Full Text of SB0688 103rd General Assembly
SB0688eng 103RD GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the Cairo | 5 | | Development Authority Act. | 6 | | Section 5. Purpose. The purpose of this Act is to | 7 | | facilitate and promote the redevelopment of vacant and | 8 | | underutilized commercial, industrial, and residential real | 9 | | property located throughout the City of Cairo and its | 10 | | surrounding areas, and to enhance the economic benefits | 11 | | generated by the former uses of the property with development | 12 | | that will attract new residences, senior and student housing, | 13 | | and commercial and industrial businesses, as well as to create | 14 | | new opportunities for economic development, sustainable | 15 | | initiatives, and affordable housing and employment for | 16 | | residents in the community. | 17 | | Section 10. Definitions. As used in this Act: | 18 | | "Authority" means the Cairo Development Authority
created | 19 | | by this Act. | 20 | | "Board" means the Board of Directors of the Authority. | 21 | | "Costs" means: the cost of purchase and construction of | 22 | | all lands and related improvements, together with the |
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| 1 | | equipment and other property, rights, easements, and | 2 | | franchises acquired that are deemed necessary for the | 3 | | construction; the costs of environmental and other property | 4 | | and project related suits, studies, and analyses and | 5 | | subsequent clean-up activities necessary to qualify the area | 6 | | as needing no further remediation or pipe replacement or new | 7 | | installation; financing and title insurance and deed recording | 8 | | charges, delinquent property taxes; trust and or interest | 9 | | costs with respect to revenue bonds, notes, and other | 10 | | evidences of indebtedness of the Authority prior to and during | 11 | | construction and for a period of 60 months after construction; | 12 | | engineering and legal expenses; the costs of plans, tax deed | 13 | | acquisition, land bank creation and acquisition, or | 14 | | deacquisition or disposition of all real estate placed | 15 | | therein, credit enhancement vehicles, easements, | 16 | | specifications, surveys, and estimates of costs and other | 17 | | expenses necessary or incident to determining the feasibility | 18 | | or practicability of any project, together with such other | 19 | | expenses as may be reasonable or necessary or incident to the | 20 | | financing, insuring, acquisition, disposition, redevelopment, | 21 | | and construction of a specific project and the placing of the | 22 | | project in operation. | 23 | | "Financial aid" means the expenditure of Authority
funds | 24 | | or funds provided by the Authority through the issuance of its | 25 | | revenue bonds, notes, or other evidence of indebtedness, or | 26 | | grants from private or public entities for the development, |
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| 1 | | construction, acquisition, or improvement of a project. | 2 | | "Governmental agency" means any federal, State, or local | 3 | | governmental body and any agency or instrumentality of the | 4 | | federal, State, or local governmental body, corporate or | 5 | | otherwise. | 6 | | "Lease agreement" means an agreement under which a
project | 7 | | acquired by the Authority by purchase, gift, or lease, or | 8 | | other valuable consideration is leased to any person or | 9 | | governmental agency that will use or cause the project to be | 10 | | used as a project upon terms providing for lease rental | 11 | | payments at least sufficient to pay, when due, the lessee's | 12 | | pro rata share of all principal and interest and premium, if | 13 | | any, on any revenue bonds, notes, or other evidences of | 14 | | indebtedness of the Authority issued with respect to the | 15 | | project, providing for the maintenance, insurance, and | 16 | | operation of the project on terms satisfactory to the | 17 | | Authority, and providing for disposition of the project upon | 18 | | termination of the lease term, including purchase options or | 19 | | abandonment of the premises, with such other terms as may be | 20 | | deemed desirable by the Authority. | 21 | | "Loan agreement" means any agreement by which the
| 22 | | Authority agrees to loan the proceeds of its revenue bonds, | 23 | | notes, or other evidences of indebtedness issued with respect | 24 | | to a project to any person or governmental agency that will use | 25 | | or cause the project to be used as a project upon terms | 26 | | providing for loan repayment installments at least sufficient |
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| 1 | | to pay, when due, the borrower's pro rata share of all | 2 | | principal of and interest and premium, if any, on any revenue | 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 matters | 7 | | as may be deemed advisable by the Authority. | 8 | | "Person" includes, without limitation, an individual,
