Full Text of SB3381 93rd General Assembly
SB3381 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 SB3381
Introduced 5/26/2004, by Sen. Don Harmon - Dave Sullivan - Iris Y. Martinez and Debbie DeFrancesco Halvorson SYNOPSIS AS INTRODUCED: |
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New Act |
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35 ILCS 200/31-35 |
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525 ILCS 30/7.05a new |
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525 ILCS 35/3 |
from Ch. 85, par. 2103 |
525 ILCS 35/8 new |
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525 ILCS 35/9.1 new |
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525 ILCS 35/11 |
from Ch. 85, par. 2111 |
525 ILCS 35/13 |
from Ch. 85, par. 2113 |
525 ILCS 35/14 |
from Ch. 85, par. 2114 |
525 ILCS 35/15 new |
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525 ILCS 35/15.5 new |
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Creates the Open Space Financing Act. Authorizes the Department of Natural Resources to issue revenue bonds secured by real estate transfer tax receipts collected and deposited into the Open Space Bond Repayment Fund and the Natural Areas Bond Repayment Fund. Sets forth procedures for issuing the bonds and distributing the bond proceeds. Amends the Property Tax Code. Provides that for fiscal year 2005 only, after deposit of 50% of the moneys collected under the Real Estate Transfer Tax Law into the Illinois Affordable Housing Trust Fund, of the remaining 50%, the first $30,000,000 shall be deposited into the General Revenue Fund and, thereafter, 35% shall be deposited into the OSLAD Fund, and 15% shall be deposited into the NAA Fund. Amends the Illinois Natural Areas Preservation Act. Provides that the Department of Natural Resources shall determine the manner and extent to which property under consideration for acquisition would assist in storm water management, water supply and quality assurance, or other infrastructure needs, but this determination shall not prevent the Department from acquiring property. Amends the Open Space Lands Acquisition and Development Act. Provides that grants for green infrastructure projects made before December 31, 2008 to units of local government may be conditioned upon the State providing assistance on a 60/40 matching basis. Sets forth additional requirements for grants for green infrastructure projects. Provides that, in considering applications for certain grants, the Department shall give scoring points to the applicants that demonstrate the greatest potential for improving water supply and quality or for reducing the capital, operating, or maintenance costs of meeting water-related infrastructure requirements. Creates the Open Space Bond Repayment Fund and the Natural Areas Bond Repayment Fund. Makes other changes. Effective immediately.
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A BILL FOR
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SB3381 |
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| AN ACT in relation to conservation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 1. Short title. This Act may be cited as the Open | 5 |
| Space Financing Act . | 6 |
| Section 5. Definitions. For purposes of this Act:
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| "Act" means the Open Space Financing Act.
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| "Bond" means any type of revenue obligation, including, | 9 |
| without
limitation, fixed
rate, variable rate, auction rate or | 10 |
| similar bond, note, certificate, or other
instrument, | 11 |
| including,
without limitation, an interest rate exchange | 12 |
| agreement, an interest rate lock
agreement, a
currency exchange | 13 |
| agreement, a forward payment conversion agreement, an
| 14 |
| agreement to
provide payments based on levels of or changes in | 15 |
| interest rates or currency
exchange rates, an
agreement to | 16 |
| exchange cash flows or a series of payments, an option, put, or
| 17 |
| call to hedge
payment, currency, interest rate, or other | 18 |
| exposure, payable from and secured
by
a pledge of
real estate | 19 |
| transfer tax receipts collected and deposited under this Act | 20 |
| into the Open Space Bond Repayment Fund and the Natural Areas | 21 |
| Bond Repayment Fund,
and
all interest
and other earnings upon | 22 |
| such amounts held in these funds, to the
extent
provided in
the | 23 |
| proceedings authorizing the obligation.
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| "Bond administrative expenses" means expenses and fees | 25 |
| incurred to
administer
and issue, upon a conversion of any of | 26 |
| the bonds from one mode to another and
from taxable to
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| tax-exempt, the bonds issued pursuant to this Act, including | 28 |
| fees for paying
agents, trustees,
financial advisors, | 29 |
| underwriters, remarketing agents, attorneys and for other
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| professional services
necessary to ensure compliance with | 31 |
| applicable state or federal law.
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| "Bond obligations" means the principal of a bond and any |
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| premium and
interest
on a bond issued pursuant to this Act, | 2 |
| together with any amount owed under a
related credit
agreement.
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| "Credit agreement" means, without limitation, a loan | 4 |
| agreement, a
revolving
credit agreement, an agreement | 5 |
| establishing a line of credit, a letter of
credit, notes, | 6 |
| municipal
bond insurance, standby bond purchase agreements, | 7 |
| surety bonds, remarketing
agreements and
the like, by which the | 8 |
| Department may borrow funds to pay or redeem or purchase
and | 9 |
| hold its
bonds, agreements for the purchase or remarketing of | 10 |
| bonds, or any other
agreement that
enhances the marketability, | 11 |
| security, or creditworthiness of a bond issued
under
this Act.
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| "Department" means the Department of
Natural Resources.
