Full Text of SB0498 98th General Assembly
SB0498enr 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The Central Illinois
Economic Development | 5 | | Authority
Act is amended by changing Sections 10 and 35 as | 6 | | follows: | 7 | | (70 ILCS 504/10)
| 8 | | Sec. 10. Definitions. In this Act:
| 9 | | "Authority" means the Central Illinois Economic | 10 | | Development Authority.
| 11 | | "Governmental agency" means any federal, State, or local | 12 | | governmental body
and any agency or
instrumentality thereof, | 13 | | corporate or otherwise.
| 14 | | "Person" means any natural person, firm, partnership, | 15 | | corporation, both
domestic and foreign,
company, association | 16 | | or joint stock association and includes any trustee,
receiver, | 17 | | assignee or personal
representative thereof.
| 18 | | "Revenue bond" means any bond issued by the Authority, the | 19 | | principal and
interest of which is payable
solely from revenues | 20 | | or income derived from any project or activity of the
| 21 | | Authority.
| 22 | | "Board" means the Board of Directors of the Central | 23 | | Illinois Economic
Development Authority.
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| 1 | | "Governor" means the Governor of the State of Illinois.
| 2 | | "City" means any city, village, incorporated town, or | 3 | | township within the
geographical territory of the
Authority.
| 4 | | "Industrial project" means the following:
| 5 | | (1) a capital project, including one or more buildings | 6 | | and other
structures, improvements,
machinery and | 7 | | equipment whether or not on the same site or sites now | 8 | | existing
or hereafter acquired,
suitable for use by any | 9 | | manufacturing, industrial, research, transportation or
| 10 | | commercial enterprise
including but not limited to use as a | 11 | | factory, mill, processing plant, assembly
plant, packaging | 12 | | plant,
fabricating plant, ethanol plant, office building, | 13 | | industrial distribution
center, warehouse,
repair, | 14 | | overhaul or service
facility, freight terminal, research | 15 | | facility, test facility, railroad
facility, port facility, | 16 | | solid waste and wastewater
treatment and disposal sites and | 17 | | other pollution control facilities, resource
or waste | 18 | | reduction, recovery,
treatment and disposal facilities, | 19 | | and including also the sites thereof and
other rights in | 20 | | land therefore
whether improved or unimproved, site | 21 | | preparation and landscaping and all
appurtenances and | 22 | | facilities
incidental thereto such as utilities, access | 23 | | roads, railroad sidings, truck
docking and similar | 24 | | facilities,
parking facilities, dockage, wharfage, | 25 | | railroad roadbed, track, trestle, depot,
terminal, | 26 | | switching and
signaling equipment or related equipment and |
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| 1 | | other improvements necessary or
convenient thereto; or
| 2 | | (2) any land, buildings, machinery or equipment | 3 | | comprising an addition to or
renovation,
rehabilitation or | 4 | | improvement of any existing capital project.
| 5 | | "Housing project" or "residential project" includes a | 6 | | specific work or improvement undertaken to provide dwelling | 7 | | accommodations, including the acquisition, construction or | 8 | | rehabilitation of lands, buildings and community facilities | 9 | | and in connection therewith to provide nonhousing facilities | 10 | | which are an integral part of a planned large-scale project or | 11 | | new community. | 12 | | "Commercial project" means any project, including, but not | 13 | | limited to, one or
more buildings and other
structures, | 14 | | improvements, machinery, and equipment, whether or not on the | 15 | | same
site or sites now existing
or hereafter acquired, suitable | 16 | | for use by any retail or wholesale concern,
distributorship, or | 17 | | agency.
| 18 | | "Project" means an industrial, housing, residential, | 19 | | commercial, or service
project, or any combination
thereof, | 20 | | provided that all uses fall within one of the categories | 21 | | described
above. Any project automatically
includes all site | 22 | | improvements and new construction involving sidewalks,
sewers, | 23 | | solid waste and
wastewater treatment and disposal sites and | 24 | | other pollution control facilities,
resource or waste | 25 | | reduction,
recovery, treatment and disposal facilities, parks, | 26 | | open spaces, wildlife
sanctuaries, streets, highways, and
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| 1 | | runways.
| 2 | | "Lease agreement" means an agreement in which a project | 3 | | acquired by the
Authority by purchase, gift,
or lease is leased | 4 | | to any person or corporation that will use, or cause the
| 5 | | project to be used, as a project,
upon terms providing for | 6 | | lease rental payments at least sufficient to pay, when due, all | 7 | | principal of and
interest and premium, if any, on any bonds, | 8 | | notes, or other evidences of indebtedness of the Authority,
| 9 | | issued with respect to the project, providing for the | 10 | | maintenance, insurance, and operation of the project on
terms | 11 | | satisfactory to the Authority and providing for disposition of | 12 | | the project upon termination of the lease
term, including | 13 | | purchase options or abandonment of the premises, with other | 14 | | terms as may be deemed
desirable by the Authority.
| 15 | | "Loan agreement" means any agreement in which the Authority | 16 | | agrees to loan
the proceeds of its bonds,
notes, or other | 17 | | evidences of indebtedness, issued with respect to a project, to
| 18 | | any person or corporation
which will use or cause the project | 19 | | to be used as a project, upon terms
providing for loan | 20 | | repayment
installments at least sufficient to pay, when due, | 21 | | all principal of and
interest and premium, if any, on any
| 22 | | bonds, notes, or other evidences of indebtedness of the | 23 | | Authority issued with
respect to the project,
providing for | 24 | | maintenance, insurance, and operation of the project on terms
| 25 | | satisfactory to the Authority
and providing for other terms | 26 | | deemed advisable by the Authority.
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| 1 | | "Financial aid" means the expenditure of Authority funds or | 2 | | funds provided by
the Authority for the
development, | 3 | | construction, acquisition or improvement of a project, through | 4 | | the
issuance of revenue bonds,
notes, or other evidences of | 5 | | indebtedness.
| 6 | | "Costs incurred in connection with
the development, | 7 | | construction, acquisition or improvement of a
project" means | 8 | | the following:
| 9 | | (1) the cost of purchase and construction of all lands | 10 | | and improvements in
connection therewith and
equipment and | 11 | | other property, rights, easements, and franchises acquired | 12 | | which
are deemed necessary for
the construction;
| 13 | | (2) financing charges;
| 14 | | (3) interest costs with respect to bonds, notes, and | 15 | | other evidences of
indebtedness of the Authority
prior to | 16 | | and during construction and for a period of 6 months | 17 | | thereafter;
| 18 | | (4) engineering and legal expenses; and
| 19 | | (5) the costs of plans, specifications, surveys, and | 20 | | estimates of costs and
other expenses necessary or
incident | 21 | | to determining the feasibility or practicability of any | 22 | | project,
together with such other expenses as
may be | 23 | | necessary or incident to the financing, insuring, | 24 | | acquisition, and
construction of a specific project
and the | 25 | | placing of the same in operation.
| 26 | | (Source: P.A. 94-995, eff. 7-3-06.) |
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| 1 | | (70 ILCS 504/35)
| 2 | | Sec. 35. Bonds.
| 3 | | (a) The Authority, with the written approval of the | 4 | | Governor, shall have the
continuing power to issue
bonds, | 5 | | notes, or other evidences of indebtedness in an aggregate | 6 | | amount outstanding not to
exceed $250,000,000 for the
following | 7 | | purposes: (i) development, construction, acquisition, or | 8 | | improvement
of projects, including those
established by | 9 | | business entities locating or expanding property within the
| 10 | | territorial jurisdiction of the
Authority; (ii) entering into | 11 | | venture capital agreements with businesses
locating or | 12 | | expanding within the
territorial jurisdiction of the | 13 | | Authority; and (iii) acquisition and improvement of
any | 14 | | property necessary and
useful in connection therewith. For
the | 15 | | purpose of evidencing the obligations of the Authority to repay | 16 | | any money
borrowed, the Authority
may, pursuant to resolution, | 17 | | from time to time, issue and dispose of its interest-bearing | 18 | | revenue bonds,
notes, or other evidences of indebtedness and | 19 | | may also from time to time issue and dispose of such bonds,
| 20 | | notes, or other evidences of indebtedness to refund, at | 21 | | maturity, at a redemption date or in advance of
either, any | 22 | | bonds, notes, or other evidences of indebtedness pursuant to | 23 | | redemption provisions or at any
time before maturity. All such | 24 | | bonds, notes, or other evidences of indebtedness shall be | 25 | | payable solely and
only from the revenues or income to be |
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| 1 | | derived from loans made with respect to projects, from the | 2 | | leasing
or sale of the projects, or from any other funds | 3 | | available to the Authority for such purposes. The bonds,
notes, | 4 | | or other evidences of indebtedness may bear such date or dates, | 5 | | may mature at such time or times not
exceeding 40 years from | 6 | | their respective dates, may bear interest at such rate or rates | 7 | | not exceeding the
maximum rate permitted by the Bond | 8 | | Authorization Act, may be in such form, may carry such | 9 | | registration
privileges, may be executed in such manner, may be | 10 | | payable at such place or places, may be made subject
to | 11 | | redemption in such manner and upon such terms, with or without | 12 | | premium, as is stated on the face
thereof, may be authenticated | 13 | | in such manner and may contain such terms and
covenants as may | 14 | | be
provided by an applicable resolution.
| 15 | | (b) The holder or holders of any bonds, notes, or other | 16 | | evidences of
indebtedness issued by the
Authority may bring | 17 | | suits at law or proceedings in equity to compel the
performance | 18 | | and observance by
any corporation or person or by the Authority | 19 | | or any of its agents or employees
of any contract or covenant
| 20 | | made with the holders of the bonds, notes, or other evidences | 21 | | of indebtedness,
to compel such corporation,
person, the | 22 | | Authority, and any of its agents or employees to perform any | 23 | | duties
required to be performed
for the benefit of the holders | 24 | | of the bonds, notes, or other evidences of
indebtedness by the | 25 | | provision of the
resolution authorizing their issuance and to | 26 | | enjoin the corporation, person,
the Authority, and any of its
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| 1 | | agents or employees from taking any action in conflict with any | 2 | | contract or
covenant.
| 3 | | (c) If the Authority fails to pay the principal of or | 4 | | interest on any of the
bonds or premium, if any, as the
bond | 5 | | becomes due, a civil action to compel payment may be instituted | 6 | | in the
appropriate circuit court by
the holder or holders of | 7 | | the bonds on which the default of payment exists or by
an | 8 | | indenture trustee acting
on behalf of the holders. Delivery of | 9 | | a summons and a copy of the complaint to
the chairman of the | 10 | | Board
shall constitute sufficient service to give the circuit | 11 | | court jurisdiction over
the subject matter of the suit and
| 12 | | jurisdiction over the Authority and its officers named as | 13 | | defendants for the
purpose of compelling such
payment. Any | 14 | | case, controversy, or cause of action concerning the validity | 15 | | of
this Act relates to the
revenue of the State of Illinois.
| 16 | | (d) Notwithstanding the form and tenor of any bond, note, | 17 | | or other evidence
of indebtedness and in
the absence of any | 18 | | express recital on its face that it is non-negotiable, all
such | 19 | | bonds, notes, and other
evidences of indebtedness shall be | 20 | | negotiable instruments. Pending the
preparation and execution | 21 | | of any
bonds, notes, or other evidences of indebtedness, | 22 | | temporary bonds, notes, or
evidences of indebtedness may
be | 23 | | issued as provided by ordinance.
| 24 | | (e) To secure the payment of any or all of such bonds, | 25 | | notes, or other
evidences of indebtedness, the
revenues to be | 26 | | received by the Authority from a lease agreement or loan
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| 1 | | agreement shall be pledged, and,
for the purpose of setting | 2 | | forth the covenants and undertakings of the
Authority in | 3 | | connection with the
issuance of the bonds, notes, or other | 4 | | evidences of indebtedness and the
issuance of any additional | 5 | | bonds,
notes or other evidences of indebtedness payable from | 6 | | such revenues, income, or other funds to be derived
from | 7 | | projects, the Authority may execute and deliver a mortgage or | 8 | | trust agreement. A remedy for any
breach or default of the | 9 | | terms of any mortgage or trust agreement by the Authority may | 10 | | be by mandamus
proceeding in the appropriate circuit court to | 11 | | compel performance and compliance under the terms of the
| 12 | | mortgage or trust agreement, but the trust agreement may | 13 | | prescribe by whom or on whose behalf the action
may be | 14 | | instituted.
| 15 | | (f) Bonds or notes shall be secured as provided in the | 16 | | authorizing ordinance which may include,
notwithstanding any | 17 | | other provision of this Act, in addition to any other security, | 18 | | a specific pledge,
assignment of and lien on, or security | 19 | | interest in any or all revenues or money of the Authority, from
| 20 | | whatever source, which may, by law, be used for debt service | 21 | | purposes and a
specific pledge, or assignment
of and lien on, | 22 | | or security interest in any funds or accounts established or
| 23 | | provided for by ordinance of the
Authority authorizing the | 24 | | issuance of the bonds or notes.
