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90_HB2209ham001
LRB9002843DNmbam01
1 AMENDMENT TO HOUSE BILL 2209
2 AMENDMENT NO. . Amend House Bill 2209 by replacing
3 the title with the following:
4 "AN ACT to amend the Joliet Arsenal Development Authority
5 Act by changing Sections 10.20, 10.40, 10.45, 10.55, 15, 25,
6 and 35."; and
7 by replacing everything after the enacting clause with the
8 following:
9 "Section 5. The Joliet Arsenal Development Authority Act
10 is amended by changing Sections 10.20, 10.40, 10.45, 10.55,
11 15, 25, and 35 as follows:
12 (70 ILCS 508/10.20)
13 Sec. 10.20. Costs incurred in connection with the
14 development, construction, acquisition, or improvement of a
15 project. "Costs incurred in connection with the development,
16 construction, acquisition, or improvement of a project" means
17 the following: the cost of purchase and construction of all
18 lands and related improvements, together with the equipment
19 and other property, rights, easements, and franchises
20 acquired that are deemed necessary for the construction;
21 financing charges; interest costs with respect to revenue
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1 bonds, notes, and other evidences of indebtedness of the
2 Authority prior to and during construction and for a period
3 of 36 6 months thereafter; engineering and legal expenses;
4 the costs of plans, specifications, surveys, and estimates of
5 costs and other expenses necessary or incident to determining
6 the feasibility or practicability of any project, together
7 with such other expenses as may be necessary or incident to
8 the financing, insuring, acquisition, and construction of a
9 specific project and the placing of the project in operation.
10 (Source: P.A. 89-333, eff. 8-17-95.)
11 (70 ILCS 508/10.40)
12 Sec. 10.40. Lease agreement. "Lease agreement" means an
13 agreement under which a project acquired by the Authority by
14 purchase, gift, or lease is leased to any person or
15 governmental agency that will use or cause the project to be
16 used as a project upon terms providing for lease rental
17 payments at least sufficient to pay when due the lessee's pro
18 rata share of all principal of and interest and premium, if
19 any, on any revenue bonds, notes, or other evidences of
20 indebtedness of the Authority issued with respect to the
21 project, providing for the maintenance, insurance, and
22 operation of the project on terms satisfactory to the
23 Authority, and providing for disposition of the project upon
24 termination of the lease term, including purchase options or
25 abandonment of the premises, with such other terms as may be
26 deemed desirable by the Authority.
27 (Source: P.A. 89-333, eff. 8-17-95.)
28 (70 ILCS 508/10.45)
29 Sec. 10.45. Loan agreement. "Loan agreement" means any
30 agreement by which the Authority agrees to loan the proceeds
31 of its revenue bonds, notes, or other evidences of
32 indebtedness issued with respect to a project to any person
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1 or governmental agency that will use or cause the project to
2 be used as a project upon terms providing for loan repayment
3 installments at least sufficient to pay when due the
4 borrower's pro rata share of all principal of and interest
5 and premium, if any, on any revenue bonds, notes, or other
6 evidences of indebtedness of the Authority issued with
7 respect to the project, providing for maintenance, insurance,
8 and operation of the project on terms satisfactory to the
9 Authority, and providing for other matters as may be deemed
10 advisable by the Authority.
11 (Source: P.A. 89-333, eff. 8-17-95.)
12 (70 ILCS 508/10.55)
13 Sec. 10.55. Project. "Project" means an industrial or,
14 commercial, or service project or any combination thereof
15 provided that all uses shall fall within one of those
16 categories. Any project shall automatically include all site
17 improvements and new construction involving sidewalks,
18 sewers, solid waste and wastewater treatment and disposal
19 sites and other pollution control facilities, resource or
20 waste reduction, recovery, treatment, and disposal
21 facilities, parks, open spaces, wildlife sanctuaries,
22 streets, highways, and runways.
23 (Source: P.A. 89-333, eff. 8-17-95.)
