of Illinois.
31     (d) Notwithstanding the form and tenor of any bond, note,
32 or other evidence of indebtedness and in the absence of any
33 express recital on its face that it is non-negotiable, all such
34 bonds, notes, and other evidences of indebtedness shall be
35 negotiable instruments. Pending the preparation and execution
36 of any bonds, notes, or other evidences of indebtedness,

 

 

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1 temporary bonds, notes, or evidences of indebtedness may be
2 issued as provided by ordinance.
3     (e) To secure the payment of any or all of such bonds,
4 notes, or other evidences of indebtedness, the revenues to be
5 received by the Authority from a lease agreement or loan
6 agreement shall be pledged, and, for the purpose of setting
7 forth the covenants and undertakings of the Authority in
8 connection with the issuance of the bonds, notes, or other
9 evidences of indebtedness and the issuance of any additional
10 bonds, notes or other evidences of indebtedness payable from
11 such revenues, income, or other funds to be derived from
12 projects, the Authority may execute and deliver a mortgage or
13 trust agreement. A remedy for any breach or default of the
14 terms of any mortgage or trust agreement by the Authority may
15 be by mandamus proceeding in the appropriate circuit court to
16 compel performance and compliance under the terms of the
17 mortgage or trust agreement, but the trust agreement may
18 prescribe by whom or on whose behalf the action may be
19 instituted.
20     (f) Bonds or notes shall be secured as provided in the
21 authorizing ordinance which may include, notwithstanding any
22 other provision of this Act, in addition to any other security,
23 a specific pledge, assignment of and lien on, or security
24 interest in any or all revenues or money of the Authority, from
25 whatever source, which may, by law, be used for debt service
26 purposes and a specific pledge, or assignment of and lien on,
27 or security interest in any funds or accounts established or
28 provided for by ordinance of the Authority authorizing the
29 issuance of the bonds or notes.
30     (g) In the event that the Authority determines that moneys
31 of the Authority will not be sufficient for the payment of the
32 principal of and interest on its bonds during the next State
33 fiscal year, the chairman, as soon as practicable, shall
34 certify to the Governor the amount required by the Authority to
35 enable it to pay the principal of and interest on the bonds.
36 The Governor shall submit the certified amount to the General

 

 

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1 Assembly as soon as practicable, but no later than the end of
2 the current State fiscal year. This Section shall not apply to
3 any bonds or notes to which the Authority determines, in the
4 resolution authorizing the issuance of the bonds or notes, that
5 this Section shall not apply. Whenever the Authority makes this
6 determination, it shall be plainly stated on the face of the
7 bonds or notes and the determination shall also be reported to
8 the Governor. In the event of a withdrawal of moneys from a
9 reserve fund established with respect to any issue or issues of
10 bonds of the Authority to pay principal or interest on those
11 bonds, the chairman of the Authority, as soon as practicable,
12 shall certify to the Governor the amount required to restore
13 the reserve fund to the level required in the resolution or
14 indenture securing those 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.
18     (h) The State of Illinois pledges to and agrees with the
19 holders of the bonds and notes of the Authority issued pursuant
20 to this Section that the State will not limit or alter the
21 rights and powers vested in the Authority by this Act so as to
22 impair the terms of any contract made by the Authority with the
23 holders of bonds or notes or in any way impair the rights and
24 remedies of those holders until the bonds and notes, together
25 with interest thereon, with interest on any unpaid installments
26 of interest, and all costs and expenses in connection with any
27 action or proceedings by or on behalf of the holders, are fully
28 met and discharged. In addition, the State pledges to and
29 agrees with the holders of the bonds and notes of the Authority
30 issued pursuant to this Section that the State will not limit
31 or alter the basis on which State funds are to be paid to the
32 Authority as provided in this Act, or the use of such funds, so
33 as to impair the terms of any such contract. The Authority is
34 authorized to include these pledges and agreements of the State
35 in any contract with the holders of bonds or notes issued
36 pursuant to this Section.

 

 

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1     (i) Not less than 30 days prior to the commitment to issue
2 bonds, notes, or other evidences of indebtedness for the
3 purpose of developing, constructing, acquiring, or improving
4 housing or residential projects, as defined in this Act, the
5 Authority shall provide notice to the Executive Director of the
6 Illinois Housing Development Authority. Within 30 days after
7 the notice is provided, the Illinois Housing Development
8 Authority shall, in writing, either express interest in
9 financing the project or notify the Authority that it is not
10 interested in providing financing and that the Authority may
11 finance the project or seek alternative financing.
 