| 9 | | corporation, partnership, unincorporated association, and any | 10 | | other legal entity, including a trustee, receiver, assignee, | 11 | | or personal representative of the entity. | 12 | | "Project" means an industrial, commercial,
commercial | 13 | | mixed use, environmental justice, land conservancy, | 14 | | residential, or freight-oriented project or any combination | 15 | | thereof if all uses fall within one of those categories, | 16 | | including, but not limited to, one or more buildings and other | 17 | | structures, improvements, machinery, and equipment, whether on | 18 | | the same site or adjacent to any land or lakes, buildings, | 19 | | machinery, or equipment comprising an addition to or | 20 | | renovation, rehabilitation, or improvement of any existing | 21 | | capital project. "Project" includes all site improvements, | 22 | | signage, access roads, lighting, curb cuts, and new | 23 | | construction involving infrastructure, including, but not | 24 | | limited to, roads, traffic management lights and directional | 25 | | signage, sidewalks, sewers, landscaping, and all appurtenances | 26 | | and facilities incidental thereto, such as utilities, access |
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| 1 | | roads, railroad sidings, truck docking, and similar | 2 | | facilities, parking facilities, or related equipment and other | 3 | | improvements necessary or convenient thereto, solid waste and | 4 | | wastewater treatment and disposal sites and other pollution | 5 | | control facilities, resource or waste reduction, recovery, | 6 | | treatment, and disposal facilities, open spaces, | 7 | | conservancies, preserves, streets, highways. | 8 | | "Revenue bond" or "bond" means any bond issued by the
| 9 | | Authority under the supervision of the Illinois Finance | 10 | | Authority, the principal and interest of which are payable | 11 | | solely from revenues or income derived from any project or | 12 | | activity of the Authority. | 13 | | "Terminal" means a public place, station, or depot
for | 14 | | receiving and delivering passengers, baggage, mail, freight, | 15 | | or express matter, and any combination thereof, in connection | 16 | | with the transportation of persons and property on land. | 17 | | "Terminal facilities" means all land, buildings,
| 18 | | structures, improvements, equipment, and appliances useful in | 19 | | the operation of public warehouse, storage, and transportation | 20 | | facilities and industrial, manufacturing, or commercial | 21 | | activities for the accommodation of or in connection with | 22 | | commerce by land. | 23 | | Section 15. Creation of Authority; Board members; | 24 | | officers. | 25 | | (a) The Cairo Development Authority is created as a |
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| 1 | | political subdivision, body politic, and municipal | 2 | | corporation. | 3 | | (b) The jurisdiction of the Authority extends over | 4 | | Alexander County. | 5 | | (c) The governing and administrative powers of the | 6 | | Authority shall be vested in its Board of Directors consisting | 7 | | of 5 members, 2 of whom shall be appointed by the Mayor of the | 8 | | City of Cairo, one of whom shall be appointed by the Board of | 9 | | County Commissioners of Alexander County, and 2 of whom shall | 10 | | be appointed by the Governor. All persons appointed as members | 11 | | of the Board shall have recognized ability and experience in | 12 | | one or more of the following areas: economic development; | 13 | | finance; banking; industrial development; business management; | 14 | | real estate; community development; organized labor; or civic, | 15 | | community, or neighborhood organization. | 16 | | (d) The terms of the 5 initial appointees to the Authority | 17 | | shall commence 15 days after the effective date of this Act or | 18 | | as soon as they are appointed. Of the 5 appointees initially | 19 | | appointed: (i) one of the Mayor's appointees and one of the | 20 | | Governor's appointees shall be appointed to serve terms | 21 | | expiring on the third Monday in January 2027; (ii) one of the | 22 | | Mayor's appointees shall be appointed to serve a term expiring | 23 | | on the third Monday in January 2028; and (iii) the Board of | 24 | | Commissioner's appointee and one of the Governor's appointees | 25 | | shall be appointed to serve terms expiring on the third Monday | 26 | | in January 2029. All successors shall be appointed by the |
