Full Text of HB1666 94th General Assembly
HB1666ham001 94TH GENERAL ASSEMBLY
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Rep. Thomas Holbrook
Filed: 5/17/2005
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| AMENDMENT TO HOUSE BILL 1666
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| AMENDMENT NO. ______. Amend House Bill 1666 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Illinois Finance Authority Act is amended | 5 |
| by adding Section 825-13 as follows:
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| (20 ILCS 3501/825-13 new)
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| Sec. 825-13. Supervision of regional development authority | 8 |
| bond issuances. | 9 |
| (a) All bond issuances of a regional development authority | 10 |
| are subject to supervision, management, control, and approval | 11 |
| of the Authority. | 12 |
| (b) All bonds issued by a regional development authority | 13 |
| under the supervision of the Authority are subject to the same | 14 |
| terms and conditions that are set forth in the applicable | 15 |
| statutes regulating the issuance of bonds by the regional | 16 |
| development authority. | 17 |
| (c) The bonds issued by a regional development authority | 18 |
| under the supervision of the Authority are not debts of the | 19 |
| Authority or the State. | 20 |
| (d) For purposes of this Section, "regional development | 21 |
| authority" means the Southwestern Illinois Development | 22 |
| Authority. | 23 |
| Section 30. The Southwestern Illinois Development |
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| Authority Act is amended by changing Sections 7 and 10 as | 2 |
| follows:
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| (70 ILCS 520/7) (from Ch. 85, par. 6157)
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| Sec. 7. (a) The Authority, with the written approval of the | 5 |
| Governor,
shall have the continuing power to issue bonds, | 6 |
| notes, or other evidences
of indebtedness for the purpose of | 7 |
| developing, constructing, acquiring or
improving projects, | 8 |
| including without limitation those established by
business | 9 |
| entities locating or expanding property within the territorial
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| jurisdiction of the Authority, for entering into venture | 11 |
| capital agreements
with businesses locating or expanding | 12 |
| within the territorial jurisdiction
of the Authority, for | 13 |
| acquiring and improving any property necessary and
useful in | 14 |
| connection therewith, for the purposes of the Employee | 15 |
| Ownership
Assistance Act, and any local government projects. | 16 |
| With respect to any
local government project, the Authority is | 17 |
| authorized to purchase from time
to time pursuant to negotiated | 18 |
| sale or to otherwise acquire from time to
time any local | 19 |
| government security upon terms and conditions as the
Authority | 20 |
| may prescribe in connection therewith. For the purpose of
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| evidencing the obligations of the Authority to repay any money | 22 |
| borrowed for
any project, the Authority may, pursuant to | 23 |
| resolution, from time to time
issue and dispose of its interest | 24 |
| bearing revenue bonds, notes or other
evidences of indebtedness | 25 |
| and may also from time to time issue and dispose
of such bonds, | 26 |
| notes or other evidences of indebtedness to refund, at
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| maturity, at a redemption date or in advance of either, any | 28 |
| bonds, notes or
other evidences of indebtedness pursuant to | 29 |
| redemption provisions or at any
time before maturity. All such | 30 |
| bonds, notes or other evidences of
indebtedness shall be | 31 |
| payable solely and only from the revenues or income
to be | 32 |
| derived from loans made with respect to projects, from the | 33 |
| leasing or
sale of the projects or from any other funds |
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| available to the Authority for
such purposes. The bonds, notes | 2 |
| or other evidences of indebtedness may
bear such date or dates, | 3 |
| may mature at such time or times not exceeding 40
years from | 4 |
| their respective dates, notwithstanding any other law to the
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| contrary may bear interest at such rate or rates payable | 6 |
| annually,
semi-annually, quarterly or monthly, may be in such | 7 |
| form, may carry such
registration privileges, may be executed | 8 |
| in such manner, may be payable at
such place or places, may be | 9 |
| made subject to redemption in such manner and
upon such terms, | 10 |
| with or without premium as is stated on the face thereof,
may | 11 |
| be authenticated in such manner and may contain such terms and
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| covenants as may be provided by an applicable resolution. The | 13 |
| bonds must be issued under the supervision of the Illinois | 14 |
| Finance Authority, as set forth under Section 825-13 of the | 15 |
| Illinois Finance Authority Act.
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| (b)(1) The holder or holders of any bonds, notes or other | 17 |
| evidences of
indebtedness issued by the Authority may bring | 18 |
| suits at law or proceedings
in equity to compel the | 19 |
| performance and observance by any corporation or
person or | 20 |
| by the Authority or any of its agents or employees of any
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| contract or covenant made with the holders of such bonds, | 22 |
| notes or other
evidences of indebtedness, to compel such | 23 |
| corporation, person, the
Authority and any of its agents or | 24 |
| employees to perform any duties required
to be performed | 25 |
| for the benefit of the holders of any such bonds, notes or
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| other evidences of indebtedness by the provision of the | 27 |
| resolution
authorizing their issuance and to enjoin such | 28 |
| corporation, person, the
Authority and any of its agents or | 29 |
| employees from taking any action in
conflict with any such | 30 |
| contract or covenant.