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| "Department real estate transfer tax receipts" means the | 14 |
| moneys collected and deposited into the Open Space Lands | 15 |
| Acquisition and Development Fund and the Natural Areas | 16 |
| Acquisition Fund under Section 31-35 of the Real Estate | 17 |
| Transfer Tax Law of the Property Tax Code.
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| "Director" means the Director of Natural Resources.
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| "Natural Areas Acquisition Fund" or "NAA Fund" means the | 20 |
| fund established under Section 14 of the Open Space Lands | 21 |
| Acquisition and Development Act.
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| "Open Space Lands Acquisition Fund" or "OSLAD Fund" means | 23 |
| the fund established under Section 13 of the Open Space Lands | 24 |
| Acquisition and Development Act. | 25 |
| "Natural Areas Bond Repayment Fund" means that Fund as | 26 |
| established under Section 15.5 of the Open Space Lands | 27 |
| Acquisition and Development Act. | 28 |
| "Open Space Bond Repayment Fund" means that Fund as | 29 |
| established under Section 15 of the Open Space Lands | 30 |
| Acquisition and Development Act. | 31 |
| "Required NAA Fund real estate transfer tax receipts | 32 |
| amount" means the amount of real estate transfer tax receipts | 33 |
| that must be deposited and maintained in the Natural Areas Bond | 34 |
| Repayment Fund under subsection (i) of Section 10.
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| "Required OSLAD Fund real estate transfer tax receipts | 36 |
| amount" means the amount of real estate transfer tax receipts |
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| that must be deposited and maintained in the Open Space Bond | 2 |
| Repayment Fund under subsection (h) of Section 10. | 3 |
| Section 10. Authority to issue revenue bonds.
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| (a) The Department has the continuing power to borrow money | 5 |
| for
the purposes set forth in Section 15 of this Act.
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| (b) As evidence of the obligation of the Department to | 7 |
| repay money
borrowed for the
purposes set forth in subsection | 8 |
| (a), the Department may issue and dispose of
its interest
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| bearing revenue bonds and may also, from time-to-time, issue | 10 |
| and dispose of its
interest bearing
revenue bonds to purchase, | 11 |
| redeem, refund, advance refund, or defease
(including,
any
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| combination of the foregoing) any bonds at maturity or pursuant | 13 |
| to redemption
provisions or at
any time before maturity. The | 14 |
| Director shall have the power to direct that the bonds be
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| issued. Bonds may be
issued in one or more series and under | 16 |
| terms and conditions necessary to further the
purposes of this | 17 |
| Act. The Illinois Finance Authority shall provide any
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| technical, legal, or
administrative services if and when | 19 |
| requested by the Director with regard to the issuance of bonds. | 20 |
| The
bonds shall be
issued in the name of the State of Illinois | 21 |
| for the benefit of the Department
and shall be executed
by the | 22 |
| Director. In case any Director whose signature appears on any | 23 |
| bond
ceases (after
attaching his or her signature) to hold that | 24 |
| office, her or his signature shall
nevertheless be valid
and | 25 |
| effective for all purposes.
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| (c) All bonds issued under this Act for purposes of Section | 27 |
| 13 of the Open Space Lands Acquisition and Development Act are | 28 |
| payable from Department real estate transfer tax receipts | 29 |
| deposited in the Open Space Lands Acquisition and Development | 30 |
| Fund. All bonds issued under this Act for purposes of Section | 31 |
| 14 of the Open Space Lands Acquisition and Development Act are | 32 |
| payable from Department real estate transfer tax receipts | 33 |
| deposited in the Natural Areas Acquisition Fund. Bonds
may also
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| be paid from proceeds of bonds, interest income thereon, and | 35 |
| receipts from related credit and exchange
agreements to the |
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| extent allowed by this Act and applicable
legal requirements.
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| (d) The maximum principal amount of the bonds, when | 3 |
| combined with the
outstanding principal of all other bonds | 4 |
| issued under this Act, may not,
at any time, exceed: | 5 |
| (1) for bonds issued for purposes of
Section 13 of the | 6 |
| Open Space Lands Acquisition and Development Act, | 7 |
| $140,000,000, excluding all of the outstanding principal | 8 |
| of any other bonds
issued under
this Act
for which payment
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| has been irrevocably provided by refunding or other manner | 10 |
| of defeasance; and | 11 |
| (2) for bonds issued for purposes of
Section 14 of the | 12 |
| Open Space Lands Acquisition and Development Act, | 13 |
| $60,000,000, excluding all of the outstanding principal of | 14 |
| any other bonds
issued under
this Act
for which payment
has | 15 |
| been irrevocably provided by refunding or other manner of | 16 |
| defeasance. | 17 |
| It is
the intent of this
Act that the outstanding bond | 18 |
| authorization limits provided for in this subsection shall be
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| revolving in nature, such that the amount of bonds outstanding | 20 |
| that are not
refunded or otherwise
defeased shall be included | 21 |
| in determining the maximum amount of bonds
authorized
to be | 22 |
| issued
under the Act.
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| (e) The bonds and refunding bonds issued under this Act may | 24 |
| bear
such date
or dates, may mature at such time or times not | 25 |
| exceeding 20 years from their
respective dates of
issuance, and | 26 |
| may bear interest at such rate or rates not exceeding the | 27 |
| maximum
rate authorized
by the Bond Authorization Act, as | 28 |
| amended and in effect at the time of the
issuance of the
bonds.