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| 1 | | original appointing authority and hold office for a term of 6 | 2 | | years commencing the third Monday in January of the year in | 3 | | which their term commences, except in case of an appointment | 4 | | to fill a vacancy. Vacancies shall be filled for the remainder | 5 | | of the term by the Mayor, Board of Commissioners, or Governor | 6 | | depending upon which person or Board made the appointment of | 7 | | the individual that left the Board of Commissioners. Each | 8 | | member appointed to the Board shall serve until his or her | 9 | | successor is appointed and accepted by majority vote of the | 10 | | members left after the vacancy occurs or the term expires and | 11 | | shall meet the professional background requirements under | 12 | | subsection (c). | 13 | | (e) The Chairperson of the Board shall be elected by the | 14 | | Board annually from among its members. | 15 | | (f) The appointing authority may remove any member of the | 16 | | Board in case of incompetency, neglect of duty, or malfeasance | 17 | | in office. | 18 | | (g) Members of the Board shall serve without compensation | 19 | | for their services as members, but the Board may vote to | 20 | | compensate its members, and they also may be reimbursed for | 21 | | all necessary expenses incurred in connection with the | 22 | | performance of their duties as members. | 23 | | (h) The Board may appoint an Executive Director, Associate | 24 | | Executive Director, General Counsel, Finance Director, and | 25 | | Chief Engineer who shall have a background and, when | 26 | | necessary, licensed credentials or certifications and or |
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| 1 | | academic degrees in administration, planning, real estate, | 2 | | economic development, finance, or law. The Executive Director | 3 | | shall hold office at the discretion of the Board, but a | 4 | | contract may be executed for a period of time of service as | 5 | | negotiated. The Executive Director shall be the chief | 6 | | administrative and operational officer of the Authority, shall | 7 | | direct and supervise its administrative affairs and general | 8 | | management, shall perform such other duties as may be | 9 | | prescribed from time to time by the Board, and shall receive | 10 | | compensation fixed by the Board. The Executive Director shall | 11 | | attend all meetings of the Board; however, no action of the | 12 | | Board or the Authority shall be invalid on account of the | 13 | | absence of the Executive Director from a meeting. The Board | 14 | | may engage the services of such other agents and employees, | 15 | | including planners, attorneys, appraisers, engineers, | 16 | | accountants, credit analysts, and other consultants, and may | 17 | | prescribe their duties and fix their compensation. | 18 | | (i) The Board shall meet on the call of its Chairperson or | 19 | | upon written, telephonic, or email notice of 3 members of the | 20 | | Board. | 21 | | (j) All official acts of the Authority shall require a | 22 | | quorum of 3 members and an affirmative vote of at least 3 of | 23 | | the members of the Board present and voting at a meeting of the | 24 | | Board. | 25 | | Section 20. Responsibilities of the Authority. |
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| 1 | | (a) It is the duty of the Authority to promote development | 2 | | within its territorial jurisdiction. The Authority shall use | 3 | | the powers conferred on it by this Act to assist in the | 4 | | planning, development, acquisition, construction, and | 5 | | marketing of residential, industrial, commercial, or | 6 | | freight-oriented projects within its territorial jurisdiction. | 7 | | (b) The Authority has the power to undertake
joint | 8 | | planning for property within its territorial jurisdiction that | 9 | | identifies and addresses its development, transportation, | 10 | | transit, zoning, workforce, and environmental priorities and | 11 | | objectives. | 12 | | (c) The Authority has the power to assemble
and prepare | 13 | | parcels for development. | 14 | | (d) The Authority has the power to oversee
environmental | 15 | | studies and remediation necessary to identify and remove any | 16 | | hazards or toxins that impede development. | 17 | | (e) The Authority has the power to develop,
construct, and | 18 | | improve, either under its own direction or through | 19 | | collaboration with any approved applicant, or to acquire | 20 | | through purchase or otherwise any project, using for that | 21 | | purpose the proceeds derived from its sale of revenue bonds, | 22 | | notes, or other evidence of indebtedness or governmental loans | 23 | | or grants, and to hold title in the name of the Authority to | 24 | | those projects. | 25 | | (f) The Authority has the power to market the
Cairo | 26 | | development to prospective developers and businesses. |
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| 1 | | (g) The Authority shall make its best effort to annex
