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1 | | boundaries of the community college district and entering into |
2 | | an
agreement. |
3 | | "Industry" means a business engaged in interstate or
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4 | | intrastate commerce for the purpose of manufacturing, |
5 | | processing, or
assembling products, conducting research and |
6 | | development, or
providing services in interstate commerce, but |
7 | | excludes retail,
health, or professional services. "Industry" |
8 | | does not include a
business that closes or substantially |
9 | | reduces its operation in one
area of this State and relocates |
10 | | substantially the same
operation in another area of this State. |
11 | | This definition does
not prohibit a business from expanding its |
12 | | operations in another area
of this State, provided that |
13 | | existing operations of a similar nature
are not closed or |
14 | | substantially reduced. |
15 | | "New job" means a job in a new or expanding industry, but
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16 | | does not include jobs of recalled workers or replacement jobs |
17 | | or
other jobs that formerly existed in the industry in this |
18 | | State. |
19 | | "New jobs training program" or "program" means the
project |
20 | | or projects established by a community college district for the
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21 | | creation of jobs by providing education and training of workers |
22 | | for
new jobs for new or expanding industry within the |
23 | | boundaries of the community college district. |
24 | | "Program costs" means all necessary and incidental costs
of |
25 | | providing program services. |
26 | | "Program services" includes without limitation the
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1 | | following: |
2 | | (1) New jobs training. |
3 | | (2) Adult basic education and job-related instruction. |
4 | | (3) Vocational and skill-assessment services and |
5 | | testing. |
6 | | (4) Training facilities, equipment, materials, and |
7 | | supplies. |
8 | | (5) On-the-job training. |
9 | | (6) Administrative expenses for the new jobs training |
10 | | program. |
11 | | (7) Subcontracted services with public or private |
12 | | colleges or universities or other federal, State, or local |
13 | | agencies. |
14 | | (8) Contracted or professional services. |
15 | | (9) The issuance of certificates. |
16 | | "Project" means a training arrangement that is the
subject |
17 | | of an agreement entered into between the board and an employer |
18 | | to provide program services. |
19 | | (b) A board may enter into an agreement to establish a |
20 | | project. If an agreement is entered into, the board and
the |
21 | | employer shall notify the State Board as soon as
possible. An |
22 | | agreement shall provide for program costs, including
deferred |
23 | | costs, that may be paid from one or a combination of the
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24 | | following sources: |
25 | | (1) Property taxes to be received or derived from
an |
26 | | employer's business property where new jobs are created as |
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1 | | a
result of the project. |
2 | | (2) Tuition, student fees, or special charges fixed by |
3 | | the
board to defray program costs in whole or in part. |
4 | | (3) Guarantee of payments to be received under item (1) |
5 | | or (2) of this subsection (b). |
6 | | (c) Payment of program costs must not be deferred for a |
7 | | period
longer than 10 years from the date of commencement of |
8 | | the project. |
9 | | (d) Costs of on-the-job training for employees must not |
10 | | exceed
50% of the annual gross payroll costs for up to one year |
11 | | of
the new jobs. For purposes of this subsection (d), "gross |
12 | | payroll"
means the gross wages, salaries, and benefits for the |
13 | | jobs-in-training in the project. |
14 | | (e) An agreement shall include a provision that fixes the |
15 | | minimum amount of property taxes or tuition and fee payments |
16 | | that shall be paid for program costs. |
17 | | (f) To provide funds for the present payment of the costs |
18 | | of a new jobs training program, the board may borrow money and |
19 | | issue and sell debt certificates or bonds payable from a |
20 | | sufficient portion of the future
receipts of payments |
21 | | authorized by the agreement. The receipts shall
be pledged to |
22 | | the payment of principal of and interest on the
debt |
23 | | certificates or bonds. |
24 | | (g) Certificates or bonds may be sold at public sale or at |
25 | | private sale at
par, premium, or discount at the discretion of |
26 | | the board. |