| 25 | | (g) The State of Illinois pledges to and agrees with the | 26 | | holders of the
bonds and notes of the Authority
issued pursuant |
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| 1 | | to this Section that the State will not limit or alter the | 2 | | rights and powers vested in the
Authority by this Act so as to | 3 | | impair the terms of any contract made by the Authority with the | 4 | | holders of
bonds or notes or in any way impair the rights and | 5 | | remedies of those holders until the bonds and notes,
together | 6 | | with interest thereon, with interest on any unpaid installments | 7 | | of interest, and all costs and
expenses in connection with any | 8 | | action or proceedings by or on behalf of the holders, are fully | 9 | | met and
discharged. In addition, the State pledges to and | 10 | | agrees with the holders of the bonds and notes of the
Authority | 11 | | issued pursuant to this Section that the State will not limit | 12 | | or alter the basis on which State funds
are to be paid to the | 13 | | Authority as provided in this Act, or the use of such funds, so | 14 | | as to impair the terms of
any such contract. The Authority is | 15 | | authorized to include these pledges and agreements of the State | 16 | | in any
contract with the holders of bonds or notes issued | 17 | | pursuant to this Section.
| 18 | | (h) (Blank). Not less than 30 days prior to the commitment | 19 | | to issue bonds, notes, or
other evidences of
indebtedness for | 20 | | the purpose of developing, constructing, acquiring, or
| 21 | | improving housing or residential
projects, as defined in this | 22 | | Act, the Authority shall provide notice to the
Executive | 23 | | Director of the Illinois
Housing Development Authority. Within | 24 | | 30 days after the notice is provided, the
Illinois Housing
| 25 | | Development Authority shall, in writing, either express | 26 | | interest in financing
the project or notify the
Authority that |
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| 1 | | it is not interested in providing financing and that the
| 2 | | Authority may finance the project or
seek alternative | 3 | | financing.
| 4 | | (Source: P.A. 94-995, eff. 7-3-06.)
| 5 | | Section 10. The Eastern Illinois
Economic Development | 6 | | Authority
Act is amended by changing Sections 10 and 35 as | 7 | | follows: | 8 | | (70 ILCS 506/10)
| 9 | | Sec. 10. Definitions. In this Act:
| 10 | | "Authority" means the Eastern Illinois Economic | 11 | | Development Authority.
| 12 | | "Governmental agency" means any federal, State, or local | 13 | | governmental body
and any agency or
instrumentality thereof, | 14 | | corporate or otherwise.
| 15 | | "Person" means any natural person, firm, partnership, | 16 | | corporation, both
domestic and foreign,
company, association | 17 | | or joint stock association and includes any trustee,
receiver, | 18 | | assignee or personal
representative thereof.
| 19 | | "Revenue bond" means any bond issued by the Authority, the | 20 | | principal and
interest of which is payable
solely from revenues | 21 | | or income derived from any project or activity of the
| 22 | | Authority.
| 23 | | "Board" means the Board of Directors of the Eastern | 24 | | Illinois Economic
Development Authority.
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| 1 | | "Governor" means the Governor of the State of Illinois.
| 2 | | "City" means any city, village, incorporated town, or | 3 | | township within the
geographical territory of the
Authority.
| 4 | | "Industrial project" means the following:
| 5 | | (1) a capital project, including one or more buildings | 6 | | and other
structures, improvements,
machinery and | 7 | | equipment whether or not on the same site or sites now | 8 | | existing
or hereafter acquired,
suitable for use by any | 9 | | manufacturing, industrial, research, transportation or
| 10 | | commercial enterprise
including but not limited to use as a | 11 | | factory, mill, processing plant, assembly
plant, packaging | 12 | | plant,
fabricating plant, ethanol plant, office building, | 13 | | industrial distribution
center, warehouse,
repair, | 14 | | overhaul or service
facility, freight terminal, research | 15 | | facility, test facility, railroad
facility, port facility, | 16 | | solid waste and wastewater
treatment and disposal sites and | 17 | | other pollution control facilities, resource
or waste | 18 | | reduction, recovery,
treatment and disposal facilities, | 19 | | and including also the sites thereof and
other rights in | 20 | | land therefore
whether improved or unimproved, site | 21 | | preparation and landscaping and all
appurtenances and | 22 | | facilities
incidental thereto such as utilities, access | 23 | | roads, railroad sidings, truck
docking and similar | 24 | | facilities,
parking facilities, dockage, wharfage, | 25 | | railroad roadbed, track, trestle, depot,
terminal, | 26 | | switching and
signaling equipment or related equipment and |
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| 1 | | other improvements necessary or
convenient thereto; or
| 2 | | (2) any land, buildings, machinery or equipment | 3 | | comprising an addition to or
renovation,
rehabilitation or | 4 | | improvement of any existing capital project.
| 5 | | "Housing project" or "residential project" includes a | 6 | | specific work or improvement undertaken to provide dwelling | 7 | | accommodations, including the acquisition, construction, or | 8 | | rehabilitation of lands, buildings, and community facilities, | 9 | | and to provide non-housing facilities which are an integral | 10 | | part of a planned large-scale project or new community. | 11 | | "Commercial project" means any project, including, but not | 12 | | limited to, one or
more buildings and other
structures, | 13 | | improvements, machinery, and equipment, whether or not on the | 14 | | same
site or sites now existing
or hereafter acquired, suitable | 15 | | for use by any retail or wholesale concern,
distributorship, or | 16 | | agency.
| 17 | | "Project" means an industrial, housing, residential, | 18 | | commercial, or service
project, or any combination
thereof, | 19 | | provided that all uses fall within one of the categories | 20 | | described
above. Any project automatically
includes all site | 21 | | improvements and new construction involving sidewalks,
sewers, | 22 | | solid waste and
wastewater treatment and disposal sites and | 23 | | other pollution control facilities,
resource or waste | 24 | | reduction,
recovery, treatment and disposal facilities, parks, | 25 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 26 | | runways.
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| 1 | | "Lease agreement" means an agreement in which a project | 2 | | acquired by the
Authority by purchase, gift,
or lease is leased | 3 | | to any person or corporation that will use, or cause the
| 4 | | project to be used, as a project,
upon terms providing for | 5 | | lease rental payments at least sufficient to pay, when due, all | 6 | | principal of and
interest and premium, if any, on any bonds, | 7 | | notes, or other evidences of indebtedness of the Authority,
| 8 | | issued with respect to the project, providing for the | 9 | | maintenance, insurance, and operation of the project on
terms | 10 | | satisfactory to the Authority and providing for disposition of | 11 | | the project upon termination of the lease
term, including | 12 | | purchase options or abandonment of the premises, with other | 13 | | terms as may be deemed
desirable by the Authority.
| 14 | | "Loan agreement" means any agreement in which the Authority | 15 | | agrees to loan
the proceeds of its bonds,
notes, or other | 16 | | evidences of indebtedness, issued with respect to a project, to
| 17 | | any person or corporation
which will use or cause the project | 18 | | to be used as a project, upon terms
providing for loan | 19 | | repayment
installments at least sufficient to pay, when due, | 20 | | all principal of and
interest and premium, if any, on any
| 21 | | bonds, notes, or other evidences of indebtedness of the | 22 | | Authority issued with
respect to the project,
providing for | 23 | | maintenance, insurance, and operation of the project on terms
| 24 | | satisfactory to the Authority
and providing for other terms | 25 | | deemed advisable by the Authority.
| 26 | | "Financial aid" means the expenditure of Authority funds or |
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| 1 | | funds provided by
the Authority for the
development, | 2 | | construction, acquisition or improvement of a project, through | 3 | | the
issuance of revenue bonds,
notes, or other evidences of | 4 | | indebtedness.
| 5 | | "Costs incurred in connection with
the development, | 6 | | construction, acquisition or improvement of a
project" means | 7 | | the following:
| 8 | | (1) the cost of purchase and construction of all lands | 9 | | and improvements in
connection therewith and
equipment and | 10 | | other property, rights, easements, and franchises acquired | 11 | | which
are deemed necessary for
the construction;
| 12 | | (2) financing charges;
| 13 | | (3) interest costs with respect to bonds, notes, and | 14 | | other evidences of
indebtedness of the Authority
prior to | 15 | | and during construction and for a period of 6 months | 16 | | thereafter;
| 17 | | (4) engineering and legal expenses; and
| 18 | | (5) the costs of plans, specifications, surveys, and | 19 | | estimates of costs and
other expenses necessary or
incident | 20 | | to determining the feasibility or practicability of any | 21 | | project,
together with such other expenses as
may be | 22 | | necessary or incident to the financing, insuring, | 23 | | acquisition, and
construction of a specific project
and the | 24 | | placing of the same in operation.
| 25 | | (Source: P.A. 94-203, eff. 7-13-05.) |
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| 1 | | (70 ILCS 506/35)
| 2 | | Sec. 35. Bonds.
| 3 | | (a) The Authority, with the written approval of the | 4 | | Governor, shall have the
continuing power to issue
bonds, | 5 | | notes, or other evidences of indebtedness in an aggregate | 6 | | amount outstanding not to
exceed $250,000,000 for the
following | 7 | | purposes: (i) development, construction, acquisition, or | 8 | | improvement
of projects, including those
established by | 9 | | business entities locating or expanding property within the
| 10 | | territorial jurisdiction of the
Authority; (ii) entering into | 11 | | venture capital agreements with businesses
locating or | 12 | | expanding within the
territorial jurisdiction of the | 13 | | Authority; (iii) acquisition and improvement of
any property | 14 | | necessary and
useful in connection therewith; and (iv) for the | 15 | | purposes of the Employee
Ownership Assistance Act. For
the | 16 | | purpose of evidencing the obligations of the Authority to repay | 17 | | any money
borrowed, the Authority
may, pursuant to resolution, | 18 | | from time to time, issue and dispose of its interest-bearing | 19 | | revenue bonds,
notes, or other evidences of indebtedness and | 20 | | may also from time to time issue and dispose of such bonds,
| 21 | | notes, or other evidences of indebtedness to refund, at | 22 | | maturity, at a redemption date or in advance of
either, any | 23 | | bonds, notes, or other evidences of indebtedness pursuant to | 24 | | redemption provisions or at any
time before maturity. All such | 25 | | bonds, notes, or other evidences of indebtedness shall be | 26 | | payable solely and
only from the revenues or income to be |
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| 1 | | derived from loans made with respect to projects, from the | 2 | | leasing
or sale of the projects, or from any other funds | 3 | | available to the Authority for such purposes. The bonds,
notes, | 4 | | or other evidences of indebtedness may bear such date or dates, | 5 | | may mature at such time or times not
exceeding 40 years from | 6 | | their respective dates, may bear interest at such rate or rates | 7 | | not exceeding the
maximum rate permitted by the Bond | 8 | | Authorization Act, may be in such form, may carry such | 9 | | registration
privileges, may be executed in such manner, may be | 10 | | payable at such place or places, may be made subject
to | 11 | | redemption in such manner and upon such terms, with or without | 12 | | premium, as is stated on the face
thereof, may be authenticated | 13 | | in such manner and may contain such terms and
covenants as may | 14 | | be
provided by an applicable resolution.
| 15 | | (b) The holder or holders of any bonds, notes, or other | 16 | | evidences of
indebtedness issued by the
Authority may bring | 17 | | suits at law or proceedings in equity to compel the
performance | 18 | | and observance by
any corporation or person or by the Authority | 19 | | or any of its agents or employees
of any contract or covenant
| 20 | | made with the holders of the bonds, notes, or other evidences | 21 | | of indebtedness,
to compel such corporation,
person, the | 22 | | Authority, and any of its agents or employees to perform any | 23 | | duties
required to be performed
for the benefit of the holders | 24 | | of the bonds, notes, or other evidences of
indebtedness by the | 25 | | provision of the
resolution authorizing their issuance and to | 26 | | enjoin the corporation, person,
the Authority, and any of its
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| 1 | | agents or employees from taking any action in conflict with any | 2 | | contract or
covenant.
| 3 | | (c) If the Authority fails to pay the principal of or | 4 | | interest on any of the
bonds or premium, if any, as the
bond | 5 | | becomes due, a civil action to compel payment may be instituted | 6 | | in the
appropriate circuit court by
the holder or holders of | 7 | | the bonds on which the default of payment exists or by
an | 8 | | indenture trustee acting
on behalf of the holders. Delivery of | 9 | | a summons and a copy of the complaint to
the chairman of the | 10 | | Board
shall constitute sufficient service to give the circuit | 11 | | court jurisdiction over
the subject matter of the suit and
| 12 | | jurisdiction over the Authority and its officers named as | 13 | | defendants for the
purpose of compelling such
payment. Any | 14 | | case, controversy, or cause of action concerning the validity | 15 | | of
this Act relates to the
revenue of the State of Illinois.
| 16 | | (d) Notwithstanding the form and tenor of any bond, note, | 17 | | or other evidence
of indebtedness and in
the absence of any | 18 | | express recital on its face that it is non-negotiable, all
such | 19 | | bonds, notes, and other
evidences of indebtedness shall be | 20 | | negotiable instruments. Pending the
preparation and execution | 21 | | of any
bonds, notes, or other evidences of indebtedness, | 22 | | temporary bonds, notes, or
evidences of indebtedness may
be | 23 | | issued as provided by ordinance.
| 24 | | (e) To secure the payment of any or all of such bonds, | 25 | | notes, or other
evidences of indebtedness, the
revenues to be | 26 | | received by the Authority from a lease agreement or loan
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| 1 | | agreement shall be pledged, and,
for the purpose of setting | 2 | | forth the covenants and undertakings of the
Authority in | 3 | | connection with the
issuance of the bonds, notes, or other | 4 | | evidences of indebtedness and the
issuance of any additional | 5 | | bonds,
notes or other evidences of indebtedness payable from | 6 | | such revenues, income, or other funds to be derived
from | 7 | | projects, the Authority may execute and deliver a mortgage or | 8 | | trust agreement. A remedy for any
breach or default of the | 9 | | terms of any mortgage or trust agreement by the Authority may | 10 | | be by mandamus
proceeding in the appropriate circuit court to | 11 | | compel performance and compliance under the terms of the
| 12 | | mortgage or trust agreement, but the trust agreement may | 13 | | prescribe by whom or on whose behalf the action
may be | 14 | | instituted.
