Full Text of SB1457 95th General Assembly
SB1457eng 95TH GENERAL ASSEMBLY
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SB1457 Engrossed |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Quad Cities Regional Economic Development
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| Authority Act, approved September 22, 1987, is amended by | 6 |
| changing Sections 4 and 9 as follows:
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| (70 ILCS 510/4) (from Ch. 85, par. 6204)
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| Sec. 4. (a) There is hereby created a political | 9 |
| subdivision, body politic
and municipal corporation named the | 10 |
| Quad Cities Regional Economic Development
Authority.
The | 11 |
| territorial jurisdiction of the Authority is that geographic | 12 |
| area
within the boundaries of JoDaviess, Carroll, Whiteside, | 13 |
| Stephenson, Rock Island, Henry, Knox, and Mercer counties in
| 14 |
| the State of
Illinois and any navigable waters and air space | 15 |
| located therein.
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| (b) The governing and administrative powers of the | 17 |
| Authority shall be
vested in a body consisting of 15
11 members | 18 |
| including, as an ex officio
member,
the Director of Commerce | 19 |
| and Economic Opportunity, or his or her
designee.
The other 10
| 20 |
| members of the Authority
shall be designated "public members", | 21 |
| 6 of whom shall be
appointed by the Governor
with the advice | 22 |
| and consent of the Senate. Of the 6 members
appointed by
the | 23 |
| Governor, one shall be from a city within the Authority's |
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| territory
with a population of 25,000 or more and the remainder | 2 |
| shall be appointed at
large. Of the 6 members appointed by the | 3 |
| Governor, 2 members shall
have
business or finance experience. | 4 |
| One member shall be appointed by each of
the county board | 5 |
| chairmen of Rock Island, Henry, Knox, and Mercer
Counties with | 6 |
| the advice and consent of the respective county board.
Within | 7 |
| 60 days of the effective date of this amendatory Act of the | 8 |
| 95th General Assembly, one additional public member shall be | 9 |
| appointed by each of the county board chairmen of JoDaviess, | 10 |
| Carroll, Whiteside, and Stephenson counties with the advice and | 11 |
| consent of the respective county board. Of the public members | 12 |
| added by this amendatory Act of the 95th General Assembly, one | 13 |
| shall serve for a one-year term, one shall serve for a 2-year | 14 |
| term, and 2 shall serve for 3-year terms, to be determined by | 15 |
| lot. Their successors shall serve for 3-year terms. All public | 16 |
| members shall reside within the territorial jurisdiction of | 17 |
| this
Act. Eight
Six members shall constitute a quorum.
The | 18 |
| public members shall be
persons of recognized ability and
| 19 |
| experience in one or more of the following areas: economic | 20 |
| development,
finance, banking, industrial development, small | 21 |
| business management, real
estate development, community | 22 |
| development, venture finance, organized labor
or civic, | 23 |
| community or neighborhood organization. The Chairman of the
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| Authority shall be a public member elected by the affirmative | 25 |
| vote of not
fewer than 6 members of the Authority , except that | 26 |
| any chairman elected on or after the effective date of this |
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| amendatory Act of the 95th General Assembly shall be elected by | 2 |
| the affirmative vote of not fewer than 8 members . The term of | 3 |
| the Chairman
shall be one year.
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| (c) The terms of the initial
all members of the Authority | 5 |
| shall begin 30 days after
the effective date of this Act, | 6 |
| except (i) the terms of those
members added by this
amendatory | 7 |
| Act of 1989 shall begin 30 days after the effective
date of | 8 |
| this amendatory Act of 1989 and (ii) the terms of those members | 9 |
| added
by this amendatory Act of the 92nd General Assembly shall | 10 |
| begin 30 days after
the effective date of this amendatory Act | 11 |
| of the 92nd General Assembly. Of
the 10 public members
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| appointed pursuant to this Act, 2 (one of whom shall be | 13 |
| appointed by the
Governor) shall serve until the
third Monday | 14 |
| in January, 1989, 2 (one of whom shall be appointed by the
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| Governor) shall serve until the third Monday in
January, 1990, | 16 |
| 2
(one of whom shall be appointed by the Governor) shall serve | 17 |
| until the
third Monday in January, 1991, 2 (both of whom shall | 18 |
| be appointed by
the Governor) shall serve until the third | 19 |
| Monday in January, 1992, and 2 (one
of whom shall be appointed | 20 |
| by the Governor and one of whom shall be appointed
by the | 21 |
| county board chairman of Knox County) shall serve until the | 22 |
| third Monday
in January, 2004.