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| (f) The Department may enter into a credit agreement | 30 |
| pertaining to the
issuance of
the bonds, upon terms that are | 31 |
| not inconsistent with this Act and any other
laws, provided | 32 |
| that
the term of the credit agreement shall not exceed the term | 33 |
| of the bonds, plus
any time period
necessary to cure any | 34 |
| defaults under the credit agreement.
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| (g) Interest earnings paid to holders of the bonds shall | 36 |
| not be exempt
from income
taxes imposed by the State.
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| (h) While any bond obligations are outstanding or | 2 |
| anticipated to come
due as a result
of bonds expected to be | 3 |
| issued for purposes of Section 13 of the Open Space Lands | 4 |
| Acquisition and Development Act in either or both of the 2 | 5 |
| immediately
succeeding calendar quarters, the
Department must
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| collect and deposit Department real estate transfer tax | 7 |
| receipts from the Open Space Lands Acquisition and Development | 8 |
| Fund into the Open Space Bond Repayment Fund in an
amount | 9 |
| necessary to
satisfy the required OSLAD Fund real estate | 10 |
| transfer tax receipts amount prior to expending real estate | 11 |
| transfer tax receipts
for any other purpose. The required OSLAD | 12 |
| Fund real estate transfer tax receipts amount shall be that
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| amount
necessary to ensure the marketability of the bonds, | 14 |
| which shall be specified in
the Bond Sale
Order executed by the | 15 |
| Director in connection with the issuance of the bonds.
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| (i) While any bond obligations are outstanding or | 17 |
| anticipated to come
due as a result
of bonds expected to be | 18 |
| issued for the purposes of Section 14 of the Open Space Lands | 19 |
| Acquisition and Development Act in either or both of the 2 | 20 |
| immediately
succeeding calendar quarters, the
Department must
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| collect and deposit Department real estate transfer tax | 22 |
| receipts from the Natural Areas Acquisition Fund into the | 23 |
| Natural Areas Bond Repayment Fund in an
amount necessary to
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| satisfy the required NAA Fund real estate transfer tax receipts | 25 |
| amount prior to expending real estate transfer tax receipts
for | 26 |
| any other purpose. The required NAA Fund real estate transfer | 27 |
| tax receipts amount shall be that
amount
necessary to ensure | 28 |
| the marketability of the bonds, which shall be specified in
the | 29 |
| Bond Sale
Order executed by the Director in connection with the | 30 |
| issuance of the bonds.
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| (j) Holders of the bonds issued for purposes of Section 13 | 32 |
| of the Open Space Lands Acquisition and Development Act shall | 33 |
| have a first and priority claim on all
moneys held in the Open | 34 |
| Space Bond Repayment Fund in parity with all other holders of | 35 |
| those bonds,
provided that
this claim may be subordinated to | 36 |
| the provider of any credit agreement for any
of the bonds.
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| Holders of the bonds issued for purposes of Section 14 of the | 2 |
| Open Space Lands Acquisition and Development Act shall have a | 3 |
| first and priority claim on all
moneys held in the Natural | 4 |
| Areas Bond Repayment Fund in parity with all other holders of | 5 |
| those bonds,
provided that
this claim may be subordinated to | 6 |
| the provider of any credit agreement for any
of the bonds.
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| (k) To the extent that Department real estate transfer tax | 8 |
| receipts in
the Open Space
Bond Repayment Fund are not | 9 |
| otherwise needed to satisfy the requirements of this Act and
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| the instruments
authorizing the issuance of the bonds, such | 11 |
| moneys shall be used by the
Department, in such
amounts as | 12 |
| determined by the Director, to purchase, refinance, redeem, | 13 |
| refund, advance refund, or defease (or
any
combination of the | 14 |
| foregoing) outstanding bonds, to the extent such action is
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| legally
available and financially prudent and does not impair | 16 |
| any tax exempt status of any of the bonds. To the extent that | 17 |
| the moneys in the Open Space Bond Repayment Fund are not | 18 |
| otherwise needed for the foregoing purposes, such moneys shall | 19 |
| be transferred back into the Open Space Lands Acquisition and | 20 |
| Development Fund. | 21 |
| (l) To the extent that Department real estate transfer tax | 22 |
| receipts in
the Natural Areas
Bond Repayment Fund are not | 23 |
| otherwise needed to satisfy the requirements of this Act and
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| the instruments
authorizing the issuance of the bonds, such | 25 |
| moneys shall be used by the
Department, in such
amounts as | 26 |
| determined by the Director, to purchase, refinance, redeem, | 27 |
| refund, advance refund, or defease (or
any
combination of the | 28 |
| foregoing) outstanding bonds, to the extent such action is
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| legally
available and financially prudent and does not impair | 30 |
| any tax exempt status of any of the bonds. To the extent that | 31 |
| the moneys in the Natural Areas Bond Repayment Fund are not | 32 |
| otherwise needed for the foregoing purposes, such moneys shall | 33 |
| be transferred back into the Natural Areas Acquisition Fund.
