Full Text of SB0498 98th General Assembly
SB0498sam001 98TH GENERAL ASSEMBLY | Sen. David Koehler Filed: 3/13/2014
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| 1 | | AMENDMENT TO SENATE BILL 498
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 498 by replacing | 3 | | everything after the enacting clause with the following:
| 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, |
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| 1 | | assignee or personal
representative thereof.
| 2 | | "Revenue bond" means any bond issued by the Authority, the | 3 | | principal and
interest of which is payable
solely from revenues | 4 | | or income derived from any project or activity of the
| 5 | | Authority.
| 6 | | "Board" means the Board of Directors of the Central | 7 | | Illinois Economic
Development Authority.
| 8 | | "Governor" means the Governor of the State of Illinois.
| 9 | | "City" means any city, village, incorporated town, or | 10 | | township within the
geographical territory of the
Authority.
| 11 | | "Industrial project" means the following:
| 12 | | (1) a capital project, including one or more buildings | 13 | | and other
structures, improvements,
machinery and | 14 | | equipment whether or not on the same site or sites now | 15 | | existing
or hereafter acquired,
suitable for use by any | 16 | | manufacturing, industrial, research, transportation or
| 17 | | commercial enterprise
including but not limited to use as a | 18 | | factory, mill, processing plant, assembly
plant, packaging | 19 | | plant,
fabricating plant, ethanol plant, office building, | 20 | | industrial distribution
center, warehouse,
repair, | 21 | | overhaul or service
facility, freight terminal, research | 22 | | facility, test facility, railroad
facility, port facility, | 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, | 26 | | and including also the sites thereof and
other rights in |
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| 1 | | land therefore
whether improved or unimproved, site | 2 | | preparation and landscaping and all
appurtenances and | 3 | | facilities
incidental thereto such as utilities, access | 4 | | roads, railroad sidings, truck
docking and similar | 5 | | facilities,
parking facilities, dockage, wharfage, | 6 | | railroad roadbed, track, trestle, depot,
terminal, | 7 | | switching and
signaling equipment or related equipment and | 8 | | other improvements necessary or
convenient thereto; or
| 9 | | (2) any land, buildings, machinery or equipment | 10 | | comprising an addition to or
renovation,
rehabilitation or | 11 | | improvement of any existing capital project.
| 12 | | "Housing project" or "residential project" includes a | 13 | | specific work or improvement undertaken to provide dwelling | 14 | | accommodations, including the acquisition, construction or | 15 | | rehabilitation of lands, buildings and community facilities | 16 | | and in connection therewith to provide nonhousing facilities | 17 | | which are an integral part of a planned large-scale project or | 18 | | new community. | 19 | | "Commercial project" means any project, including, but not | 20 | | limited to, one or
more buildings and other
structures, | 21 | | improvements, machinery, and equipment, whether or not on the | 22 | | same
site or sites now existing
or hereafter acquired, suitable | 23 | | for use by any retail or wholesale concern,
distributorship, or | 24 | | agency.
| 25 | | "Project" means an industrial, housing, residential, | 26 | | commercial, or service
project, or any combination
thereof, |
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| 1 | | provided that all uses fall within one of the categories | 2 | | described
above. Any project automatically
includes all site | 3 | | improvements and new construction involving sidewalks,
sewers, | 4 | | solid waste and
wastewater treatment and disposal sites and | 5 | | other pollution control facilities,
resource or waste | 6 | | reduction,
recovery, treatment and disposal facilities, parks, | 7 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 8 | | runways.
| 9 | | "Lease agreement" means an agreement in which a project | 10 | | acquired by the
Authority by purchase, gift,
or lease is leased | 11 | | to any person or corporation that will use, or cause the
| 12 | | project to be used, as a project,
upon terms providing for | 13 | | lease rental payments at least sufficient to pay, when due, all | 14 | | principal of and
interest and premium, if any, on any bonds, | 15 | | notes, or other evidences of indebtedness of the Authority,
| 16 | | issued with respect to the project, providing for the | 17 | | maintenance, insurance, and operation of the project on
terms | 18 | | satisfactory to the Authority and providing for disposition of | 19 | | the project upon termination of the lease
term, including | 20 | | purchase options or abandonment of the premises, with other | 21 | | terms as may be deemed
desirable by the Authority.
| 22 | | "Loan agreement" means any agreement in which the Authority | 23 | | agrees to loan
the proceeds of its bonds,
notes, or other | 24 | | evidences of indebtedness, issued with respect to a project, to
| 25 | | any person or corporation
which will use or cause the project | 26 | | to be used as a project, upon terms
providing for loan |
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| 1 | | repayment
installments at least sufficient to pay, when due, | 2 | | all principal of and
interest and premium, if any, on any
| 3 | | bonds, notes, or other evidences of indebtedness of the | 4 | | Authority issued with
respect to the project,
providing for | 5 | | maintenance, insurance, and operation of the project on terms
| 6 | | satisfactory to the Authority
and providing for other terms | 7 | | deemed advisable by the Authority.
| 8 | | "Financial aid" means the expenditure of Authority funds or | 9 | | funds provided by
the Authority for the
development, | 10 | | construction, acquisition or improvement of a project, through | 11 | | the
issuance of revenue bonds,
notes, or other evidences of | 12 | | indebtedness.
| 13 | | "Costs incurred in connection with
the development, | 14 | | construction, acquisition or improvement of a
project" means | 15 | | the following:
| 16 | | (1) the cost of purchase and construction of all lands | 17 | | and improvements in
connection therewith and
equipment and | 18 | | other property, rights, easements, and franchises acquired | 19 | | which
are deemed necessary for
the construction;
| 20 | | (2) financing charges;
| 21 | | (3) interest costs with respect to bonds, notes, and | 22 | | other evidences of
indebtedness of the Authority
prior to | 23 | | and during construction and for a period of 6 months | 24 | | thereafter;
| 25 | | (4) engineering and legal expenses; and
| 26 | | (5) the costs of plans, specifications, surveys, and |
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| 1 | | estimates of costs and
other expenses necessary or
incident | 2 | | to determining the feasibility or practicability of any | 3 | | project,
together with such other expenses as
may be | 4 | | necessary or incident to the financing, insuring, | 5 | | acquisition, and
construction of a specific project
and the | 6 | | placing of the same in operation.
| 7 | | (Source: P.A. 94-995, eff. 7-3-06.) | 8 | | (70 ILCS 504/35)
| 9 | | Sec. 35. Bonds.
| 10 | | (a) The Authority, with the written approval of the | 11 | | Governor, shall have the
continuing power to issue
bonds, | 12 | | notes, or other evidences of indebtedness in an aggregate | 13 | | amount outstanding not to
exceed $250,000,000 for the
following | 14 | | purposes: (i) development, construction, acquisition, or | 15 | | improvement
of projects, including those
established by | 16 | | business entities locating or expanding property within the
| 17 | | territorial jurisdiction of the
Authority; (ii) entering into | 18 | | venture capital agreements with businesses
locating or | 19 | | expanding within the
territorial jurisdiction of the | 20 | | Authority; and (iii) acquisition and improvement of
any | 21 | | property necessary and
useful in connection therewith. For
the | 22 | | purpose of evidencing the obligations of the Authority to repay | 23 | | any money
borrowed, the Authority
may, pursuant to resolution, | 24 | | from time to time, issue and dispose of its interest-bearing | 25 | | revenue bonds,
notes, or other evidences of indebtedness and |
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| 1 | | may also from time to time issue and dispose of such bonds,
| 2 | | notes, or other evidences of indebtedness to refund, at | 3 | | maturity, at a redemption date or in advance of
either, any | 4 | | bonds, notes, or other evidences of indebtedness pursuant to | 5 | | redemption provisions or at any
time before maturity. All such | 6 | | bonds, notes, or other evidences of indebtedness shall be | 7 | | payable solely and
only from the revenues or income to be | 8 | | derived from loans made with respect to projects, from the | 9 | | leasing
or sale of the projects, or from any other funds | 10 | | available to the Authority for such purposes. The bonds,
notes, | 11 | | or other evidences of indebtedness may bear such date or dates, | 12 | | may mature at such time or times not
exceeding 40 years from | 13 | | their respective dates, may bear interest at such rate or rates | 14 | | not exceeding the
maximum rate permitted by the Bond | 15 | | Authorization Act, may be in such form, may carry such | 16 | | registration
privileges, may be executed in such manner, may be | 17 | | payable at such place or places, may be made subject
to | 18 | | redemption in such manner and upon such terms, with or without | 19 | | premium, as is stated on the face
thereof, may be authenticated | 20 | | in such manner and may contain such terms and
covenants as may | 21 | | be
provided by an applicable resolution.
| 22 | | (b) The holder or holders of any bonds, notes, or other | 23 | | evidences of
indebtedness issued by the
Authority may bring | 24 | | suits at law or proceedings in equity to compel the
performance | 25 | | and observance by
any corporation or person or by the Authority | 26 | | or any of its agents or employees
of any contract or covenant
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| 1 | | made with the holders of the bonds, notes, or other evidences | 2 | | of indebtedness,
to compel such corporation,
person, the | 3 | | Authority, and any of its agents or employees to perform any | 4 | | duties
required to be performed
for the benefit of the holders | 5 | | of the bonds, notes, or other evidences of
indebtedness by the | 6 | | provision of the
resolution authorizing their issuance and to | 7 | | enjoin the corporation, person,
the Authority, and any of its
| 8 | | agents or employees from taking any action in conflict with any | 9 | | contract or
covenant.
| 10 | | (c) If the Authority fails to pay the principal of or | 11 | | interest on any of the
bonds or premium, if any, as the
bond | 12 | | becomes due, a civil action to compel payment may be instituted | 13 | | in the
appropriate circuit court by
the holder or holders of | 14 | | the bonds on which the default of payment exists or by
an | 15 | | indenture trustee acting
on behalf of the holders. Delivery of | 16 | | a summons and a copy of the complaint to
the chairman of the | 17 | | Board
shall constitute sufficient service to give the circuit | 18 | | court jurisdiction over
the subject matter of the suit and
| 19 | | jurisdiction over the Authority and its officers named as | 20 | | defendants for the
purpose of compelling such
payment. Any | 21 | | case, controversy, or cause of action concerning the validity | 22 | | of
this Act relates to the
revenue of the State of Illinois.
| 23 | | (d) Notwithstanding the form and tenor of any bond, note, | 24 | | or other evidence
of indebtedness and in
the absence of any | 25 | | express recital on its face that it is non-negotiable, all
such | 26 | | bonds, notes, and other
evidences of indebtedness shall be |
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| 1 | | negotiable instruments. Pending the
preparation and execution | 2 | | of any
bonds, notes, or other evidences of indebtedness, | 3 | | temporary bonds, notes, or
evidences of indebtedness may
be | 4 | | issued as provided by ordinance.
| 5 | | (e) To secure the payment of any or all of such bonds, | 6 | | notes, or other
evidences of indebtedness, the
revenues to be | 7 | | received by the Authority from a lease agreement or loan
| 8 | | agreement shall be pledged, and,
for the purpose of setting | 9 | | forth the covenants and undertakings of the
Authority in | 10 | | connection with the
issuance of the bonds, notes, or other | 11 | | evidences of indebtedness and the
issuance of any additional | 12 | | bonds,
notes or other evidences of indebtedness payable from | 13 | | such revenues, income, or other funds to be derived
from | 14 | | projects, the Authority may execute and deliver a mortgage or | 15 | | trust agreement. A remedy for any
breach or default of the | 16 | | terms of any mortgage or trust agreement by the Authority may | 17 | | be by mandamus
proceeding in the appropriate circuit court to | 18 | | compel performance and compliance under the terms of the
| 19 | | mortgage or trust agreement, but the trust agreement may | 20 | | prescribe by whom or on whose behalf the action
may be | 21 | | instituted.
| 22 | | (f) Bonds or notes shall be secured as provided in the | 23 | | authorizing ordinance which may include,
notwithstanding any | 24 | | other provision of this Act, in addition to any other security, | 25 | | a specific pledge,
assignment of and lien on, or security | 26 | | interest in any or all revenues or money of the Authority, from
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| 1 | | whatever source, which may, by law, be used for debt service | 2 | | purposes and a
specific pledge, or assignment
of and lien on, | 3 | | or security interest in any funds or accounts established or
| 4 | | provided for by ordinance of the
Authority authorizing the | 5 | | issuance of the bonds or notes.