The initial terms of the members | 23 |
| appointed by the county board chairmen
(other than the county | 24 |
| board chairman of Knox County)
shall be determined by lot. All | 25 |
| successors shall be appointed by the
original appointing | 26 |
| authority and
hold office for a term of 3 years commencing the |
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| third
Monday in January of the year in which their term | 2 |
| commences, except in case
of an appointment to fill a vacancy.
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| Vacancies
occurring among the public members shall be filled | 4 |
| for the
remainder of the term.
In case of vacancy in a | 5 |
| Governor-appointed membership when
the Senate is not in | 6 |
| session, the Governor may make a temporary appointment
until | 7 |
| the next meeting of the Senate when a person shall be nominated | 8 |
| to
fill such office, and any person so nominated who is | 9 |
| confirmed by the
Senate shall hold office during the remainder | 10 |
| of the term and until a
successor shall be appointed and | 11 |
| qualified.
Members of the Authority shall not be entitled to | 12 |
| compensation for their
services
as members but shall be | 13 |
| entitled to reimbursement for all necessary
expenses incurred | 14 |
| in connection with the performance of their duties as members.
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| (d) The Governor may remove any public member of the | 16 |
| Authority appointed
by the Governor in case
of incompetency, | 17 |
| neglect of duty, or malfeasance in office. The Chairman
of a | 18 |
| county board may remove any public member of the Authority | 19 |
| appointed
by such Chairman in the case of incompetency, neglect | 20 |
| of duty, or malfeasance in office.
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| (e) The Board shall appoint an Executive Director who shall | 22 |
| have a
background in finance, including familiarity with the | 23 |
| legal and
procedural requirements of issuing bonds, real estate | 24 |
| or economic
development and administration. The Executive | 25 |
| Director shall hold office
at the discretion of the Board. The | 26 |
| Executive Director shall be the chief
administrative and |
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| operational officer of the Authority, shall direct
and | 2 |
| supervise its administrative affairs and general management, | 3 |
| shall perform
such other duties as may be prescribed from time | 4 |
| to time by the members and
shall receive compensation fixed by | 5 |
| the Authority.
The Authority may engage the services of such
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| other agents and employees, including attorneys, appraisers, | 7 |
| engineers,
accountants, credit analysts and other consultants, | 8 |
| as it may deem
advisable and may prescribe their duties and fix | 9 |
| their compensation.
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| (f) The Board shall create a task force to study and make
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| recommendations to the Board on the economic development of the | 12 |
| territory
within the jurisdiction of this Act. The number of | 13 |
| members
constituting the task force shall be set by the Board | 14 |
| and may vary from
time to time. The Board may set a specific | 15 |
| date by which the task force is
to submit its final report and | 16 |
| recommendations to the Board.
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| (Source: P.A. 94-793, eff. 5-19-06.)
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| (70 ILCS 510/9) (from Ch. 85, par. 6209)
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| Sec. 9. Bonds and notes. (a)(1) The Authority may, with the | 20 |
| written
approval of the Governor, at any time and from time to | 21 |
| time, issue bonds and
notes for any corporate purpose, | 22 |
| including the establishment of reserves and
the payment of | 23 |
| interest. In this Act the term "bonds" includes notes of
any | 24 |
| kind, interim certificates, refunding bonds or any other | 25 |
| evidence of obligation.
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| (2) The bonds of any issue shall be payable solely from the | 2 |
| property or
receipts of the Authority, including, without | 3 |
| limitation:
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| (I) fees, charges or other revenues payable to the | 5 |
| Authority;
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| (II) payments by financial institutions, insurance | 7 |
| companies, or others
pursuant to letters or lines of credit, | 8 |
| policies of insurance, or purchase agreements;
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| (III) investment earnings from funds or accounts | 10 |
| maintained pursuant to
a bond resolution or trust agreement; | 11 |
| and
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| (IV) proceeds of refunding bonds.