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| (m) The Director shall determine the method of sale, type | 35 |
| of bond, bond
form,
redemption provisions, and other terms of | 36 |
| the bonds that, in the Director's
judgment, best achieve
the |
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| purposes of this Act and effect the borrowing at the lowest | 2 |
| practicable
cost, provided that
those determinations are not | 3 |
| inconsistent with this Act or other applicable
legal | 4 |
| requirements.
Those determinations shall be set forth in a | 5 |
| document entitled "Bond Sale
Order".
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| (n) Before issuing bonds for purposes of Section 13 of the | 7 |
| Open Space Lands Acquisition and Development Act, the Director | 8 |
| shall identify the grants to be made to local governments under | 9 |
| Section 13 of the Open Space Lands Acquisition and Development | 10 |
| Act from the proceeds of the bonds and any other expenditures | 11 |
| from the proceeds of the bonds for purposes permitted under | 12 |
| Section 13 of the Open Space Lands Acquisition and Development | 13 |
| Act. Before issuing bonds for purposes of Section 14 of the | 14 |
| Open Space Lands Acquisition and Development Act, the Director | 15 |
| shall identify the natural areas to be acquired under Section | 16 |
| 14 of the Open Space Lands Acquisition and Development Act from | 17 |
| the proceeds of the bonds and any other expenditures from the | 18 |
| proceeds of the bonds for purposes permitted under Section 14 | 19 |
| of the Open Space Lands Acquisition and Development Act.
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| Section 13. Credit agreement requirements. | 21 |
| (a) Any credit agreement entered into by the Department | 22 |
| under this Act must provide the following:
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| (1) The choice of law for the obligations of a | 24 |
| financial provider may
be made for any state of these | 25 |
| United States, but the law that applies
to the bonds is the | 26 |
| law of the State of Illinois and jurisdiction to
enforce
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| the credit agreement as against the Department is | 28 |
| exclusively in the
courts of the State of Illinois or in | 29 |
| the applicable federal court having
jurisdiction
and | 30 |
| located within the State of Illinois.
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| (2) The credit agreement is fully enforceable as a | 32 |
| valid
and binding contract as and to the extent provided by | 33 |
| applicable law.
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| (b) The credit agreement may include
any
of the following | 35 |
| provisions:
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| (1) Interest rates on the bonds may vary from time to | 2 |
| time depending
upon criteria established by the Director, | 3 |
| which may include, without
limitation:
(i) a variation in | 4 |
| interest rates as may be necessary to cause
the bonds to be | 5 |
| remarketed from time to time at a price equal to their
| 6 |
| principal amount plus any accrued interest;
(ii) rates set | 7 |
| by auctions; or
(iii) rates set by formula.
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| (2) A national banking association, bank, trust | 9 |
| company, investment
banker or other financial institution | 10 |
| may be appointed to serve as a
remarketing
agent in that | 11 |
| connection, and the remarketing agent may be delegated | 12 |
| authority
by the Department to determine interest rates in | 13 |
| accordance with criteria
established by the Department.
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| (3) Alternative interest rates or provisions may apply | 15 |
| during such
times as the bonds are held by the financial | 16 |
| providers or similar persons or
entities providing a credit | 17 |
| agreement for those bonds and, during such times,
the
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| interest on the bonds may be deemed not exempt from income | 19 |
| taxation under the
Internal Revenue Code for purposes of | 20 |
| State law, as contained in the Bond
Authorization Act, | 21 |
| relating to the permissible rate of interest to be borne
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| thereon.
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| (4) Fees may be paid to the financial providers or | 24 |
| similar persons or
entities providing a credit agreement, | 25 |
| including all reasonably related costs,
including therein | 26 |
| costs of enforcement and litigation (all such fees and | 27 |
| costs
being
financial provider payments) and financial | 28 |
| provider payments may be paid,
without limitation, from | 29 |
| proceeds of the bonds being the subject of such
agreements, | 30 |
| or from bonds issued to refund such bonds, provided that | 31 |
| such
financial provider payments shall be made subordinate | 32 |
| to the payments on the
bonds.
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| (5) The bonds need not be held in physical form by the | 34 |
| financial
providers or similar persons or entities | 35 |
| providing a credit agreement when
providing funds to | 36 |
| purchase or carry the bonds from others but may be
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| represented in uncertificated form in the credit | 2 |
| agreement.
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| (6) The debt or obligation of the Department | 4 |
| represented by a Bond
tendered for purchase to or otherwise | 5 |
| made available to the Department
thereupon
acquired by | 6 |
| either the Department or a financial provider shall not be | 7 |
| deemed
to
be extinguished for purposes of State law until | 8 |
| cancelled by the Department or
its
agent.
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| (7) The credit agreement may provide for
acceleration | 10 |
| of the principal amounts due on the
bonds.
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| Section 14. Bond repayment funds.
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| (a) The required OSLAD Fund real estate transfer tax | 13 |
| receipts amount deposited into the Open Space Bond Repayment | 14 |
| Fund under subsection (h) of Section 10 shall be irrevocably
| 15 |
| pledged to the
timely payment of bond obligations and bond | 16 |
| administrative expenses due on any
bonds
issued under this Act | 17 |
| for purposes of Section 13 of the Open Space Lands Acquisition | 18 |
| and Development Act and any credit agreement entered in | 19 |
| connection with
those bonds.
