Full Text of HB3428 095th General Assembly
HB3428eng 95TH GENERAL ASSEMBLY
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Airport Authorities Act is amended by | 5 |
| changing Sections 1, 14.1, 14.2, and 14.3 and by adding | 6 |
| Sections 22.1, 22.2, 22.3, 22.4, 22.6, and 22.7 as follows:
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| (70 ILCS 5/1) (from Ch. 15 1/2, par. 68.1)
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| Sec. 1. Definitions. When used in this Act:
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| "Aeronautics" means the act or practice of the art and | 10 |
| science of
transportation by aircraft and instruction therein, | 11 |
| and establishment,
construction, extension, operation, | 12 |
| improvement, repair or maintenance of
airports and airport | 13 |
| facilities and air navigation facilities, and the
operation, | 14 |
| construction, repair or maintenance of aircraft.
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| "Aircraft" means any contrivance now known or hereafter | 16 |
| invented, used
or designed for navigation of, or flight in, the | 17 |
| air.
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| "Airport" means any locality, either land or water, which | 19 |
| is used or
designed for the landing and taking off of aircraft, | 20 |
| or for the location of
runways, landing fields, airdromes, | 21 |
| hangars, buildings, structures, airport
roadways and other | 22 |
| facilities.
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| "Airport hazard" means any structure, or object of natural |
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| growth,
located on or in the vicinity of an airport, or any use | 2 |
| of land near an
airport, which is hazardous to the use of such | 3 |
| airport for the landing and
take-off of aircraft.
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| "Approach" means any path, course or zone defined by an | 5 |
| ordinance of an
Authority, or by other lawful regulation, on | 6 |
| the ground or in the air, or
both, for the use of aircraft in | 7 |
| landing and taking off from an airport
located within an | 8 |
| Authority.
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| "Facilities" means and includes real estate and any and all | 10 |
| forms of
tangible and intangible personal property and services | 11 |
| used or useful as an
aid, or constituting an advantage or | 12 |
| convenience to, the safe landing,
taking off and navigation of | 13 |
| aircraft, or the safe and efficient operation
or maintenance of | 14 |
| a public airport. In addition, for all airport
authorities, | 15 |
| "facilities" means and includes real estate, tangible and
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| intangible personal property, and services used or useful for | 17 |
| commercial
and recreational purposes.
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| "Board of Commissioners" and "Board" mean the board of | 19 |
| commissioners of
an established authority or an authority | 20 |
| proposed to be established.
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| "Commercial aircraft" means any aircraft other than public | 22 |
| aircraft
engaged in the business of transporting persons or | 23 |
| property.
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| "Airport Authority" means a municipal corporation created | 25 |
| and
established under Section 2 of this Act, and includes | 26 |
| Metropolitan
Airport Authorities. "Authority" and "Airport
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| Authority" are synonymous , unless the context requires | 2 |
| otherwise .
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| "Metropolitan Airport Authority" and "Metropolitan | 4 |
| Authority" mean an
airport authority established in the manner | 5 |
| provided in Section 2.7 of
this Act.
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| "Municipality" means any city, village or incorporated | 7 |
| town of the State
of Illinois.
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| "Public Agency" means any political subdivision, public | 9 |
| corporation,
quasi-municipal corporation or municipal | 10 |
| corporation of the State of
Illinois, excepting public | 11 |
| corporations or agencies owning, operating or
maintaining a | 12 |
| college or university with funds of the State of Illinois.
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| "Private aircraft" means any aircraft other than public and | 14 |
| commercial
aircraft.
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| "Public aircraft" means an aircraft used exclusively in the | 16 |
| governmental
service of the United States, or of any state or | 17 |
| of any public agency,
including military and naval aircraft.
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| "Public airport" means an airport owned by an airport | 19 |
| authority or other
public agency which is used or is intended | 20 |
| for use by public, commercial
and private aircraft and by | 21 |
| persons owning, managing, operating or desiring
to use, inspect | 22 |
| or repair any such aircraft or to use any such airport for
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| aeronautical purposes.