| 15 | | (f) Bonds or notes shall be secured as provided in the | 16 | | authorizing ordinance which may include,
notwithstanding any | 17 | | other provision of this Act, in addition to any other security, | 18 | | a specific pledge,
assignment of and lien on, or security | 19 | | interest in any or all revenues or money of the Authority, from
| 20 | | whatever source, which may, by law, be used for debt service | 21 | | purposes and a
specific pledge, or assignment
of and lien on, | 22 | | or security interest in any funds or accounts established or
| 23 | | provided for by ordinance of the
Authority authorizing the | 24 | | issuance of the bonds or notes.
| 25 | | (g) The State of Illinois pledges to and agrees with the | 26 | | holders of the
bonds and notes of the Authority
issued pursuant |
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| 1 | | to this Section that the State will not limit or alter the | 2 | | rights and powers vested in the
Authority by this Act so as to | 3 | | impair the terms of any contract made by the Authority with the | 4 | | holders of
bonds or notes or in any way impair the rights and | 5 | | remedies of those holders until the bonds and notes,
together | 6 | | with interest thereon, with interest on any unpaid installments | 7 | | of interest, and all costs and
expenses in connection with any | 8 | | action or proceedings by or on behalf of the holders, are fully | 9 | | met and
discharged. In addition, the State pledges to and | 10 | | agrees with the holders of the bonds and notes of the
Authority | 11 | | issued pursuant to this Section that the State will not limit | 12 | | or alter the basis on which State funds
are to be paid to the | 13 | | Authority as provided in this Act, or the use of such funds, so | 14 | | as to impair the terms of
any such contract. The Authority is | 15 | | authorized to include these pledges and agreements of the State | 16 | | in any
contract with the holders of bonds or notes issued | 17 | | pursuant to this Section.
| 18 | | (h) (Blank). Not less than 30 days prior to the commitment | 19 | | to issue bonds, notes, or
other evidences of
indebtedness for | 20 | | the purpose of developing, constructing, acquiring, or
| 21 | | improving housing or residential
projects, as defined in this | 22 | | Act, the Authority shall provide notice to the
Executive | 23 | | Director of the Illinois
Housing Development Authority. Within | 24 | | 30 days after the notice is provided, the
Illinois Housing
| 25 | | Development Authority shall, in writing, either express | 26 | | interest in financing
the project or notify the
Authority that |
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| 1 | | it is not interested in providing financing and that the
| 2 | | Authority may finance the project or
seek alternative | 3 | | financing.
| 4 | | (Source: P.A. 94-203, eff. 7-13-05.) | 5 | | Section 15. The Southeastern Illinois
Economic Development | 6 | | Authority
Act is amended by changing Sections 15, 35, and 70 as | 7 | | follows: | 8 | | (70 ILCS 518/15)
| 9 | | Sec. 15. Definitions. In this Act:
| 10 | | "Authority" means the Southeastern Illinois Economic | 11 | | Development Authority.
| 12 | | "Governmental agency" means any federal, State, or local | 13 | | governmental body
and any agency or
instrumentality thereof, | 14 | | corporate or otherwise.
| 15 | | "Person" means any natural person, firm, partnership, | 16 | | corporation, both
domestic and foreign,
company, association | 17 | | or joint stock association and includes any trustee,
receiver, | 18 | | assignee or personal
representative thereof.
| 19 | | "Revenue bond" means any bond issued by the Authority, the | 20 | | principal and
interest of which is payable
solely from revenues | 21 | | or income derived from any project or activity of the
| 22 | | Authority.
| 23 | | "Board" means the Board of Directors of the Southeastern | 24 | | Illinois Economic
Development Authority.
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| 1 | | "Governor" means the Governor of the State of Illinois.
| 2 | | "City" means any city, village, incorporated town, or | 3 | | township within the
geographical territory of the
Authority.
| 4 | | "Industrial project" means the following:
| 5 | | (1) a capital project, including one or more buildings | 6 | | and other
structures, improvements,
machinery and | 7 | | equipment whether or not on the same site or sites now | 8 | | existing
or hereafter acquired,
suitable for use by any | 9 | | manufacturing, industrial, research, transportation or
| 10 | | commercial enterprise
including but not limited to use as a | 11 | | factory, mill, processing plant, assembly
plant, packaging | 12 | | plant,
fabricating plant, ethanol plant, office building, | 13 | | industrial distribution
center, warehouse,
repair, | 14 | | overhaul or service
facility, freight terminal, research | 15 | | facility, test facility, power generation facility, mining | 16 | | operation, railroad
facility, solid waste and wastewater
| 17 | | treatment and disposal sites and other pollution control | 18 | | facilities, resource
or waste reduction, recovery,
| 19 | | treatment and disposal facilities, tourism-related | 20 | | facilities, including hotels, theaters, water parks, and | 21 | | amusement parks, and including also the sites thereof and
| 22 | | other rights in land therefore
whether improved or | 23 | | unimproved, site preparation and landscaping and all
| 24 | | appurtenances and facilities
incidental thereto such as | 25 | | utilities, access roads, railroad sidings, truck
docking | 26 | | and similar facilities,
parking facilities, dockage, |
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| 1 | | wharfage, railroad roadbed, track, trestle, depot,
| 2 | | terminal, switching and
signaling equipment or related | 3 | | equipment and other improvements necessary or
convenient | 4 | | thereto; or
| 5 | | (2) any land, buildings, machinery or equipment | 6 | | comprising an addition to or
renovation,
rehabilitation or | 7 | | improvement of any existing capital project.
| 8 | | "Housing project" or "residential project" includes a | 9 | | specific work or improvement undertaken to provide dwelling | 10 | | accommodations, including the acquisition, construction or | 11 | | rehabilitation of lands, buildings and community facilities | 12 | | and in connection therewith to provide nonhousing facilities | 13 | | which are an integral part of a planned large-scale project or | 14 | | new community. | 15 | | "Commercial project" means any project, including, but not | 16 | | limited to, one or
more buildings and other
structures, | 17 | | improvements, machinery, and equipment, whether or not on the | 18 | | same
site or sites now existing
or hereafter acquired, suitable | 19 | | for use by any retail or wholesale concern,
distributorship, or | 20 | | agency, or health facility or retirement facility.
| 21 | | "Project" means an industrial, housing, residential, | 22 | | commercial, or service
project, or any combination
thereof, | 23 | | provided that all uses fall within one of the categories | 24 | | described
above. Any project automatically
includes all site | 25 | | improvements and new construction involving sidewalks,
sewers, | 26 | | solid waste and
wastewater treatment and disposal sites and |
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| 1 | | other pollution control facilities,
resource or waste | 2 | | reduction,
recovery, treatment and disposal facilities, parks, | 3 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 4 | | runways.
| 5 | | "Lease agreement" means an agreement in which a project | 6 | | acquired by the
Authority by purchase, gift,
or lease is leased | 7 | | to any person or corporation that will use, or cause the
| 8 | | project to be used, as a project,
upon terms providing for | 9 | | lease rental payments at least sufficient to pay, when due, all | 10 | | principal of and
interest and premium, if any, on any bonds, | 11 | | notes, or other evidences of indebtedness of the Authority,
| 12 | | issued with respect to the project, providing for the | 13 | | maintenance, insurance, and operation of the project on
terms | 14 | | satisfactory to the Authority and providing for disposition of | 15 | | the project upon termination of the lease
term, including | 16 | | purchase options or abandonment of the premises, with other | 17 | | terms as may be deemed
desirable by the Authority.
| 18 | | "Loan agreement" means any agreement in which the Authority | 19 | | agrees to loan
the proceeds of its bonds,
notes, or other | 20 | | evidences of indebtedness, issued with respect to a project, to
| 21 | | any person or corporation
which will use or cause the project | 22 | | to be used as a project, upon terms
providing for loan | 23 | | repayment
installments at least sufficient to pay, when due, | 24 | | all principal of and
interest and premium, if any, on any
| 25 | | bonds, notes, or other evidences of indebtedness of the | 26 | | Authority issued with
respect to the project,
providing for |
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| 1 | | maintenance, insurance, and operation of the project on terms
| 2 | | satisfactory to the Authority
and providing for other terms | 3 | | deemed advisable by the Authority.
| 4 | | "Financial aid" means the expenditure of Authority funds or | 5 | | funds provided by
the Authority for the
development, | 6 | | construction, acquisition or improvement of a project, through | 7 | | the
issuance of revenue bonds,
notes, or other evidences of | 8 | | indebtedness.
| 9 | | "Costs incurred in connection with
the development, | 10 | | construction, acquisition or improvement of a
project" means | 11 | | the following:
| 12 | | (1) the cost of purchase and construction of all lands | 13 | | and improvements in
connection therewith and
equipment and | 14 | | other property, rights, easements, and franchises acquired | 15 | | which
are deemed necessary for
the construction;
| 16 | | (2) financing charges;
| 17 | | (3) interest costs with respect to bonds, notes, and | 18 | | other evidences of
indebtedness of the Authority
prior to | 19 | | and during construction and for a period of 6 months | 20 | | thereafter;
| 21 | | (4) engineering and legal expenses; and
| 22 | | (5) the costs of plans, specifications, surveys, and | 23 | | estimates of costs and
other expenses necessary or
incident | 24 | | to determining the feasibility or practicability of any | 25 | | project,
together with such other expenses as
may be | 26 | | necessary or incident to the financing, insuring, |
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| 1 | | acquisition, and
construction of a specific project
and the | 2 | | placing of the same in operation.
| 3 | | (Source: P.A. 93-968, eff. 8-20-04.) | 4 | | (70 ILCS 518/35)
| 5 | | Sec. 35. Bonds.
| 6 | | (a) The Authority, with the written approval of the | 7 | | Governor, shall have the
continuing power to issue
bonds, | 8 | | notes, or other evidences of indebtedness in an aggregate | 9 | | amount outstanding not to
exceed $250,000,000 for the
following | 10 | | purposes: (i) development, construction, acquisition, or | 11 | | improvement
of projects, including those
established by | 12 | | business entities locating or expanding property within the
| 13 | | territorial jurisdiction of the
Authority; (ii) entering into | 14 | | venture capital agreements with businesses
locating or | 15 | | expanding within the
territorial jurisdiction of the | 16 | | Authority; (iii) acquisition and improvement of
any property | 17 | | necessary and
useful in connection therewith; and (iv) for the | 18 | | purposes of the Employee
Ownership Assistance Act. For
the | 19 | | purpose of evidencing the obligations of the Authority to repay | 20 | | any money
borrowed, the Authority
may, pursuant to resolution, | 21 | | from time to time, issue and dispose of its interest-bearing | 22 | | revenue bonds,
notes, or other evidences of indebtedness and | 23 | | may also from time to time issue and dispose of such bonds,
| 24 | | notes, or other evidences of indebtedness to refund, at | 25 | | maturity, at a redemption date or in advance of
either, any |
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| 1 | | bonds, notes, or other evidences of indebtedness pursuant to | 2 | | redemption provisions or at any
time before maturity. All such | 3 | | bonds, notes, or other evidences of indebtedness shall be | 4 | | payable solely and
only from the revenues or income to be | 5 | | derived from loans made with respect to projects, from the | 6 | | leasing
or sale of the projects, or from any other funds | 7 | | available to the Authority for such purposes. The bonds,
notes, | 8 | | or other evidences of indebtedness may bear such date or dates, | 9 | | may mature at such time or times not
exceeding 40 years from | 10 | | their respective dates, may bear interest at such rate or rates | 11 | | not exceeding the
maximum rate permitted by the Bond | 12 | | Authorization Act, may be in such form, may carry such | 13 | | registration
privileges, may be executed in such manner, may be | 14 | | payable at such place or places, may be made subject
to | 15 | | redemption in such manner and upon such terms, with or without | 16 | | premium, as is stated on the face
thereof, may be authenticated | 17 | | in such manner and may contain such terms and
covenants as may | 18 | | be
provided by an applicable resolution.
| 19 | | (b) The holder or holders of any bonds, notes, or other | 20 | | evidences of
indebtedness issued by the
Authority may bring | 21 | | suits at law or proceedings in equity to compel the
performance | 22 | | and observance by
any corporation or person or by the Authority | 23 | | or any of its agents or employees
of any contract or covenant
| 24 | | made with the holders of the bonds, notes, or other evidences | 25 | | of indebtedness,
to compel such corporation,
person, the | 26 | | Authority, and any of its agents or employees to perform any |
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| 1 | | duties
required to be performed
for the benefit of the holders | 2 | | of the bonds, notes, or other evidences of
indebtedness by the | 3 | | provision of the
resolution authorizing their issuance and to | 4 | | enjoin the corporation, person,
the Authority, and any of its
| 5 | | agents or employees from taking any action in conflict with any | 6 | | contract or
covenant.
| 7 | | (c) If the Authority fails to pay the principal of or | 8 | | interest on any of the
bonds or premium, if any, as the
bond | 9 | | becomes due, a civil action to compel payment may be instituted | 10 | | in the
appropriate circuit court by
the holder or holders of | 11 | | the bonds on which the default of payment exists or by
an | 12 | | indenture trustee acting
on behalf of the holders. Delivery of | 13 | | a summons and a copy of the complaint to
the chairman of the | 14 | | Board
shall constitute sufficient service to give the circuit | 15 | | court jurisdiction over
the subject matter of the suit and
| 16 | | jurisdiction over the Authority and its officers named as | 17 | | defendants for the
purpose of compelling such
payment. Any | 18 | | case, controversy, or cause of action concerning the validity | 19 | | of
this Act relates to the
revenue of the State of Illinois.