| 6 | | (g) The State of Illinois pledges to and agrees with the | 7 | | holders of the
bonds and notes of the Authority
issued pursuant | 8 | | to this Section that the State will not limit or alter the | 9 | | rights and powers vested in the
Authority by this Act so as to | 10 | | impair the terms of any contract made by the Authority with the | 11 | | holders of
bonds or notes or in any way impair the rights and | 12 | | remedies of those holders until the bonds and notes,
together | 13 | | with interest thereon, with interest on any unpaid installments | 14 | | of interest, and all costs and
expenses in connection with any | 15 | | action or proceedings by or on behalf of the holders, are fully | 16 | | met and
discharged. In addition, the State pledges to and | 17 | | agrees with the holders of the bonds and notes of the
Authority | 18 | | issued pursuant to this Section that the State will not limit | 19 | | or alter the basis on which State funds
are to be paid to the | 20 | | Authority as provided in this Act, or the use of such funds, so | 21 | | as to impair the terms of
any such contract. The Authority is | 22 | | authorized to include these pledges and agreements of the State | 23 | | in any
contract with the holders of bonds or notes issued | 24 | | pursuant to this Section.
| 25 | | (h) (Blank). Not less than 30 days prior to the commitment | 26 | | to issue bonds, notes, or
other evidences of
indebtedness for |
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| 1 | | the purpose of developing, constructing, acquiring, or
| 2 | | improving housing or residential
projects, as defined in this | 3 | | Act, the Authority shall provide notice to the
Executive | 4 | | Director of the Illinois
Housing Development Authority. Within | 5 | | 30 days after the notice is provided, the
Illinois Housing
| 6 | | Development Authority shall, in writing, either express | 7 | | interest in financing
the project or notify the
Authority that | 8 | | it is not interested in providing financing and that the
| 9 | | Authority may finance the project or
seek alternative | 10 | | financing.
| 11 | | (Source: P.A. 94-995, eff. 7-3-06.)
| 12 | | Section 10. The Eastern Illinois
Economic Development | 13 | | Authority
Act is amended by changing Sections 1, 5, 10, 15, 20, | 14 | | 25, 30, 35, 40, 45, 55, 60, 65, 70, and 999 as follows: | 15 | | (70 ILCS 506/10)
| 16 | | Sec. 10. Definitions. In this Act:
| 17 | | "Authority" means the Eastern Illinois Economic | 18 | | Development Authority.
| 19 | | "Governmental agency" means any federal, State, or local | 20 | | governmental body
and any agency or
instrumentality thereof, | 21 | | corporate or otherwise.
| 22 | | "Person" means any natural person, firm, partnership, | 23 | | corporation, both
domestic and foreign,
company, association | 24 | | or joint stock association and includes any trustee,
receiver, |
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| 1 | | assignee or personal
representative thereof.
| 2 | | "Revenue bond" means any bond issued by the Authority, the | 3 | | principal and
interest of which is payable
solely from revenues | 4 | | or income derived from any project or activity of the
| 5 | | Authority.
| 6 | | "Board" means the Board of Directors of the Eastern | 7 | | Illinois Economic
Development Authority.
| 8 | | "Governor" means the Governor of the State of Illinois.
| 9 | | "City" means any city, village, incorporated town, or | 10 | | township within the
geographical territory of the
Authority.
| 11 | | "Industrial project" means the following:
| 12 | | (1) a capital project, including one or more buildings | 13 | | and other
structures, improvements,
machinery and | 14 | | equipment whether or not on the same site or sites now | 15 | | existing
or hereafter acquired,
suitable for use by any | 16 | | manufacturing, industrial, research, transportation or
| 17 | | commercial enterprise
including but not limited to use as a | 18 | | factory, mill, processing plant, assembly
plant, packaging | 19 | | plant,
fabricating plant, ethanol plant, office building, | 20 | | industrial distribution
center, warehouse,
repair, | 21 | | overhaul or service
facility, freight terminal, research | 22 | | facility, test facility, railroad
facility, port facility, | 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, | 26 | | and including also the sites thereof and
other rights in |
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| 1 | | land therefore
whether improved or unimproved, site | 2 | | preparation and landscaping and all
appurtenances and | 3 | | facilities
incidental thereto such as utilities, access | 4 | | roads, railroad sidings, truck
docking and similar | 5 | | facilities,
parking facilities, dockage, wharfage, | 6 | | railroad roadbed, track, trestle, depot,
terminal, | 7 | | switching and
signaling equipment or related equipment and | 8 | | other improvements necessary or
convenient thereto; or
| 9 | | (2) any land, buildings, machinery or equipment | 10 | | comprising an addition to or
renovation,
rehabilitation or | 11 | | improvement of any existing capital project.
| 12 | | "Housing project" or "residential project" includes a | 13 | | specific work or improvement undertaken to provide dwelling | 14 | | accommodations, including the acquisition, construction, or | 15 | | rehabilitation of lands, buildings, and community facilities, | 16 | | and to provide non-housing facilities which are an integral | 17 | | part of a planned large-scale project or new community. | 18 | | "Commercial project" means any project, including, but not | 19 | | limited to, one or
more buildings and other
structures, | 20 | | improvements, machinery, and equipment, whether or not on the | 21 | | same
site or sites now existing
or hereafter acquired, suitable | 22 | | for use by any retail or wholesale concern,
distributorship, or | 23 | | agency.
| 24 | | "Project" means an industrial, housing, residential, | 25 | | commercial, or service
project, or any combination
thereof, | 26 | | provided that all uses fall within one of the categories |
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| 1 | | described
above. Any project automatically
includes all site | 2 | | improvements and new construction involving sidewalks,
sewers, | 3 | | solid waste and
wastewater treatment and disposal sites and | 4 | | other pollution control facilities,
resource or waste | 5 | | reduction,
recovery, treatment and disposal facilities, parks, | 6 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 7 | | runways.
| 8 | | "Lease agreement" means an agreement in which a project | 9 | | acquired by the
Authority by purchase, gift,
or lease is leased | 10 | | to any person or corporation that will use, or cause the
| 11 | | project to be used, as a project,
upon terms providing for | 12 | | lease rental payments at least sufficient to pay, when due, all | 13 | | principal of and
interest and premium, if any, on any bonds, | 14 | | notes, or other evidences of indebtedness of the Authority,
| 15 | | issued with respect to the project, providing for the | 16 | | maintenance, insurance, and operation of the project on
terms | 17 | | satisfactory to the Authority and providing for disposition of | 18 | | the project upon termination of the lease
term, including | 19 | | purchase options or abandonment of the premises, with other | 20 | | terms as may be deemed
desirable by the Authority.
| 21 | | "Loan agreement" means any agreement in which the Authority | 22 | | agrees to loan
the proceeds of its bonds,
notes, or other | 23 | | evidences of indebtedness, issued with respect to a project, to
| 24 | | any person or corporation
which will use or cause the project | 25 | | to be used as a project, upon terms
providing for loan | 26 | | repayment
installments at least sufficient to pay, when due, |
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| 1 | | all principal of and
interest and premium, if any, on any
| 2 | | bonds, notes, or other evidences of indebtedness of the | 3 | | Authority issued with
respect to the project,
providing for | 4 | | maintenance, insurance, and operation of the project on terms
| 5 | | satisfactory to the Authority
and providing for other terms | 6 | | deemed advisable by the Authority.
| 7 | | "Financial aid" means the expenditure of Authority funds or | 8 | | funds provided by
the Authority for the
development, | 9 | | construction, acquisition or improvement of a project, through | 10 | | the
issuance of revenue bonds,
notes, or other evidences of | 11 | | indebtedness.
| 12 | | "Costs incurred in connection with
the development, | 13 | | construction, acquisition or improvement of a
project" means | 14 | | the following:
| 15 | | (1) the cost of purchase and construction of all lands | 16 | | and improvements in
connection therewith and
equipment and | 17 | | other property, rights, easements, and franchises acquired | 18 | | which
are deemed necessary for
the construction;
| 19 | | (2) financing charges;
| 20 | | (3) interest costs with respect to bonds, notes, and | 21 | | other evidences of
indebtedness of the Authority
prior to | 22 | | and during construction and for a period of 6 months | 23 | | thereafter;
| 24 | | (4) engineering and legal expenses; and
| 25 | | (5) the costs of plans, specifications, surveys, and | 26 | | estimates of costs and
other expenses necessary or
incident |
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| 1 | | to determining the feasibility or practicability of any | 2 | | project,
together with such other expenses as
may be | 3 | | necessary or incident to the financing, insuring, | 4 | | acquisition, and
construction of a specific project
and the | 5 | | placing of the same in operation.
| 6 | | (Source: P.A. 94-203, eff. 7-13-05.) | 7 | | (70 ILCS 506/35)
| 8 | | Sec. 35. Bonds.
| 9 | | (a) The Authority, with the written approval of the | 10 | | Governor, shall have the
continuing power to issue
bonds, | 11 | | notes, or other evidences of indebtedness in an aggregate | 12 | | amount outstanding not to
exceed $250,000,000 for the
following | 13 | | purposes: (i) development, construction, acquisition, or | 14 | | improvement
of projects, including those
established by | 15 | | business entities locating or expanding property within the
| 16 | | territorial jurisdiction of the
Authority; (ii) entering into | 17 | | venture capital agreements with businesses
locating or | 18 | | expanding within the
territorial jurisdiction of the | 19 | | Authority; (iii) acquisition and improvement of
any property | 20 | | necessary and
useful in connection therewith; and (iv) for the | 21 | | purposes of the Employee
Ownership Assistance Act. For
the | 22 | | purpose of evidencing the obligations of the Authority to repay | 23 | | any money
borrowed, the Authority
may, pursuant to resolution, | 24 | | from time to time, issue and dispose of its interest-bearing | 25 | | revenue bonds,
notes, or other evidences of indebtedness and |
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| 1 | | may also from time to time issue and dispose of such bonds,
| 2 | | notes, or other evidences of indebtedness to refund, at | 3 | | maturity, at a redemption date or in advance of
either, any | 4 | | bonds, notes, or other evidences of indebtedness pursuant to | 5 | | redemption provisions or at any
time before maturity. All such | 6 | | bonds, notes, or other evidences of indebtedness shall be | 7 | | payable solely and
only from the revenues or income to be | 8 | | derived from loans made with respect to projects, from the | 9 | | leasing
or sale of the projects, or from any other funds | 10 | | available to the Authority for such purposes. The bonds,
notes, | 11 | | or other evidences of indebtedness may bear such date or dates, | 12 | | may mature at such time or times not
exceeding 40 years from | 13 | | their respective dates, may bear interest at such rate or rates | 14 | | not exceeding the
maximum rate permitted by the Bond | 15 | | Authorization Act, may be in such form, may carry such | 16 | | registration
privileges, may be executed in such manner, may be | 17 | | payable at such place or places, may be made subject
to | 18 | | redemption in such manner and upon such terms, with or without | 19 | | premium, as is stated on the face
thereof, may be authenticated | 20 | | in such manner and may contain such terms and
covenants as may | 21 | | be
provided by an applicable resolution.
| 22 | | (b) The holder or holders of any bonds, notes, or other | 23 | | evidences of
indebtedness issued by the
Authority may bring | 24 | | suits at law or proceedings in equity to compel the
performance | 25 | | and observance by
any corporation or person or by the Authority | 26 | | or any of its agents or employees
of any contract or covenant
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| 1 | | made with the holders of the bonds, notes, or other evidences | 2 | | of indebtedness,
to compel such corporation,
person, the | 3 | | Authority, and any of its agents or employees to perform any | 4 | | duties
required to be performed
for the benefit of the holders | 5 | | of the bonds, notes, or other evidences of
indebtedness by the | 6 | | provision of the
resolution authorizing their issuance and to | 7 | | enjoin the corporation, person,
the Authority, and any of its
| 8 | | agents or employees from taking any action in conflict with any | 9 | | contract or
covenant.