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| "Public interest" means the protection, furtherance and | 25 |
| advancement of
the general welfare and of public health and | 26 |
| safety and public necessity
and convenience in respect to |
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| aeronautics.
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| "Rail Authority" means a Rail Authority established as | 3 |
| provided in Section 22.1 of this Act. | 4 |
| "Rail facility" has the meaning set forth in Section 22.2 | 5 |
| of this Act. | 6 |
| "Related facility" has the meaning set forth in Section | 7 |
| 22.2 of this Act.
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| (Source: P.A. 87-854.)
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| (70 ILCS 5/14.1) (from Ch. 15 1/2, par. 68.14a)
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| Sec. 14.1. Bond limitation. An Authority may secure the | 11 |
| necessary
funds to finance part or all of the cost of (i)
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| acquiring, establishing,
constructing, developing, expanding, | 13 |
| extending or further improving a
public airport, public | 14 |
| airports, or airport facilities within
or without its corporate | 15 |
| limits or within or upon any body of water
adjacent thereto ; | 16 |
| and (ii) studying, designing, acquiring, constructing, | 17 |
| developing, expanding, extending, or improving any rail | 18 |
| facility or related facility as provided in this Act for a Rail | 19 |
| Authority established by the Board of Commissioners of the | 20 |
| Authority, upon a determination by the Board of Commissioners, | 21 |
| that, in its judgment, the rail or other service to be provided | 22 |
| by those rail facilities or related facilities will benefit the | 23 |
| airport operated by the Airport Authority , through the issuance | 24 |
| of bonds as hereinafter provided in
Sections 14.1 to 14.5 | 25 |
| inclusive, to the principal amount of which at any
one time |
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| outstanding, together with other outstanding indebtedness of | 2 |
| the
Authority, shall not exceed 2.3% of the aggregate valuation | 3 |
| of all taxable
property within the Authority, as equalized or | 4 |
| assessed by the Department
of Revenue or, until January 1, | 5 |
| 1983, if greater, the sum that is produced
by multiplying the | 6 |
| Authority's 1978 equalized assessed valuation by the
debt | 7 |
| limitation percentage in effect on January 1, 1979. No such | 8 |
| airport
project shall be financed by the issuance of bonds | 9 |
| under this Section
unless such proposed airport project has | 10 |
| been approved by the Department of
Transportation as to | 11 |
| location and size and found by the Department to be in
the | 12 |
| public interest; provided that the approval of the Department | 13 |
| of
Transportation as provided in Sections 14.1 through 14.5 is | 14 |
| not required in
the case of airport projects consisting solely | 15 |
| of commercial or
recreational facilities or rail facilities or | 16 |
| related facilities .
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| (Source: P.A. 87-854.)
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| (70 ILCS 5/14.2) (from Ch. 15 1/2, par. 68.14b)
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| Sec. 14.2. General plans and cost estimate to be approved. | 20 |
| Before the
adoption of any ordinance providing for the issuance | 21 |
| of such bonds, the
board of commissioners of the authority | 22 |
| shall cause a description and
general plan for the project to | 23 |
| be prepared and submitted to the Department
of Transportation, | 24 |
| together with an estimate of the cost of the project.
The | 25 |
| project and the plans and estimate of cost may be changed with |
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| the
approval of the Department. Prior to undertaking the | 2 |
| project, the final
plans, specifications and estimate of cost | 3 |
| must be approved by the
Department. The requirements of this | 4 |
| Section do not apply to airport
projects consisting solely of | 5 |
| commercial or recreational facilities or rail facilities or | 6 |
| related facilities .
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| (Source: P.A. 87-854; 87-895.)