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| (2) If the Authority fails to pay the principal of or | 32 |
| interest on any
of the bonds or premium, if any, as the | 33 |
| same become due, a civil action to
compel payment may be | 34 |
| instituted in the appropriate circuit court by the
holder |
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| or holders of the bonds on which such default of payment | 2 |
| exists or
by an indenture trustee acting on behalf of such | 3 |
| holders. Delivery of a
summons and a copy of the complaint | 4 |
| to the Chairman of the Board shall
constitute sufficient | 5 |
| service to give the circuit court jurisdiction of the
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| subject matter of such a suit and jurisdiction over the | 7 |
| Authority and its
officers named as defendants for the | 8 |
| purpose of compelling such payment.
Any case, controversy | 9 |
| or cause of action concerning the validity of this Act
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| relates to the revenue of the State of Illinois.
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| (c) Notwithstanding the form and tenor of any such bonds, | 12 |
| notes or other
evidences of indebtedness and in the absence of | 13 |
| any express recital on the
face thereof that it is | 14 |
| non-negotiable, all such bonds, notes and other
evidences of | 15 |
| indebtedness shall be negotiable instruments. Pending the
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| preparation and execution of any such bonds, notes or other | 17 |
| evidences of
indebtedness, temporary bonds, notes or evidences | 18 |
| of indebtedness may be
issued as provided by ordinance.
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| (d) To secure the payment of any or all of such bonds, | 20 |
| notes or other
evidences of indebtedness, the revenues to be | 21 |
| received by the Authority from
a lease agreement or loan | 22 |
| agreement shall be pledged, and, for the purpose
of setting | 23 |
| forth the covenants and undertakings of the Authority in
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| connection with the issuance thereof and the issuance of any | 25 |
| additional
bonds, notes or other evidences of indebtedness | 26 |
| payable from such revenues,
income or other funds to be derived | 27 |
| from projects, the Authority may
execute and deliver a mortgage | 28 |
| or trust agreement. A remedy for any breach
or default of the | 29 |
| terms of any such mortgage or trust agreement by the
Authority | 30 |
| may be by mandamus proceedings in the appropriate circuit court
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| to compel the performance and compliance therewith, but the | 32 |
| trust agreement
may prescribe by whom or on whose behalf such | 33 |
| action may be instituted.
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| (e) Such bonds or notes shall be secured as provided in the |
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| authorizing
ordinance which may, notwithstanding any other | 2 |
| provision of this Act,
include in addition to any other | 3 |
| security a specific pledge or assignment
of and lien on or | 4 |
| security interest in any or all revenues or money of the
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| Authority from whatever source which may by law be used for | 6 |
| debt
service purposes and a specific pledge or assignment of | 7 |
| and lien on or
security interest in any funds or accounts | 8 |
| established or provided for by
ordinance of the Authority | 9 |
| authorizing the issuance of such bonds or notes
and, with | 10 |
| respect to any local government project, may include without
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| limitation a pledge of any local government securities, | 12 |
| including any
payments thereon.
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| (f) In the event that the Authority determines that monies | 14 |
| of the
Authority will not be sufficient for the payment of the | 15 |
| principal of and
interest on its bonds during the next State | 16 |
| fiscal year, the Chairman, as
soon as practicable, shall | 17 |
| certify to the Governor the amount required by
the Authority to | 18 |
| enable it to pay such principal of and interest on the
bonds. | 19 |
| The Governor shall submit the amount so certified to the | 20 |
| General
Assembly as soon as practicable, but no later than the | 21 |
| end of the current
State fiscal year. This subsection shall not | 22 |
| apply to any bonds or notes as
to which the Authority shall | 23 |
| have determined, in the resolution authorizing
the issuance of | 24 |
| the bonds or notes, that this subsection shall not apply.
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| Whenever the Authority makes such a determination, that fact | 26 |
| shall be
plainly stated on the face of the bonds or notes, and | 27 |
| that fact shall also
be reported to the Governor.
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| In the event of a withdrawal of moneys from a reserve fund | 29 |
| established
with respect to any issue or issues of bonds of the | 30 |
| Authority to pay
principal or interest on those bonds, the | 31 |
| Chairman of the Authority, as
soon as practicable, shall | 32 |
| certify to the Governor the amount required
to restore the | 33 |
| reserve fund to the level required in the resolution or
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| indenture securing those bonds. The Governor shall submit the |
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| amount so
certified to the General Assembly as soon as | 2 |
| practicable, but no later than
the end of the current State | 3 |
| fiscal year. | 4 |
| This subsection (f) applies only with respect to bonds | 5 |
| issued before the effective date of this amendatory Act of the | 6 |
| 94th General Assembly.