| 10 | | (c) If the Authority fails to pay the principal of or | 11 | | interest on any of the
bonds or premium, if any, as the
bond | 12 | | becomes due, a civil action to compel payment may be instituted | 13 | | in the
appropriate circuit court by
the holder or holders of | 14 | | the bonds on which the default of payment exists or by
an | 15 | | indenture trustee acting
on behalf of the holders. Delivery of | 16 | | a summons and a copy of the complaint to
the chairman of the | 17 | | Board
shall constitute sufficient service to give the circuit | 18 | | court jurisdiction over
the subject matter of the suit and
| 19 | | jurisdiction over the Authority and its officers named as | 20 | | defendants for the
purpose of compelling such
payment. Any | 21 | | case, controversy, or cause of action concerning the validity | 22 | | of
this Act relates to the
revenue of the State of Illinois.
| 23 | | (d) Notwithstanding the form and tenor of any bond, note, | 24 | | or other evidence
of indebtedness and in
the absence of any | 25 | | express recital on its face that it is non-negotiable, all
such | 26 | | bonds, notes, and other
evidences of indebtedness shall be |
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| 1 | | negotiable instruments. Pending the
preparation and execution | 2 | | of any
bonds, notes, or other evidences of indebtedness, | 3 | | temporary bonds, notes, or
evidences of indebtedness may
be | 4 | | issued as provided by ordinance.
| 5 | | (e) To secure the payment of any or all of such bonds, | 6 | | notes, or other
evidences of indebtedness, the
revenues to be | 7 | | received by the Authority from a lease agreement or loan
| 8 | | agreement shall be pledged, and,
for the purpose of setting | 9 | | forth the covenants and undertakings of the
Authority in | 10 | | connection with the
issuance of the bonds, notes, or other | 11 | | evidences of indebtedness and the
issuance of any additional | 12 | | bonds,
notes or other evidences of indebtedness payable from | 13 | | such revenues, income, or other funds to be derived
from | 14 | | projects, the Authority may execute and deliver a mortgage or | 15 | | trust agreement. A remedy for any
breach or default of the | 16 | | terms of any mortgage or trust agreement by the Authority may | 17 | | be by mandamus
proceeding in the appropriate circuit court to | 18 | | compel performance and compliance under the terms of the
| 19 | | mortgage or trust agreement, but the trust agreement may | 20 | | prescribe by whom or on whose behalf the action
may be | 21 | | instituted.
| 22 | | (f) Bonds or notes shall be secured as provided in the | 23 | | authorizing ordinance which may include,
notwithstanding any | 24 | | other provision of this Act, in addition to any other security, | 25 | | a specific pledge,
assignment of and lien on, or security | 26 | | interest in any or all revenues or money of the Authority, from
|
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| 1 | | whatever source, which may, by law, be used for debt service | 2 | | purposes and a
specific pledge, or assignment
of and lien on, | 3 | | or security interest in any funds or accounts established or
| 4 | | provided for by ordinance of the
Authority authorizing the | 5 | | issuance of the bonds or notes.
| 6 | | (g) The State of Illinois pledges to and agrees with the | 7 | | holders of the
bonds and notes of the Authority
issued pursuant | 8 | | to this Section that the State will not limit or alter the | 9 | | rights and powers vested in the
Authority by this Act so as to | 10 | | impair the terms of any contract made by the Authority with the | 11 | | holders of
bonds or notes or in any way impair the rights and | 12 | | remedies of those holders until the bonds and notes,
together | 13 | | with interest thereon, with interest on any unpaid installments | 14 | | of interest, and all costs and
expenses in connection with any | 15 | | action or proceedings by or on behalf of the holders, are fully | 16 | | met and
discharged. In addition, the State pledges to and | 17 | | agrees with the holders of the bonds and notes of the
Authority | 18 | | issued pursuant to this Section that the State will not limit | 19 | | or alter the basis on which State funds
are to be paid to the | 20 | | Authority as provided in this Act, or the use of such funds, so | 21 | | as to impair the terms of
any such contract. The Authority is | 22 | | authorized to include these pledges and agreements of the State | 23 | | in any
contract with the holders of bonds or notes issued | 24 | | pursuant to this Section.
| 25 | | (h) (Blank). Not less than 30 days prior to the commitment | 26 | | to issue bonds, notes, or
other evidences of
indebtedness for |
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| 1 | | the purpose of developing, constructing, acquiring, or
| 2 | | improving housing or residential
projects, as defined in this | 3 | | Act, the Authority shall provide notice to the
Executive | 4 | | Director of the Illinois
Housing Development Authority. Within | 5 | | 30 days after the notice is provided, the
Illinois Housing
| 6 | | Development Authority shall, in writing, either express | 7 | | interest in financing
the project or notify the
Authority that | 8 | | it is not interested in providing financing and that the
| 9 | | Authority may finance the project or
seek alternative | 10 | | financing.
| 11 | | (Source: P.A. 94-203, eff. 7-13-05.) | 12 | | Section 15. The Southeastern Illinois
Economic Development | 13 | | Authority
Act is amended by changing Sections 15, 35, and 70 as | 14 | | follows: | 15 | | (70 ILCS 518/15)
| 16 | | Sec. 15. Definitions. In this Act:
| 17 | | "Authority" means the Southeastern Illinois Economic | 18 | | Development Authority.
| 19 | | "Governmental agency" means any federal, State, or local | 20 | | governmental body
and any agency or
instrumentality thereof, | 21 | | corporate or otherwise.
| 22 | | "Person" means any natural person, firm, partnership, | 23 | | corporation, both
domestic and foreign,
company, association | 24 | | or joint stock association and includes any trustee,
receiver, |
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| 1 | | assignee or personal
representative thereof.
| 2 | | "Revenue bond" means any bond issued by the Authority, the | 3 | | principal and
interest of which is payable
solely from revenues | 4 | | or income derived from any project or activity of the
| 5 | | Authority.
| 6 | | "Board" means the Board of Directors of the Southeastern | 7 | | Illinois Economic
Development Authority.
| 8 | | "Governor" means the Governor of the State of Illinois.
| 9 | | "City" means any city, village, incorporated town, or | 10 | | township within the
geographical territory of the
Authority.
| 11 | | "Industrial project" means the following:
| 12 | | (1) a capital project, including one or more buildings | 13 | | and other
structures, improvements,
machinery and | 14 | | equipment whether or not on the same site or sites now | 15 | | existing
or hereafter acquired,
suitable for use by any | 16 | | manufacturing, industrial, research, transportation or
| 17 | | commercial enterprise
including but not limited to use as a | 18 | | factory, mill, processing plant, assembly
plant, packaging | 19 | | plant,
fabricating plant, ethanol plant, office building, | 20 | | industrial distribution
center, warehouse,
repair, | 21 | | overhaul or service
facility, freight terminal, research | 22 | | facility, test facility, power generation facility, mining | 23 | | operation, railroad
facility, solid waste and wastewater
| 24 | | treatment and disposal sites and other pollution control | 25 | | facilities, resource
or waste reduction, recovery,
| 26 | | treatment and disposal facilities, tourism-related |
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| 1 | | facilities, including hotels, theaters, water parks, and | 2 | | amusement parks, and including also the sites thereof and
| 3 | | other rights in land therefore
whether improved or | 4 | | unimproved, site preparation and landscaping and all
| 5 | | appurtenances and facilities
incidental thereto such as | 6 | | utilities, access roads, railroad sidings, truck
docking | 7 | | and similar facilities,
parking facilities, dockage, | 8 | | wharfage, railroad roadbed, track, trestle, depot,
| 9 | | terminal, switching and
signaling equipment or related | 10 | | equipment and other improvements necessary or
convenient | 11 | | thereto; or
| 12 | | (2) any land, buildings, machinery or equipment | 13 | | comprising an addition to or
renovation,
rehabilitation or | 14 | | improvement of any existing capital project.
| 15 | | "Housing project" or "residential project" includes a | 16 | | specific work or improvement undertaken to provide dwelling | 17 | | accommodations, including the acquisition, construction or | 18 | | rehabilitation of lands, buildings and community facilities | 19 | | and in connection therewith to provide nonhousing facilities | 20 | | which are an integral part of a planned large-scale project or | 21 | | new community. | 22 | | "Commercial project" means any project, including, but not | 23 | | limited to, one or
more buildings and other
structures, | 24 | | improvements, machinery, and equipment, whether or not on the | 25 | | same
site or sites now existing
or hereafter acquired, suitable | 26 | | for use by any retail or wholesale concern,
distributorship, or |
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| 1 | | agency, or health facility or retirement facility.
| 2 | | "Project" means an industrial, housing, residential, | 3 | | commercial, or service
project, or any combination
thereof, | 4 | | provided that all uses fall within one of the categories | 5 | | described
above. Any project automatically
includes all site | 6 | | improvements and new construction involving sidewalks,
sewers, | 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, parks, | 10 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 11 | | runways.
| 12 | | "Lease agreement" means an agreement in which a project | 13 | | acquired by the
Authority by purchase, gift,
or lease is leased | 14 | | to any person or corporation that will use, or cause the
| 15 | | project to be used, as a project,
upon terms providing for | 16 | | lease rental payments at least sufficient to pay, when due, all | 17 | | principal of and
interest and premium, if any, on any bonds, | 18 | | notes, or other evidences of indebtedness of the Authority,
| 19 | | issued with respect to the project, providing for the | 20 | | maintenance, insurance, and operation of the project on
terms | 21 | | satisfactory to the Authority and providing for disposition of | 22 | | the project upon termination of the lease
term, including | 23 | | purchase options or abandonment of the premises, with other | 24 | | terms as may be deemed
desirable by the Authority.
| 25 | | "Loan agreement" means any agreement in which the Authority | 26 | | agrees to loan
the proceeds of its bonds,
notes, or other |
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| 1 | | evidences of indebtedness, issued with respect to a project, to
| 2 | | any person or corporation
which will use or cause the project | 3 | | to be used as a project, upon terms
providing for loan | 4 | | repayment
installments at least sufficient to pay, when due, | 5 | | all principal of and
interest and premium, if any, on any
| 6 | | bonds, notes, or other evidences of indebtedness of the | 7 | | Authority issued with
respect to the project,
providing for | 8 | | maintenance, insurance, and operation of the project on terms
| 9 | | satisfactory to the Authority
and providing for other terms | 10 | | deemed advisable by the Authority.
| 11 | | "Financial aid" means the expenditure of Authority funds or | 12 | | funds provided by
the Authority for the
development, | 13 | | construction, acquisition or improvement of a project, through | 14 | | the
issuance of revenue bonds,
notes, or other evidences of | 15 | | indebtedness.
| 16 | | "Costs incurred in connection with
the development, | 17 | | construction, acquisition or improvement of a
project" means | 18 | | the following:
| 19 | | (1) the cost of purchase and construction of all lands | 20 | | and improvements in
connection therewith and
equipment and | 21 | | other property, rights, easements, and franchises acquired | 22 | | which
are deemed necessary for
the construction;
| 23 | | (2) financing charges;
| 24 | | (3) interest costs with respect to bonds, notes, and | 25 | | other evidences of
indebtedness of the Authority
prior to | 26 | | and during construction and for a period of 6 months |
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| 1 | | thereafter;
| 2 | | (4) engineering and legal expenses; and
| 3 | | (5) the costs of plans, specifications, surveys, and | 4 | | estimates of costs and
other expenses necessary or
incident | 5 | | to determining the feasibility or practicability of any | 6 | | project,
together with such other expenses as
may be | 7 | | necessary or incident to the financing, insuring, | 8 | | acquisition, and
construction of a specific project
and the | 9 | | placing of the same in operation.
| 10 | | (Source: P.A. 93-968, eff. 8-20-04.) | 11 | | (70 ILCS 518/35)
| 12 | | Sec. 35. 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 for the
following | 17 | | purposes: (i) development, construction, acquisition, or | 18 | | improvement
of projects, including those
established by | 19 | | business entities locating or expanding property within the
| 20 | | territorial jurisdiction of the
Authority; (ii) entering into | 21 | | venture capital agreements with businesses
locating or | 22 | | expanding within the
territorial jurisdiction of the | 23 | | Authority; (iii) acquisition and improvement of
any property | 24 | | necessary and
useful in connection therewith; and (iv) for the | 25 | | purposes of the Employee
Ownership Assistance Act. For
the |
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| 1 | | purpose of evidencing the obligations of the Authority to repay | 2 | | any money
borrowed, the Authority
may, pursuant to resolution, | 3 | | from time to time, issue and dispose of its interest-bearing | 4 | | revenue bonds,
notes, or other evidences of indebtedness and | 5 | | may also from time to time issue and dispose of such bonds,
| 6 | | notes, or other evidences of indebtedness to refund, at | 7 | | maturity, at a redemption date or in advance of
either, any | 8 | | bonds, notes, or other evidences of indebtedness pursuant to | 9 | | redemption provisions or at any
time before maturity. All such | 10 | | bonds, notes, or other evidences of indebtedness shall be | 11 | | payable solely and
only 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) 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 the 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 the bonds, notes, or other evidences of
indebtedness by the | 10 | | provision of the
resolution authorizing their issuance and to | 11 | | enjoin the corporation, person,
the Authority, and any of its
| 12 | | agents or employees from taking any action in conflict with any | 13 | | contract or
covenant.
| 14 | | (c) If the Authority fails to pay the principal of or | 15 | | interest on any of the
bonds or premium, if any, as the
bond | 16 | | becomes 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 the default of payment exists or by
an | 19 | | indenture trustee acting
on behalf of the 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 over
the subject matter of the 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 | 26 | | of
this Act relates to the
revenue of the State of Illinois.