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| (3) Bonds shall be authorized by a resolution of the | 14 |
| Authority and may
be secured by a trust agreement by and | 15 |
| between the Authority and a
corporate trustee or trustees, | 16 |
| which may be any trust company or bank
having the powers of a | 17 |
| trust company within or without the State. Bonds shall:
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| (I) be issued at, above or below par value, for cash or | 19 |
| other valuable
consideration, and mature at time or times, | 20 |
| whether as serial bonds or as
term bonds or both, not exceeding | 21 |
| 40 years from their respective date of
issue; however, the | 22 |
| length of the term of the bond should bear a reasonable
| 23 |
| relationship to the value life of the item financed;
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| (II) bear interest at the fixed or variable rate or rates | 25 |
| determined by
the method provided in the resolution or trust | 26 |
| agreement;
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| (III) be payable at a time or times, in the denominations | 2 |
| and form,
either coupon or registered or both, and carry the | 3 |
| registration and
privileges as to conversion and for the | 4 |
| replacement of mutilated, lost or
destroyed bonds as the | 5 |
| resolution or trust agreement may provide;
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| (IV) be payable in lawful money of the United States at a | 7 |
| designated place;
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| (V) be subject to the terms of purchase, payment, | 9 |
| redemption, refunding
or refinancing that the resolution or | 10 |
| trust agreement provides;
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| (VI) be executed by the manual or facsimile signatures of | 12 |
| the officers
of the Authority designated by the Authority, | 13 |
| which signatures shall be
valid at delivery even for one who | 14 |
| has ceased to hold office; and
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| (VII) be sold in the manner and upon the terms determined | 16 |
| by the Authority.
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| (b) Any resolution or trust agreement may contain | 18 |
| provisions which shall
be a part of the contract with the | 19 |
| holders of the bonds as to:
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| (1) pledging, assigning or directing the use, investment or | 21 |
| disposition
of receipts of the Authority or proceeds or | 22 |
| benefits of any contract and
conveying or otherwise securing | 23 |
| any property or property rights;
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| (2) the setting aside of loan funding deposits, debt | 25 |
| service reserves,
capitalized interest accounts, cost of | 26 |
| issuance accounts and sinking funds,
and the regulations, |
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| investment and disposition thereof;
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| (3) limitations on the purpose to which or the investments | 3 |
| in which the
proceeds of sale of any issue of bonds may be | 4 |
| applied and restrictions to
investment of revenues or bond | 5 |
| proceeds in government obligations for which
principal and | 6 |
| interest are unconditionally guaranteed by the United States of | 7 |
| America;
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| (4) limitations on the issue of additional bonds, the terms | 9 |
| upon which
additional bonds may be issued and secured, the | 10 |
| terms upon which additional
bonds may rank on a parity with, or | 11 |
| be subordinate or superior to, other bonds;
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| (5) the refunding or refinancing of outstanding bonds;
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| (6) the procedure, if any, by which the terms of any | 14 |
| contract with
bondholders may be altered or amended and the | 15 |
| amount of bonds and holders
of which must consent thereto, and | 16 |
| the manner in which consent shall be given;
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| (7) defining the acts or omissions which shall constitute a | 18 |
| default in
the duties of the Authority to holders of bonds and | 19 |
| providing the rights or
remedies of such holders in the event | 20 |
| of a default which may include
provisions restricting | 21 |
| individual right of action by bondholders;
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| (8) providing for guarantees, pledges of property, letters | 23 |
| of credit, or
other security, or insurance for the benefit of | 24 |
| bondholders; and
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| (9) any other matter relating to the bonds which the | 26 |
| Authority determines appropriate.
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| (c) No member of the Authority nor any person executing the | 2 |
| bonds shall
be liable personally on the bonds or subject to any | 3 |
| personal liability by
reason of the issuance of the bonds.
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| (d) The Authority may enter into agreements with agents, | 5 |
| banks, insurers
or others for the purpose of enhancing the | 6 |
| marketability of or as security for its bonds.
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| (e)(1) A pledge by the Authority of revenues as security | 8 |
| for an issue of
bonds shall be valid and binding from the time | 9 |
| when the pledge is made.