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| (70 ILCS 5/14.3) (from Ch. 15 1/2, par. 68.14c)
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| Sec. 14.3. Bond ordinance. Upon the approval of the general | 10 |
| plan and
cost estimate for any such project by the Department | 11 |
| of Transportation,
if required, the
Board of Commissioners of | 12 |
| the authority shall provide by ordinance for the
acquisition or | 13 |
| undertaking of such project, and for the issuance of bonds
of | 14 |
| the authority payable from taxes to pay the cost of such | 15 |
| project to the
authority or for costs with respect to rail | 16 |
| facilities or related facilities as provided in Section 14.1 . | 17 |
| The ordinance shall prescribe all details of the bonds and | 18 |
| shall
state the time or times when bonds, and the interest | 19 |
| thereon, shall become
payable and the bonds shall be payable | 20 |
| within not more than 20 years from
the date thereof. Any | 21 |
| authority may agree or contract to sell, issue or
deliver bonds | 22 |
| payable from taxes at such price and upon such terms as
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| determined by the Board of Commissioners of the Authority and | 24 |
| as will not
cause the net effective interest rate to be paid by | 25 |
| the Authority on the
issue of which such bonds are a part to |
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| exceed the greater of (i) the
maximum rate authorized by the | 2 |
| Bond Authorization Act, as amended at the
time of the making of | 3 |
| the contract, or (ii) the greater of 9% per annum
or 125% of | 4 |
| the rate for the most recent date shown in the 20 G.O. Bonds
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| Index of average municipal bond yields as published in the most | 6 |
| recent
edition of The Bond Buyer, published in New York, New | 7 |
| York, (or any
successor publication or index, or if such | 8 |
| publication or index is no
longer published, then any index of | 9 |
| long term municipal tax-exempt bond
yields then selected by the | 10 |
| Board of Commissioners of the Authority), at
the time the | 11 |
| contract is made for such sale of the bonds. Subject to such
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| limitation, the interest rate or rates on such bonds may be | 13 |
| established by
reference to an index or formula which may be | 14 |
| implemented or administered
by persons appointed or retained | 15 |
| therefor by the Authority. A contract is
made with respect to | 16 |
| the sale of bonds when an Authority is contractually
obligated | 17 |
| to issue or deliver such bonds to a purchaser who is
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| contractually obligated to purchase them, and, with respect to | 19 |
| bonds
bearing interest at a variable rate or subject to payment | 20 |
| upon periodic
demand or put or otherwise subject to remarketing | 21 |
| by or for an Authority, a
contract is made on each date of | 22 |
| change in the variable rate or such
demand, put or remarketing. | 23 |
| The ordinance shall provide for the levy and
collection of a | 24 |
| direct annual tax upon all the taxable property within
the | 25 |
| corporate limits of such Authority, sufficient to meet the | 26 |
| principal
and interest of the bonds as same mature, which tax |
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| shall be in addition
to and in excess of any other tax | 2 |
| authorized to be levied by the
Authority.
The bonds may be | 3 |
| issued in part under the authority of, and may be
additionally | 4 |
| secured as provided in, the Local Government Debt Reform Act. | 5 |
| Proceeds of bonds issued with respect to rail facilities or | 6 |
| related facilities shall be provided to, or expended by the | 7 |
| Authority for the benefit of, the Rail Authority.
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| A certified copy of the ordinance providing for the | 9 |
| issuance of bonds
authorized by this Section shall be filed | 10 |
| with the county clerk of each
county in which the authority or | 11 |
| any portion thereof is situated and
shall constitute the basis | 12 |
| for the extension and collection of the tax
necessary to pay | 13 |
| the principal of and interest and premium, if any,
upon the | 14 |
| bonds issued under the ordinance as the same mature.
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| The provisions of this amendatory Act of 1985 shall be | 16 |
| cumulative and in
addition to any powers or authority granted | 17 |
| in any other laws of the State,
and shall not be deemed to have | 18 |
| repealed any provisions of existing laws.