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| 1 | | (d) Notwithstanding the form and tenor of any bond, note, | 2 | | or other evidence
of indebtedness and in
the absence of any | 3 | | express recital on its face that it is non-negotiable, all
such | 4 | | bonds, notes, and other
evidences of indebtedness shall be | 5 | | negotiable instruments. Pending the
preparation and execution | 6 | | of any
bonds, notes, or other evidences of indebtedness, | 7 | | temporary bonds, notes, or
evidences of indebtedness may
be | 8 | | issued as provided by ordinance.
| 9 | | (e) 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 of the bonds, notes, or other | 15 | | evidences of indebtedness and the
issuance of any additional | 16 | | bonds,
notes or other evidences of indebtedness payable from | 17 | | such revenues, income, or other funds to be derived
from | 18 | | projects, the Authority may execute and deliver a mortgage or | 19 | | trust agreement. A remedy for any
breach or default of the | 20 | | terms of any mortgage or trust agreement by the Authority may | 21 | | be by mandamus
proceeding in the appropriate circuit court to | 22 | | compel performance and compliance under the terms of the
| 23 | | mortgage or trust agreement, but the trust agreement may | 24 | | prescribe by whom or on whose behalf the action
may be | 25 | | instituted.
| 26 | | (f) Bonds or notes shall be secured as provided in the |
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| 1 | | authorizing ordinance which may include,
notwithstanding any | 2 | | other provision of this Act, in addition to any other security, | 3 | | a specific pledge,
assignment of and lien on, or security | 4 | | interest in any or all revenues or money of the Authority, from
| 5 | | whatever source, which may, by law, be used for debt service | 6 | | purposes and a
specific pledge, or assignment
of and lien on, | 7 | | or security interest in any funds or accounts established or
| 8 | | provided for by ordinance of the
Authority authorizing the | 9 | | issuance of the bonds or notes.
| 10 | | (g) In the event that the Authority determines that moneys | 11 | | of the Authority
will not be sufficient for the
payment of the | 12 | | principal of and interest on its bonds during the next State
| 13 | | fiscal year, the chairman, as soon
as practicable, shall | 14 | | certify to the Governor the amount required by the
Authority to | 15 | | enable it to pay the
principal of and interest on the bonds. | 16 | | The Governor shall submit the certified
amount to the General
| 17 | | Assembly as soon as practicable, but no later than the end of | 18 | | the current State
fiscal year. This Section shall
not apply to | 19 | | any bonds or notes to which the Authority determines, in the
| 20 | | resolution authorizing the
issuance of the bonds or notes, that | 21 | | this Section shall not apply. Whenever the
Authority makes this
| 22 | | determination, it shall be plainly stated on the face of the | 23 | | bonds or notes and
the determination shall also be
reported to | 24 | | the Governor.
In the event of a withdrawal of moneys from a | 25 | | reserve fund established with
respect to any issue or
issues of | 26 | | bonds of the Authority to pay principal or interest on those |
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| 1 | | bonds,
the chairman of the Authority,
as soon as practicable, | 2 | | shall certify to the Governor the amount required to
restore | 3 | | the reserve fund to the
level required in the resolution or | 4 | | indenture securing those bonds. The
Governor shall submit the | 5 | | certified
amount to the General Assembly as soon as | 6 | | practicable, but no later than the
end of the current State | 7 | | fiscal
year.
This subsection (g) shall not apply to any bond | 8 | | issued on or after the effective date of this amendatory Act of | 9 | | the 97th General Assembly.
| 10 | | (h) The State of Illinois pledges to and agrees with the | 11 | | holders of the
bonds and notes of the Authority
issued pursuant | 12 | | to this Section that the State will not limit or alter the | 13 | | rights and powers vested in the
Authority by this Act so as to | 14 | | impair the terms of any contract made by the Authority with the | 15 | | holders of
bonds or notes or in any way impair the rights and | 16 | | remedies of those holders until the bonds and notes,
together | 17 | | with interest thereon, with interest on any unpaid installments | 18 | | of interest, and all costs and
expenses in connection with any | 19 | | action or proceedings by or on behalf of the holders, are fully | 20 | | met and
discharged. In addition, the State pledges to and | 21 | | agrees with the holders of the bonds and notes of the
Authority | 22 | | issued pursuant to this Section that the State will not limit | 23 | | or alter the basis on which State funds
are to be paid to the | 24 | | Authority as provided in this Act, or the use of such funds, so | 25 | | as to impair the terms of
any such contract. The Authority is | 26 | | authorized to include these pledges and agreements of the State |
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| 1 | | in any
contract with the holders of bonds or notes issued | 2 | | pursuant to this Section.
| 3 | | (Source: P.A. 97-717, eff. 6-29-12.) | 4 | | (70 ILCS 518/70)
| 5 | | Sec. 70. Reports and audit.
| 6 | | (a) The Authority shall annually submit a report of its
| 7 | | finances to the Auditor General. The Authority shall annually | 8 | | submit a report of its activities to the Governor
and to the | 9 | | General Assembly.
| 10 | | (b) (Blank). Beginning 5 years after the effective date of | 11 | | this Act and every 5 years thereafter, the Auditor General | 12 | | shall conduct a financial audit of the Authority.
| 13 | | (Source: P.A. 93-968, eff. 8-20-04.) | 14 | | Section 20. The Southern Illinois
Economic Development | 15 | | Authority
Act is amended by changing Sections 5-15 and 5-40 as | 16 | | follows: | 17 | | (70 ILCS 519/5-15)
| 18 | | Sec. 5-15. Definitions. In this Act:
| 19 | | "Authority" means the Southern Illinois Economic | 20 | | Development Authority.
| 21 | | "Governmental agency" means any federal, State, or local | 22 | | governmental body
and any agency or
instrumentality thereof, | 23 | | corporate or otherwise.
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| 1 | | "Person" means any natural person, firm, partnership, | 2 | | corporation, both
domestic and foreign,
company, association | 3 | | or joint stock association and includes any trustee,
receiver, | 4 | | assignee or personal
representative thereof.
| 5 | | "Revenue bond" means any bond issued by the Authority, the | 6 | | principal and
interest of which is payable
solely from revenues | 7 | | or income derived from any project or activity of the
| 8 | | Authority.
| 9 | | "Board" means the Board of Directors of the Southern | 10 | | Illinois Economic
Development Authority.
| 11 | | "Governor" means the Governor of the State of Illinois.
| 12 | | "City" means any city, village, incorporated town, or | 13 | | township within the
geographical territory of the
Authority.
| 14 | | "Industrial project" means the following:
| 15 | | (1) a capital project, including one or more buildings | 16 | | and other
structures, improvements,
machinery and | 17 | | equipment whether or not on the same site or sites now | 18 | | existing
or hereafter acquired,
suitable for use by any | 19 | | manufacturing, industrial, research, transportation or
| 20 | | commercial enterprise
including but not limited to use as a | 21 | | factory, mill, processing plant, assembly
plant, packaging | 22 | | plant,
fabricating plant, ethanol plant, office building, | 23 | | industrial distribution
center, warehouse,
repair, | 24 | | overhaul or service
facility, freight terminal, research | 25 | | facility, test facility, railroad
facility, port facility, | 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, | 3 | | and including also the sites thereof and
other rights in | 4 | | land therefore
whether improved or unimproved, site | 5 | | preparation and landscaping and all
appurtenances and | 6 | | facilities
incidental thereto such as utilities, access | 7 | | roads, railroad sidings, truck
docking and similar | 8 | | facilities,
parking facilities, dockage, wharfage, | 9 | | railroad roadbed, track, trestle, depot,
terminal, | 10 | | switching and
signaling equipment or related equipment and | 11 | | other improvements necessary or
convenient thereto; or
| 12 | | (2) any land, buildings, machinery or equipment | 13 | | comprising an addition to or
renovation,
rehabilitation or | 14 | | improvement of any existing capital project.
| 15 | | "Housing project" or "residential project" includes a | 16 | | specific work or improvement undertaken to provide dwelling | 17 | | accommodations, including the acquisition, construction or | 18 | | rehabilitation of lands, buildings and community facilities | 19 | | and in connection therewith to provide nonhousing facilities | 20 | | which are an integral part of a planned large-scale project or | 21 | | new community. | 22 | | "Commercial project" means any project, including, but not | 23 | | limited to, one or
more buildings and other
structures, | 24 | | improvements, machinery, and equipment, whether or not on the | 25 | | same
site or sites now existing
or hereafter acquired, suitable | 26 | | for use by any retail or wholesale concern,
distributorship, or |
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| 1 | | agency.
| 2 | | "Project" means an industrial, housing, residential, | 3 | | commercial, or service
project, or any combination
thereof, | 4 | | provided that all uses fall within one of the categories | 5 | | described
above. Any project automatically
includes all site | 6 | | improvements and new construction involving sidewalks,
sewers, | 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, parks, | 10 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 11 | | runways.
| 12 | | "Lease agreement" means an agreement in which a project | 13 | | acquired by the
Authority by purchase, gift,
or lease is leased | 14 | | to any person or corporation that will use, or cause the
| 15 | | project to be used, as a project,
upon terms providing for | 16 | | lease rental payments at least sufficient to pay, when due, all | 17 | | principal of and
interest and premium, if any, on any bonds, | 18 | | notes, or other evidences of indebtedness of the Authority,
| 19 | | issued with respect to the project, providing for the | 20 | | maintenance, insurance, and operation of the project on
terms | 21 | | satisfactory to the Authority and providing for disposition of | 22 | | the project upon termination of the lease
term, including | 23 | | purchase options or abandonment of the premises, with other | 24 | | terms as may be deemed
desirable by the Authority.
| 25 | | "Loan agreement" means any agreement in which the Authority | 26 | | agrees to loan
the proceeds of its bonds,
notes, or other |
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| 1 | | evidences of indebtedness, issued with respect to a project, to
| 2 | | any person or corporation
which will use or cause the project | 3 | | to be used as a project, upon terms
providing for loan | 4 | | repayment
installments at least sufficient to pay, when due, | 5 | | all principal of and
interest and premium, if any, on any
| 6 | | bonds, notes, or other evidences of indebtedness of the | 7 | | Authority issued with
respect to the project,
providing for | 8 | | maintenance, insurance, and operation of the project on terms
| 9 | | satisfactory to the Authority
and providing for other terms | 10 | | deemed advisable by the Authority.
| 11 | | "Financial aid" means the expenditure of Authority funds or | 12 | | funds provided by
the Authority for the
development, | 13 | | construction, acquisition or improvement of a project, through | 14 | | the
issuance of revenue bonds,
notes, or other evidences of | 15 | | indebtedness.
| 16 | | "Costs incurred in connection with
the development, | 17 | | construction, acquisition or improvement of a
project" means | 18 | | the following:
| 19 | | (1) the cost of purchase and construction of all lands | 20 | | and improvements in
connection therewith and
equipment and | 21 | | other property, rights, easements, and franchises acquired | 22 | | which
are deemed necessary for
the construction;
| 23 | | (2) financing charges;
| 24 | | (3) interest costs with respect to bonds, notes, and | 25 | | other evidences of
indebtedness of the Authority
prior to | 26 | | and during construction and for a period of 6 months |
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| 1 | | thereafter;
| 2 | | (4) engineering and legal expenses; and
| 3 | | (5) the costs of plans, specifications, surveys, and | 4 | | estimates of costs and
other expenses necessary or
incident | 5 | | to determining the feasibility or practicability of any | 6 | | project,
together with such other expenses as
may be | 7 | | necessary or incident to the financing, insuring, | 8 | | acquisition, and
construction of a specific project
and the | 9 | | placing of the same in operation.