| 2 | | parcels of unincorporated property that are subject to the | 3 | | jurisdiction of the Authority contiguous to the City of Cairo. | 4 | | (h) The Authority shall maintain relations with local
| 5 | | residents, industries, businesses, nonprofit organizations, | 6 | | elected and appointed officials, and other government and | 7 | | private entities as well as any other interested parties in | 8 | | the course of achieving its objectives and exercising its | 9 | | powers. | 10 | | Section 25. Powers. The Authority possesses all powers of | 11 | | a body corporate necessary and convenient to accomplish the | 12 | | purpose of this Act, including, without limitation, the | 13 | | following: | 14 | | (1) to enter into loans, contracts, agreements, and
| 15 | | mortgages in any matter connected with any of its | 16 | | corporate purposes and to invest its funds; | 17 | | (2) to sue and be sued; | 18 | | (3) to employ agents and employees necessary to carry
| 19 | | out its purposes; | 20 | | (4) to have, use, and alter a common seal; | 21 | | (5) to adopt all needful ordinances, resolutions,
| 22 | | bylaws, rules, and regulations for the conduct of its | 23 | | business and affairs and for the management and use of the | 24 | | projects developed, constructed, acquired, and improved in | 25 | | furtherance of its purposes; |
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| 1 | | (6) to designate the fiscal year for the Authority; | 2 | | (7) to accept and expend appropriations; | 3 | | (8) to have and exercise all powers and be subject to
| 4 | | all duties usually incident to boards of directors of | 5 | | corporations; | 6 | | (9) to acquire, own, lease, sell, or otherwise
dispose | 7 | | of interests in and to real property and improvements | 8 | | situated thereon and in personal property from any person, | 9 | | the State of Illinois, any municipal corporation, any unit | 10 | | of local government, the government of the United States, | 11 | | any agency or instrumentality of the United States, any | 12 | | body politic, or any county, whether the property is | 13 | | improved for the purposes of any prospective project or | 14 | | unimproved, useful, and necessary to fulfill the purposes | 15 | | of the Authority; | 16 | | (10) to acquire title to any project with respect to
| 17 | | which it exercises its authority; | 18 | | (11) to engage in any activity or operation, including
| 19 | | brownfield remediation, which is incidental to and in | 20 | | furtherance of efficient operation to accomplish the | 21 | | Authority's primary purpose and be reasonable and | 22 | | necessary for the efficient function of the authority; | 23 | | (12) to acquire, own, construct, lease, operate, and
| 24 | | maintain, within its corporate limits, terminals and | 25 | | terminal facilities and to fix and collect just, | 26 | | reasonable, and nondiscriminatory charges for the use of |
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| 1 | | those facilities; | 2 | | (13) to collect fees and charges in connection with
| 3 | | its loans, commitments, and services; | 4 | | (14) to use the charges and fees collected as
| 5 | | authorized under paragraphs (12) and (13) to defray the | 6 | | reasonable expenses of the Authority and to pay the | 7 | | principal and interest of any revenue bonds issued by the | 8 | | Authority; | 9 | | (15) to borrow money and issue revenue bonds, notes,
| 10 | | or other evidences of indebtedness under the supervision | 11 | | of the Illinois Finance Authority, as set forth under | 12 | | Section 825-13.1 of the Illinois Finance Authority Act; | 13 | | (16) to apply for and accept grants, loans, or
| 14 | | appropriations from the federal government, the State of | 15 | | Illinois, including the Illinois Environmental Protection | 16 | | Agency, and the City of Cairo; | 17 | | (17) to accept donations, contributions, capital
| 18 | | grants or gifts from individuals, associations, and | 19 | | private corporations in aid of any purposes of this Act | 20 | | and to enter into agreements in connection therewith; | 21 | | (18) to enter into intergovernmental agreements with
| 22 | | the State of Illinois, any other state or local government | 23 | | of another state, the Illinois Finance Authority, the | 24 | | United States government, any agency or instrumentality of | 25 | | the United States, any unit of local government located | 26 | | within the territory of the Authority, or any other unit |
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| 1 | | of government to the extent allowed by Section 10 of | 2 | | Article VII of the Illinois Constitution and the | 3 | | Intergovernmental Cooperation Act; | 4 | | (19) to petition any federal, state, municipal, or