24 (70 ILCS 508/15)
25 Sec. 15. Creation of Authority; Board members; officers.
26 (a) The Joliet Arsenal Development Authority is created
27 as a political subdivision, body politic, and municipal
28 corporation.
29 (b) The territorial jurisdiction of the Authority shall
30 extend over all of the territory, consisting of 3,000 acres,
31 more or less, that is commonly known and described as the
32 Joliet ammunition plant and arsenal. The legal description of
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1 the territory is (1) approximately 1,900 acres located at
2 the Arsenal, the approximate legal description of which
3 includes part of section 30, Jackson Township, T34N R10E, and
4 sections or part of sections 24, 25, 26, 35, and 36,
5 Channahon Township, T34N R9E, Will County, Illinois, as
6 depicted in the Arsenal Land Use Concept; and
7 (2) approximately 1,100 acres, the approximate legal
8 description of which includes part of sections 16, 17, and
9 18, Florence Township, T33N R10E, Will County, Illinois, as
10 depicted in the Arsenal Land Use Concept.
11 (c) The governing and administrative powers of the
12 Authority shall be vested in its Board of Directors
13 consisting of 9 members, 4 of whom shall be appointed by the
14 Governor from Will County, by and with the advice and consent
15 of the Senate, and 5 of whom shall be appointed by the County
16 Executive board of Will County with the advice and consent of
17 the county board of Will County. All members appointed to
18 the Board shall be residents of Will County, but of the 5
19 members who are appointed by the County Executive board of
20 Will County with the advice and consent of the county board,
21 one shall be a resident of the City of Joliet, one a resident
22 of the City of Wilmington, one a resident of the Village of
23 Elwood, one a resident of the Village of Manhattan, and one a
24 resident of the Village of Symerton. Each city council or
25 village board shall recommend 3 individuals who are residents
26 of the city or village to the County Executive of Will County
27 board to be members of the Board of Directors. The County
28 Executive of Will County Board shall choose one of the
29 recommended individuals from each city and village. All
30 persons appointed as members of the Board shall have
31 recognized ability and experience in one or more of the
32 following areas: economic development, finance, banking,
33 industrial development, small business management, real
34 estate development, community development, venture finance,
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1 organized labor, or civic, community, or neighborhood
2 organization.
3 (d) The terms of the 9 initial appointees to the
4 Authority shall commence 30 days after the effective date of
5 this Act. Of the 9 members initially appointed (i) 2 of the
6 gubernatorial appointees and 2 of the non-gubernatorial
7 appointees shall be appointed to serve terms expiring on the
8 third Monday in January, 1997 and (ii) 2 of the gubernatorial
9 appointees and 3 of the non-gubernatorial appointees shall be
10 appointed to serve terms expiring on the third Monday in
11 January, 1999. All successors shall be appointed by the
12 original appointing authority and hold office for a term of 4
13 years commencing the third Monday in January of the year in
14 which their term commences, except in case of an appointment
15 to fill a vacancy. Vacancies shall be filled for the
16 remainder of the term. In case of vacancy in a
17 Governor-appointed membership when the Senate is not in
18 session, the Governor may make a temporary appointment until
19 the next meeting of the Senate when a person shall be
20 nominated to fill that office, and any person so nominated
21 who is confirmed by the Senate shall hold office during the
22 remainder of the term. Each member appointed to the Board
23 shall serve until his or her successor is appointed and
24 qualified.
25 (e) The Chairperson of the Board shall be elected by the
26 Board annually from among the members who are appointed by
27 the County Executive board of Will County.
28 (f) The Governor may remove any member of the Board in
29 case of incompetency, neglect of duty, or malfeasance in
30 office.
31 (g) Members of the Board shall serve without
32 compensation for their services as members but may be
33 reimbursed for all necessary expenses incurred in connection
34 with the performance of their duties as members.