The Open Space Bond Repayment Fund | 20 |
| shall be held separate and apart from all other
State funds.
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| Moneys in the Open Space Bond Repayment Fund may not be | 22 |
| commingled with other State
funds, but they
must be deposited, | 23 |
| as required by law, and maintained in a separate account on
the | 24 |
| books of a
savings and loan association, bank, or other | 25 |
| qualified financial institution.
All interest earnings on | 26 |
| amounts within
the Open Space Bond Repayment Fund shall accrue | 27 |
| to the Open Space Bond Repayment Fund.
The Open Space Bond | 28 |
| Repayment Fund may include funds and accounts necessary
for the
| 29 |
| deposit of bond proceeds, OSLAD Fund transfer tax receipts, | 30 |
| payment of principal,
interest, administrative
expenses, costs | 31 |
| of issuance, in the case of bonds that are exempt from federal
| 32 |
| taxation, rebate
payments, and other funds and accounts | 33 |
| necessary for the
implementation
and administration of this | 34 |
| Act.
The Director is liable on the Director's general official | 35 |
| bond for the
faithful
performance of the Director's duties as |
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| custodian of the Open Space Bond Repayment Fund. This
liability | 2 |
| exists in addition to the Director's liability upon any
| 3 |
| separate
bond given by
the Director. All sums recovered for | 4 |
| losses sustained by the Open Space Bond Repayment Fund
must
be | 5 |
| deposited into
the Open Space Bond Repayment Fund.
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| (b) The required NAA Fund real estate transfer tax receipts | 7 |
| amount deposited into the Natural Areas Bond Repayment Fund | 8 |
| under subsection (i) of Section 10 shall be irrevocably
pledged | 9 |
| to the
timely payment of bond obligations and bond | 10 |
| administrative expenses due on any
bonds
issued under this Act | 11 |
| for purposes of Section 14 of the Open Lands Acquisition and | 12 |
| Development Act and any credit agreement entered in connection | 13 |
| with
those bonds.
The Natural Areas Bond Repayment Fund shall | 14 |
| be held separate and apart from all other
State funds.
Moneys | 15 |
| in the Natural Areas Bond Repayment Fund may not be commingled | 16 |
| with other State
funds, but they
must be deposited, as required | 17 |
| by law, and maintained in a separate account on
the books of a
| 18 |
| savings and loan association, bank, or other qualified | 19 |
| financial institution.
All interest earnings on amounts within
| 20 |
| the Natural Areas Bond Repayment Fund shall accrue to the | 21 |
| Natural Areas Bond Repayment Fund.
The Natural Areas Bond | 22 |
| Repayment Fund may include funds and accounts necessary
for the
| 23 |
| deposit of bond proceeds, NAA Fund transfer tax receipts, | 24 |
| payment of principal,
interest, administrative
expenses, costs | 25 |
| of issuance, in the case of bonds that are exempt from federal
| 26 |
| taxation, rebate
payments, and other funds and accounts | 27 |
| necessary for the
implementation
and administration of this | 28 |
| Act.
The Director is liable on the Director's general official | 29 |
| bond for the
faithful
performance of the Director's duties as | 30 |
| custodian of the Natural Areas Bond Repayment Fund. This
| 31 |
| liability exists in addition to the Director's liability upon | 32 |
| any
separate
bond given by
the Director. All sums recovered for | 33 |
| losses sustained by the Natural Areas Bond Repayment Fund
must
| 34 |
| be deposited into
the Natural Areas Bond Repayment Fund. | 35 |
| Section 15. Bond proceeds.
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| (a) The proceeds of any bonds issued under this Act for | 2 |
| purposes of Section 13 of the Open Space Lands Acquisition and | 3 |
| Development Act, including
investment
income thereon, must be | 4 |
| deposited into the Open Space Lands Acquisition and Development | 5 |
| Fund. The proceeds of any bonds issued under this Act for | 6 |
| purposes of Section 14 of the Open Space Lands Acquisition and | 7 |
| Development Act, including
investment
income thereon, must be | 8 |
| deposited into the Natural Areas Acquisition Fund. The proceeds | 9 |
| may be used for the
following
purposes and in
such amounts as | 10 |
| determined by the Director:
| 11 |
| (1) To carry out the purposes of Sections 13 or 14 of | 12 |
| the Open Space Lands Acquisition and Development Act;
| 13 |
| (2) Paying the costs of issuing or refinancing any | 14 |
| bonds issued under this Act;
| 15 |
| (3) Paying the costs incurred pursuant to any credit | 16 |
| agreement executed in connection with bonds issued under | 17 |
| this Act; | 18 |
| (4) Providing an appropriate reserve for any such bonds | 19 |
| to the extent
that the
Director determines that an | 20 |
| appropriate reserve is warranted; and
| 21 |
| (5) Paying capitalized interest on the bonds for the | 22 |
| period determined
necessary by the Department, not to | 23 |
| exceed 2 years.