| 20 | | (d) Notwithstanding the form and tenor of any bond, note, | 21 | | or other evidence
of indebtedness and in
the absence of any | 22 | | express recital on its face that it is non-negotiable, all
such | 23 | | bonds, notes, and other
evidences of indebtedness shall be | 24 | | negotiable instruments. Pending the
preparation and execution | 25 | | of any
bonds, notes, or other evidences of indebtedness, | 26 | | temporary bonds, notes, or
evidences of indebtedness may
be |
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| 1 | | issued as provided by ordinance.
| 2 | | (e) To secure the payment of any or all of such bonds, | 3 | | notes, or other
evidences of indebtedness, the
revenues to be | 4 | | received by the Authority from a lease agreement or loan
| 5 | | agreement shall be pledged, and,
for the purpose of setting | 6 | | forth the covenants and undertakings of the
Authority in | 7 | | connection with the
issuance of the bonds, notes, or other | 8 | | evidences of indebtedness and the
issuance of any additional | 9 | | bonds,
notes or other evidences of indebtedness payable from | 10 | | such revenues, income, or other funds to be derived
from | 11 | | projects, the Authority may execute and deliver a mortgage or | 12 | | trust agreement. A remedy for any
breach or default of the | 13 | | terms of any mortgage or trust agreement by the Authority may | 14 | | be by mandamus
proceeding in the appropriate circuit court to | 15 | | compel performance and compliance under the terms of the
| 16 | | mortgage or trust agreement, but the trust agreement may | 17 | | prescribe by whom or on whose behalf the action
may be | 18 | | instituted.
| 19 | | (f) Bonds or notes shall be secured as provided in the | 20 | | authorizing ordinance which may include,
notwithstanding any | 21 | | other provision of this Act, in addition to any other security, | 22 | | a specific pledge,
assignment of and lien on, or security | 23 | | interest in any or all revenues or money of the Authority, from
| 24 | | whatever source, which may, by law, be used for debt service | 25 | | purposes and a
specific pledge, or assignment
of and lien on, | 26 | | or security interest in any funds or accounts established or
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| 1 | | provided for by ordinance of the
Authority authorizing the | 2 | | issuance of the bonds or notes.
| 3 | | (g) In the event that the Authority determines that moneys | 4 | | of the Authority
will not be sufficient for the
payment of the | 5 | | principal of and interest on its bonds during the next State
| 6 | | fiscal year, the chairman, as soon
as practicable, shall | 7 | | certify to the Governor the amount required by the
Authority to | 8 | | enable it to pay the
principal of and interest on the bonds. | 9 | | The Governor shall submit the certified
amount to the General
| 10 | | Assembly as soon as practicable, but no later than the end of | 11 | | the current State
fiscal year. This Section shall
not apply to | 12 | | any bonds or notes to which the Authority determines, in the
| 13 | | resolution authorizing the
issuance of the bonds or notes, that | 14 | | this Section shall not apply. Whenever the
Authority makes this
| 15 | | determination, it shall be plainly stated on the face of the | 16 | | bonds or notes and
the determination shall also be
reported to | 17 | | the Governor.
In the event of a withdrawal of moneys from a | 18 | | reserve fund established with
respect to any issue or
issues of | 19 | | bonds of the Authority to pay principal or interest on those | 20 | | bonds,
the chairman of the Authority,
as soon as practicable, | 21 | | shall certify to the Governor the amount required to
restore | 22 | | the reserve fund to the
level required in the resolution or | 23 | | indenture securing those bonds. The
Governor shall submit the | 24 | | certified
amount to the General Assembly as soon as | 25 | | practicable, but no later than the
end of the current State | 26 | | fiscal
year.
This subsection (g) shall not apply to any bond |
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| 1 | | issued on or after the effective date of this amendatory Act of | 2 | | the 97th General Assembly.
| 3 | | (h) The State of Illinois pledges to and agrees with the | 4 | | holders of the
bonds and notes of the Authority
issued pursuant | 5 | | to this Section that the State will not limit or alter the | 6 | | rights and powers vested in the
Authority by this Act so as to | 7 | | impair the terms of any contract made by the Authority with the | 8 | | holders of
bonds or notes or in any way impair the rights and | 9 | | remedies of those holders until the bonds and notes,
together | 10 | | with interest thereon, with interest on any unpaid installments | 11 | | of interest, and all costs and
expenses in connection with any | 12 | | action or proceedings by or on behalf of the holders, are fully | 13 | | met and
discharged. In addition, the State pledges to and | 14 | | agrees with the holders of the bonds and notes of the
Authority | 15 | | issued pursuant to this Section that the State will not limit | 16 | | or alter the basis on which State funds
are to be paid to the | 17 | | Authority as provided in this Act, or the use of such funds, so | 18 | | as to impair the terms of
any such contract. The Authority is | 19 | | authorized to include these pledges and agreements of the State | 20 | | in any
contract with the holders of bonds or notes issued | 21 | | pursuant to this Section.
| 22 | | (Source: P.A. 97-717, eff. 6-29-12.) | 23 | | (70 ILCS 518/70)
| 24 | | Sec. 70. Reports and audit.
| 25 | | (a) The Authority shall annually submit a report of its
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| 1 | | finances to the Auditor General. The Authority shall annually | 2 | | submit a report of its activities to the Governor
and to the | 3 | | General Assembly.
| 4 | | (b) (Blank). Beginning 5 years after the effective date of | 5 | | this Act and every 5 years thereafter, the Auditor General | 6 | | shall conduct a financial audit of the Authority.
| 7 | | (Source: P.A. 93-968, eff. 8-20-04.) | 8 | | Section 20. The Southern Illinois
Economic Development | 9 | | Authority
Act is amended by changing Sections 5-15 and 5-40 as | 10 | | follows: | 11 | | (70 ILCS 519/5-15)
| 12 | | Sec. 5-15. Definitions. In this Act:
| 13 | | "Authority" means the Southern Illinois Economic | 14 | | Development Authority.
| 15 | | "Governmental agency" means any federal, State, or local | 16 | | governmental body
and any agency or
instrumentality thereof, | 17 | | corporate or otherwise.
| 18 | | "Person" means any natural person, firm, partnership, | 19 | | corporation, both
domestic and foreign,
company, association | 20 | | or joint stock association and includes any trustee,
receiver, | 21 | | assignee or personal
representative thereof.
| 22 | | "Revenue bond" means any bond issued by the Authority, the | 23 | | principal and
interest of which is payable
solely from revenues | 24 | | or income derived from any project or activity of the
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| 1 | | Authority.
| 2 | | "Board" means the Board of Directors of the Southern | 3 | | Illinois Economic
Development Authority.
| 4 | | "Governor" means the Governor of the State of Illinois.
| 5 | | "City" means any city, village, incorporated town, or | 6 | | township within the
geographical territory of the
Authority.
| 7 | | "Industrial project" means the following:
| 8 | | (1) a capital project, including one or more buildings | 9 | | and other
structures, improvements,
machinery and | 10 | | equipment whether or not on the same site or sites now | 11 | | existing
or hereafter acquired,
suitable for use by any | 12 | | manufacturing, industrial, research, transportation or
| 13 | | commercial enterprise
including but not limited to use as a | 14 | | factory, mill, processing plant, assembly
plant, packaging | 15 | | plant,
fabricating plant, ethanol plant, office building, | 16 | | industrial distribution
center, warehouse,
repair, | 17 | | overhaul or service
facility, freight terminal, research | 18 | | facility, test facility, railroad
facility, port facility, | 19 | | solid waste and wastewater
treatment and disposal sites and | 20 | | other pollution control facilities, resource
or waste | 21 | | reduction, recovery,
treatment and disposal facilities, | 22 | | and including also the sites thereof and
other rights in | 23 | | land therefore
whether improved or unimproved, site | 24 | | preparation and landscaping and all
appurtenances and | 25 | | facilities
incidental thereto such as utilities, access | 26 | | roads, railroad sidings, truck
docking and similar |
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| 1 | | facilities,
parking facilities, dockage, wharfage, | 2 | | railroad roadbed, track, trestle, depot,
terminal, | 3 | | switching and
signaling equipment or related equipment and | 4 | | other improvements necessary or
convenient thereto; or
| 5 | | (2) any land, buildings, machinery or equipment | 6 | | comprising an addition to or
renovation,
rehabilitation or | 7 | | improvement of any existing capital project.
| 8 | | "Housing project" or "residential project" includes a | 9 | | specific work or improvement undertaken to provide dwelling | 10 | | accommodations, including the acquisition, construction or | 11 | | rehabilitation of lands, buildings and community facilities | 12 | | and in connection therewith to provide nonhousing facilities | 13 | | which are an integral part of a planned large-scale project or | 14 | | new community. | 15 | | "Commercial project" means any project, including, but not | 16 | | limited to, one or
more buildings and other
structures, | 17 | | improvements, machinery, and equipment, whether or not on the | 18 | | same
site or sites now existing
or hereafter acquired, suitable | 19 | | for use by any retail or wholesale concern,
distributorship, or | 20 | | agency.
| 21 | | "Project" means an industrial, housing, residential, | 22 | | commercial, or service
project, or any combination
thereof, | 23 | | provided that all uses fall within one of the categories | 24 | | described
above. Any project automatically
includes all site | 25 | | improvements and new construction involving sidewalks,
sewers, | 26 | | solid waste and
wastewater treatment and disposal sites and |
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| 1 | | other pollution control facilities,
resource or waste | 2 | | reduction,
recovery, treatment and disposal facilities, parks, | 3 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 4 | | runways.
| 5 | | "Lease agreement" means an agreement in which a project | 6 | | acquired by the
Authority by purchase, gift,
or lease is leased | 7 | | to any person or corporation that will use, or cause the
| 8 | | project to be used, as a project,
upon terms providing for | 9 | | lease rental payments at least sufficient to pay, when due, all | 10 | | principal of and
interest and premium, if any, on any bonds, | 11 | | notes, or other evidences of indebtedness of the Authority,
| 12 | | issued with respect to the project, providing for the | 13 | | maintenance, insurance, and operation of the project on
terms | 14 | | satisfactory to the Authority and providing for disposition of | 15 | | the project upon termination of the lease
term, including | 16 | | purchase options or abandonment of the premises, with other | 17 | | terms as may be deemed
desirable by the Authority.
| 18 | | "Loan agreement" means any agreement in which the Authority | 19 | | agrees to loan
the proceeds of its bonds,
notes, or other | 20 | | evidences of indebtedness, issued with respect to a project, to
| 21 | | any person or corporation
which will use or cause the project | 22 | | to be used as a project, upon terms
providing for loan | 23 | | repayment
installments at least sufficient to pay, when due, | 24 | | all principal of and
interest and premium, if any, on any
| 25 | | bonds, notes, or other evidences of indebtedness of the | 26 | | Authority issued with
respect to the project,
providing for |
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| 1 | | maintenance, insurance, and operation of the project on terms
| 2 | | satisfactory to the Authority
and providing for other terms | 3 | | deemed advisable by the Authority.
| 4 | | "Financial aid" means the expenditure of Authority funds or | 5 | | funds provided by
the Authority for the
development, | 6 | | construction, acquisition or improvement of a project, through | 7 | | the
issuance of revenue bonds,
notes, or other evidences of | 8 | | indebtedness.
| 9 | | "Costs incurred in connection with
the development, | 10 | | construction, acquisition or improvement of a
project" means | 11 | | the following:
| 12 | | (1) the cost of purchase and construction of all lands | 13 | | and improvements in
connection therewith and
equipment and | 14 | | other property, rights, easements, and franchises acquired | 15 | | which
are deemed necessary for
the construction;
| 16 | | (2) financing charges;
| 17 | | (3) interest costs with respect to bonds, notes, and | 18 | | other evidences of
indebtedness of the Authority
prior to | 19 | | and during construction and for a period of 6 months | 20 | | thereafter;
| 21 | | (4) engineering and legal expenses; and
| 22 | | (5) the costs of plans, specifications, surveys, and | 23 | | estimates of costs and
other expenses necessary or
incident | 24 | | to determining the feasibility or practicability of any | 25 | | project,
together with such other expenses as
may be | 26 | | necessary or incident to the financing, insuring, |
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| 1 | | acquisition, and
construction of a specific project
and the | 2 | | placing of the same in operation.
| 3 | | (Source: P.A. 94-1021, eff. 7-12-06.) | 4 | | (70 ILCS 519/5-40)
| 5 | | Sec. 5-40. Bonds.