| 5 | | local authority, and any unit of local government having | 6 | | jurisdiction in the premises for the adoption and | 7 | | execution of any physical improvement, change in method or | 8 | | system of handling freight, warehousing, docking, | 9 | | lightering, and transfer of freight which, in the opinion | 10 | | of the Authority, is designed to improve the handling of | 11 | | commerce in and through its territorial jurisdiction or | 12 | | improve terminal or transportation facilities therein; | 13 | | (20) to enter into agreements with businesses, form
| 14 | | public-private partnership entities and appropriate funds | 15 | | to such entities as needed to achieve the purpose of this | 16 | | Act; and | 17 | | (21) to share employees with other units of
| 18 | | government, including agencies of the United States, | 19 | | agencies of the State of Illinois, and agencies or | 20 | | personnel of any unit of local government. | 21 | | Section 30. Limitations. If any of the Authority's powers | 22 | | are exercised within the jurisdictional limits of any | 23 | | municipality, then all of the ordinances of that municipality | 24 | | remain in full force and effect and are controlling. | 25 | | The Authority shall not issue any revenue bonds relating |
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| 1 | | to the financing of a project located within the planning and | 2 | | subdivision control jurisdiction of any municipality or county | 3 | | unless: (1) notice, including a description of the proposed | 4 | | project and the financing therefor, is submitted to the | 5 | | corporate authorities of the municipality or, in the case of a | 6 | | proposed project in an unincorporated area, to the county | 7 | | board; and (2) the corporate authorities do not or, in the case | 8 | | of an unincorporated area, the county board does not, adopt a | 9 | | resolution disapproving the project within 45 days after | 10 | | receipt of the notice. | 11 | | Section 35. Revenue Bonds. | 12 | | (a) The Authority shall have the continuing power to issue | 13 | | revenue bonds, notes, or other evidences of indebtedness in an | 14 | | aggregate amount not to exceed $200,000,000 for the purpose of | 15 | | developing, constructing, acquiring, or improving projects, | 16 | | including those established by business entities locating or | 17 | | expanding property within the territorial jurisdiction of the | 18 | | Authority, for entering into venture capital agreements with | 19 | | businesses locating or expanding within the territorial | 20 | | jurisdiction of the Authority, for acquiring and improving any | 21 | | property necessary and useful in connection therewith, and for | 22 | | the purposes of the Employee Ownership Assistance Act. The | 23 | | bonds must be issued under the supervision of the Illinois | 24 | | Finance Authority, as set forth under Section 825-13.1 of the | 25 | | Illinois Finance Authority Act. For the purpose of evidencing |
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| 1 | | the obligations of the Authority to repay any money borrowed, | 2 | | the Authority may, pursuant to resolution, from time to time | 3 | | issue and dispose of its interest bearing revenue bonds, | 4 | | notes, or other evidences of indebtedness and may also from | 5 | | time to time issue and dispose of such bonds, notes, or other | 6 | | evidences of indebtedness to refund, at maturity, at a | 7 | | redemption date or in advance of either, any revenue bonds, | 8 | | notes, or other evidences of indebtedness pursuant to | 9 | | redemption provisions or at any time before maturity. All such | 10 | | revenue bonds, notes, or other evidence of indebtedness shall | 11 | | be payable solely from the revenues or income to be derived | 12 | | from loans made with respect to projects, from the leasing or | 13 | | sale of the projects, or from any other funds available to the | 14 | | Authority for such purposes, including, when provided by | 15 | | ordinance of the Authority, authorizing the issuance of | 16 | | revenue bonds or notes. The revenue bonds, notes, or other | 17 | | evidences of indebtedness may bear such date or dates, may | 18 | | mature at such time or times not exceeding 40 years from their | 19 | | respective dates, may bear interest at such rate or rates not | 20 | | exceeding the maximum rate permitted by the Bond Authorization | 21 | | Act, may be in such form, may carry such registration | 22 | | privileges, may be executed in such manner, may be payable at | 23 | | such place or places, may be made subject to redemption in such | 24 | | manner and upon such terms, with or without premium as is | 25 | | stated on the face thereof, may be authenticated in such | 26 | | manner, and may contain such terms and covenants as may be |