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| (2) The revenues pledged shall immediately be subject to | 11 |
| the lien of the
pledge without any physical delivery or further | 12 |
| act, and the lien of any
pledge shall be valid and binding | 13 |
| against any person having any claim of
any kind in tort, | 14 |
| contract or otherwise against the Authority, irrespective
of | 15 |
| whether the person has notice.
| 16 |
| (3) No resolution, trust agreement or financing statement, | 17 |
| continuation
statement, or other instrument adopted or entered | 18 |
| into by the Authority
need be filed or recorded in any public | 19 |
| record other than the records of
the authority in order to | 20 |
| perfect the lien against third persons,
regardless of any | 21 |
| contrary provision of law.
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| (f) The Authority may issue bonds to refund any of its | 23 |
| bonds then
outstanding, including the payment of any redemption | 24 |
| premium and any
interest accrued or to accrue to the earliest | 25 |
| or any subsequent date of
redemption, purchase or maturity of | 26 |
| the bonds. Refunding bonds may be
issued for the public |
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| purposes of realizing savings in the effective costs
of debt | 2 |
| service, directly or through a debt restructuring, for | 3 |
| alleviating
impending or actual default and may be issued in | 4 |
| one or more series in an
amount in excess of that of the bonds | 5 |
| to be refunded.
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| (g) Bonds or notes of the Authority may be sold by the | 7 |
| Authority through
the process of competitive bid or negotiated | 8 |
| sale.
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| (h) At no time shall the total outstanding bonds and notes | 10 |
| of the
Authority exceed $250,000,000
$100 million .
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| (i) The bonds and notes of the Authority shall not be debts | 12 |
| of the State.
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| (j) In no event may proceeds of bonds or notes issued by | 14 |
| the Authority
be used to finance any structure which is not | 15 |
| constructed pursuant to an
agreement between the Authority and | 16 |
| a party, which provides for the
delivery by the party of a | 17 |
| completed structure constructed pursuant to a
fixed price | 18 |
| contract, and which provides for the delivery of such structure
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| at such fixed price to be insured or guaranteed by a third | 20 |
| party determined
by the Authority to be capable of completing | 21 |
| construction of such a structure.
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| (Source: P.A. 85-713.)
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| Section 10. The Quad Cities Regional Economic Development
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| Authority Act, certified December 30, 1987, is amended by | 25 |
| changing Sections 4 and 9 as follows:
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| (70 ILCS 515/4) (from Ch. 85, par. 6504)
| 2 |
| Sec. 4. (a) There is hereby created a political | 3 |
| subdivision, body politic
and municipal corporation named the | 4 |
| Quad Cities Regional Economic Development Authority.
The | 5 |
| territorial jurisdiction of the Authority is that geographic | 6 |
| area
within the boundaries of JoDaviess, Carroll, Whiteside, | 7 |
| Stephenson, Rock Island, Henry and Mercer counties in the State | 8 |
| of
Illinois and any navigable waters and air space located | 9 |
| therein.
| 10 |
| (b) The governing and administrative powers of the | 11 |
| Authority shall be
vested in a body consisting of 11
7 members | 12 |
| including, as an ex officio member,
the Director of Commerce | 13 |
| and Economic Opportunity, or his or her
designee.
The other 8
| 14 |
| members of the Authority
shall be designated "public members", | 15 |
| 3 of whom shall be appointed by the Governor
with the advice | 16 |
| and consent of the Senate. Of the 3 members appointed by
the | 17 |
| Governor, one shall be from a city within the Authority's | 18 |
| territory
with a population of 25,000 or more and the remainder | 19 |
| shall be appointed at
large. One member shall be appointed by | 20 |
| each of
the county board chairmen of Rock Island, Henry and | 21 |
| Mercer
counties with the advice and consent of the respective | 22 |
| county board.
In addition, within 60 days after the effective | 23 |
| date of this amendatory Act of the 95th General Assembly, one | 24 |
| additional public member shall be appointed by each of the | 25 |
| county board chairmen of JoDaviess, Carroll, Whiteside, and |
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| Stephenson counties with the advice and consent of the | 2 |
| respective county board. Of the public members added by this | 3 |
| amendatory Act of the 95th General Assembly, one shall serve | 4 |
| for a one-year term, one shall serve for a 2-year term, and 2 | 5 |
| shall serve for 3-year terms, to be determined by lot. Their | 6 |
| successors shall serve for 3-year terms. All public members | 7 |
| shall reside within the territorial jurisdiction of this
Act. | 8 |
| Six
Four members shall constitute a quorum.