| 24 |
| (b) Excess bond proceeds remaining available after the | 25 |
| payments and
deposits
required under subsection (a) have been | 26 |
| made, may be used
in the
following manner as determined by the | 27 |
| Director: (i) to purchase, redeem, or defease outstanding | 28 |
| bonds, to the
extent this
action is legally available and does | 29 |
| not impair any tax-exempt status of any of
the bonds; or
(ii) | 30 |
| to pay any scheduled interest payment or payments due on any
| 31 |
| outstanding bonds.
| 32 |
| Section 20. Bonds not a pledge of the State.
| 33 |
| (a) Any bonds issued under this Act, and any related credit | 34 |
| agreement,
are not a
pledge of the faith and credit or moral | 35 |
| obligation of the State or any State
agency or political
|
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| subdivision of the State. All bonds, bond obligations, and | 2 |
| payment obligations
deriving from
any credit agreement are | 3 |
| payable solely as provided in subsection (c) of Section 10.
| 4 |
| (b) Any bonds and any related credit agreement issued under | 5 |
| this Act
must contain
a conspicuous statement to the effect | 6 |
| that:
| 7 |
| (1) Neither the State, nor any State agency, political | 8 |
| corporation, nor
political
subdivision of the State is | 9 |
| obligated to pay the principal of or interest on
the bonds,
| 10 |
| except as provided by the Open Space Lands Acquisition and | 11 |
| Development Act; and
| 12 |
| (2) Neither the faith and credit of the State or any | 13 |
| State agency,
political
corporation, or political | 14 |
| subdivision of the State, nor the moral obligation of
any | 15 |
| of them,
is pledged to the payment of the principal of or | 16 |
| interest on the bonds.
| 17 |
| Section 25. State not to impair bond obligations. While | 18 |
| bonds under this
Act are
outstanding, the State irrevocably | 19 |
| pledges and covenants that it shall not:
| 20 |
| (1) take action to limit or restrict the rights of the | 21 |
| Department to
fulfill its
responsibilities to pay bond | 22 |
| obligations or bond administrative expenses or
otherwise
| 23 |
| comply with instruments entered into by the Department | 24 |
| pertaining to the issuance of
the
bonds;
| 25 |
| (2) in any way impair the rights and remedies of the | 26 |
| holders of the
bonds
until the bonds are fully discharged; | 27 |
| or
| 28 |
| (3) reduce the real estate transfer tax rates below the | 29 |
| levels in existence on January
1, 2005.
| 30 |
| Section 30. Continuing appropriation. This Act shall | 31 |
| constitute an
irrevocable and continuing appropriation of all | 32 |
| amounts necessary in respect to
use of Department real estate | 33 |
| transfer tax receipts and bond proceeds for purposes specified | 34 |
| in this
Act, including, without limitation, for the provision |
|
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| for payment of principal
and interest on the bonds and other | 2 |
| amounts due in connection with the issuance
of the bonds under | 3 |
| this Act, to the fullest extent the appropriation is
required.
| 4 |
| Section 35. Director's supplemental authority. The | 5 |
| Director, on behalf
of the
Department, is authorized to enter | 6 |
| into the covenants and agreements required
by
this Act, make
| 7 |
| any determinations, calculations, rules, or other | 8 |
| promulgations required by this
Act and engage or
hire the | 9 |
| necessary attorneys, financial advisors, consultants, | 10 |
| verification
agents, trustees,
underwriters, remarketing | 11 |
| agents, and other professionals necessary to carry out
the | 12 |
| purposes and
intent of this Act, unless otherwise expressly | 13 |
| specified or required under this
Act.
| 14 |
| Section 40. Personal liability. No director, officer,
or | 15 |
| employee of the
Department or the State shall be personally | 16 |
| liable as a result of
exercising
the rights and
| 17 |
| responsibilities granted under this Act.
| 18 |
| Section 45. Omnibus Bonds Acts. With respect to | 19 |
| instruments for the
payment of
moneys issued under this Act, it | 20 |
| is and always has been the intention of the
General Assembly | 21 |
| (i)
that the Omnibus Bond Acts are and always have been | 22 |
| supplementary grants of
power to issue
instruments in | 23 |
| accordance with the Omnibus Bond Acts, regardless of any
| 24 |
| provision of this Act
that may appear to be or to have been | 25 |
| more restrictive than those Omnibus Bond
Acts, (ii) that
the | 26 |
| provisions of this Act are not a limitation on the | 27 |
| supplementary authority
granted by the
Omnibus Bond Acts, and | 28 |
| (iii) that instruments issued under this Act within the
| 29 |
| supplementary
authority granted by the Omnibus Bond Acts are | 30 |
| not invalid because of any
provision of this Act
that may | 31 |
| appear to be or to have been more restrictive than those | 32 |
| Omnibus Bond
Acts.
|
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| Section 50. Severability and inseverability. If any | 2 |
| provision of this
Act or its application
to any person or | 3 |
| circumstance is held invalid, the invalidity of that provision
| 4 |
| or application does
not affect other provisions or applications | 5 |
| of the Act that can be given effect
without the invalid
| 6 |
| provision or application, except that this Act is inseverable | 7 |
| to the extent
that
if all or any
substantial and material part | 8 |
| of Sections 1 through 45 are held invalid, then
the entire Act
| 9 |
| (including both new and amendatory provisions) is invalid.