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1 | | (h) Certificates or bonds may be issued with respect to a |
2 | | single project or
multiple projects and may contain terms or |
3 | | conditions as the board may provide by resolution authorizing |
4 | | the issuance of the
certificates or bonds. |
5 | | (i) Certificates or bonds issued to refund other |
6 | | certificates or bonds may be sold
at public sale or at private |
7 | | sale as provided in this Section, with
the proceeds from the |
8 | | sale to be used for the payment of the
debt certificates or |
9 | | bonds being refunded. The refunding debt certificates or bonds |
10 | | may be
exchanged in payment and discharge of the certificates |
11 | | or bonds being
refunded, in installments at different times or |
12 | | an entire issue or
series at one time. Refunding certificates |
13 | | or bonds may be sold or exchanged
at any time on, before, or |
14 | | after the maturity of the outstanding
certificates or bonds to |
15 | | be refunded, may be issued for the purpose of
refunding a like, |
16 | | greater, or lesser principal amount of certificates or bonds,
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17 | | and may bear a higher, lower, or equivalent rate of interest |
18 | | than the
certificates or bonds being renewed or refunded. |
19 | | (j) To further secure the payment of the debt certificates |
20 | | or bonds, the board shall, by resolution, provide for the |
21 | | assessment of an
annual levy of a standby tax upon all taxable |
22 | | property within the
community college district. A copy of the |
23 | | resolution shall be sent to the county clerk of each county in |
24 | | which the community college district is located. The revenues |
25 | | from the standby tax shall be deposited into a special fund and |
26 | | shall be expended only for the payment of principal of and |
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1 | | interest on the certificates or bonds issued as provided in |
2 | | this Section, when
the receipt of payment for program costs as |
3 | | provided in the agreement
is insufficient. If payments are |
4 | | necessary and made from the special
fund, the amount of the |
5 | | payments shall be promptly repaid into the
special fund from |
6 | | the first available payments received for program
costs as |
7 | | provided in the agreement that are not required for the
payment |
8 | | of principal of or interest on certificates or bonds due. No |
9 | | reserves
may be built up in this fund in anticipation of a |
10 | | projected default.
The board shall adjust the annual standby |
11 | | tax levy for
each year to reflect the amount of revenues in the |
12 | | special fund and
the amount of principal and interest that is |
13 | | due in that year. |
14 | | (k) Before debt certificates or bonds are issued, the board |
15 | | shall
publish once a notice of its intention to issue the |
16 | | certificates or bonds,
stating the amount, the purpose, and the |
17 | | project or projects for
which the certificates or bonds are to |
18 | | be issued. A person may, within
15 days after the publication |
19 | | of the notice, by action in the
circuit court of the county in |
20 | | the area within which the community
college district is |
21 | | located, appeal the decision of the board in
proposing to issue |
22 | | the certificates or bonds. The action of the board in |
23 | | determining to issue the certificates or bonds is final and
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24 | | conclusive unless the circuit court finds that the board has |
25 | | exceeded its legal authority. An action shall not be
brought |
26 | | that questions the legality of the certificates or bonds, the |
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1 | | power
of the board to issue the certificates or bonds, the
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2 | | effectiveness of any proceedings relating to the authorization |
3 | | of the
project, or the authorization and issuance of the |
4 | | certificates or bonds from
and after 15 days from the |
5 | | publication of the notice of
intention to issue. |
6 | | (l) The board shall determine if revenues are
sufficient to |
7 | | secure the faithful performance of obligations in the
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8 | | agreement. |
9 | | (m) To test the feasibility of statewide implementation, |
10 | | Community College District No. 503, Community College District |
11 | | No. 532, Community College District No. 529, and Community |
12 | | College District No. 522 shall develop and implement pilot |
13 | | initiatives. The results must be reported to the State Board |
14 | | and the General Assembly to determine the feasibility of |
15 | | statewide implementation. |