The public members | 9 |
| shall be
persons of recognized ability and
experience in one or | 10 |
| more of the following areas: economic development,
finance, | 11 |
| banking, industrial development, small business management, | 12 |
| real
estate development, community development, venture | 13 |
| finance, organized labor
or civic, community or neighborhood | 14 |
| organization. The Chairman of the
Authority shall be a public | 15 |
| member elected by the affirmative vote of not
fewer than 4 | 16 |
| members of the Authority , except that any chairman elected on | 17 |
| or after the effective date of this amendatory Act of the 95th | 18 |
| General Assembly shall be elected by the affirmative vote of | 19 |
| not fewer than 6 members . The term of the Chairman shall be one | 20 |
| year.
| 21 |
| (c) The terms of all members of the Authority shall begin | 22 |
| 30 days after
the effective date of this Act. Of the 6 initial
| 23 |
| public members
appointed pursuant to this Act, 2 (one of whom | 24 |
| shall be appointed by the
Governor) shall serve until the
third | 25 |
| Monday in January, 1989, 2 (one of whom shall be appointed by | 26 |
| the
Governor) shall serve until the third Monday in
January, |
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| 1990, and 2
(one of whom shall be appointed by the Governor) | 2 |
| shall serve until the
third Monday in January, 1991.
The | 3 |
| initial terms of the members appointed by the county board | 4 |
| chairmen
shall be determined by lot. All successors shall be | 5 |
| appointed by the
original appointing authority and
hold office | 6 |
| for a term of 3 years commencing the third
Monday in January of | 7 |
| the year in which their term commences, except in case
of an | 8 |
| appointment to fill a vacancy.
Vacancies
occurring among the | 9 |
| public members shall be filled for the
remainder of the term.
| 10 |
| In case of vacancy in a Governor-appointed membership when
the | 11 |
| Senate is not in session, the Governor may make a temporary | 12 |
| appointment
until the next meeting of the Senate when a person | 13 |
| shall be nominated to
fill such office, and any person so | 14 |
| nominated who is confirmed by the
Senate shall hold office | 15 |
| during the remainder of the term and until a
successor shall be | 16 |
| appointed and qualified.
Members of the Authority shall not be | 17 |
| entitled to compensation for their services
as members but | 18 |
| shall be entitled to reimbursement for all necessary
expenses | 19 |
| incurred in connection with the performance of their duties as | 20 |
| members.
| 21 |
| (d) The Governor may remove any public member of the | 22 |
| Authority appointed
by the Governor in case
of incompetency, | 23 |
| neglect of duty, or malfeasance in office. The Chairman
of a | 24 |
| county board may remove any public member of the Authority | 25 |
| appointed
by such Chairman in the case of incompetency, neglect | 26 |
| of duty, or malfeasance in office.
|
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| 1 |
| (e) The Board shall appoint an Executive Director who shall | 2 |
| have a
background in finance, including familiarity with the | 3 |
| legal and
procedural requirements of issuing bonds, real estate | 4 |
| or economic
development and administration. The Executive | 5 |
| Director shall hold office
at the discretion of the Board. The | 6 |
| Executive Director shall be the chief
administrative and | 7 |
| operational officer of the Authority, shall direct
and | 8 |
| supervise its administrative affairs and general management, | 9 |
| shall perform
such other duties as may be prescribed from time | 10 |
| to time by the members and
shall receive compensation fixed by | 11 |
| the Authority.