| 6 | | (a) The Authority, with the written approval of the | 7 | | Governor, shall have the
continuing power to issue
bonds, | 8 | | notes, or other evidences of indebtedness in an aggregate | 9 | | amount outstanding not to
exceed $250,000,000 for the
following | 10 | | purposes: (i) development, construction, acquisition, or | 11 | | improvement
of projects, including those
established by | 12 | | business entities locating or expanding property within the
| 13 | | territorial jurisdiction of the
Authority; (ii) entering into | 14 | | venture capital agreements with businesses
locating or | 15 | | expanding within the
territorial jurisdiction of the | 16 | | Authority; and (iii) acquisition and improvement of
any | 17 | | property necessary and
useful in connection therewith. For
the | 18 | | purpose of evidencing the obligations of the Authority to repay | 19 | | any money
borrowed, the Authority
may, pursuant to resolution, | 20 | | from time to time, issue and dispose of its interest-bearing | 21 | | revenue bonds,
notes, or other evidences of indebtedness and | 22 | | may also from time to time issue and dispose of such bonds,
| 23 | | notes, or other evidences of indebtedness to refund, at | 24 | | maturity, at a redemption date or in advance of
either, any | 25 | | bonds, notes, or other evidences of indebtedness pursuant to |
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| 1 | | redemption provisions or at any
time before maturity. All such | 2 | | bonds, notes, or other evidences of indebtedness shall be | 3 | | payable solely and
only from the revenues or income to be | 4 | | derived from loans made with respect to projects, from the | 5 | | leasing
or sale of the projects, or from any other funds | 6 | | available to the Authority for such purposes. The bonds,
notes, | 7 | | or other evidences of indebtedness may bear such date or dates, | 8 | | may mature at such time or times not
exceeding 40 years from | 9 | | their respective dates, may bear interest at such rate or rates | 10 | | not exceeding the
maximum rate permitted by the Bond | 11 | | Authorization Act, may be in such form, may carry such | 12 | | registration
privileges, may be executed in such manner, may be | 13 | | payable at such place or places, may be made subject
to | 14 | | redemption in such manner and upon such terms, with or without | 15 | | premium, as is stated on the face
thereof, may be authenticated | 16 | | in such manner and may contain such terms and
covenants as may | 17 | | be
provided by an applicable resolution.
| 18 | | (b) The holder or holders of any bonds, notes, or other | 19 | | evidences of
indebtedness issued by the
Authority may bring | 20 | | suits at law or proceedings in equity to compel the
performance | 21 | | and observance by
any corporation or person or by the Authority | 22 | | or any of its agents or employees
of any contract or covenant
| 23 | | made with the holders of the bonds, notes, or other evidences | 24 | | of indebtedness,
to compel such corporation,
person, the | 25 | | Authority, and any of its agents or employees to perform any | 26 | | duties
required to be performed
for the benefit of the holders |
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| 1 | | of the bonds, notes, or other evidences of
indebtedness by the | 2 | | provision of the
resolution authorizing their issuance and to | 3 | | enjoin the corporation, person,
the Authority, and any of its
| 4 | | agents or employees from taking any action in conflict with any | 5 | | contract or
covenant.
| 6 | | (c) If the Authority fails to pay the principal of or | 7 | | interest on any of the
bonds or premium, if any, as the
bond | 8 | | becomes due, a civil action to compel payment may be instituted | 9 | | in the
appropriate circuit court by
the holder or holders of | 10 | | the bonds on which the default of payment exists or by
an | 11 | | indenture trustee acting
on behalf of the holders. Delivery of | 12 | | a summons and a copy of the complaint to
the chairman of the | 13 | | Board
shall constitute sufficient service to give the circuit | 14 | | court jurisdiction over
the subject matter of the suit and
| 15 | | jurisdiction over the Authority and its officers named as | 16 | | defendants for the
purpose of compelling such
payment. Any | 17 | | case, controversy, or cause of action concerning the validity | 18 | | of
this Act relates to the
revenue of the State of Illinois.
| 19 | | (d) Notwithstanding the form and tenor of any bond, note, | 20 | | or other evidence
of indebtedness and in
the absence of any | 21 | | express recital on its face that it is non-negotiable, all
such | 22 | | bonds, notes, and other
evidences of indebtedness shall be | 23 | | negotiable instruments. Pending the
preparation and execution | 24 | | of any
bonds, notes, or other evidences of indebtedness, | 25 | | temporary bonds, notes, or
evidences of indebtedness may
be | 26 | | issued as provided by ordinance.
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| 1 | | (e) To secure the payment of any or all of such bonds, | 2 | | notes, or other
evidences of indebtedness, the
revenues to be | 3 | | received by the Authority from a lease agreement or loan
| 4 | | agreement shall be pledged, and,
for the purpose of setting | 5 | | forth the covenants and undertakings of the
Authority in | 6 | | connection with the
issuance of the bonds, notes, or other | 7 | | evidences of indebtedness and the
issuance of any additional | 8 | | bonds,
notes or other evidences of indebtedness payable from | 9 | | such revenues, income, or other funds to be derived
from | 10 | | projects, the Authority may execute and deliver a mortgage or | 11 | | trust agreement. A remedy for any
breach or default of the | 12 | | terms of any mortgage or trust agreement by the Authority may | 13 | | be by mandamus
proceeding in the appropriate circuit court to | 14 | | compel performance and compliance under the terms of the
| 15 | | mortgage or trust agreement, but the trust agreement may | 16 | | prescribe by whom or on whose behalf the action
may be | 17 | | instituted.
| 18 | | (f) Bonds or notes shall be secured as provided in the | 19 | | authorizing ordinance which may include,
notwithstanding any | 20 | | other provision of this Act, in addition to any other security, | 21 | | a specific pledge,
assignment of and lien on, or security | 22 | | interest in any or all revenues or money of the Authority, from
| 23 | | whatever source, which may, by law, be used for debt service | 24 | | purposes and a
specific pledge, or assignment
of and lien on, | 25 | | or security interest in any funds or accounts established or
| 26 | | provided for by ordinance of the
Authority authorizing the |
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| 1 | | issuance of the bonds or notes.
| 2 | | (g) The State of Illinois pledges to and agrees with the | 3 | | holders of the
bonds and notes of the Authority
issued pursuant | 4 | | to this Section that the State will not limit or alter the | 5 | | rights and powers vested in the
Authority by this Act so as to | 6 | | impair the terms of any contract made by the Authority with the | 7 | | holders of
bonds or notes or in any way impair the rights and | 8 | | remedies of those holders until the bonds and notes,
together | 9 | | with interest thereon, with interest on any unpaid installments | 10 | | of interest, and all costs and
expenses in connection with any | 11 | | action or proceedings by or on behalf of the holders, are fully | 12 | | met and
discharged. In addition, the State pledges to and | 13 | | agrees with the holders of the bonds and notes of the
Authority | 14 | | issued pursuant to this Section that the State will not limit | 15 | | or alter the basis on which State funds
are to be paid to the | 16 | | Authority as provided in this Act, or the use of such funds, so | 17 | | as to impair the terms of
any such contract. The Authority is | 18 | | authorized to include these pledges and agreements of the State | 19 | | in any
contract with the holders of bonds or notes issued | 20 | | pursuant to this Section.
| 21 | | (h) (Blank). Not less than 30 days prior to the commitment | 22 | | to issue bonds, notes, or
other evidences of
indebtedness for | 23 | | the purpose of developing, constructing, acquiring, or
| 24 | | improving housing or residential
projects, as defined in this | 25 | | Act, the Authority shall provide notice to the
Executive | 26 | | Director of the Illinois
Housing Development Authority. Within |
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| 1 | | 30 days after the notice is provided, the
Illinois Housing
| 2 | | Development Authority shall, in writing, either express | 3 | | interest in financing
the project or notify the
Authority that | 4 | | it is not interested in providing financing and that the
| 5 | | Authority may finance the project or
seek alternative | 6 | | financing.
| 7 | | (Source: P.A. 94-1021, eff. 7-12-06.) | 8 | | Section 25. The Tri-County River Valley Development | 9 | | Authority Law is amended by changing Section 2007 and by adding | 10 | | Section 2007.1 as follows:
| 11 | | (70 ILCS 525/2007) (from Ch. 85, par. 7507)
| 12 | | Sec. 2007. Bonds.
| 13 | | (a) The Authority, with the written approval of the | 14 | | Governor,
shall have the continuing power to issue bonds, | 15 | | notes, or other evidences
of indebtedness in an aggregate | 16 | | amount outstanding not to exceed $250,000,000 $100,000,000 for | 17 | | the
purpose of developing, constructing, acquiring or | 18 | | improving projects,
including those established by business | 19 | | entities locating or expanding
property within the territorial | 20 | | jurisdiction of the Authority, for entering
into venture | 21 | | capital agreements with businesses locating or expanding
| 22 | | within the territorial jurisdiction of the Authority, for | 23 | | acquiring and
improving any property necessary and useful in | 24 | | connection therewith and for
the purposes of the Employee |
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| 1 | | Ownership Assistance Act. For the purpose of
evidencing the | 2 | | obligations of the Authority to repay any money borrowed,
the | 3 | | Authority may, pursuant to resolution, from time to time issue | 4 | | and
dispose of its interest bearing revenue bonds, notes or | 5 | | other evidences of
indebtedness and may also from time to time | 6 | | issue and dispose of such
bonds, notes or other evidences of | 7 | | indebtedness to refund, at maturity, at
a redemption date or in | 8 | | advance of either, any bonds, notes or other
evidences of | 9 | | indebtedness pursuant to redemption provisions or at any time
| 10 | | before maturity. All such bonds, notes or other evidences of | 11 | | indebtedness
shall be payable from the revenues or income to be | 12 | | derived from loans made
with respect to projects, from the | 13 | | leasing or sale of the projects or from
any other funds | 14 | | available to the Authority for such purposes. The bonds,
notes | 15 | | or other evidences of indebtedness may bear such date or dates, | 16 | | may
mature at such time or times not exceeding 40 years from | 17 | | their respective
dates, may bear interest at such rate or rates | 18 | | not exceeding the maximum
rate permitted by the Bond | 19 | | Authorization Act, may be in such form, may
carry such | 20 | | registration privileges, may be executed in such manner, may be
| 21 | | payable at such place or places, may be made subject to | 22 | | redemption in such
manner and upon such terms, with or without | 23 | | premium as is stated on the
face thereof, may be authenticated | 24 | | in such manner and may contain such
terms and covenants as may | 25 | | be provided by an applicable resolution.
| 26 | | (b-1) The holder or holders of any bonds, notes or other |
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| 1 | | evidences of
indebtedness issued by the Authority may bring | 2 | | suits at law or proceedings
in equity to compel the performance | 3 | | and observance by any corporation or
person or by the Authority | 4 | | or any of its agents or employees of any
contract or covenant | 5 | | made with the holders of such bonds, notes or other
evidences | 6 | | of indebtedness, to compel such corporation, person, the
| 7 | | Authority and any of its agents or employees to perform any | 8 | | duties required
to be performed for the benefit of the holders | 9 | | of any such bonds, notes or
other evidences of indebtedness by | 10 | | the provision of the resolution
authorizing their issuance and | 11 | | to enjoin such corporation, person, the
Authority and any of | 12 | | its agents or employees from taking any action in
conflict with | 13 | | any such contract or covenant.
| 14 | | (b-2) If the Authority fails to pay the principal of or | 15 | | interest on any
of the bonds or premium, if any, as the same | 16 | | become due, a civil action to
compel payment may be instituted | 17 | | in the appropriate circuit court by the
holder or holders of | 18 | | the bonds on which such default of payment exists or
by an | 19 | | indenture trustee acting on behalf of such holders. Delivery of | 20 | | a
summons and a copy of the complaint to the Chairman of the | 21 | | Board shall
constitute sufficient service to give the circuit | 22 | | court jurisdiction of the
subject matter of such a suit and | 23 | | jurisdiction over the Authority and its
officers named as | 24 | | defendants for the purpose of compelling such payment.
Any | 25 | | case, controversy or cause of action concerning the validity of | 26 | | this
Article relates to the revenue of the State of Illinois.
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| 1 | | (c) Notwithstanding the form and tenor of any such bonds, | 2 | | notes or other
evidences of indebtedness and in the absence of | 3 | | any express recital on the
face thereof that it is | 4 | | non-negotiable, all such bonds, notes and other
evidences of | 5 | | indebtedness shall be negotiable instruments. Pending the
| 6 | | preparation and execution of any such bonds, notes or other | 7 | | evidences of
indebtedness, temporary bonds, notes or evidences | 8 | | of indebtedness may be
issued as provided by ordinance.
| 9 | | (d) To secure the payment of any or all of such bonds, | 10 | | notes or other
evidences of indebtedness, the revenues to be | 11 | | received by the Authority from
a lease agreement or loan | 12 | | agreement shall be pledged, and, for the purpose
of setting | 13 | | forth the covenants and undertakings of the Authority in
| 14 | | connection with the issuance thereof and the issuance of any | 15 | | additional
bonds, notes or other evidences of indebtedness | 16 | | payable from such revenues,
income or other funds to be derived | 17 | | from projects, the Authority may
execute and deliver a mortgage | 18 | | or trust agreement. A remedy for any breach
or default of the | 19 | | terms of any such mortgage or trust agreement by the
Authority | 20 | | may be by mandamus proceedings in the appropriate circuit court
| 21 | | to compel the performance and compliance therewith, but the | 22 | | trust agreement
may prescribe by whom or on whose behalf such | 23 | | action may be instituted.
| 24 | | (e) Such bonds or notes shall be secured as provided in the | 25 | | authorizing
ordinance which may, notwithstanding any other | 26 | | provision of this Article,
include in addition to any other |
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| 1 | | security a specific pledge or assignment
of and lien on or | 2 | | security interest in any or all revenues or money of the
| 3 | | Authority from whatever source which may by law be used for | 4 | | debt
service purposes and a specific pledge or assignment of | 5 | | and lien on or
security interest in any funds or accounts | 6 | | established or provided for by
ordinance of the Authority | 7 | | authorizing the issuance of such bonds or notes.