This amendatory Act | 19 |
| of 1985 shall be construed as a grant of power to public
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| corporations and shall not act as a limitation upon any sale of | 21 |
| bonds
authorized pursuant to any other law. This amendatory Act | 22 |
| of 1985 shall
not be construed as a limit upon any home rule | 23 |
| unit of government.
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| (Source: P.A. 86-1017; 87-854.)
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| (70 ILCS 5/22.1 new) |
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| Sec. 22.1. Establishment of a Rail Authority. | 2 |
| (a) The Board of Commissioners of an airport authority in a | 3 |
| county with a population of at least 200,000 persons and less | 4 |
| than 500,000 persons may, by resolution, establish a Rail | 5 |
| Authority as provided in Sections 22.1 through 22.7 of this | 6 |
| Act. A certified copy of that resolution shall be filed with | 7 |
| the Secretary of State of Illinois. The Board of Commissioners | 8 |
| of the airport authority shall not have the power to abolish | 9 |
| such a Rail Authority. | 10 |
| (b) A Rail Authority established pursuant to this Section | 11 |
| shall be a body politic and corporate and a public corporation. | 12 |
| (c) A Rail Authority shall be governed by a Board of | 13 |
| Directors. Except as provided in paragraph (d) of this Section, | 14 |
| the Board of Directors shall consist of the members of the | 15 |
| Board of Commissioners of the airport authority that | 16 |
| establishes the Rail Authority. The Board of Directors of the | 17 |
| Rail Authority shall establish by-laws and procedures for their | 18 |
| actions and may elect such officers of the Rail Authority and | 19 |
| its Board of Directors as they shall determine, who shall serve | 20 |
| terms as set by the by-laws of the Rail Authority, not to | 21 |
| exceed 5 years. | 22 |
| (d) The composition of the Board of Directors of the Rail | 23 |
| Authority may be increased from time to time to include members | 24 |
| appointed by the Chairman or President of the County Board of | 25 |
| any county that has members on the Board of Directors, all as | 26 |
| shall be agreed by the Board of Directors of the Rail |
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| Authority, the chairman of the county board of the county in | 2 |
| which the establishing airport authority is located, and the | 3 |
| county board of the county for which members shall be added; | 4 |
| upon such agreement providing for financial contribution to the | 5 |
| Rail Authority by the county for which members are added. | 6 |
| (e) All non-procedural actions of the Board of Directors of | 7 |
| the Rail Authority shall require the concurrence of the | 8 |
| majority of members of the Board of Directors. Members of the | 9 |
| Board of Directors shall serve for terms as provided in the | 10 |
| by-laws of the Rail Authority not to exceed 5 years, and until | 11 |
| their successors are appointed and qualified. | 12 |
| (f) There shall be no prohibitions on members of the Board | 13 |
| of Directors of the Rail Authority holding any other | 14 |
| governmental office or position. | 15 |
| (70 ILCS 5/22.2 new) | 16 |
| Sec. 22.2. Provision of rail and related transportation | 17 |
| services. The Rail Authority shall also have the power to | 18 |
| provide non-rail transportation services within the Counties, | 19 |
| which may consist of shuttle bus service to or from an airport, | 20 |
| needed storage facilities, and facilities to load, unload, or | 21 |
| transfer freight from one mode of transportation to another | 22 |
| such mode related to rail or highway transportation and any | 23 |
| needed access roads for that service, as the Board of Directors | 24 |
| shall determine are appropriate to advance economic | 25 |
| development in the Counties. All property or facilities |
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| necessary or useful for such related transportation or economic | 2 |
| development services are referred to in this Act as "related | 3 |
| facilities". The Authority, in providing rail related | 4 |
| facilities, may not operate or perform as a rail carrier. | 5 |
| (70 ILCS 5/22.3 new) | 6 |
| Sec. 22.3. Further powers of the Rail Authority. | 7 |