The Authority may engage the services of such
| 12 |
| other agents and employees, including attorneys, appraisers, | 13 |
| engineers,
accountants, credit analysts and other consultants, | 14 |
| as it may deem
advisable and may prescribe their duties and fix | 15 |
| their compensation.
| 16 |
| (f) The Board shall create a task force to study and make
| 17 |
| recommendations to the Board on the economic development of the | 18 |
| territory
within the jurisdiction of this Act. The number of | 19 |
| members
constituting the task force shall be set by the Board | 20 |
| and may vary from
time to time. The Board may set a specific | 21 |
| date by which the task force is
to submit its final report and | 22 |
| recommendations to the Board.
| 23 |
| (Source: P.A. 94-793, eff. 5-19-06.)
| 24 |
| (70 ILCS 515/9) (from Ch. 85, par. 6509)
| 25 |
| Sec. 9. Bonds and notes. (a)(1) The Authority may, with the |
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|
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LRB095 05522 HLH 25612 b |
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| 1 |
| written
approval of the Governor, at any time and from time to | 2 |
| time, issue bonds and
notes for any corporate purpose, | 3 |
| including the establishment of reserves and
the payment of | 4 |
| interest. In this Act the term "bonds" includes notes of
any | 5 |
| kind, interim certificates, refunding bonds or any other | 6 |
| evidence of obligation.
| 7 |
| (2) The bonds of any issue shall be payable solely from the | 8 |
| property or
receipts of the Authority, including, without | 9 |
| limitation:
| 10 |
| (I) fees, charges or other revenues payable to the | 11 |
| Authority;
| 12 |
| (II) payments by financial institutions, insurance | 13 |
| companies, or others
pursuant to letters or lines of credit, | 14 |
| policies of insurance, or purchase agreements;
| 15 |
| (III) investment earnings from funds or accounts | 16 |
| maintained pursuant to
a bond resolution or trust agreement; | 17 |
| and
| 18 |
| (IV) proceeds of refunding bonds.
| 19 |
| (3) Bonds shall be authorized by a resolution of the | 20 |
| Authority and may
be secured by a trust agreement by and | 21 |
| between the Authority and a
corporate trustee or trustees, | 22 |
| which may be any trust company or bank
having the powers of a | 23 |
| trust company within or without the State. Bonds shall:
| 24 |
| (I) be issued at, above or below par value, for cash or | 25 |
| other valuable
consideration, and mature at time or times, | 26 |
| whether as serial bonds or as
term bonds or both, not exceeding |
|
|
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| 40 years from their respective date of
issue; however, the | 2 |
| length of the term of the bond should bear a reasonable
| 3 |
| relationship to the value life of the item financed;
| 4 |
| (II) bear interest at the fixed or variable rate or rates | 5 |
| determined by
the method provided in the resolution or trust | 6 |
| agreement;
| 7 |
| (III) be payable at a time or times, in the denominations | 8 |
| and form,
either coupon or registered or both, and carry the | 9 |
| registration and
privileges as to conversion and for the | 10 |
| replacement of mutilated, lost or
destroyed bonds as the | 11 |
| resolution or trust agreement may provide;
| 12 |
| (IV) be payable in lawful money of the United States at a | 13 |
| designated place;
| 14 |
| (V) be subject to the terms of purchase, payment, | 15 |
| redemption, refunding
or refinancing that the resolution or | 16 |
| trust agreement provides;
| 17 |
| (VI) be executed by the manual or facsimile signatures of | 18 |
| the officers
of the Authority designated by the Authority, | 19 |
| which signatures shall be
valid at delivery even for one who | 20 |
| has ceased to hold office; and
| 21 |
| (VII) be sold in the manner and upon the terms determined | 22 |
| by the Authority.