| 8 | | (f) In the event that the Authority determines that monies | 9 | | of the
Authority will not be sufficient for the payment of the | 10 | | principal of and
interest on its bonds during the next State | 11 | | fiscal year, the
Chairman, as soon as practicable, shall | 12 | | certify to the Governor the
amount required by the Authority to | 13 | | enable it to pay such principal of and
interest on the bonds. | 14 | | The Governor shall submit the amount so certified to
the | 15 | | General Assembly as soon as practicable, but no later than the | 16 | | end of
the current State fiscal year. This subsection shall not | 17 | | apply to any
bonds or notes as to which the Authority shall | 18 | | have determined, in the
resolution authorizing the issuance of | 19 | | the bonds or notes, that this
subsection shall not apply. | 20 | | Whenever the Authority makes such a
determination, that fact | 21 | | shall be plainly stated on the face of the bonds
or notes and | 22 | | that fact shall also be reported to the Governor.
| 23 | | In the event of a withdrawal of moneys from a reserve fund | 24 | | established
with respect to any issue or issues of bonds of the | 25 | | Authority to pay
principal or interest on those bonds, the | 26 | | Chairman of the Authority, as
soon as practicable, shall |
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| 1 | | certify to the Governor the amount required
to restore the | 2 | | reserve fund to the level required in the resolution or
| 3 | | indenture securing those bonds. The Governor shall submit the | 4 | | amount so
certified to the General Assembly as soon as | 5 | | practicable, but no later than
the end of the current state | 6 | | fiscal year. This subsection (f) shall not apply to any bond | 7 | | issued on or after the effective date of this amendatory Act of | 8 | | the 98th General Assembly.
| 9 | | (g) The State of Illinois pledges to and agrees with the | 10 | | holders of the
bonds and notes of the Authority issued pursuant | 11 | | to this Section that the
State will not limit or alter the | 12 | | rights and powers vested in the Authority
by this Article so as | 13 | | to impair the terms of any contract made by the Authority
with | 14 | | such holders or in any way impair the rights and remedies of | 15 | | such
holders until such bonds and notes, together with interest | 16 | | thereon, with
interest on any unpaid installments of interest, | 17 | | and all costs and expenses
in connection with any action or | 18 | | proceedings by or on behalf of such
holders, are fully met and | 19 | | discharged. In addition, the State pledges to
and agrees with | 20 | | the holders of the bonds and notes of the Authority issued
| 21 | | pursuant to this Section that the State will not limit or alter | 22 | | the basis
on which State funds are to be paid to the Authority | 23 | | as provided in this
Act, or the use of such funds, so as to | 24 | | impair the terms of any such
contract. The Authority is | 25 | | authorized to include these pledges and
agreements of the State | 26 | | in any contract with the holders of bonds or notes
issued |
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| 1 | | pursuant to this Section.
| 2 | | (h) (Blank). Not less than 30 days prior to the commitment | 3 | | to issue bonds,
notes, or other evidences of indebtedness for | 4 | | the purpose of developing,
constructing, acquiring or | 5 | | improving housing or residential projects, as
defined in | 6 | | Section 2003, the Authority shall provide notice to the
| 7 | | Executive Director of the Illinois Housing Development | 8 | | Authority.
Within 30 days after receipt of the notice, the | 9 | | Illinois Housing
Development Authority shall notify the | 10 | | Authority as to its interest in
financing the project. If the | 11 | | Illinois Housing Development Authority
notifies the Authority | 12 | | that it is not interested in financing the project,
the | 13 | | Authority may finance the project or seek alternative financing | 14 | | for
the project.
| 15 | | (Source: P.A. 91-357, eff. 7-29-99.)
| 16 | | (70 ILCS 525/2007.1 new) | 17 | | Sec. 2007.1. Bonds and notes; exemption from taxation. The | 18 | | creation of the Authority is in all respects for the benefit of | 19 | | the people of Illinois and for the improvement of their health, | 20 | | safety, welfare, comfort, and security, and its purposes are | 21 | | public purposes. In consideration thereof, the notes and bonds | 22 | | of the Authority issued pursuant to this Act and the income | 23 | | from these notes and bonds may be free from all taxation by the | 24 | | State or its political subdivisions, except for estate, | 25 | | transfer, and inheritance taxes. The exemption from taxation |
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| 1 | | set forth in this Section shall apply to the income on any | 2 | | notes or bonds of the Authority only if the Authority in its | 3 | | sole judgment determines that the exemption enhances the | 4 | | marketability of the bonds or notes or reduces the interest | 5 | | rates that would otherwise be borne by the bonds or notes. For | 6 | | purposes of Section 250 of the Illinois Income Tax Act, the | 7 | | exemption of the Authority shall terminate after all of the | 8 | | bonds have been paid. The amount of the income that shall be | 9 | | added and then subtracted on the Illinois income tax return of | 10 | | a taxpayer, subject to Section 203 of the Illinois Income Tax | 11 | | Act, from federal adjusted gross income or federal taxable | 12 | | income in computing Illinois base income shall be the interest | 13 | | net of any bond premium amortization. | 14 | | Section 30. The Upper Illinois River Valley Development | 15 | | Authority Act is amended by changing Section 7 as follows:
| 16 | | (70 ILCS 530/7) (from Ch. 85, par. 7157)
| 17 | | Sec. 7. Bonds.
| 18 | | (a) The Authority, with the written approval of the
| 19 | | Governor, shall have the continuing power to issue bonds, | 20 | | notes, or other
evidences of indebtedness in an aggregate | 21 | | amount outstanding not to exceed $500,000,000
for the purpose | 22 | | of developing, constructing, acquiring or improving
projects, | 23 | | including those established by business entities locating or
| 24 | | expanding property within the territorial jurisdiction of the |
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| 1 | | Authority,
for entering into venture capital agreements with | 2 | | businesses locating or
expanding within the territorial | 3 | | jurisdiction of the Authority, for
acquiring and improving any | 4 | | property necessary and useful in connection
therewith and for | 5 | | the purposes of the Employee Ownership Assistance Act.
For the | 6 | | purpose of evidencing the obligations of the Authority to repay | 7 | | any
money borrowed, the Authority may, pursuant to resolution, | 8 | | from time to
time issue and dispose of its interest bearing | 9 | | revenue bonds, notes or
other evidences of indebtedness and may | 10 | | also from time to time issue and
dispose of such bonds, notes | 11 | | or other evidences of indebtedness to refund,
at maturity, at a | 12 | | redemption date or in advance of either, any bonds, notes
or | 13 | | other evidences of indebtedness pursuant to redemption | 14 | | provisions or at
any time before maturity. All such bonds, | 15 | | notes or other evidences of
indebtedness shall be payable | 16 | | solely and only from the revenues or income
to be derived from | 17 | | loans made with respect to projects, from the leasing or
sale | 18 | | of the projects or from any other funds available to the | 19 | | Authority for
such purposes. The bonds, notes or other | 20 | | evidences of indebtedness may
bear such date or dates, may | 21 | | mature at such time or times not exceeding 40
years from their | 22 | | respective dates, may bear interest at such rate or rates
not | 23 | | exceeding the maximum rate permitted by "An Act to authorize | 24 | | public
corporations to issue bonds, other evidences of | 25 | | indebtedness and tax
anticipation warrants subject to interest | 26 | | rate limitations set forth
therein", approved May 26, 1970, as |
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| 1 | | amended, may be in such form, may carry
such registration | 2 | | privileges, may be executed in such manner, may be
payable at | 3 | | such place or places, may be made subject to redemption in such
| 4 | | manner and upon such terms, with or without premium as is | 5 | | stated on the
face thereof, may be authenticated in such manner | 6 | | and may contain such
terms and covenants as may be provided by | 7 | | an applicable resolution.
| 8 | | (b-1) The holder or holders of any bonds, notes or other | 9 | | evidences of
indebtedness issued by the Authority may bring | 10 | | suits at law or proceedings
in equity to compel the performance | 11 | | and observance by any corporation or
person or by the Authority | 12 | | or any of its agents or employees of any
contract or covenant | 13 | | made with the holders of such bonds, notes or other
evidences | 14 | | of indebtedness, to compel such corporation, person, the
| 15 | | Authority and any of its agents or employees to perform any | 16 | | duties required
to be performed for the benefit of the holders | 17 | | of any such bonds, notes or
other evidences of indebtedness by | 18 | | the provision of the resolution
authorizing their issuance and | 19 | | to enjoin such corporation, person, the
Authority and any of | 20 | | its agents or employees from taking any action in
conflict with | 21 | | any such contract or covenant.
| 22 | | (b-2) If the Authority fails to pay the principal of or | 23 | | interest on any
of the bonds or premium, if any, as the same | 24 | | become due, a civil action to
compel payment may be instituted | 25 | | in the appropriate circuit court by the
holder or holders of | 26 | | the bonds on which such default of payment exists or
by an |
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| 1 | | indenture trustee acting on behalf of such holders. Delivery of | 2 | | a
summons and a copy of the complaint to the Chairman of the | 3 | | Board shall
constitute sufficient service to give the circuit | 4 | | court jurisdiction of the
subject matter of such a suit and | 5 | | jurisdiction over the Authority and its
officers named as | 6 | | defendants for the purpose of compelling such payment.
Any | 7 | | case, controversy or cause of action concerning the validity of | 8 | | this Act
relates to the revenue of the State of Illinois.
| 9 | | (c) Notwithstanding the form and tenor of any such bonds, | 10 | | notes or other
evidences of indebtedness and in the absence of | 11 | | any express recital on the
face thereof that it is | 12 | | non-negotiable, all such bonds, notes and other
evidences of | 13 | | indebtedness shall be negotiable instruments. Pending the
| 14 | | preparation and execution of any such bonds, notes or other | 15 | | evidences of
indebtedness, temporary bonds, notes or evidences | 16 | | of indebtedness may be
issued as provided by ordinance.
| 17 | | (d) To secure the payment of any or all of such bonds, | 18 | | notes or other
evidences of indebtedness, the revenues to be | 19 | | received by the Authority from
a lease agreement or loan | 20 | | agreement shall be pledged, and, for the purpose
of setting | 21 | | forth the covenants and undertakings of the Authority in
| 22 | | connection with the issuance thereof and the issuance of any | 23 | | additional
bonds, notes or other evidences of indebtedness | 24 | | payable from such revenues,
income or other funds to be derived | 25 | | from projects, the Authority may
execute and deliver a mortgage | 26 | | or trust agreement. A remedy for any breach
or default of the |
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| 1 | | terms of any such mortgage or trust agreement by the
Authority | 2 | | may be by mandamus proceedings in the appropriate circuit court
| 3 | | to compel the performance and compliance therewith, but the | 4 | | trust agreement
may prescribe by whom or on whose behalf such | 5 | | action may be instituted.
| 6 | | (e) Such bonds or notes shall be secured as provided in the | 7 | | authorizing
ordinance which may, notwithstanding any other | 8 | | provision of this Act,
include in addition to any other | 9 | | security a specific pledge or assignment
of and lien on or | 10 | | security interest in any or all revenues or money of the
| 11 | | Authority from whatever source which may by law be used for | 12 | | debt
service purposes and a specific pledge or assignment of | 13 | | and lien on or
security interest in any funds or accounts | 14 | | established or provided for by
ordinance of the Authority | 15 | | authorizing the issuance of such bonds or notes.
| 16 | | (f) In the event that the Authority determines that monies | 17 | | of the
Authority will not be sufficient for the payment of the | 18 | | principal of and
interest on its bonds during the next State | 19 | | fiscal year, the
Chairman, as soon as practicable, shall | 20 | | certify to the Governor the
amount required by the Authority to | 21 | | enable
it to pay such principal of and interest on the bonds.
| 22 | | The Governor shall submit the amount so certified to the | 23 | | General Assembly
as soon as practicable, but no later than the | 24 | | end of the current State fiscal
year. This Section shall
not | 25 | | apply to any bonds or notes as to which the
Authority shall | 26 | | have determined, in the resolution authorizing the issuance
of |
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| 1 | | the bonds or notes, that this Section shall not apply. Whenever | 2 | | the
Authority makes such a determination, that fact shall be | 3 | | plainly stated on
the face of the bonds or notes and that fact | 4 | | shall also be reported to the Governor.
| 5 | | In the event of a withdrawal of moneys from a reserve fund | 6 | | established
with respect to any issue or issues of bonds of the | 7 | | Authority to pay
principal or interest on those bonds, the | 8 | | Chairman of the Authority, as
soon as practicable, shall | 9 | | certify to the Governor the amount required
to restore the | 10 | | reserve fund to the level required in the
resolution or | 11 | | indenture securing those bonds.