| (a) Except as otherwise limited by this Act, the Rail | 8 |
| Authority shall have all powers to meet its responsibilities | 9 |
| and to carry out its purposes, including, but not limited to, | 10 |
| the following powers: | 11 |
| (i) To sue and be sued. | 12 |
| (ii) To invest any funds or any moneys not required for | 13 |
| immediate use or disbursement, as provided in the Public | 14 |
| Funds Investment Act. | 15 |
| (iii) To make, amend, and repeal by-laws, rules and | 16 |
| regulations, and resolutions not inconsistent with | 17 |
| Sections 22.1 through 22.7 of this Act. | 18 |
| (iv) To set and collect fares or other charges for the | 19 |
| use of rail or other facilities of the Rail Authority. | 20 |
| (v) To conduct or contract for studies as to the | 21 |
| feasibility and costs of providing any particular service | 22 |
| as authorized by this Act. | 23 |
| (vi) To publicize services of the Authority and to | 24 |
| enter into cooperative agreements with non-rail | 25 |
| transportation service providers, including airport |
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| operations. | 2 |
| (vii) To hold, sell, sell by installment contract, | 3 |
| lease as lessor, transfer, or dispose of such real or | 4 |
| personal property of the Rail Authority, including rail | 5 |
| facilities or related facilities, as the Board of Directors | 6 |
| deems appropriate in the exercise of its powers and to | 7 |
| mortgage, pledge, or otherwise grant security interests in | 8 |
| any such property. | 9 |
| (viii) To enter at reasonable times upon such lands, | 10 |
| waters, or premises as, in the judgment of the Board of | 11 |
| Directors of the Rail Authority, may be necessary, | 12 |
| convenient, or desirable for the purpose of making surveys, | 13 |
| soundings, borings, and examinations to accomplish any | 14 |
| purpose authorized by Sections 22.1 through 22.7 of this | 15 |
| Act after having given reasonable notice of such proposed | 16 |
| entry to the owners and occupants of such lands, waters, or | 17 |
| premises, the Rail Authority being liable only for actual | 18 |
| damage caused by such activity. | 19 |
| (ix) To enter into contracts of group insurance for the | 20 |
| benefit of its employees and to provide for retirement or | 21 |
| pensions or other employee benefit arrangements for such | 22 |
| employees, and to assume obligations for pensions or other | 23 |
| employee benefit arrangements for employees of | 24 |
| transportation agencies, all or part of the facilities of | 25 |
| which are acquired by the Rail Authority. | 26 |
| (x) To provide for the insurance of any property, |
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| directors, officers, employees, or operations of the Rail | 2 |
| Authority against any risk or hazard, and to self-insure or | 3 |
| participate in joint self-insurance pools or entities to | 4 |
| insure against such risk or hazard. | 5 |
| (xi) To pass all resolutions and make all rules and | 6 |
| regulations proper or necessary to regulate the use, | 7 |
| operation, and maintenance of the property and facilities | 8 |
| of the Rail Authority and, by resolution, to prescribe | 9 |
| fines or penalties for violations of those rules and | 10 |
| regulations. No fine or penalty shall exceed $1,000 per | 11 |
| offense. Any resolution providing for any fine or penalty | 12 |
| shall be published in a newspaper of general circulation in | 13 |
| the metropolitan region. No such resolution shall take | 14 |
| effect until 10 days after its publication. | 15 |
| (xii) To enter into arbitration arrangements, which | 16 |
| may be final and binding. | 17 |
| (xiii) To make and execute all contracts and other | 18 |
| instruments necessary or convenient to the exercise of its | 19 |
| powers. | 20 |
| (b) In each case in which this Act gives the Rail Authority | 21 |
| the power to construct or acquire rail facilities or related | 22 |
| facilities or any other real or personal property, the Rail | 23 |
| Authority shall have the power to acquire such property by | 24 |
| contract, purchase, gift, grant, exchange for other property or | 25 |
| rights in property, lease (or sublease), or installment or | 26 |
| conditional purchase contracts, which leases or contracts may |