| 10 |
| Section 90. The Property Tax Code is amended by changing | 11 |
| Section 31-35 as follows:
| 12 |
| (35 ILCS 200/31-35)
| 13 |
| Sec. 31-35. Deposit of tax revenue.
| 14 |
| (a) Beginning on the effective date of this amendatory Act | 15 |
| of the 92nd
General
Assembly and through June 30, 2003,
of the | 16 |
| moneys
collected under Section 31-15, 50% shall be deposited
| 17 |
| into the Illinois Affordable Housing Trust Fund, 20% into the | 18 |
| Open
Space Lands Acquisition and Development Fund, 5% into the
| 19 |
| Natural Areas Acquisition Fund, and 25% into the General | 20 |
| Revenue Fund.
| 21 |
| (b) Beginning July 1, 2004 and through June 30, 2005, of | 22 |
| the moneys collected under Section 31-15, 50% shall be | 23 |
| deposited into the Illinois Affordable Housing Trust Fund and, | 24 |
| of the remaining 50%, the first $30,000,000 shall be deposited | 25 |
| into the General Revenue Fund and, thereafter, 35% shall be | 26 |
| deposited into the Open Space Lands Acquisition and Development | 27 |
| Fund, and 15% shall be deposited into the
Natural Areas | 28 |
| Acquisition Fund.
| 29 |
| (c) Beginning July 1, 2005
2003 , of the moneys collected | 30 |
| under Section 31-15,
50% shall be deposited into the Illinois | 31 |
| Affordable Housing Trust Fund, 35%
into the Open Space Lands | 32 |
| Acquisition and Development Fund, and 15% into the
Natural | 33 |
| Areas Acquisition Fund.
| 34 |
| (Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874, |
|
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| eff. 7-1-03.)
| 2 |
| Section 95. The Illinois Natural Areas Preservation Act is | 3 |
| amended by adding Section 7.05a as follows: | 4 |
| (525 ILCS 30/7.05a new) | 5 |
| Sec. 7.05a. To determine the manner and extent to which | 6 |
| property under consideration for acquisition would assist in | 7 |
| storm water management, water supply and quality assurance, or | 8 |
| other infrastructure needs. The Department, however, may | 9 |
| acquire property regardless of the results of this | 10 |
| determination. | 11 |
| Section 100. The Open Space Lands Acquisition and | 12 |
| Development Act is amended by changing Sections 3, 11, 13, and | 13 |
| 14 and by adding Sections 8, 9.1, 15, and 15.5 as follows:
| 14 |
| (525 ILCS 35/3) (from Ch. 85, par. 2103)
| 15 |
| Sec. 3. From appropriations made from the Capital | 16 |
| Development Fund,
Build Illinois Purposes Fund, Build Illinois | 17 |
| Bond Fund or other
available or designated funds for such
| 18 |
| purposes, the Department shall make grants to local governments | 19 |
| as
financial assistance, on a reimbursement basis, for the | 20 |
| capital
development and improvement of park, recreation or | 21 |
| conservation
areas, marinas and shorelines, including planning | 22 |
| and engineering costs, and for the
acquisition of open space | 23 |
| lands, including
acquisition of easements and other property | 24 |
| interests less than fee simple
ownership if the Department | 25 |
| determines that such property
interests are sufficient to carry | 26 |
| out the purposes of this Act, subject to
the conditions and | 27 |
| limitations set forth in this Act.
| 28 |
| No more than 10% of the amount so appropriated for any | 29 |
| fiscal year may
be committed or expended on any one project | 30 |
| described in an application
submitted under this Act. No more | 31 |
| than 20% of the amount so appropriated for any fiscal year may | 32 |
| be committed or expended on projects under Section 8 of this |
|
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| Act.
| 2 |
| Any grant under this Act to a local government shall be | 3 |
| conditioned upon
the state providing assistance on a 50/50 | 4 |
| matching basis for the acquisition
of open space lands and for | 5 |
| capital development
and improvement proposals ; provided, | 6 |
| however, that grants made before December 31, 2008 to units of | 7 |
| local government that apply under Section 8 of this Act may be | 8 |
| conditioned upon the State providing assistance on a 60/40 | 9 |
| matching basis .
| 10 |
| (Source: P.A. 84-1308.)
| 11 |
| (525 ILCS 35/8 new) | 12 |
| Sec. 8. Green infrastructure projects. | 13 |
| (a) The purpose of this Section is to foster, through the | 14 |
| environmentally sensitive design and management of open | 15 |
| spaces, the acquisition, restoration, design, and management | 16 |
| of open spaces, parks, forest preserves, and conservation areas | 17 |
| for the combined purposes of creating recreational | 18 |
| opportunities and of performing green infrastructure services | 19 |
| traditionally provided by built infrastructure, including but | 20 |
| not limited to, stormwater mitigation, flood control, and air | 21 |
| and water quality enhancement. | 22 |
| (b) In addition to the requirements set forth in Section 4 | 23 |
| of this Act, an application made pursuant to this Section shall | 24 |
| demonstrate: | 25 |
| (1) how the project combines recreational | 26 |
| opportunities with green infrastructure services;
| 27 |
| (2) the relationship of the project to plans of the | 28 |
| applicant and other local government entities, including | 29 |
| but not limited to, plans for trail systems, flood control, | 30 |
| surface water and storm water management, and habitat | 31 |
| conservation; and
| 32 |
| (3) whether the project is part of a proposed or | 33 |
| existing green corridor connecting open spaces or natural | 34 |
| areas.