12     Section 45. Bonds and notes; exemption from taxation. The
13 creation of the Authority is in all respects for the benefit of
14 the people of Illinois and for the improvement of their health,
15 safety, welfare, comfort, and security, and its purposes are
16 public purposes. In consideration thereof, the notes and bonds
17 of the Authority issued pursuant to this Act and the income
18 from these notes and bonds may be free from all taxation by the
19 State or its political subdivisions, exempt for estate,
20 transfer, and inheritance taxes. The exemption from taxation
21 provided by the preceding sentence shall apply to the income on
22 any notes or bonds of the Authority only if the Authority in
23 its sole judgment determines that the exemption enhances the
24 marketability of the bonds or notes or reduces the interest
25 rates that would otherwise be borne by the bonds or notes. For
26 purposes of Section 250 of the Illinois Income Tax Act, the
27 exemption of the Authority shall terminate after all of the
28 bonds have been paid. The amount of such income that shall be
29 added and then subtracted on the Illinois income tax return of
30 a taxpayer, subject to Section 203 of the Illinois Income Tax
31 Act, from federal adjusted gross income or federal taxable
32 income in computing Illinois base income shall be the interest
33 net of any bond premium amortization.
 
34     Section 50. Acquisition.

 

 

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1     (a) The Authority may, but need not, acquire title to any
2 project with respect to which it exercises its authority.
3     (b) The Authority shall have power to acquire by purchase,
4 lease, gift, or otherwise any property or rights therein from
5 any person or persons, the State of Illinois, any municipal
6 corporation, any local unit of government, the government of
7 the United States and any agency or instrumentality of the
8 United States, any body politic, or any county useful for its
9 purposes, whether improved for the purposes of any prospective
10 project or unimproved. The Authority may also accept any
11 donation of funds for its purposes from any of these sources.
12     (c) The Authority shall have power to develop, construct,
13 and improve, either under its own direction or through
14 collaboration with any approved applicant, or to acquire,
15 through purchase or otherwise, any project, using for this
16 purpose the proceeds derived from its sale of revenue bonds,
17 notes, or other evidences of indebtedness or governmental loans
18 or grants and shall have the power to hold title to those
19 projects in the name of the Authority.
20     (d) The Authority shall have the power to enter into
21 intergovernmental agreements with the State of Illinois, the
22 counties of Calhoun, Greene, Macoupin, Montgomery, Jersey, or
23 Christian, the Illinois Finance Authority, the Illinois
24 Housing Development Authority, the United States government
25 and any agency or instrumentality of the United States, any
26 unit of local government located within the territory of the
27 Authority, or any other unit of government to the extent
28 allowed by Article VII, Section 10 of the Illinois Constitution
29 and the Intergovernmental Cooperation Act.
30     (e) The Authority shall have the power to share employees
31 with other units of government, including agencies of the
32 United States, agencies of the State of Illinois, and agencies
33 or personnel of any unit of local government.
34     (f) The Authority shall have the power to exercise powers
35 and issue bonds as if it were a municipality so authorized in
36 Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the

 

 

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1 Illinois Municipal Code.
 
2     Section 55. Enterprise zones. The Authority may by
3 ordinance designate a portion of the territorial jurisdiction
4 of the Authority for certification as an Enterprise Zone under
5 the Illinois Enterprise Zone Act in addition to any other
6 enterprise zones which may be created under that Act, which
7 area shall have all the privileges and rights of an Enterprise
8 Zone pursuant to the Illinois Enterprise Zone Act, but which
9 shall not be counted in determining the number of Enterprise
10 Zones to be created in any year pursuant to that Act.
 
11     Section 60. Designation of depository. The Authority shall
12 biennially designate a national or State bank or banks as
13 depositories of its money. Such depositories shall be
14 designated only within the State and upon condition that bonds
15 approved as to form and surety by the Authority and at least
16 equal in amount to the maximum sum expected to be on deposit at
17 any one time shall be first given by such depositories to the
18 Authority, such bonds to be conditioned for the safe keeping
19 and prompt repayment of such deposits. When any of the funds of
20 the Authority shall be deposited by the treasurer in any such
21 depository, the treasurer and the sureties on his official bond
22 shall, to such extent, be exempt from liability for the loss of
23 any such deposited funds by reason of the failure, bankruptcy,
24 or any other act or default of such depository; provided that
25 the Authority may accept assignments of collateral by any
26 depository of its funds to secure such deposits to the same
27 extent and conditioned in the same manner as assignments of
28 collateral are permitted by law to secure deposits of the funds
29 of any city.
 
30     Section 65. Taxation prohibited. The Authority shall have
31 no right or authority to levy any tax or special assessment, to
32 pledge the credit of the State or any other subdivision or
33 municipal corporation thereof, or to incur any obligation

 

 

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1 enforceable upon any property, either within or without the
2 territory of the Authority.
 
3     Section 70. Fees. The Authority may collect fees and
4 charges in connection with its loans, commitments, and
5 servicing and may provide technical assistance in the
6 development of the region.
 
7     Section 75. Reports. The Authority shall annually submit a
8 report of its finances to the Auditor General. The Authority
9 shall annually submit a report of its activities to the
10 Governor and to the General Assembly.
 
11     Section 999. Effective date. This Act takes effect upon
12 becoming law.