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| (g) The State of Illinois pledges to and agrees with the | 8 |
| holders of the
bonds and notes of the Authority issued pursuant | 9 |
| to this Section that the
State will not limit or alter the | 10 |
| rights and powers vested in the Authority
by this Act so as to | 11 |
| impair the terms of any contract made by the Authority
with | 12 |
| such holders or in any way impair the rights and remedies of | 13 |
| such
holders until such bonds and notes, together with interest | 14 |
| thereon, with
interest on any unpaid installments of interest, | 15 |
| and all costs and expenses
in connection with any action or | 16 |
| proceedings by or on behalf of such
holders, are fully met and | 17 |
| discharged. In addition, the State pledges to
and agrees with | 18 |
| the holders of the bonds and notes of the Authority issued
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| pursuant to this Section that the State will not limit or alter | 20 |
| the basis
on which State funds are to be paid to the Authority | 21 |
| as provided in this
Act, or the use of such funds, so as to | 22 |
| impair the terms of any such
contract. The Authority is | 23 |
| authorized to include these pledges and
agreements of the State | 24 |
| in any contract with the holders of bonds or notes
issued under | 25 |
| this Section.
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| (Source: P.A. 86-1455; 87-778.)
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| (70 ILCS 520/10) (from Ch. 85, par. 6160)
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| Sec. 10. Enterprise Zone. | 29 |
| (a) The Authority may by ordinance designate a
portion of | 30 |
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territorial jurisdiction of the Authority for | 31 |
| certification as an
Enterprise Zone under the Illinois | 32 |
| Enterprise Zone Act in addition to any
other enterprise zones | 33 |
| which may be created under that Act, which area
shall have all |
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| the privileges and rights of an Enterprise Zone pursuant to
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| Illinois Enterprise Zone Act, but which shall not be counted in
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| determining the number of Enterprise Zones to be created in any | 4 |
| year pursuant
to that Act.
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| (b) Prior to January 1, 1999, the Authority may by | 6 |
| ordinance designate a
portion of the territorial jurisdiction | 7 |
| of the Authority located in the
southeastern portion of | 8 |
| Chouteau Township and the southwestern portion of
Edwardsville | 9 |
| Township along FAR 310 for certification as an Enterprise Zone
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| under the Illinois Enterprise Zone Act in addition to any other | 11 |
| enterprise
zones which may be created under that Act, which | 12 |
| area shall have all the
privileges and rights of an Enterprise | 13 |
| Zone under the Illinois Enterprise Zone
Act, but which shall | 14 |
| not be counted in determining the number of Enterprise
Zones to | 15 |
| be created in any year pursuant to that Act.
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| (c) Prior to January 1, 2000 the Authority may by ordinance | 17 |
| designate a portion
of the territorial jurisdiction of the | 18 |
| Authority located in the townships of
O'Fallon, Lebanon, | 19 |
| Mascoutah, and Shiloh Valley of the county of St. Clair for
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| certification as an Enterprise Zone under the Illinois | 21 |
| Enterprise Zone Act in
addition to any other Enterprise Zones | 22 |
| which may be created under that Act.
The area shall have all | 23 |
| the privileges and rights of an Enterprise Zone
under the | 24 |
| Illinois Enterprise Zone Act but shall not be counted in
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| determining the number of Enterprise Zones to be created in any | 26 |
| year under
that Act.
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| (d) The Authority may not designate any portion of the
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| territorial jurisdiction of the Authority for certification as | 29 |
| an
Enterprise Zone on or after the effective date of this | 30 |
| amendatory Act of the 94th General Assembly.
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| (Source: P.A. 90-5, eff. 3-19-97; 91-567, eff. 8-14-99.)
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| Section 35. The Code of Civil Procedure is amended by | 33 |
| changing Section 7-103.70 as follows: |
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| (735 ILCS 5/7-103.70)
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| Sec. 7-103.70. Quick-take;
Southwestern Illinois | 3 |
| Development Authority.
Quick-take proceedings under Section | 4 |
| 7-103 may be used
for a period from August 30, 2003 to August | 5 |
| 30, 2007
2005
by the
Southwestern
Illinois Development | 6 |
| Authority pursuant to the Southwestern Illinois
Development | 7 |
| Authority Act for a project as defined in Section 3 of that | 8 |
| Act.
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| (Source: P.A. 93-602, eff. 11-18-03.)
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| Section 99. Effective date. This Act takes effect upon | 11 |
| becoming law.".
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