The Governor shall submit the | 12 | | amount so certified to the General Assembly
as soon as | 13 | | practicable, but no later than the end of the current State | 14 | | fiscal year. This subsection (f) shall not apply to any bond | 15 | | issued on or after the effective date of this amendatory Act of | 16 | | the 97th General Assembly.
| 17 | | (g) The State of Illinois pledges to and agrees with the | 18 | | holders of the
bonds and notes of the Authority issued pursuant | 19 | | to this Section that the
State will not limit or alter the | 20 | | rights and powers vested in the Authority
by this Act so as to | 21 | | impair the terms of any contract made by the Authority
with | 22 | | such holders or in any way impair the rights and remedies of | 23 | | such
holders until such bonds and notes, together with interest | 24 | | thereon, with
interest on any unpaid installments of interest, | 25 | | and all costs and expenses
in connection with any action or | 26 | | proceedings by or on behalf of such
holders, are fully met and |
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| 1 | | discharged. In addition, the State pledges to
and agrees with | 2 | | the holders of the bonds and notes of the Authority issued
| 3 | | pursuant to this Section that the State will not limit or alter | 4 | | the basis
on which State funds are to be paid to the Authority | 5 | | as provided in this
Act, or the use of such funds, so as to | 6 | | impair the terms of any such
contract. The Authority is | 7 | | authorized to include these pledges and
agreements of the State | 8 | | in any contract with the holders of bonds or notes
issued | 9 | | pursuant to this Section.
| 10 | | (h) (Blank). Not less than 30 days prior to the commitment | 11 | | to issue bonds,
notes, or other evidences of indebtedness for | 12 | | the purpose of developing,
constructing, acquiring or | 13 | | improving housing or residential projects, as
defined in | 14 | | Section 3, the Authority shall provide notice to the
Executive | 15 | | Director of the Illinois Housing Development Authority. Within
| 16 | | 30 days after notice is provided, the Illinois Housing | 17 | | Development
Authority shall either in writing express interest | 18 | | in financing the project
or notify the Authority that it is not | 19 | | interested in providing such
financing and the Authority may | 20 | | finance the project or seek alternative
financing.
| 21 | | (Source: P.A. 97-312, eff. 8-11-11.)
| 22 | | Section 35. The Western Illinois Economic Development | 23 | | Authority Act is amended by changing Sections 15 and 40 as | 24 | | follows: |
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| 1 | | (70 ILCS 532/15)
| 2 | | Sec. 15. Definitions. In this Act:
| 3 | | "Authority" means the Western Illinois Economic | 4 | | Development Authority.
| 5 | | "Governmental agency" means any federal, State, or local | 6 | | governmental body
and any agency or
instrumentality thereof, | 7 | | corporate or otherwise.
| 8 | | "Person" means any natural person, firm, partnership, | 9 | | corporation, both
domestic and foreign,
company, association | 10 | | or joint stock association and includes any trustee,
receiver, | 11 | | assignee or personal
representative thereof.
| 12 | | "Revenue bond" means any bond issued by the Authority, the | 13 | | principal and
interest of which is payable
solely from revenues | 14 | | or income derived from any project or activity of the
| 15 | | Authority.
| 16 | | "Board" means the Board of Directors of the Western | 17 | | Illinois Economic
Development Authority.
| 18 | | "Governor" means the Governor of the State of Illinois.
| 19 | | "City" means any city, village, incorporated town, or | 20 | | township within the
geographical territory of the
Authority.
| 21 | | "Industrial project" means the following:
| 22 | | (1) a capital project, including one or more buildings | 23 | | and other
structures, improvements,
machinery and | 24 | | equipment whether or not on the same site or sites now | 25 | | existing
or hereafter acquired,
suitable for use by any | 26 | | manufacturing, industrial, research, transportation or
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| 1 | | commercial enterprise
including but not limited to use as a | 2 | | factory, mill, processing plant, assembly
plant, packaging | 3 | | plant,
fabricating plant, ethanol plant, office building, | 4 | | industrial distribution
center, warehouse,
repair, | 5 | | overhaul or service
facility, freight terminal, research | 6 | | facility, test facility, railroad
facility, port facility, | 7 | | solid waste and wastewater
treatment and disposal sites and | 8 | | other pollution control facilities, resource
or waste | 9 | | reduction, recovery,
treatment and disposal facilities, | 10 | | and including also the sites thereof and
other rights in | 11 | | land therefore
whether improved or unimproved, site | 12 | | preparation and landscaping and all
appurtenances and | 13 | | facilities
incidental thereto such as utilities, access | 14 | | roads, railroad sidings, truck
docking and similar | 15 | | facilities,
parking facilities, dockage, wharfage, | 16 | | railroad roadbed, track, trestle, depot,
terminal, | 17 | | switching and
signaling equipment or related equipment and | 18 | | other improvements necessary or
convenient thereto; or
| 19 | | (2) any land, buildings, machinery or equipment | 20 | | comprising an addition to or
renovation,
rehabilitation or | 21 | | improvement of any existing capital project.
| 22 | | "Housing project" or "residential project" includes a | 23 | | specific work or improvement undertaken to provide dwelling | 24 | | accommodations, including the acquisition, construction or | 25 | | rehabilitation of lands, buildings and community facilities | 26 | | and in connection therewith to provide nonhousing facilities |
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| 1 | | which are an integral part of a planned large-scale project or | 2 | | new community. | 3 | | "Commercial project" means any project, including, but not | 4 | | limited to, one or
more buildings and other
structures, | 5 | | improvements, machinery, and equipment, whether or not on the | 6 | | same
site or sites now existing
or hereafter acquired, suitable | 7 | | for use by any retail or wholesale concern,
distributorship, or | 8 | | agency.
| 9 | | "Project" means an industrial, housing, residential, | 10 | | commercial, or service
project, or any combination
thereof, | 11 | | provided that all uses fall within one of the categories | 12 | | described
above. Any project automatically
includes all site | 13 | | improvements and new construction involving sidewalks,
sewers, | 14 | | solid waste and
wastewater treatment and disposal sites and | 15 | | other pollution control facilities,
resource or waste | 16 | | reduction,
recovery, treatment and disposal facilities, parks, | 17 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 18 | | runways.
| 19 | | "Lease agreement" means an agreement in which a project | 20 | | acquired by the
Authority by purchase, gift,
or lease is leased | 21 | | to any person or corporation that will use, or cause the
| 22 | | project to be used, as a project,
upon terms providing for | 23 | | lease rental payments at least sufficient to pay, when due, all | 24 | | principal of and
interest and premium, if any, on any bonds, | 25 | | notes, or other evidences of indebtedness of the Authority,
| 26 | | issued with respect to the project, providing for the |
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| 1 | | maintenance, insurance, and operation of the project on
terms | 2 | | satisfactory to the Authority and providing for disposition of | 3 | | the project upon termination of the lease
term, including | 4 | | purchase options or abandonment of the premises, with other | 5 | | terms as may be deemed
desirable by the Authority.
| 6 | | "Loan agreement" means any agreement in which the Authority | 7 | | agrees to loan
the proceeds of its bonds,
notes, or other | 8 | | evidences of indebtedness, issued with respect to a project, to
| 9 | | any person or corporation
which will use or cause the project | 10 | | to be used as a project, upon terms
providing for loan | 11 | | repayment
installments at least sufficient to pay, when due, | 12 | | all principal of and
interest and premium, if any, on any
| 13 | | bonds, notes, or other evidences of indebtedness of the | 14 | | Authority issued with
respect to the project,
providing for | 15 | | maintenance, insurance, and operation of the project on terms
| 16 | | satisfactory to the Authority
and providing for other terms | 17 | | deemed advisable by the Authority.
| 18 | | "Financial aid" means the expenditure of Authority funds or | 19 | | funds provided by
the Authority for the
development, | 20 | | construction, acquisition or improvement of a project, through | 21 | | the
issuance of revenue bonds,
notes, or other evidences of | 22 | | indebtedness.
| 23 | | "Costs incurred in connection with
the development, | 24 | | construction, acquisition or improvement of a
project" means | 25 | | the following:
| 26 | | (1) the cost of purchase and construction of all lands |
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| 1 | | and improvements in
connection therewith and
equipment and | 2 | | other property, rights, easements, and franchises acquired | 3 | | which
are deemed necessary for
the construction;
| 4 | | (2) financing charges;
| 5 | | (3) interest costs with respect to bonds, notes, and | 6 | | other evidences of
indebtedness of the Authority
prior to | 7 | | and during construction and for a period of 6 months | 8 | | thereafter;
| 9 | | (4) engineering and legal expenses; and
| 10 | | (5) the costs of plans, specifications, surveys, and | 11 | | estimates of costs and
other expenses necessary or
incident | 12 | | to determining the feasibility or practicability of any | 13 | | project,
together with such other expenses as
may be | 14 | | necessary or incident to the financing, insuring, | 15 | | acquisition, and
construction of a specific project
and the | 16 | | placing of the same in operation.
| 17 | | (Source: P.A. 93-874, eff. 8-6-04.) | 18 | | (70 ILCS 532/40)
| 19 | | Sec. 40. Bonds.
| 20 | | (a) The Authority, with the written approval of the | 21 | | Governor, shall have the
continuing power to issue
bonds, | 22 | | notes, or other evidences of indebtedness in an aggregate | 23 | | amount outstanding not to
exceed $250,000,000 for the
following | 24 | | purposes: (i) development, construction, acquisition, or | 25 | | improvement
of projects, including those
established by |
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| 1 | | business entities locating or expanding property within the
| 2 | | territorial jurisdiction of the
Authority; (ii) entering into | 3 | | venture capital agreements with businesses
locating or | 4 | | expanding within the
territorial jurisdiction of the | 5 | | Authority; (iii) acquisition and improvement of
any property | 6 | | necessary and
useful in connection therewith; and (iv) for the | 7 | | purposes of the Employee
Ownership Assistance Act. For
the | 8 | | purpose of evidencing the obligations of the Authority to repay | 9 | | any money
borrowed, the Authority
may, pursuant to resolution, | 10 | | from time to time, issue and dispose of its interest-bearing | 11 | | revenue bonds,
notes, or other evidences of indebtedness and | 12 | | may also from time to time issue and dispose of such bonds,
| 13 | | notes, or other evidences of indebtedness to refund, at | 14 | | maturity, at a redemption date or in advance of
either, any | 15 | | bonds, notes, or other evidences of indebtedness pursuant to | 16 | | redemption provisions or at any
time before maturity. All such | 17 | | bonds, notes, or other evidences of indebtedness shall be | 18 | | payable solely and
only from the revenues or income to be | 19 | | derived from loans made with respect to projects, from the | 20 | | leasing
or sale of the projects, or from any other funds | 21 | | available to the Authority for such purposes. The bonds,
notes, | 22 | | or other evidences of indebtedness may bear such date or dates, | 23 | | may mature at such time or times not
exceeding 40 years from | 24 | | their respective dates, may bear interest at such rate or rates | 25 | | not exceeding the
maximum rate permitted by the Bond | 26 | | Authorization Act, may be in such form, may carry such |
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| 1 | | registration
privileges, may be executed in such manner, may be | 2 | | payable at such place or places, may be made subject
to | 3 | | redemption in such manner and upon such terms, with or without | 4 | | premium, as is stated on the face
thereof, may be authenticated | 5 | | in such manner and may contain such terms and
covenants as may | 6 | | be
provided by an applicable resolution.
| 7 | | (b) The holder or holders of any bonds, notes, or other | 8 | | evidences of
indebtedness issued by the
Authority may bring | 9 | | suits at law or proceedings in equity to compel the
performance | 10 | | and observance by
any corporation or person or by the Authority | 11 | | or any of its agents or employees
of any contract or covenant
| 12 | | made with the holders of the bonds, notes, or other evidences | 13 | | of indebtedness,
to compel such corporation,
person, the | 14 | | Authority, and any of its agents or employees to perform any | 15 | | duties
required to be performed
for the benefit of the holders | 16 | | of the bonds, notes, or other evidences of
indebtedness by the | 17 | | provision of the
resolution authorizing their issuance and to | 18 | | enjoin the corporation, person,
the Authority, and any of its
| 19 | | agents or employees from taking any action in conflict with any | 20 | | contract or
covenant.
| 21 | | (c) If the Authority fails to pay the principal of or | 22 | | interest on any of the
bonds or premium, if any, as the
bond | 23 | | becomes due, a civil action to compel payment may be instituted | 24 | | in the
appropriate circuit court by
the holder or holders of | 25 | | the bonds on which the default of payment exists or by
an | 26 | | indenture trustee acting
on behalf of the holders. Delivery of |
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| 1 | | a summons and a copy of the complaint to
the chairman of the | 2 | | Board
shall constitute sufficient service to give the circuit | 3 | | court jurisdiction over
the subject matter of the suit and
| 4 | | jurisdiction over the Authority and its officers named as | 5 | | defendants for the
purpose of compelling such
payment. Any | 6 | | case, controversy, or cause of action concerning the validity | 7 | | of
this Act relates to the
revenue of the State of Illinois.
| 8 | | (d) Notwithstanding the form and tenor of any bond, note, | 9 | | or other evidence
of indebtedness and in
the absence of any | 10 | | express recital on its face that it is non-negotiable, all
such | 11 | | bonds, notes, and other
evidences of indebtedness shall be | 12 | | negotiable instruments. Pending the
preparation and execution | 13 | | of any
bonds, notes, or other evidences of indebtedness, | 14 | | temporary bonds, notes, or
evidences of indebtedness may
be | 15 | | issued as provided by ordinance.
| 16 | | (e) To secure the payment of any or all of such bonds, | 17 | | notes, or other
evidences of indebtedness, the
revenues to be | 18 | | received by the Authority from a lease agreement or loan
| 19 | | agreement shall be pledged, and,
for the purpose of setting | 20 | | forth the covenants and undertakings of the
Authority in | 21 | | connection with the
issuance of the bonds, notes, or other | 22 | | evidences of indebtedness and the
issuance of any additional | 23 | | bonds,
notes or other evidences of indebtedness payable from | 24 | | such revenues, income, or other funds to be derived
from | 25 | | projects, the Authority may execute and deliver a mortgage or | 26 | | trust agreement. A remedy for any
breach or default of the |
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| 1 | | terms of any mortgage or trust agreement by the Authority may | 2 | | be by mandamus
proceeding in the appropriate circuit court to | 3 | | compel performance and compliance under the terms of the
| 4 | | mortgage or trust agreement, but the trust agreement may | 5 | | prescribe by whom or on whose behalf the action
may be | 6 | | instituted.
| 7 | | (f) Bonds or notes shall be secured as provided in the | 8 | | authorizing ordinance which may include,
notwithstanding any | 9 | | other provision of this Act, in addition to any other security, | 10 | | a specific pledge,
assignment of and lien on, or security | 11 | | interest in any or all revenues or money of the Authority, from
| 12 | | whatever source, which may, by law, be used for debt service | 13 | | purposes and a
specific pledge, or assignment
of and lien on, | 14 | | or security interest in any funds or accounts established or
| 15 | | provided for by ordinance of the
Authority authorizing the | 16 | | issuance of the bonds or notes.
| 17 | | (g) In the event that the Authority determines that moneys | 18 | | of the Authority
will not be sufficient for the
payment of the | 19 | | principal of and interest on its bonds during the next State
| 20 | | fiscal year, the chairman, as soon
as practicable, shall | 21 | | certify to the Governor the amount required by the
Authority to | 22 | | enable it to pay the
principal of and interest on the bonds. | 23 | | The Governor shall submit the certified
amount to the General
| 24 | | Assembly as soon as practicable, but no later than the end of | 25 | | the current State
fiscal year. This Section shall
not apply to | 26 | | any bonds or notes to which the Authority determines, in the
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| 1 | | resolution authorizing the
issuance of the bonds or notes, that | 2 | | this Section shall not apply. Whenever the
Authority makes this
| 3 | | determination, it shall be plainly stated on the face of the | 4 | | bonds or notes and
the determination shall also be
reported to | 5 | | the Governor.