| 10 | | (Source: P.A. 94-1021, eff. 7-12-06.) | 11 | | (70 ILCS 519/5-40)
| 12 | | Sec. 5-40. 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 for the
following | 17 | | purposes: (i) development, construction, acquisition, or | 18 | | improvement
of projects, including those
established by | 19 | | business entities locating or expanding property within the
| 20 | | territorial jurisdiction of the
Authority; (ii) entering into | 21 | | venture capital agreements with businesses
locating or | 22 | | expanding within the
territorial jurisdiction of the | 23 | | Authority; and (iii) acquisition and improvement of
any | 24 | | property necessary and
useful in connection therewith. For
the | 25 | | purpose of evidencing the obligations of the Authority to repay |
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| 1 | | any money
borrowed, the Authority
may, pursuant to resolution, | 2 | | from time to time, issue and dispose of its interest-bearing | 3 | | revenue bonds,
notes, or other evidences of indebtedness and | 4 | | may also from time to time issue and dispose of such bonds,
| 5 | | notes, or other evidences of indebtedness to refund, at | 6 | | maturity, at a redemption date or in advance of
either, any | 7 | | bonds, notes, or other evidences of indebtedness pursuant to | 8 | | redemption provisions or at any
time before maturity. All such | 9 | | bonds, notes, or other evidences of indebtedness shall be | 10 | | payable solely and
only from the revenues or income to be | 11 | | derived from loans made with respect to projects, from the | 12 | | leasing
or sale of the projects, or from any other funds | 13 | | available to the Authority for such purposes. The bonds,
notes, | 14 | | or other evidences of indebtedness may bear such date or dates, | 15 | | may mature at such time or times not
exceeding 40 years from | 16 | | their respective dates, may bear interest at such rate or rates | 17 | | not exceeding the
maximum rate permitted by the Bond | 18 | | Authorization Act, may be in such form, may carry such | 19 | | registration
privileges, may be executed in such manner, may be | 20 | | payable at such place or places, may be made subject
to | 21 | | redemption in such manner and upon such terms, with or without | 22 | | premium, as is stated on the face
thereof, may be authenticated | 23 | | in such manner and may contain such terms and
covenants as may | 24 | | be
provided by an applicable resolution.
| 25 | | (b) The holder or holders of any bonds, notes, or other | 26 | | evidences of
indebtedness issued by the
Authority may bring |
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| 1 | | suits at law or proceedings in equity to compel the
performance | 2 | | and observance by
any corporation or person or by the Authority | 3 | | or any of its agents or employees
of any contract or covenant
| 4 | | made with the holders of the bonds, notes, or other evidences | 5 | | of indebtedness,
to compel such corporation,
person, the | 6 | | Authority, and any of its agents or employees to perform any | 7 | | duties
required to be performed
for the benefit of the holders | 8 | | of the bonds, notes, or other evidences of
indebtedness by the | 9 | | provision of the
resolution authorizing their issuance and to | 10 | | enjoin the corporation, person,
the Authority, and any of its
| 11 | | agents or employees from taking any action in conflict with any | 12 | | contract or
covenant.
| 13 | | (c) If the Authority fails to pay the principal of or | 14 | | interest on any of the
bonds or premium, if any, as the
bond | 15 | | becomes due, a civil action to compel payment may be instituted | 16 | | in the
appropriate circuit court by
the holder or holders of | 17 | | the bonds on which the default of payment exists or by
an | 18 | | indenture trustee acting
on behalf of the holders. Delivery of | 19 | | a summons and a copy of the complaint to
the chairman of the | 20 | | Board
shall constitute sufficient service to give the circuit | 21 | | court jurisdiction over
the subject matter of the suit and
| 22 | | jurisdiction over the Authority and its officers named as | 23 | | defendants for the
purpose of compelling such
payment. Any | 24 | | case, controversy, or cause of action concerning the validity | 25 | | of
this Act relates to the
revenue of the State of Illinois.
| 26 | | (d) Notwithstanding the form and tenor of any bond, note, |
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| 1 | | or other evidence
of indebtedness and in
the absence of any | 2 | | express recital on its face that it is non-negotiable, all
such | 3 | | bonds, notes, and other
evidences of indebtedness shall be | 4 | | negotiable instruments. Pending the
preparation and execution | 5 | | of any
bonds, notes, or other evidences of indebtedness, | 6 | | temporary bonds, notes, or
evidences of indebtedness may
be | 7 | | issued as provided by ordinance.
| 8 | | (e) To secure the payment of any or all of such bonds, | 9 | | notes, or other
evidences of indebtedness, the
revenues to be | 10 | | received by the Authority from a lease agreement or loan
| 11 | | agreement shall be pledged, and,
for the purpose of setting | 12 | | forth the covenants and undertakings of the
Authority in | 13 | | connection with the
issuance of the bonds, notes, or other | 14 | | evidences of indebtedness and the
issuance of any additional | 15 | | bonds,
notes or other evidences of indebtedness payable from | 16 | | such revenues, income, or other funds to be derived
from | 17 | | projects, the Authority may execute and deliver a mortgage or | 18 | | trust agreement. A remedy for any
breach or default of the | 19 | | terms of any mortgage or trust agreement by the Authority may | 20 | | be by mandamus
proceeding in the appropriate circuit court to | 21 | | compel performance and compliance under the terms of the
| 22 | | mortgage or trust agreement, but the trust agreement may | 23 | | prescribe by whom or on whose behalf the action
may be | 24 | | instituted.
| 25 | | (f) Bonds or notes shall be secured as provided in the | 26 | | authorizing ordinance which may include,
notwithstanding any |
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| 1 | | other provision of this Act, in addition to any other security, | 2 | | a specific pledge,
assignment of and lien on, or security | 3 | | interest in any or all revenues or money of the Authority, from
| 4 | | whatever source, which may, by law, be used for debt service | 5 | | purposes and a
specific pledge, or assignment
of and lien on, | 6 | | or security interest in any funds or accounts established or
| 7 | | provided for by ordinance of the
Authority authorizing the | 8 | | issuance of the bonds or notes.
| 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 Act so as to | 13 | | impair the terms of any contract made by the Authority with the | 14 | | holders of
bonds or notes or in any way impair the rights and | 15 | | remedies of those holders until the bonds and notes,
together | 16 | | with interest thereon, with interest on any unpaid installments | 17 | | of interest, and all costs and
expenses in connection with any | 18 | | action or proceedings by or on behalf of the holders, are fully | 19 | | met and
discharged. In addition, the State pledges to and | 20 | | agrees with the holders of the bonds and notes of the
Authority | 21 | | issued pursuant to this Section that the State will not limit | 22 | | or alter the basis on which State funds
are to be paid to the | 23 | | Authority as provided in this Act, or the use of such funds, so | 24 | | as to 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 this | 6 | | Act, the Authority shall provide notice to the
Executive | 7 | | Director of the Illinois
Housing Development Authority. Within | 8 | | 30 days after the notice is provided, the
Illinois Housing
| 9 | | Development Authority shall, in writing, either express | 10 | | interest in financing
the project or notify the
Authority that | 11 | | it is not interested in providing financing and that the
| 12 | | Authority may finance the project or
seek alternative | 13 | | financing.
| 14 | | (Source: P.A. 94-1021, eff. 7-12-06.) | 15 | | Section 25. The Tri-County River Valley Development | 16 | | Authority Law is amended by changing Section 2007 and by adding | 17 | | Section 2007.1 as follows:
| 18 | | (70 ILCS 525/2007) (from Ch. 85, par. 7507)
| 19 | | Sec. 2007. 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 $100,000,000 for | 24 | | the
purpose of developing, constructing, acquiring or |
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| 1 | | improving projects,
including those established by business | 2 | | entities locating or expanding
property within the territorial | 3 | | jurisdiction of the Authority, for entering
into venture | 4 | | capital agreements with businesses locating or expanding
| 5 | | within the territorial jurisdiction of the Authority, for | 6 | | acquiring and
improving any property necessary and useful in | 7 | | connection therewith and for
the purposes of the Employee | 8 | | Ownership Assistance Act. For the purpose of
evidencing the | 9 | | obligations of the Authority to repay any money borrowed,
the | 10 | | Authority may, pursuant to resolution, from time to time issue | 11 | | and
dispose of its interest bearing revenue bonds, notes or | 12 | | other evidences of
indebtedness and may also from time to time | 13 | | issue and dispose of such
bonds, notes or other evidences of | 14 | | indebtedness to refund, at maturity, at
a redemption date or in | 15 | | advance of either, any bonds, notes or other
evidences of | 16 | | indebtedness pursuant to redemption provisions or at any time
| 17 | | before maturity. All such bonds, notes or other evidences of | 18 | | indebtedness
shall be payable 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-1) 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 such 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 any such bonds, notes or
other evidences of indebtedness by | 17 | | the provision of the resolution
authorizing their issuance and | 18 | | to enjoin such corporation, person, the
Authority and any of | 19 | | its agents or employees from taking any action in
conflict with | 20 | | any such contract or covenant.
| 21 | | (b-2) If the Authority fails to pay the principal of or | 22 | | interest on any
of the bonds or premium, if any, as the same | 23 | | become 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 such default of payment exists or
by an | 26 | | indenture trustee acting on behalf of such 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 of the
subject matter of such a 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 of | 7 | | this
Article relates to the revenue of the State of Illinois.
| 8 | | (c) Notwithstanding the form and tenor of any such bonds, | 9 | | notes or other
evidences of indebtedness and in the absence of | 10 | | any express recital on the
face thereof that it is | 11 | | non-negotiable, all such bonds, notes and other
evidences of | 12 | | indebtedness shall be negotiable instruments. Pending the
| 13 | | preparation and execution of any such bonds, notes or other | 14 | | evidences of
indebtedness, temporary bonds, notes or evidences | 15 | | of indebtedness may be
issued as provided by ordinance.
| 16 | | (d) 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 thereof and the issuance of any | 22 | | additional
bonds, notes or other evidences of indebtedness | 23 | | payable from such revenues,
income or other funds to be derived | 24 | | from projects, the Authority may
execute and deliver a mortgage | 25 | | or trust agreement. A remedy for any breach
or default of the | 26 | | terms of any such mortgage or trust agreement by the
Authority |
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| 1 | | may be by mandamus proceedings in the appropriate circuit court
| 2 | | to compel the performance and compliance therewith, but the | 3 | | trust agreement
may prescribe by whom or on whose behalf such | 4 | | action may be instituted.
| 5 | | (e) Such bonds or notes shall be secured as provided in the | 6 | | authorizing
ordinance which may, notwithstanding any other | 7 | | provision of this Article,
include in addition to any other | 8 | | security a specific pledge or assignment
of and lien on or | 9 | | security interest in any or all revenues or money of the
| 10 | | Authority from whatever source which may by law be used for | 11 | | debt
service purposes and a specific pledge or assignment of | 12 | | and lien on or
security interest in any funds or accounts | 13 | | established or provided for by
ordinance of the Authority | 14 | | authorizing the issuance of such bonds or notes.
| 15 | | (f) In the event that the Authority determines that monies | 16 | | of the
Authority will not be sufficient for the payment of the | 17 | | principal of and
interest on its bonds during the next State | 18 | | fiscal year, the
Chairman, as soon as practicable, shall | 19 | | certify to the Governor the
amount required by the Authority to | 20 | | enable it to pay such principal of and
interest on the bonds. | 21 | | The Governor shall submit the amount so certified to
the | 22 | | General Assembly as soon as practicable, but no later than the | 23 | | end of
the current State fiscal year. This subsection shall not | 24 | | apply to any
bonds or notes as to which the Authority shall | 25 | | have determined, in the
resolution authorizing the issuance of | 26 | | the bonds or notes, that this
subsection shall not apply. |
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| 1 | | Whenever the Authority makes such a
determination, that fact | 2 | | shall be plainly stated on the face of the bonds
or notes and | 3 | | that fact shall also be reported to the Governor.