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| 1 | | provided by an applicable resolution. | 2 | | (b) The holder or holders of any revenue bonds, notes, or | 3 | | other evidences of indebtedness issued by the Authority may | 4 | | bring suits at law or proceedings in equity to compel the | 5 | | performance and observance by any corporation or person or by | 6 | | the Authority or any of its agents or employees of any contract | 7 | | or covenant made with the holders of such revenue bonds, | 8 | | notes, or other evidences of indebtedness, to compel such | 9 | | corporation, person, the Authority, and any of its agents or | 10 | | employees to perform any duties required to be performed for | 11 | | the benefit of the holders of any such revenue bonds, notes, or | 12 | | other evidences of indebtedness by the provision of the | 13 | | resolution authorizing their issuance and to enjoin such | 14 | | corporation, person, the Authority, and any of its agents or | 15 | | employees from taking any action in conflict with any such | 16 | | contract or covenant. | 17 | | (c) If the Authority fails to pay the principal of or | 18 | | interest on any of the revenue bonds or premium, if any, as the | 19 | | same become due, a civil action to compel payment may be | 20 | | instituted in the appropriate circuit court by the holder or | 21 | | holders of the revenue bonds on which such default of payment | 22 | | exists or by an indenture trustee acting on behalf of such | 23 | | holders. Delivery of a summons and a copy of the complaint to | 24 | | the Chairperson of the Board shall constitute sufficient | 25 | | service to give the circuit court jurisdiction of the subject | 26 | | matter of such a suit and jurisdiction over the Authority and |
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| 1 | | its officers named as defendants for the purpose of compelling | 2 | | such payment. Any case, controversy, or cause of action | 3 | | concerning the validity of this Act relates to the revenue of | 4 | | the State of Illinois. | 5 | | (d) Notwithstanding the form and tenor of any such revenue | 6 | | bonds, notes, or other evidences of indebtedness and in the | 7 | | absence of any express recital on the face of any such revenue | 8 | | bond, note, or other evidence of indebtedness that it is | 9 | | nonnegotiable, all such revenue bonds, notes, and other | 10 | | evidences of indebtedness shall be negotiable instruments. | 11 | | Pending the preparation and execution of any such revenue | 12 | | bonds, notes, or other evidences of indebtedness, temporary | 13 | | revenue bonds, notes, or evidences of indebtedness may be | 14 | | issued as provided by ordinance. | 15 | | (e) To secure the payment of any or all of such revenue | 16 | | bonds, notes, or other evidences of indebtedness, the revenues | 17 | | to be received by the Authority from a lease agreement or loan | 18 | | agreement shall be pledged, and, for the purpose of setting | 19 | | forth the covenants and undertakings of the Authority in | 20 | | connection with the issuance thereof and the issuance of any | 21 | | additional revenue bonds, notes, or other evidences of | 22 | | indebtedness payable from such revenues, income, or other | 23 | | funds to be derived from projects, the Authority may execute | 24 | | and deliver a mortgage or trust agreement. A remedy for any | 25 | | breach or default of the terms of any such mortgage or trust | 26 | | agreement by the Authority may be by mandamus proceedings in |
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| 1 | | the appropriate circuit court to compel the performance and | 2 | | compliance therewith, but the trust agreement may prescribe by | 3 | | whom or on whose behalf the action may be instituted. | 4 | | (f) The revenue bonds or notes shall be secured as | 5 | | provided in the authorizing ordinance which may, | 6 | | notwithstanding any other provision of this Act, include in | 7 | | addition to any other security a specific pledge or assignment | 8 | | of and lien on or security interest in any or all revenues or | 9 | | money of the Authority from whatever source which may by law be | 10 | | used for debt service purposes and a specific pledge or | 11 | | assignment of and lien on or security interest in any funds or | 12 | | accounts established or provided for by ordinance of the | 13 | | Authority authorizing the issuance of such revenue bonds or | 14 | | notes. | 15 | | (g) The State of Illinois pledges to and agrees with the | 16 | | holders of the revenue bonds and notes of the Authority issued | 17 | | pursuant to this Section that the State will not limit or alter | 18 | | the rights and powers vested in the Authority by this Act to | 19 | | impair the terms of any contract made by the Authority with | 20 | | such holders or in any way impair the rights and remedies of | 21 | | such holders until such revenue bonds and notes, together with | 22 | | interest thereon, with interest on any unpaid installments of | 23 | | interest, and all costs and expenses in connection with any | 24 | | action or proceedings by or on behalf of such holders, are | 25 | | fully met and discharged. The Authority is authorized to | 26 | | include these pledges and agreements of the State in any |