In the event of a withdrawal of moneys from a | 6 | | reserve fund established with
respect to any issue or
issues of | 7 | | bonds of the Authority to pay principal or interest on those | 8 | | bonds,
the chairman of the Authority,
as soon as practicable, | 9 | | shall certify to the Governor the amount required to
restore | 10 | | the reserve fund to the
level required in the resolution or | 11 | | indenture securing those bonds. The
Governor shall submit the | 12 | | certified
amount to the General Assembly as soon as | 13 | | practicable, but no later than the
end of the current State | 14 | | fiscal
year. This subsection (g) shall not apply to any bond | 15 | | issued on or after the effective date of this amendatory Act of | 16 | | the 98th General Assembly.
| 17 | | (h) The State of Illinois pledges to and agrees with the | 18 | | holders of the
bonds and notes of the Authority
issued pursuant | 19 | | to this Section that the State will not limit or alter the | 20 | | rights and powers vested in the
Authority by this Act so as to | 21 | | impair the terms of any contract made by the Authority with the | 22 | | holders of
bonds or notes or in any way impair the rights and | 23 | | remedies of those holders until the bonds and notes,
together | 24 | | with interest thereon, with interest on any unpaid installments | 25 | | of interest, and all costs and
expenses in connection with any | 26 | | action or proceedings by or on behalf of the holders, are fully |
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| 1 | | met and
discharged. In addition, the State pledges to and | 2 | | agrees with the holders of the bonds and notes of the
Authority | 3 | | issued pursuant to this Section that the State will not limit | 4 | | or alter the basis on which State funds
are to be paid to the | 5 | | Authority as provided in this Act, or the use of such funds, so | 6 | | as to impair the terms of
any such contract. The Authority is | 7 | | authorized to include these pledges and agreements of the State | 8 | | in any
contract with the holders of bonds or notes issued | 9 | | pursuant to this Section.
| 10 | | (i) (Blank). Not less than 30 days prior to the commitment | 11 | | to issue bonds, notes, or
other evidences of
indebtedness for | 12 | | the purpose of developing, constructing, acquiring, or
| 13 | | improving housing or residential
projects, as defined in this | 14 | | Act, the Authority shall provide notice to the
Executive | 15 | | Director of the Illinois
Housing Development Authority. Within | 16 | | 30 days after the notice is provided, the
Illinois Housing
| 17 | | Development Authority shall, in writing, either express | 18 | | interest in financing
the project or notify the
Authority that | 19 | | it is not interested in providing financing and that the
| 20 | | Authority may finance the project or
seek alternative | 21 | | financing.
| 22 | | (Source: P.A. 93-874, eff. 8-6-04.) | 23 | | Section 40. The Will-Kankakee Regional Development | 24 | | Authority Law is amended by changing Sections 3 and 5 as | 25 | | follows:
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| 1 | | (70 ILCS 535/3) (from Ch. 85, par. 7453)
| 2 | | Sec. 3. Definitions. The following terms, whenever used or | 3 | | referred to
in this Act, shall have the following meanings, | 4 | | except in such instances
where the context may clearly indicate | 5 | | otherwise:
| 6 | | (a) "Authority" means the Will-Kankakee Regional | 7 | | Development Authority
created by this Act.
| 8 | | (b) "Governmental agency" means any federal, State or local | 9 | | governmental
body, and any agency or instrumentality thereof, | 10 | | corporate or otherwise.
| 11 | | (c) "Person" means any natural person, firm, partnership, | 12 | | corporation,
both domestic and foreign, company, association | 13 | | or joint stock association
and includes any trustee, receiver, | 14 | | assignee or personal representative
thereof.
| 15 | | (d) "Revenue bond" means any bond issued by the Authority | 16 | | the principal
and interest of which is payable solely from | 17 | | revenues or income
derived from any project or activity of the | 18 | | Authority.
| 19 | | (e) "Board" means the Will-Kankakee Regional Development | 20 | | Authority
Board of Directors.
| 21 | | (f) "Governor" means the Governor of the State of Illinois.
| 22 | | (g) "City" means any city, village, incorporated town or | 23 | | township
within the geographical territory of the Authority.
| 24 | | (h) "Industrial project" means (1) a capital project, | 25 | | including one or
more buildings and other structures, |
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| 1 | | improvements, machinery and equipment
whether or not on the | 2 | | same site or sites now existing or hereafter
acquired, suitable | 3 | | for use by any manufacturing, industrial, research,
| 4 | | transportation or commercial enterprise including but not | 5 | | limited to use
as a factory, mill, processing plant, assembly | 6 | | plant, packaging plant,
fabricating plant, office building, | 7 | | industrial distribution center,
warehouse, repair, overhaul or | 8 | | service facility, freight terminal, research
facility, test | 9 | | facility, railroad facility, solid waste and wastewater
| 10 | | treatment and disposal sites and other pollution control | 11 | | facilities,
resource or waste reduction, recovery, treatment | 12 | | and disposal facilities,
and including also the sites thereof | 13 | | and other rights in land therefor
whether improved or | 14 | | unimproved, site preparation and landscaping and all
| 15 | | appurtenances and facilities incidental thereto such as | 16 | | utilities, access
roads, railroad sidings, truck docking and | 17 | | similar facilities, parking
facilities, dockage, wharfage, | 18 | | railroad roadbed, track, trestle, depot,
terminal, switching | 19 | | and signaling equipment or related equipment and other
| 20 | | improvements necessary or convenient thereto; or (2) any land, | 21 | | buildings,
machinery or equipment comprising an addition to or | 22 | | renovation,
rehabilitation or improvement of any existing | 23 | | capital project.
| 24 | | (h-5) "Housing project" or "residential project" includes | 25 | | a specific work or improvement undertaken to provide dwelling | 26 | | accommodations, including the acquisition, construction or |
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| 1 | | rehabilitation of lands, buildings and community facilities | 2 | | and in connection therewith to provide nonhousing facilities | 3 | | which are an integral part of a planned large-scale project or | 4 | | new community. | 5 | | (i) "Commercial project" means any project, including but | 6 | | not limited to
one or more buildings and other structures, | 7 | | improvements, machinery and
equipment whether or not on the | 8 | | same site or sites now existing or
hereafter acquired, suitable | 9 | | for use by any retail or wholesale concern,
distributorship or | 10 | | agency, any cultural facilities of a for-profit or
| 11 | | not-for-profit type including but not limited to educational, | 12 | | theatrical,
recreational and entertainment, sports facilities, | 13 | | racetracks, stadiums,
convention centers, exhibition halls, | 14 | | arenas, opera houses and theaters,
waterfront improvements, | 15 | | swimming pools, boat storage, moorage, docking
facilities, | 16 | | restaurants, velodromes, coliseums, sports training | 17 | | facilities,
parking facilities, terminals, hotels and motels, | 18 | | gymnasiums, medical
facilities and port facilities.
| 19 | | (j) "Project" means an industrial, commercial or
service | 20 | | project or any combination thereof provided that all uses shall
| 21 | | fall within one of the categories described above. Any project, | 22 | | of any
nature whatsoever, shall automatically include all site | 23 | | improvements and
new construction involving sidewalks, sewers, | 24 | | solid waste and wastewater
treatment and disposal sites and | 25 | | other pollution control facilities,
resource or waste | 26 | | reduction, recovery, treatment and disposal facilities,
parks, |
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| 1 | | open spaces, wildlife sanctuaries, streets, highways and | 2 | | runways.
| 3 | | (k) "Lease agreement" shall mean an agreement whereby a | 4 | | project acquired
by the Authority by purchase, gift or lease is | 5 | | leased to any person or
corporation which will use or cause the | 6 | | project to be used as a project as
heretofore defined upon | 7 | | terms providing for lease rental payments at least
sufficient | 8 | | to pay when due all principal of and interest and premium, if | 9 | | any,
on any bonds, notes or other evidences of indebtedness of | 10 | | the Authority
issued with respect to such project, providing | 11 | | for the maintenance,
insurance and operation of the project on | 12 | | terms satisfactory to the
Authority and providing for | 13 | | disposition of the project upon termination of
the lease term, | 14 | | including purchase options or abandonment of the premises,
with | 15 | | such other terms as may be deemed desirable by the Authority.
| 16 | | (l) "Loan agreement" means any agreement pursuant to which | 17 | | the Authority
agrees to loan the proceeds of its bonds, notes | 18 | | or other evidences of
indebtedness issued with respect to a | 19 | | project to any person or corporation
which will use or cause | 20 | | the project to be used as a project as heretofore
defined upon | 21 | | terms providing for loan repayment installments at least
| 22 | | sufficient to pay when due all principal of and interest and | 23 | | premium, if any,
on any bonds, notes or other evidences of | 24 | | indebtedness of the Authority
issued with respect to the | 25 | | project, providing for maintenance,
insurance and operation of | 26 | | the project on terms satisfactory to the
Authority and |
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| 1 | | providing for other matters as may be deemed advisable by
the | 2 | | Authority.
| 3 | | (m) "Financial aid" means the expenditure of Authority | 4 | | funds or funds
provided by the Authority through the issuance | 5 | | of its revenue bonds, notes
or other evidences of indebtedness | 6 | | for the development, construction,
acquisition or improvement | 7 | | of a project.
| 8 | | (n) "Costs incurred in connection with the development, | 9 | | construction,
acquisition or improvement of a project" means | 10 | | the following: the cost of
purchase and construction of all | 11 | | lands and improvements in connection
therewith and equipment | 12 | | and other property, rights, easements and franchises
acquired | 13 | | which are deemed necessary for such construction; financing
| 14 | | charges; interest costs with respect to bonds, notes and other | 15 | | evidences of
indebtedness of the Authority prior to and during | 16 | | construction and for a
period of 6 months thereafter; | 17 | | engineering and legal expenses; the costs of
plans, | 18 | | specifications, surveys and estimates of costs and other | 19 | | expenses
necessary or incident to determining the feasibility | 20 | | or practicability of
any project, together with such other | 21 | | expenses as may be necessary or
incident to the financing, | 22 | | insuring, acquisition and construction of a
specific project | 23 | | and the placing of the same in operation.
| 24 | | (o) "Terminal" means a public place, station or depot for | 25 | | receiving and
delivering passengers, baggage, mail, freight or | 26 | | express matter and any
combination thereof in connection with |
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| 1 | | the transportation of
persons and property on water or land or | 2 | | in the air.
| 3 | | (p) "Terminal facilities" means all land, buildings, | 4 | | structures,
improvements, equipment and appliances useful in | 5 | | the operation of public
warehouse, storage and transportation | 6 | | facilities and industrial,
manufacturing or commercial | 7 | | activities for the accommodation of or in
connection with | 8 | | commerce by water or land or in the air or useful as an
aid, or | 9 | | constituting an advantage or convenience to, the safe landing,
| 10 | | taking off and navigation of aircraft or the safe and efficient | 11 | | operation
or maintenance of a public airport.
| 12 | | (q) "Port facilities" means all public structures, except | 13 | | terminal
facilities as defined herein, that are in, over, under | 14 | | or adjacent to
navigable waters and are necessary for or | 15 | | incident to the furtherance of
water commerce and includes the | 16 | | widening and deepening of slips, harbors
and navigable waters.
| 17 | | (r) "Airport" means any locality, either land or water, | 18 | | which is used or
designed for the landing and taking off of | 19 | | aircraft or for the location of
runways, landing fields, | 20 | | aerodromes, hangars, buildings, structures,
airport roadways | 21 | | and other facilities.
| 22 | | (Source: P.A. 86-1481.)
| 23 | | (70 ILCS 535/5) (from Ch. 85, par. 7455)
| 24 | | Sec. 5. Duty. All official acts of the Authority shall | 25 | | require the
approval of at least 6 members. It shall be the |
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| 1 | | duty of the Authority to
promote development within the | 2 | | geographic confines of Will and Kankakee
counties. The | 3 | | Authority shall use the powers herein conferred upon it to
| 4 | | assist in the development, construction and acquisition of | 5 | | industrial , housing, residential, or
commercial projects | 6 | | within those counties.
| 7 | | (Source: P.A. 86-1481.)
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