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| provide for consideration to be paid in installments during a | 2 |
| period not exceeding 40 years, and to dispose of such property | 3 |
| or rights by lease or sale as the Board of Directors shall | 4 |
| determine. Property may be acquired subject to such conditions, | 5 |
| restrictions, liens, or security or other interests of other | 6 |
| parties as the Board of Directors may deem appropriate, and in | 7 |
| each case the Rail Authority may acquire a joint, leasehold, | 8 |
| easement, license, or other partial interest in such property. | 9 |
| Any such acquisition may provide for the assumption of, or | 10 |
| agreement to pay, perform, or discharge outstanding or | 11 |
| continuing duties, obligations, or liabilities of the seller, | 12 |
| lessor, donor, or other transferor of or of the trustee with | 13 |
| regard to such property. In connection with the acquisition of | 14 |
| Rail Facilities or Related Facilities, including, but not | 15 |
| limited to, vehicles, buses, or rapid transit equipment, the | 16 |
| Rail Authority may also execute agreements concerning such | 17 |
| equipment leases, equipment trust certificates, conditional | 18 |
| purchase agreements, and such other security agreements and may | 19 |
| make such agreements and covenants as required, in the form | 20 |
| customarily used in such cases appropriate to effect such | 21 |
| acquisition. The Rail Authority may not acquire property by | 22 |
| eminent domain. | 23 |
| (70 ILCS 5/22.4 new) | 24 |
| Sec. 22.4. Bonds and notes. | 25 |
| (a) The Rail Authority shall have the power to borrow money |
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| and to issue its negotiable bonds or notes as provided in this | 2 |
| Section. Unless otherwise indicated in this Section, the term | 3 |
| "notes" also includes bond anticipation notes, which are notes | 4 |
| that by their terms provide for their payment from the proceeds | 5 |
| of bonds subsequently to be issued. Bonds or notes of the Rail | 6 |
| Authority may be issued for any or all of the following | 7 |
| purposes: to pay costs to the Rail Authority of constructing or | 8 |
| acquiring any rail facilities or related facilities, to pay | 9 |
| interest on bonds or notes during any period of construction or | 10 |
| acquisition of rail facilities or related facilities, to | 11 |
| establish a debt service reserve fund, to pay costs of issuance | 12 |
| of the bonds or notes, and to refund its bonds or notes. | 13 |
| (b) The issuance of any bonds or notes shall be authorized | 14 |
| by a resolution of the Board of Directors of the Rail | 15 |
| Authority. The resolution providing for the issuance of any | 16 |
| such bonds or notes shall fix their date or dates of maturity, | 17 |
| the dates on which interest is payable, any sinking fund | 18 |
| account or reserve fund account provisions, and all other | 19 |
| details of the bonds or notes and may provide for such | 20 |
| covenants or agreements necessary or desirable with regard to | 21 |
| the issue, sale, and security of the bonds or notes. The rate | 22 |
| or rates of interest on the bonds or notes may be fixed or | 23 |
| variable and the Rail Authority shall determine or provide for | 24 |
| the determination of the rate or rates of interest of its bonds | 25 |
| or notes issued under this Act in a resolution adopted prior to | 26 |
| their issuance, none of which rates of interest shall exceed |
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| that permitted in the Bond Authorization Act. Bonds and notes | 2 |
| issued under this Section may be issued as serial or term | 3 |
| obligations, shall be of such denomination or denominations and | 4 |
| form, shall be executed in such manner, shall be payable at | 5 |
| such place or places and bear such date as the Rail Authority | 6 |
| shall fix by the resolution authorizing such bonds or notes and | 7 |
| shall mature at such time or times, within a period not to | 8 |
| exceed 40 years from their date of issue, and may be redeemable | 9 |
| prior to maturity, with or without premium, at the option of | 10 |
| the Rail Authority, upon such terms and conditions as the Rail | 11 |
| Authority shall fix by the resolution authorizing the issuance | 12 |