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| 1 | | contract with the holders of revenue bonds or notes issued | 2 | | pursuant to this Section. | 3 | | (h) Under no circumstances shall any bonds issued by the | 4 | | Authority or any other obligation of the Authority be or | 5 | | become an indebtedness or obligation of the State of Illinois | 6 | | or of any other political subdivision of or municipality | 7 | | within the State, nor shall any such bond or obligation be or | 8 | | become an indebtedness of the Authority within the purview of | 9 | | any constitutional limitation or provision, and it shall be | 10 | | plainly stated on the face of each bond that it does not | 11 | | constitute such an indebtedness or obligation but is payable | 12 | | solely from the revenues or income as aforesaid. | 13 | | (i) For the purpose of financing a project pursuant to | 14 | | this Act, the Authority shall be authorized to apply for an | 15 | | allocation of tax-exempt bond financing authorization provided | 16 | | by Section 11143 of the Safe, Accountable, Flexible, Efficient | 17 | | Transportation Equity Act: A Legacy for Users (SAFETEA-LU), | 18 | | Public Law 109-59, as well as financing available under any | 19 | | other federal law or program. | 20 | | Section 40. Designation of depository. The Authority shall | 21 | | biennially designate a national or State bank or banks as | 22 | | depositories of its money. Those depositories shall be | 23 | | designated only within the State and upon condition that bonds | 24 | | approved as to form and surety by the Authority and at least | 25 | | equal in amount to the maximum sum expected to be on deposit at |
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| 1 | | any one time shall be first given by the depositories to the | 2 | | Authority, those bonds to be conditioned for the safekeeping | 3 | | and prompt repayment of the deposits. When any of the funds of | 4 | | the Authority shall be deposited by the treasurer in any such | 5 | | depository, the treasurer and the sureties on his official | 6 | | bond shall, to that extent, be exempt from liability for the | 7 | | loss of the deposited funds by reason of the failure, | 8 | | bankruptcy, or any other act or default of the depository. | 9 | | However, the Authority may accept assignments of collateral by | 10 | | any depository of its funds to secure the deposits to the same | 11 | | extent and conditioned in the same manner as assignments of | 12 | | collateral are permitted by law to secure deposits of the | 13 | | funds of any city. | 14 | | Section 45. Reports; Inspector General. The Authority | 15 | | shall, annually, submit a report of its finances to the | 16 | | Auditor General. The Authority shall annually submit a report | 17 | | of its activities to the Governor and to the General Assembly. | 18 | | The Authority may also create an office of the Inspector | 19 | | General to provide oversight and compliance with any of its | 20 | | regulatory policies. | 21 | | Section 50. Dissolution of the Authority. The Authority is | 22 | | dissolved upon the last to occur of the following: (1) the | 23 | | expiration of the 15-year period that begins on the effective | 24 | | date of this Act; or (2) one year after the date that all |
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| 1 | | revenue bonds, notes, and other evidence of indebtedness of | 2 | | the Authority have been fully paid and discharged or otherwise | 3 | | provided for. Upon the dissolution of the Authority, all of | 4 | | its rights and property shall pass to and be vested in the | 5 | | State of Illinois. | 6 | | Section 900. The Illinois Finance Authority Act is amended | 7 | | by adding Section 825-13.1 as follows | 8 | | (20 ILCS 3501/825-13.1 new) | 9 | | Sec. 825-13.1. Supervision of the Cairo Development | 10 | | Authority bond issuances. | 11 | | (a) All bond issuances of the Cairo Development Authority | 12 | | are subject to supervision, management, control, and approval | 13 | | of the Illinois Finance Authority. | 14 | | (b) All bonds issued by the Cairo Development Authority | 15 | | under the supervision of the Illinois Finance Authority are | 16 | | subject to the terms and conditions that are set forth in the | 17 | | Cairo Development Authority Act. | 18 | | (c) The bonds issued by the Cairo Development Authority | 19 | | under the supervision of the Illinois Finance Authority are | 20 | | not debts of the Illinois Finance Authority or of the State.
| 21 | | Section 999. Effective date. This Act takes effect upon | 22 | | becoming law.
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