| 4 | | In the event of a withdrawal of moneys from a reserve fund | 5 | | established
with respect to any issue or issues of bonds of the | 6 | | Authority to pay
principal or interest on those bonds, the | 7 | | Chairman of the Authority, as
soon as practicable, shall | 8 | | certify to the Governor the amount required
to restore the | 9 | | reserve fund to the level required in the resolution or
| 10 | | indenture securing those bonds. The Governor shall submit the | 11 | | amount so
certified to the General Assembly as soon as | 12 | | practicable, but no later than
the end of the current state | 13 | | fiscal year. This subsection (f) shall not apply to any bond | 14 | | issued on or after the effective date of this amendatory Act of | 15 | | the 98th General Assembly.
| 16 | | (g) The State of Illinois pledges to and agrees with the | 17 | | holders of the
bonds and notes of the Authority issued pursuant | 18 | | to this Section that the
State will not limit or alter the | 19 | | rights and powers vested in the Authority
by this Article so as | 20 | | to impair the terms of any contract made by the Authority
with | 21 | | such holders or in any way impair the rights and remedies of | 22 | | such
holders until such bonds and notes, together with interest | 23 | | thereon, with
interest on any unpaid installments of interest, | 24 | | and all costs and expenses
in connection with any action or | 25 | | proceedings by or on behalf of such
holders, are fully met and | 26 | | discharged. In addition, the State pledges to
and agrees with |
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| 1 | | the holders of the bonds and notes of the Authority issued
| 2 | | pursuant to this Section that the State will not limit or alter | 3 | | the basis
on which State funds are to be paid to the Authority | 4 | | as provided in this
Act, or the use of such funds, so as to | 5 | | impair the terms of any such
contract. The Authority is | 6 | | authorized to include these pledges and
agreements of the State | 7 | | in any contract with the holders of bonds or notes
issued | 8 | | pursuant to this Section.
| 9 | | (h) (Blank). Not less than 30 days prior to the commitment | 10 | | to issue bonds,
notes, or other evidences of indebtedness for | 11 | | the purpose of developing,
constructing, acquiring or | 12 | | improving housing or residential projects, as
defined in | 13 | | Section 2003, the Authority shall provide notice to the
| 14 | | Executive Director of the Illinois Housing Development | 15 | | Authority.
Within 30 days after receipt of the notice, the | 16 | | Illinois Housing
Development Authority shall notify the | 17 | | Authority as to its interest in
financing the project. If the | 18 | | Illinois Housing Development Authority
notifies the Authority | 19 | | that it is not interested in financing the project,
the | 20 | | Authority may finance the project or seek alternative financing | 21 | | for
the project.
| 22 | | (Source: P.A. 91-357, eff. 7-29-99.)
| 23 | | (70 ILCS 525/2007.1 new) | 24 | | Sec. 2007.1. Bonds and notes; exemption from taxation. The | 25 | | creation of the Authority is in all respects for the benefit of |
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| 1 | | the people of Illinois and for the improvement of their health, | 2 | | safety, welfare, comfort, and security, and its purposes are | 3 | | public purposes. In consideration thereof, the notes and bonds | 4 | | of the Authority issued pursuant to this Act and the income | 5 | | from these notes and bonds may be free from all taxation by the | 6 | | State or its political subdivisions, except for estate, | 7 | | transfer, and inheritance taxes. The exemption from taxation | 8 | | set forth in this Section shall apply to the income on any | 9 | | notes or bonds of the Authority only if the Authority in its | 10 | | sole judgment determines that the exemption enhances the | 11 | | marketability of the bonds or notes or reduces the interest | 12 | | rates that would otherwise be borne by the bonds or notes. For | 13 | | purposes of Section 250 of the Illinois Income Tax Act, the | 14 | | exemption of the Authority shall terminate after all of the | 15 | | bonds have been paid. The amount of the income that shall be | 16 | | added and then subtracted on the Illinois income tax return of | 17 | | a taxpayer, subject to Section 203 of the Illinois Income Tax | 18 | | Act, from federal adjusted gross income or federal taxable | 19 | | income in computing Illinois base income shall be the interest | 20 | | net of any bond premium amortization. | 21 | | Section 30. The Upper Illinois River Valley Development | 22 | | Authority Act is amended by changing Section 7 as follows:
| 23 | | (70 ILCS 530/7) (from Ch. 85, par. 7157)
| 24 | | Sec. 7. Bonds.
|
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| 1 | | (a) The Authority, with the written approval of the
| 2 | | Governor, shall have the continuing power to issue bonds, | 3 | | notes, or other
evidences of indebtedness in an aggregate | 4 | | amount outstanding not to exceed $500,000,000
for the purpose | 5 | | of developing, constructing, acquiring or improving
projects, | 6 | | including those established by business entities locating or
| 7 | | expanding property within the territorial jurisdiction of the | 8 | | Authority,
for entering into venture capital agreements with | 9 | | businesses locating or
expanding within the territorial | 10 | | jurisdiction of the Authority, for
acquiring and improving any | 11 | | property necessary and useful in connection
therewith and for | 12 | | the purposes of the Employee Ownership Assistance Act.
For the | 13 | | purpose of evidencing the obligations of the Authority to repay | 14 | | any
money borrowed, the Authority may, pursuant to resolution, | 15 | | from time to
time issue and dispose of its interest bearing | 16 | | revenue bonds, notes or
other evidences of indebtedness and may | 17 | | also from time to time issue and
dispose of such bonds, notes | 18 | | or other evidences of indebtedness to refund,
at maturity, at a | 19 | | redemption date or in advance of either, any bonds, notes
or | 20 | | other evidences of indebtedness pursuant to redemption | 21 | | provisions or at
any time before maturity. All such bonds, | 22 | | notes or other evidences of
indebtedness shall be payable | 23 | | solely and only from the revenues or income
to be derived from | 24 | | loans made with respect to projects, from the leasing or
sale | 25 | | of the projects or from any other funds available to the | 26 | | Authority for
such purposes. The bonds, notes or other |
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| 1 | | evidences of indebtedness may
bear such date or dates, may | 2 | | mature at such time or times not exceeding 40
years from their | 3 | | respective dates, may bear interest at such rate or rates
not | 4 | | exceeding the maximum rate permitted by "An Act to authorize | 5 | | public
corporations to issue bonds, other evidences of | 6 | | indebtedness and tax
anticipation warrants subject to interest | 7 | | rate limitations set forth
therein", approved May 26, 1970, as | 8 | | amended, may be in such form, may carry
such registration | 9 | | privileges, may be executed in such manner, may be
payable at | 10 | | such place or places, may be made subject to redemption in such
| 11 | | manner and upon such terms, with or without premium as is | 12 | | stated on the
face thereof, may be authenticated in such manner | 13 | | and may contain such
terms and covenants as may be provided by | 14 | | an applicable resolution.
| 15 | | (b-1) 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 such 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 any such bonds, notes or
other evidences of indebtedness by | 25 | | the provision of the resolution
authorizing their issuance and | 26 | | to enjoin such corporation, person, the
Authority and any of |
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| 1 | | its agents or employees from taking any action in
conflict with | 2 | | any such contract or covenant.
| 3 | | (b-2) If the Authority fails to pay the principal of or | 4 | | interest on any
of the bonds or premium, if any, as the same | 5 | | become 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 such default of payment exists or
by an | 8 | | indenture trustee acting on behalf of such 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 of the
subject matter of such a 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 of | 15 | | this Act
relates to the revenue of the State of Illinois.
| 16 | | (c) Notwithstanding the form and tenor of any such bonds, | 17 | | notes or other
evidences of indebtedness and in the absence of | 18 | | any express recital on the
face thereof that it is | 19 | | non-negotiable, all such bonds, notes and other
evidences of | 20 | | indebtedness shall be negotiable instruments. Pending the
| 21 | | preparation and execution of any such bonds, notes or other | 22 | | evidences of
indebtedness, temporary bonds, notes or evidences | 23 | | of indebtedness may be
issued as provided by ordinance.
| 24 | | (d) 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 thereof and the issuance of any | 4 | | additional
bonds, notes or other evidences of indebtedness | 5 | | payable from such revenues,
income or other funds to be derived | 6 | | from projects, the Authority may
execute and deliver a mortgage | 7 | | or trust agreement. A remedy for any breach
or default of the | 8 | | terms of any such mortgage or trust agreement by the
Authority | 9 | | may be by mandamus proceedings in the appropriate circuit court
| 10 | | to compel the performance and compliance therewith, but the | 11 | | trust agreement
may prescribe by whom or on whose behalf such | 12 | | action may be instituted.
| 13 | | (e) Such bonds or notes shall be secured as provided in the | 14 | | authorizing
ordinance which may, notwithstanding any other | 15 | | provision of this Act,
include in addition to any other | 16 | | security a specific pledge or assignment
of and lien on or | 17 | | security interest in any or all revenues or money of the
| 18 | | Authority from whatever source which may by law be used for | 19 | | debt
service purposes and a specific pledge or assignment of | 20 | | and lien on or
security interest in any funds or accounts | 21 | | established or provided for by
ordinance of the Authority | 22 | | authorizing the issuance of such bonds or notes.
| 23 | | (f) In the event that the Authority determines that monies | 24 | | of the
Authority will not be sufficient for the payment of the | 25 | | principal of and
interest on its bonds during the next State | 26 | | fiscal year, the
Chairman, as soon as practicable, shall |
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| 1 | | certify to the Governor the
amount required by the Authority to | 2 | | enable
it to pay such principal of and interest on the bonds.
| 3 | | The Governor shall submit the amount so certified to the | 4 | | General Assembly
as soon as practicable, but no later than the | 5 | | end of the current State fiscal
year. This Section shall
not | 6 | | apply to any bonds or notes as to which the
Authority shall | 7 | | have determined, in the resolution authorizing the issuance
of | 8 | | the bonds or notes, that this Section shall not apply. Whenever | 9 | | the
Authority makes such a determination, that fact shall be | 10 | | plainly stated on
the face of the bonds or notes and that fact | 11 | | shall also be reported to the Governor.
| 12 | | In the event of a withdrawal of moneys from a reserve fund | 13 | | established
with respect to any issue or issues of bonds of the | 14 | | Authority to pay
principal or interest on those bonds, the | 15 | | Chairman of the Authority, as
soon as practicable, shall | 16 | | certify to the Governor the amount required
to restore the | 17 | | reserve fund to the level required in the
resolution or | 18 | | indenture securing those bonds.
The Governor shall submit the | 19 | | amount so certified to the General Assembly
as soon as | 20 | | practicable, but no later than the end of the current State | 21 | | fiscal year. This subsection (f) shall not apply to any bond | 22 | | issued on or after the effective date of this amendatory Act of | 23 | | the 97th General Assembly.
| 24 | | (g) The State of Illinois pledges to and agrees with the | 25 | | holders of the
bonds and notes of the Authority issued pursuant | 26 | | to this Section that the
State will not limit or alter the |
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| 1 | | rights and powers vested in the Authority
by this Act so as to | 2 | | impair the terms of any contract made by the Authority
with | 3 | | such holders or in any way impair the rights and remedies of | 4 | | such
holders until such bonds and notes, together with interest | 5 | | thereon, with
interest on any unpaid installments of interest, | 6 | | and all costs and expenses
in connection with any action or | 7 | | proceedings by or on behalf of such
holders, are fully met and | 8 | | discharged. In addition, the State pledges to
and agrees with | 9 | | the holders of the bonds and notes of the Authority issued
| 10 | | pursuant to this Section that the State will not limit or alter | 11 | | the basis
on which State funds are to be paid to the Authority | 12 | | as provided in this
Act, or the use of such funds, so as to | 13 | | impair the terms of any such
contract. The Authority is | 14 | | authorized to include these pledges and
agreements of the State | 15 | | in any contract with the holders of bonds or notes
issued | 16 | | pursuant to this Section.
| 17 | | (h) (Blank). Not less than 30 days prior to the commitment | 18 | | to issue bonds,
notes, or other evidences of indebtedness for | 19 | | the purpose of developing,
constructing, acquiring or | 20 | | improving housing or residential projects, as
defined in | 21 | | Section 3, the Authority shall provide notice to the
Executive | 22 | | Director of the Illinois Housing Development Authority. Within
| 23 | | 30 days after notice is provided, the Illinois Housing | 24 | | Development
Authority shall either in writing express interest | 25 | | in financing the project
or notify the Authority that it is not | 26 | | interested in providing such
financing and the Authority may |
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| 1 | | finance the project or seek alternative
financing.
| 2 | | (Source: P.A. 97-312, eff. 8-11-11.)
