Illinois General Assembly - Full Text of SB0521
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Full Text of SB0521  100th General Assembly


Rep. Carol Ammons

Filed: 11/6/2017





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2    AMENDMENT NO. ______. Amend Senate Bill 521, AS AMENDED, by
3replacing everything after the enacting clause with the
5    "Section 5. The Eastern Illinois Economic Development
6Authority Act is amended by changing Section 35 as follows:
7    (70 ILCS 506/35)
8    Sec. 35. Bonds.
9    (a) The Authority, with the written approval of the
10Governor, shall have the continuing power to issue bonds,
11notes, or other evidences of indebtedness in an aggregate
12amount outstanding not to exceed $500,000,000 $250,000,000 for
13the following purposes: (i) development, construction,
14acquisition, or improvement of projects, including those
15established by business entities locating or expanding
16property within the territorial jurisdiction of the Authority;



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1(ii) entering into venture capital agreements with businesses
2locating or expanding within the territorial jurisdiction of
3the Authority; (iii) acquisition and improvement of any
4property necessary and useful in connection therewith; and (iv)
5for the purposes of the Employee Ownership Assistance Act. For
6the purpose of evidencing the obligations of the Authority to
7repay any money borrowed, the Authority may, pursuant to
8resolution, from time to time, issue and dispose of its
9interest-bearing revenue bonds, notes, or other evidences of
10indebtedness and may also from time to time issue and dispose
11of such bonds, notes, or other evidences of indebtedness to
12refund, at maturity, at a redemption date or in advance of
13either, any bonds, notes, or other evidences of indebtedness
14pursuant to redemption provisions or at any time before
15maturity. All such bonds, notes, or other evidences of
16indebtedness shall be payable solely and only from the revenues
17or income to be derived from loans made with respect to
18projects, from the leasing or sale of the projects, or from any
19other funds available to the Authority for such purposes. The
20bonds, notes, or other evidences of indebtedness may bear such
21date or dates, may mature at such time or times not exceeding
2240 years from their respective dates, may bear interest at such
23rate or rates not exceeding the maximum rate permitted by the
24Bond Authorization Act, may be in such form, may carry such
25registration privileges, may be executed in such manner, may be
26payable at such place or places, may be made subject to



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1redemption in such manner and upon such terms, with or without
2premium, as is stated on the face thereof, may be authenticated
3in such manner and may contain such terms and covenants as may
4be provided by an applicable resolution.
5    (b) The holder or holders of any bonds, notes, or other
6evidences of indebtedness issued by the Authority may bring
7suits at law or proceedings in equity to compel the performance
8and observance by any corporation or person or by the Authority
9or any of its agents or employees of any contract or covenant
10made with the holders of the bonds, notes, or other evidences
11of indebtedness, to compel such corporation, person, the
12Authority, and any of its agents or employees to perform any
13duties required to be performed for the benefit of the holders
14of the bonds, notes, or other evidences of indebtedness by the
15provision of the resolution authorizing their issuance and to
16enjoin the corporation, person, the Authority, and any of its
17agents or employees from taking any action in conflict with any
18contract or covenant.
19    (c) If the Authority fails to pay the principal of or
20interest on any of the bonds or premium, if any, as the bond
21becomes due, a civil action to compel payment may be instituted
22in the appropriate circuit court by the holder or holders of
23the bonds on which the default of payment exists or by an
24indenture trustee acting on behalf of the holders. Delivery of
25a summons and a copy of the complaint to the chairman of the
26Board shall constitute sufficient service to give the circuit



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1court jurisdiction over the subject matter of the suit and
2jurisdiction over the Authority and its officers named as
3defendants for the purpose of compelling such payment. Any
4case, controversy, or cause of action concerning the validity
5of this Act relates to the revenue of the State of Illinois.
6    (d) Notwithstanding the form and tenor of any bond, note,
7or other evidence of indebtedness and in the absence of any
8express recital on its face that it is non-negotiable, all such
9bonds, notes, and other evidences of indebtedness shall be
10negotiable instruments. Pending the preparation and execution
11of any bonds, notes, or other evidences of indebtedness,
12temporary bonds, notes, or evidences of indebtedness may be
13issued as provided by ordinance.
14    (e) To secure the payment of any or all of such bonds,
15notes, or other evidences of indebtedness, the revenues to be
16received by the Authority from a lease agreement or loan
17agreement shall be pledged, and, for the purpose of setting
18forth the covenants and undertakings of the Authority in
19connection with the issuance of the bonds, notes, or other
20evidences of indebtedness and the issuance of any additional
21bonds, notes or other evidences of indebtedness payable from
22such revenues, income, or other funds to be derived from
23projects, the Authority may execute and deliver a mortgage or
24trust agreement. A remedy for any breach or default of the
25terms of any mortgage or trust agreement by the Authority may
26be by mandamus proceeding in the appropriate circuit court to



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1compel performance and compliance under the terms of the
2mortgage or trust agreement, but the trust agreement may
3prescribe by whom or on whose behalf the action may be
5    (f) Bonds or notes shall be secured as provided in the
6authorizing ordinance which may include, notwithstanding any
7other provision of this Act, in addition to any other security,
8a specific pledge, assignment of and lien on, or security
9interest in any or all revenues or money of the Authority, from
10whatever source, which may, by law, be used for debt service
11purposes and a specific pledge, or assignment of and lien on,
12or security interest in any funds or accounts established or
13provided for by ordinance of the Authority authorizing the
14issuance of the bonds or notes.
15    (g) The State of Illinois pledges to and agrees with the
16holders of the bonds and notes of the Authority issued pursuant
17to this Section that the State will not limit or alter the
18rights and powers vested in the Authority by this Act so as to
19impair the terms of any contract made by the Authority with the
20holders of bonds or notes or in any way impair the rights and
21remedies of those holders until the bonds and notes, together
22with interest thereon, with interest on any unpaid installments
23of interest, and all costs and expenses in connection with any
24action or proceedings by or on behalf of the holders, are fully
25met and discharged. In addition, the State pledges to and
26agrees with the holders of the bonds and notes of the Authority



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1issued pursuant to this Section that the State will not limit
2or alter the basis on which State funds are to be paid to the
3Authority as provided in this Act, or the use of such funds, so
4as to impair the terms of any such contract. The Authority is
5authorized to include these pledges and agreements of the State
6in any contract with the holders of bonds or notes issued
7pursuant to this Section.
8    (h) (Blank).
9(Source: P.A. 98-750, eff. 1-1-15.)
10    Section 99. Effective date. This Act takes effect upon
11becoming law.".