| 35 |
| (c) In considering applications for grants under this |
|
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| Section, the Department shall give additional points in scoring | 2 |
| criteria to projects that demonstrate the greatest potential | 3 |
| for improving water supply and quality or for reducing the | 4 |
| capital, operating, or maintenance costs of meeting | 5 |
| water-related infrastructure requirements.
| 6 |
| (525 ILCS 35/9.1 new) | 7 |
| Sec. 9.1. Technical assistance; green infrastructure | 8 |
| projects. The Department shall provide technical assistance to | 9 |
| units of local government in preparing applications for grants | 10 |
| and in performing evaluations of projects funded pursuant to | 11 |
| Section 8 of this Act. The Department, through December 31, | 12 |
| 2008, may use no more than 2% (and no more than 1% thereafter) | 13 |
| of funds appropriated for the purposes of this Act to contract | 14 |
| with other public bodies and other entities, including | 15 |
| universities and non-profit organizations, for technical | 16 |
| assistance in developing, testing, and evaluating the green | 17 |
| infrastructure policies and programs authorized in this Act, | 18 |
| and for the provision of technical assistance to units of local | 19 |
| government.
| 20 |
| (525 ILCS 35/11) (from Ch. 85, par. 2111)
| 21 |
| Sec. 11. Progress reports on the implementation and | 22 |
| development of this Act shall
be filed annually with the | 23 |
| Governor and the General Assembly. Such
reports shall include a | 24 |
| statement of goals and
objectives and such quantifiable support | 25 |
| documentation as expenditures,
allocation of funds by | 26 |
| location, including such performance and measurement
criteria | 27 |
| sufficient to enable the General Assembly to properly evaluate | 28 |
| and
review program effectiveness. Beginning in calendar year | 29 |
| 2006, the annual report shall also include: (i) descriptions of | 30 |
| projects approved pursuant to Section 8 of this Act, including | 31 |
| an evaluation of the cost-effectiveness of those projects in | 32 |
| providing green infrastructure services, including but not | 33 |
| limited to, storm water mitigation, flood control, and air and | 34 |
| water quality enhancement and (ii) information on bonds issued |
|
|
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| and bonds outstanding.
| 2 |
| (Source: P.A. 84-109.)
| 3 |
| (525 ILCS 35/13) (from Ch. 85, par. 2113)
| 4 |
| Sec. 13. Open Space
Lands Acquisition and Development Fund.
| 5 |
| There is hereby created in the State Treasury the Open Space
| 6 |
| Lands Acquisition and Development Fund. The fund shall be used | 7 |
| by the
Department (i) to make grants to local governments in | 8 |
| the manner and for the
purposes described in Section 3 ; (ii) to | 9 |
| perform the services described in Section 9.1; and (iii) for | 10 |
| the purposes set forth in Section 15 of the Open Space | 11 |
| Financing Act .
| 12 |
| (Source: P.A. 86-925.)
| 13 |
| (525 ILCS 35/14) (from Ch. 85, par. 2114)
| 14 |
| Sec. 14. There is hereby created in the State Treasury the | 15 |
| Natural
Areas Acquisition Fund. The fund shall be used by the | 16 |
| Department for (i) the
acquisition, preservation and | 17 |
| stewardship of natural areas, including
habitats for | 18 |
| endangered and threatened species, high quality natural
| 19 |
| communities, wetlands, and other areas with unique or unusual | 20 |
| natural
heritage qualities and (ii) for the purposes set forth | 21 |
| in Section 15 of the Open Space Financing Act .
| 22 |
| (Source: P.A. 86-925.)
| 23 |
| (525 ILCS 35/15 new)
| 24 |
| Sec. 15. Open Space Bond Repayment Fund. There is | 25 |
| established the Open Space Bond Repayment Fund held by the | 26 |
| Director or his or her designee as ex-officio custodian thereof | 27 |
| separate and apart from all other State funds. The moneys in | 28 |
| the Fund must be used in accordance with the Open Space | 29 |
| Financing Act. | 30 |
| (525 ILCS 35/15.5 new)
| 31 |
| Sec. 15.5. Natural Areas Bond Repayment Fund. There is | 32 |
| established the Natural Areas Bond Repayment Fund held by the |
|
|
|
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|
| 1 |
| Director or his or her designee as ex-officio custodian thereof | 2 |
| separate and apart from all other State funds. The moneys in | 3 |
| the Fund must be used in accordance with the Open Space | 4 |
| Financing Act.
| 5 |
| Section 999. Effective date. This Act takes effect upon | 6 |
| becoming law.
|
|