| 3 | | Section 35. The Western Illinois Economic Development | 4 | | Authority Act is amended by changing Sections 15 and 40 as | 5 | | follows: | 6 | | (70 ILCS 532/15)
| 7 | | Sec. 15. Definitions. In this Act:
| 8 | | "Authority" means the Western Illinois Economic | 9 | | Development Authority.
| 10 | | "Governmental agency" means any federal, State, or local | 11 | | governmental body
and any agency or
instrumentality thereof, | 12 | | corporate or otherwise.
| 13 | | "Person" means any natural person, firm, partnership, | 14 | | corporation, both
domestic and foreign,
company, association | 15 | | or joint stock association and includes any trustee,
receiver, | 16 | | assignee or personal
representative thereof.
| 17 | | "Revenue bond" means any bond issued by the Authority, the | 18 | | principal and
interest of which is payable
solely from revenues | 19 | | or income derived from any project or activity of the
| 20 | | Authority.
| 21 | | "Board" means the Board of Directors of the Western | 22 | | Illinois Economic
Development Authority.
| 23 | | "Governor" means the Governor of the State of Illinois.
| 24 | | "City" means any city, village, incorporated town, or |
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| 1 | | township within the
geographical territory of the
Authority.
| 2 | | "Industrial project" means the following:
| 3 | | (1) a capital project, including one or more buildings | 4 | | and other
structures, improvements,
machinery and | 5 | | equipment whether or not on the same site or sites now | 6 | | existing
or hereafter acquired,
suitable for use by any | 7 | | manufacturing, industrial, research, transportation or
| 8 | | commercial enterprise
including but not limited to use as a | 9 | | factory, mill, processing plant, assembly
plant, packaging | 10 | | plant,
fabricating plant, ethanol plant, office building, | 11 | | industrial distribution
center, warehouse,
repair, | 12 | | overhaul or service
facility, freight terminal, research | 13 | | facility, test facility, railroad
facility, port facility, | 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, | 17 | | and including also the sites thereof and
other rights in | 18 | | land therefore
whether improved or unimproved, site | 19 | | preparation and landscaping and all
appurtenances and | 20 | | facilities
incidental thereto such as utilities, access | 21 | | roads, railroad sidings, truck
docking and similar | 22 | | facilities,
parking facilities, dockage, wharfage, | 23 | | railroad roadbed, track, trestle, depot,
terminal, | 24 | | switching and
signaling equipment or related equipment and | 25 | | other improvements necessary or
convenient thereto; or
| 26 | | (2) any land, buildings, machinery or equipment |
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| 1 | | comprising an addition to or
renovation,
rehabilitation or | 2 | | improvement of any existing capital project.
| 3 | | "Housing project" or "residential project" includes a | 4 | | specific work or improvement undertaken to provide dwelling | 5 | | accommodations, including the acquisition, construction or | 6 | | rehabilitation of lands, buildings and community facilities | 7 | | and in connection therewith to provide nonhousing facilities | 8 | | which are an integral part of a planned large-scale project or | 9 | | new community. | 10 | | "Commercial project" means any project, including, but not | 11 | | limited to, one or
more buildings and other
structures, | 12 | | improvements, machinery, and equipment, whether or not on the | 13 | | same
site or sites now existing
or hereafter acquired, suitable | 14 | | for use by any retail or wholesale concern,
distributorship, or | 15 | | agency.
| 16 | | "Project" means an industrial, housing, residential, | 17 | | commercial, or service
project, or any combination
thereof, | 18 | | provided that all uses fall within one of the categories | 19 | | described
above. Any project automatically
includes all site | 20 | | improvements and new construction involving sidewalks,
sewers, | 21 | | solid waste and
wastewater treatment and disposal sites and | 22 | | other pollution control facilities,
resource or waste | 23 | | reduction,
recovery, treatment and disposal facilities, parks, | 24 | | open spaces, wildlife
sanctuaries, streets, highways, and
| 25 | | runways.
| 26 | | "Lease agreement" means an agreement in which a project |
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| 1 | | acquired by the
Authority by purchase, gift,
or lease is leased | 2 | | to any person or corporation that will use, or cause the
| 3 | | project to be used, as a project,
upon terms providing for | 4 | | lease rental payments at least sufficient to pay, when due, all | 5 | | principal of and
interest and premium, if any, on any bonds, | 6 | | notes, or other evidences of indebtedness of the Authority,
| 7 | | issued with respect to the project, providing for the | 8 | | maintenance, insurance, and operation of the project on
terms | 9 | | satisfactory to the Authority and providing for disposition of | 10 | | the project upon termination of the lease
term, including | 11 | | purchase options or abandonment of the premises, with other | 12 | | terms as may be deemed
desirable by the Authority.
| 13 | | "Loan agreement" means any agreement in which the Authority | 14 | | agrees to loan
the proceeds of its bonds,
notes, or other | 15 | | evidences of indebtedness, issued with respect to a project, to
| 16 | | any person or corporation
which will use or cause the project | 17 | | to be used as a project, upon terms
providing for loan | 18 | | repayment
installments at least sufficient to pay, when due, | 19 | | all principal of and
interest and premium, if any, on any
| 20 | | bonds, notes, or other evidences of indebtedness of the | 21 | | Authority issued with
respect to the project,
providing for | 22 | | maintenance, insurance, and operation of the project on terms
| 23 | | satisfactory to the Authority
and providing for other terms | 24 | | deemed advisable by the Authority.
| 25 | | "Financial aid" means the expenditure of Authority funds or | 26 | | funds provided by
the Authority for the
development, |
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| 1 | | construction, acquisition or improvement of a project, through | 2 | | the
issuance of revenue bonds,
notes, or other evidences of | 3 | | indebtedness.
| 4 | | "Costs incurred in connection with
the development, | 5 | | construction, acquisition or improvement of a
project" means | 6 | | the following:
| 7 | | (1) the cost of purchase and construction of all lands | 8 | | and improvements in
connection therewith and
equipment and | 9 | | other property, rights, easements, and franchises acquired | 10 | | which
are deemed necessary for
the construction;
| 11 | | (2) financing charges;
| 12 | | (3) interest costs with respect to bonds, notes, and | 13 | | other evidences of
indebtedness of the Authority
prior to | 14 | | and during construction and for a period of 6 months | 15 | | thereafter;
| 16 | | (4) engineering and legal expenses; and
| 17 | | (5) the costs of plans, specifications, surveys, and | 18 | | estimates of costs and
other expenses necessary or
incident | 19 | | to determining the feasibility or practicability of any | 20 | | project,
together with such other expenses as
may be | 21 | | necessary or incident to the financing, insuring, | 22 | | acquisition, and
construction of a specific project
and the | 23 | | placing of the same in operation.
| 24 | | (Source: P.A. 93-874, eff. 8-6-04.) | 25 | | (70 ILCS 532/40)
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| 1 | | Sec. 40. Bonds.
| 2 | | (a) The Authority, with the written approval of the | 3 | | Governor, shall have the
continuing power to issue
bonds, | 4 | | notes, or other evidences of indebtedness in an aggregate | 5 | | amount outstanding not to
exceed $250,000,000 for the
following | 6 | | purposes: (i) development, construction, acquisition, or | 7 | | improvement
of projects, including those
established by | 8 | | business entities locating or expanding property within the
| 9 | | territorial jurisdiction of the
Authority; (ii) entering into | 10 | | venture capital agreements with businesses
locating or | 11 | | expanding within the
territorial jurisdiction of the | 12 | | Authority; (iii) acquisition and improvement of
any property | 13 | | necessary and
useful in connection therewith; and (iv) for the | 14 | | purposes of the Employee
Ownership Assistance Act. 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 | 26 | | derived from loans made with respect to projects, from the |
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| 1 | | leasing
or sale of the projects, or from any other funds | 2 | | available to the Authority for such purposes. The bonds,
notes, | 3 | | or other evidences of indebtedness may bear such date or dates, | 4 | | may mature at such time or times not
exceeding 40 years from | 5 | | their respective dates, may bear interest at such rate or rates | 6 | | not exceeding the
maximum rate permitted by the Bond | 7 | | Authorization Act, may be in such form, may carry such | 8 | | registration
privileges, may be executed in such manner, may be | 9 | | payable at such place or places, may be made subject
to | 10 | | redemption in such manner and upon such terms, with or without | 11 | | premium, as is stated on the face
thereof, may be authenticated | 12 | | in such manner and may contain such terms and
covenants as may | 13 | | be
provided by an applicable resolution.
| 14 | | (b) The holder or holders of any bonds, notes, or other | 15 | | evidences of
indebtedness issued by the
Authority may bring | 16 | | suits at law or proceedings in equity to compel the
performance | 17 | | and observance by
any corporation or person or by the Authority | 18 | | or any of its agents or employees
of any contract or covenant
| 19 | | made with the holders of the bonds, notes, or other evidences | 20 | | of indebtedness,
to compel such corporation,
person, the | 21 | | Authority, and any of its agents or employees to perform any | 22 | | duties
required to be performed
for the benefit of the holders | 23 | | of the bonds, notes, or other evidences of
indebtedness by the | 24 | | provision of the
resolution authorizing their issuance and to | 25 | | enjoin the corporation, person,
the Authority, and any of its
| 26 | | agents or employees from taking any action in conflict with any |
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| 1 | | contract or
covenant.
| 2 | | (c) If the Authority fails to pay the principal of or | 3 | | interest on any of the
bonds or premium, if any, as the
bond | 4 | | becomes due, a civil action to compel payment may be instituted | 5 | | in the
appropriate circuit court by
the holder or holders of | 6 | | the bonds on which the default of payment exists or by
an | 7 | | indenture trustee acting
on behalf of the holders. Delivery of | 8 | | a summons and a copy of the complaint to
the chairman of the | 9 | | Board
shall constitute sufficient service to give the circuit | 10 | | court jurisdiction over
the subject matter of the suit and
| 11 | | jurisdiction over the Authority and its officers named as | 12 | | defendants for the
purpose of compelling such
payment. Any | 13 | | case, controversy, or cause of action concerning the validity | 14 | | of
this Act relates to the
revenue of the State of Illinois.
| 15 | | (d) Notwithstanding the form and tenor of any bond, note, | 16 | | or other evidence
of indebtedness and in
the absence of any | 17 | | express recital on its face that it is non-negotiable, all
such | 18 | | bonds, notes, and other
evidences of indebtedness shall be | 19 | | negotiable instruments. Pending the
preparation and execution | 20 | | of any
bonds, notes, or other evidences of indebtedness, | 21 | | temporary bonds, notes, or
evidences of indebtedness may
be | 22 | | issued as provided by ordinance.
| 23 | | (e) To secure the payment of any or all of such bonds, | 24 | | notes, or other
evidences of indebtedness, the
revenues to be | 25 | | received by the Authority from a lease agreement or loan
| 26 | | agreement shall be pledged, and,
for the purpose of setting |
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| 1 | | forth the covenants and undertakings of the
Authority in | 2 | | connection with the
issuance of the bonds, notes, or other | 3 | | evidences of indebtedness and the
issuance of any additional | 4 | | bonds,
notes or other evidences of indebtedness payable from | 5 | | such revenues, income, or other funds to be derived
from | 6 | | projects, the Authority may execute and deliver a mortgage or | 7 | | trust agreement. A remedy for any
breach or default of the | 8 | | terms of any mortgage or trust agreement by the Authority may | 9 | | be by mandamus
proceeding in the appropriate circuit court to | 10 | | compel performance and compliance under the terms of the
| 11 | | mortgage or trust agreement, but the trust agreement may | 12 | | prescribe by whom or on whose behalf the action
may be | 13 | | instituted.
| 14 | | (f) Bonds or notes shall be secured as provided in the | 15 | | authorizing ordinance which may include,
notwithstanding any | 16 | | other provision of this Act, in addition to any other security, | 17 | | a specific pledge,
assignment of and lien on, or security | 18 | | interest in any or all revenues or money of the Authority, from
| 19 | | whatever source, which may, by law, be used for debt service | 20 | | purposes and a
specific pledge, or assignment
of and lien on, | 21 | | or security interest in any funds or accounts established or
| 22 | | provided for by ordinance of the
Authority authorizing the | 23 | | issuance of the bonds or notes.
| 24 | | (g) In the event that the Authority determines that moneys | 25 | | of the Authority
will not be sufficient for the
payment of the | 26 | | principal of and interest on its bonds during the next State
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| 1 | | fiscal year, the chairman, as soon
as practicable, shall | 2 | | certify to the Governor the amount required by the
Authority to | 3 | | enable it to pay the
principal of and interest on the bonds. | 4 | | The Governor shall submit the certified
amount to the General
| 5 | | Assembly as soon as practicable, but no later than the end of | 6 | | the current State
fiscal year. This Section shall
not apply to | 7 | | any bonds or notes to which the Authority determines, in the
| 8 | | resolution authorizing the
issuance of the bonds or notes, that | 9 | | this Section shall not apply. Whenever the
Authority makes this
| 10 | | determination, it shall be plainly stated on the face of the | 11 | | bonds or notes and
the determination shall also be
reported to | 12 | | the Governor.