| 23 |
| (b) Any resolution or trust agreement may contain | 24 |
| provisions which shall
be a part of the contract with the | 25 |
| holders of the bonds as to:
| 26 |
| (1) pledging, assigning or directing the use, investment or |
|
|
|
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LRB095 05522 HLH 25612 b |
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| 1 |
| disposition
of receipts of the Authority or proceeds or | 2 |
| benefits of any contract and
conveying or otherwise securing | 3 |
| any property or property rights;
| 4 |
| (2) the setting aside of loan funding deposits, debt | 5 |
| service reserves,
capitalized interest accounts, cost of | 6 |
| issuance accounts and sinking funds,
and the regulations, | 7 |
| investment and disposition thereof;
| 8 |
| (3) limitations on the purpose to which or the investments | 9 |
| in which the
proceeds of sale of any issue of bonds may be | 10 |
| applied and restrictions to
investment of revenues or bond | 11 |
| proceeds in government obligations for which
principal and | 12 |
| interest are unconditionally guaranteed by the United States of | 13 |
| America;
| 14 |
| (4) limitations on the issue of additional bonds, the terms | 15 |
| upon which
additional bonds may be issued and secured, the | 16 |
| terms upon which additional
bonds may rank on a parity with, or | 17 |
| be subordinate or superior to, other bonds;
| 18 |
| (5) the refunding or refinancing of outstanding bonds;
| 19 |
| (6) the procedure, if any, by which the terms of any | 20 |
| contract with
bondholders may be altered or amended and the | 21 |
| amount of bonds and holders
of which must consent thereto, and | 22 |
| the manner in which consent shall be given;
| 23 |
| (7) defining the acts or omissions which shall constitute a | 24 |
| default in
the duties of the Authority to holders of bonds and | 25 |
| providing the rights or
remedies of such holders in the event | 26 |
| of a default which may include
provisions restricting |
|
|
|
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LRB095 05522 HLH 25612 b |
|
| 1 |
| individual right of action by bondholders;
| 2 |
| (8) providing for guarantees, pledges of property, letters | 3 |
| of credit, or
other security, or insurance for the benefit of | 4 |
| bondholders; and
| 5 |
| (9) any other matter relating to the bonds which the | 6 |
| Authority determines appropriate.
| 7 |
| (c) No member of the Authority nor any person executing the | 8 |
| bonds shall
be liable personally on the bonds or subject to any | 9 |
| personal liability by
reason of the issuance of the bonds.
| 10 |
| (d) The Authority may enter into agreements with agents, | 11 |
| banks, insurers
or others for the purpose of enhancing the | 12 |
| marketability of or as security for its bonds.
| 13 |
| (e)(1) A pledge by the Authority of revenues as security | 14 |
| for an issue of
bonds shall be valid and binding from the time | 15 |
| when the pledge is made.
| 16 |
| (2) The revenues pledged shall immediately be subject to | 17 |
| the lien of the
pledge without any physical delivery or further | 18 |
| act, and the lien of any
pledge shall be valid and binding | 19 |
| against any person having any claim of
any kind in tort, | 20 |
| contract or otherwise against the Authority, irrespective
of | 21 |
| whether the person has notice.
| 22 |
| (3) No resolution, trust agreement or financing statement, | 23 |
| continuation
statement, or other instrument adopted or entered | 24 |
| into by the Authority
need be filed or recorded in any public | 25 |
| record other than the records of
the authority in order to | 26 |
| perfect the lien against third persons,
regardless of any |
|
|
|
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LRB095 05522 HLH 25612 b |
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| 1 |
| contrary provision of law.
| 2 |
| (f) The Authority may issue bonds to refund any of its | 3 |
| bonds then
outstanding, including the payment of any redemption | 4 |
| premium and any
interest accrued or to accrue to the earliest | 5 |
| or any subsequent date of
redemption, purchase or maturity of | 6 |
| the bonds. Refunding bonds may be
issued for the public | 7 |
| purposes of realizing savings in the effective costs
of debt | 8 |
| service, directly or through a debt restructuring, for | 9 |
| alleviating
impending or actual default and may be issued in | 10 |
| one or more series in an
amount in excess of that of the bonds | 11 |
| to be refunded.
| 12 |
| (g) Bonds or notes of the Authority may be sold by the | 13 |
| Authority through
the process of competitive bid or negotiated | 14 |
| sale.
| 15 |
| (h) At no time shall the total outstanding bonds and notes | 16 |
| of the
Authority exceed $250,000,000
$100 million .
| 17 |
| (i) The bonds and notes of the Authority shall not be debts | 18 |
| of the State.
| 19 |
| (j) In no event may proceeds of bonds or notes issued by | 20 |
| the Authority
be used to finance any structure which is not | 21 |
| constructed pursuant to an
agreement between the Authority and | 22 |
| a party, which provides for the
delivery by the party of a | 23 |
| completed structure constructed pursuant to a
fixed price | 24 |
| contract, and which provides for the delivery of such structure
| 25 |
| at such fixed price to be insured or guaranteed by a third | 26 |
| party determined
by the Authority to be capable of completing |
|
|
|
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|
| 1 |
| construction of such a structure.
| 2 |
| (Source: P.A. 85-988.)
|
|