| of the bonds or notes. In case any officer whose signature | 13 |
| appears on any bonds or notes authorized pursuant to this | 14 |
| Section shall cease to be an officer before delivery of such | 15 |
| bonds or notes, the signature shall nevertheless be valid and | 16 |
| sufficient for all purposes, the same as if the officer had | 17 |
| remained in office until the delivery. | 18 |
| (c) Bonds or notes of the Rail Authority issued pursuant to | 19 |
| this Section shall have a claim for payment as to principal and | 20 |
| interest from such sources as provided by the resolution | 21 |
| authorizing such bonds or notes. Such bonds or notes shall be | 22 |
| secured as provided in the authorizing resolution of the Board | 23 |
| of Directors of the Rail Authority, which may, notwithstanding | 24 |
| any other provision of this Act, include in addition to any | 25 |
| other security, a specific pledge or assignment of and lien on | 26 |
| or security interest in any or all receipts of the Rail |
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| Authority and on any or all other revenues or money of the Rail | 2 |
| Authority from whatever source, which may by law be utilized | 3 |
| for debt service purposes, as well as any funds or accounts | 4 |
| established or provided for the payment of such debt service, | 5 |
| by the resolution of the Rail Authority authorizing the | 6 |
| issuance of the bonds or notes. Any such pledge, assignment, | 7 |
| lien, or security interest for the benefit of holders of bonds | 8 |
| or notes of the Rail Authority shall be valid and binding from | 9 |
| the time the bonds or notes are issued without any physical | 10 |
| delivery or further act and shall be valid and binding as | 11 |
| against and prior to the claims of all other parties having | 12 |
| claims of any kind against the Rail Authority or any other | 13 |
| person irrespective of whether such other parties have notice | 14 |
| of such pledge, assignment, lien, or security interest. The | 15 |
| resolution of the Board of Directors of the Rail Authority | 16 |
| authorizing the issuance of any bonds or notes may provide | 17 |
| additional security for such bonds or notes by providing for | 18 |
| appointment of a corporate trustee (which may be any trust | 19 |
| company or bank having the powers of a trust company within | 20 |
| Illinois) with respect to the bonds or notes. The resolution | 21 |
| shall prescribe the rights, duties, and powers of the trustee | 22 |
| to be exercised for the benefit of the Rail Authority and the | 23 |
| protection of the owners of such bonds or notes. The resolution | 24 |
| may provide for the trustee to hold in trust, invest, and use | 25 |
| amounts in funds and accounts created as provided by the | 26 |
| resolution with respect to the bonds or notes. |
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HB3428 Engrossed |
- 18 - |
LRB095 06373 HLH 26469 b |
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| 1 |
| (70 ILCS 5/22.6 new) | 2 |
| Sec. 22.6. Exemption from taxation. The Rail Authority and | 3 |
| the Rail Corporation shall be exempt from all State and unit of | 4 |
| local government taxes and registration and license fees. All | 5 |
| property of the Rail Authority or of the Rail Corporation shall | 6 |
| be public property devoted to an essential public and | 7 |
| governmental function and purpose and shall be exempt from all | 8 |
| taxes and special assessments of the State, any subdivision of | 9 |
| the State, or any unit of local government. | 10 |
| (70 ILCS 5/22.7 new) | 11 |
| Sec. 22.7. Federal, State, and other funds. The Rail | 12 |
| Authority shall have the power to apply for, receive, and | 13 |
| expend grants, loans, or other funds from the State of Illinois | 14 |
| or any of its departments or agencies, from any unit of local | 15 |
| government, or from the federal government or any of its | 16 |
| departments or agencies, for use in connection with any of the | 17 |
| powers or purposes of the Rail Authority as set forth in this | 18 |
| Act, and to enter into agreements with the lending or granting | 19 |
| agency in connection with any such loan or grant.
| 20 |
| Section 99. Effective date. This Act takes effect upon | 21 |
| becoming law. |
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