In the event of a withdrawal of moneys from a | 13 | | reserve fund established with
respect to any issue or
issues of | 14 | | bonds of the Authority to pay principal or interest on those | 15 | | bonds,
the chairman of the Authority,
as soon as practicable, | 16 | | shall certify to the Governor the amount required to
restore | 17 | | the reserve fund to the
level required in the resolution or | 18 | | indenture securing those bonds. The
Governor shall submit the | 19 | | certified
amount to the General Assembly as soon as | 20 | | practicable, but no later than the
end of the current State | 21 | | fiscal
year. This subsection (g) shall not apply to any bond | 22 | | issued on or after the effective date of this amendatory Act of | 23 | | the 98th General Assembly.
| 24 | | (h) The State of Illinois pledges to and agrees with the | 25 | | holders of the
bonds and notes of the Authority
issued pursuant | 26 | | to this Section that the State will not limit or alter the |
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| 1 | | rights and powers vested in the
Authority by this Act so as to | 2 | | impair the terms of any contract made by the Authority with the | 3 | | holders of
bonds or notes or in any way impair the rights and | 4 | | remedies of those holders until the bonds and notes,
together | 5 | | with interest thereon, with interest on any unpaid installments | 6 | | of interest, and all costs and
expenses in connection with any | 7 | | action or proceedings by or on behalf of the holders, are fully | 8 | | met and
discharged. In addition, the State pledges to and | 9 | | agrees with the holders of the bonds and notes of the
Authority | 10 | | issued pursuant to this Section that the State will not limit | 11 | | or alter the basis on which State funds
are to be paid to the | 12 | | Authority as provided in this Act, or the use of such funds, so | 13 | | as to impair the terms of
any such contract. The Authority is | 14 | | authorized to include these pledges and agreements of the State | 15 | | in any
contract with the holders of bonds or notes issued | 16 | | pursuant to this Section.
| 17 | | (i) (Blank). Not less than 30 days prior to the commitment | 18 | | to issue bonds, notes, or
other evidences of
indebtedness for | 19 | | the purpose of developing, constructing, acquiring, or
| 20 | | improving housing or residential
projects, as defined in this | 21 | | Act, the Authority shall provide notice to the
Executive | 22 | | Director of the Illinois
Housing Development Authority. Within | 23 | | 30 days after the notice is provided, the
Illinois Housing
| 24 | | Development Authority shall, in writing, either express | 25 | | interest in financing
the project or notify the
Authority that | 26 | | it is not interested in providing financing and that the
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| 1 | | Authority may finance the project or
seek alternative | 2 | | financing.
| 3 | | (Source: P.A. 93-874, eff. 8-6-04.) | 4 | | Section 40. The Will-Kankakee Regional Development | 5 | | Authority Law is amended by changing Sections 3 and 5 as | 6 | | follows:
| 7 | | (70 ILCS 535/3) (from Ch. 85, par. 7453)
| 8 | | Sec. 3. Definitions. The following terms, whenever used or | 9 | | referred to
in this Act, shall have the following meanings, | 10 | | except in such instances
where the context may clearly indicate | 11 | | otherwise:
| 12 | | (a) "Authority" means the Will-Kankakee Regional | 13 | | Development Authority
created by this Act.
| 14 | | (b) "Governmental agency" means any federal, State or local | 15 | | governmental
body, and any agency or instrumentality thereof, | 16 | | corporate or otherwise.
| 17 | | (c) "Person" means any natural person, firm, partnership, | 18 | | corporation,
both domestic and foreign, company, association | 19 | | or joint stock association
and includes any trustee, receiver, | 20 | | assignee or personal representative
thereof.
| 21 | | (d) "Revenue bond" means any bond issued by the Authority | 22 | | the principal
and interest of which is payable solely from | 23 | | revenues or income
derived from any project or activity of the | 24 | | Authority.
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| 1 | | (e) "Board" means the Will-Kankakee Regional Development | 2 | | Authority
Board of Directors.
| 3 | | (f) "Governor" means the Governor of the State of Illinois.
| 4 | | (g) "City" means any city, village, incorporated town or | 5 | | township
within the geographical territory of the Authority.
| 6 | | (h) "Industrial project" means (1) a capital project, | 7 | | including one or
more buildings and other structures, | 8 | | improvements, machinery and equipment
whether or not on the | 9 | | same site or sites now existing or hereafter
acquired, suitable | 10 | | for use by any manufacturing, industrial, research,
| 11 | | transportation or commercial enterprise including but not | 12 | | limited to use
as a factory, mill, processing plant, assembly | 13 | | plant, packaging plant,
fabricating plant, office building, | 14 | | industrial distribution center,
warehouse, repair, overhaul or | 15 | | service facility, freight terminal, research
facility, test | 16 | | facility, railroad facility, solid waste and wastewater
| 17 | | treatment and disposal sites and other pollution control | 18 | | facilities,
resource or waste reduction, recovery, treatment | 19 | | and disposal facilities,
and including also the sites thereof | 20 | | and other rights in land therefor
whether improved or | 21 | | unimproved, site preparation and landscaping and all
| 22 | | appurtenances and facilities incidental thereto such as | 23 | | utilities, access
roads, railroad sidings, truck docking and | 24 | | similar facilities, parking
facilities, dockage, wharfage, | 25 | | railroad roadbed, track, trestle, depot,
terminal, switching | 26 | | and signaling equipment or related equipment and other
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| 1 | | improvements necessary or convenient thereto; or (2) any land, | 2 | | buildings,
machinery or equipment comprising an addition to or | 3 | | renovation,
rehabilitation or improvement of any existing | 4 | | capital project.
| 5 | | (h-5) "Housing project" or "residential project" includes | 6 | | a 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 | | (i) "Commercial project" means any project, including but | 13 | | not 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, any cultural facilities of a for-profit or
| 18 | | not-for-profit type including but not limited to educational, | 19 | | theatrical,
recreational and entertainment, sports facilities, | 20 | | racetracks, stadiums,
convention centers, exhibition halls, | 21 | | arenas, opera houses and theaters,
waterfront improvements, | 22 | | swimming pools, boat storage, moorage, docking
facilities, | 23 | | restaurants, velodromes, coliseums, sports training | 24 | | facilities,
parking facilities, terminals, hotels and motels, | 25 | | gymnasiums, medical
facilities and port facilities.
| 26 | | (j) "Project" means an industrial, commercial or
service |
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| 1 | | project or any combination thereof provided that all uses shall
| 2 | | fall within one of the categories described above. Any project, | 3 | | of any
nature whatsoever, shall automatically include all site | 4 | | improvements and
new construction involving sidewalks, sewers, | 5 | | solid waste and wastewater
treatment and disposal sites and | 6 | | other pollution control facilities,
resource or waste | 7 | | reduction, recovery, treatment and disposal facilities,
parks, | 8 | | open spaces, wildlife sanctuaries, streets, highways and | 9 | | runways.
| 10 | | (k) "Lease agreement" shall mean an agreement whereby a | 11 | | project acquired
by the Authority by purchase, gift or lease is | 12 | | leased to any person or
corporation which will use or cause the | 13 | | project to be used as a project as
heretofore defined upon | 14 | | terms providing for lease rental payments at least
sufficient | 15 | | to pay when due all principal of and interest and premium, if | 16 | | any,
on any bonds, notes or other evidences of indebtedness of | 17 | | the Authority
issued with respect to such project, providing | 18 | | for the maintenance,
insurance and operation of the project on | 19 | | terms satisfactory to the
Authority and providing for | 20 | | disposition of the project upon termination of
the lease term, | 21 | | including purchase options or abandonment of the premises,
with | 22 | | such other terms as may be deemed desirable by the Authority.
| 23 | | (l) "Loan agreement" means any agreement pursuant to which | 24 | | the Authority
agrees to loan the proceeds of its bonds, notes | 25 | | or other evidences of
indebtedness issued with respect to a | 26 | | project to any person or corporation
which will use or cause |
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| 1 | | the project to be used as a project as heretofore
defined upon | 2 | | terms providing for loan repayment installments at least
| 3 | | sufficient to pay when due all principal of and interest and | 4 | | premium, if any,
on any bonds, notes or other evidences of | 5 | | indebtedness of the Authority
issued with respect to the | 6 | | project, providing for maintenance,
insurance and operation of | 7 | | the project on terms satisfactory to the
Authority and | 8 | | providing for other matters as may be deemed advisable by
the | 9 | | Authority.
| 10 | | (m) "Financial aid" means the expenditure of Authority | 11 | | funds or funds
provided by the Authority through the issuance | 12 | | of its revenue bonds, notes
or other evidences of indebtedness | 13 | | for the development, construction,
acquisition or improvement | 14 | | of a project.
| 15 | | (n) "Costs incurred in connection with the development, | 16 | | construction,
acquisition or improvement of a project" means | 17 | | the following: the cost of
purchase and construction of all | 18 | | lands and improvements in connection
therewith and equipment | 19 | | and other property, rights, easements and franchises
acquired | 20 | | which are deemed necessary for such construction; financing
| 21 | | charges; interest costs with respect to bonds, notes and other | 22 | | evidences of
indebtedness of the Authority prior to and during | 23 | | construction and for a
period of 6 months thereafter; | 24 | | engineering and legal expenses; the costs of
plans, | 25 | | specifications, surveys and estimates of costs and other | 26 | | expenses
necessary or incident to determining the feasibility |
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| 1 | | or practicability of
any project, together with such other | 2 | | expenses as may be necessary or
incident to the financing, | 3 | | insuring, acquisition and construction of a
specific project | 4 | | and the placing of the same in operation.
| 5 | | (o) "Terminal" means a public place, station or depot for | 6 | | receiving and
delivering passengers, baggage, mail, freight or | 7 | | express matter and any
combination thereof in connection with | 8 | | the transportation of
persons and property on water or land or | 9 | | in the air.
| 10 | | (p) "Terminal facilities" means all land, buildings, | 11 | | structures,
improvements, equipment and appliances useful in | 12 | | the operation of public
warehouse, storage and transportation | 13 | | facilities and industrial,
manufacturing or commercial | 14 | | activities for the accommodation of or in
connection with | 15 | | commerce by water or land or in the air or useful as an
aid, or | 16 | | constituting an advantage or convenience to, the safe landing,
| 17 | | taking off and navigation of aircraft or the safe and efficient | 18 | | operation
or maintenance of a public airport.
| 19 | | (q) "Port facilities" means all public structures, except | 20 | | terminal
facilities as defined herein, that are in, over, under | 21 | | or adjacent to
navigable waters and are necessary for or | 22 | | incident to the furtherance of
water commerce and includes the | 23 | | widening and deepening of slips, harbors
and navigable waters.
| 24 | | (r) "Airport" means any locality, either land or water, | 25 | | which is used or
designed for the landing and taking off of | 26 | | aircraft or for the location of
runways, landing fields, |
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| 1 | | aerodromes, hangars, buildings, structures,
airport roadways | 2 | | and other facilities.
| 3 | | (Source: P.A. 86-1481.)
| 4 | | (70 ILCS 535/5) (from Ch. 85, par. 7455)
| 5 | | Sec. 5. Duty. All official acts of the Authority shall | 6 | | require the
approval of at least 6 members. It shall be the | 7 | | duty of the Authority to
promote development within the | 8 | | geographic confines of Will and Kankakee
counties. The | 9 | | Authority shall use the powers herein conferred upon it to
| 10 | | assist in the development, construction and acquisition of | 11 | | industrial , housing, residential, or
commercial projects | 12 | | within those counties.
| 13 | | (Source: P.A. 86-1481.)".
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