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1 (h) The Board may appoint an Executive Director who
2 shall have a background in finance, including familiarity
3 with the legal and procedural requirements of issuing bonds,
4 real estate or economic development, and administration. The
5 Executive Director shall hold office at the discretion of the
6 Board. The Executive Director shall be the chief
7 administrative and operational officer of the Authority,
8 shall direct and supervise its administrative affairs and
9 general management, shall perform such other duties as may be
10 prescribed from time to time by the Board, and shall receive
11 compensation fixed by the Board. The Executive Director
12 shall attend all meetings of the Board; however, no action of
13 the Board or the Authority shall be invalid on account of the
14 absence of the Executive Director from a meeting. The Board
15 may engage the services of such other agents and employees,
16 including attorneys, appraisers, engineers, accountants,
17 credit analysts and other consultants, and may prescribe
18 their duties and fix their compensation.
19 (i) The Board shall meet on the call of its Chairperson
20 or upon written notice of 6 members of the Board.
21 (Source: P.A. 89-333, eff. 8-17-95.)
22 (70 ILCS 508/25)
23 Sec. 25. Powers.
24 (a) The Authority possesses all powers of a body
25 corporate necessary and convenient to accomplish the purpose
26 of this Act, including without limitation the following:
27 (1) to enter into loans, contracts, agreements, and
28 mortgages in any matter connected with any of its
29 corporate purposes and to invest its funds;
30 (2) to sue and be sued;
31 (3) to employ agents and employees necessary to
32 carry out its purposes;
33 (4) to have, use, and alter a common seal;
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1 (5) to adopt all needful ordinances, resolutions,
2 by-laws, rules, and regulations for the conduct of its
3 business and affairs and for the management and use of
4 the projects developed, constructed, acquired, and
5 improved in furtherance of its purposes;
6 (6) to designate the fiscal year for the Authority;
7 (7) to accept and expend appropriations;
8 (8) to have and exercise all powers and be subject
9 to all duties usually incident to boards of directors of
10 corporations.
11 (9) to acquire, own, lease, sell, or otherwise
12 dispose of interests in and to real property and
13 improvements situated thereon and in personal property
14 necessary to fulfill the purposes of the Authority;
15 (10) to engage in any activity or operation that is
16 incidental to and in furtherance of efficient operation
17 to accomplish the Authority's primary purpose;
18 (11) to acquire, own, construct, lease, operate,
19 and maintain within its corporate limits terminals and
20 terminal facilities and to fix and collect just,
21 reasonable, and nondiscriminatory charges for the use of
22 those facilities;
23 (12) to collect fees and charges in connection with
24 its loans, commitments, and services;
25 (13) to use the charges and fees collected as
26 authorized under paragraphs (11) and (12) of this Section
27 to defray the reasonable expenses of the Authority and to
28 pay the principal and interest of any revenue bonds
29 issued by the Authority; and
30 (14) to use ground water resources of Will County;
31 and.
32 (15) to borrow money and to issue revenue bonds,
33 notes, or other evidences of indebtedness as provided in
34 Section 35 of this Act to evidence the obligation of the
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1 Authority to repay the borrowings.
2 (Source: P.A. 89-333, eff. 8-17-95.)
3 (70 ILCS 508/35)
4 Sec. 35. Revenue Bonds.
5 (a) The Authority, with the written approval of the
6 Governor, shall have the continuing power to issue revenue
7 bonds, notes, or other evidences of indebtedness in an
8 aggregate amount not to exceed $100,000,000 for the purpose
9 of developing, constructing, acquiring, or improving
10 projects, including those established by business entities
11 locating or expanding property within the territorial
12 jurisdiction of the Authority, for entering into venture
13 capital agreements with businesses locating or expanding
14 within the territorial jurisdiction of the Authority, for
15 acquiring and improving any property necessary and useful in
16 connection therewith, and for the purposes of the Employee
17 Ownership Assistance Act. For the purpose of evidencing the
18 obligations of the Authority to repay any money borrowed, the
19 Authority may, pursuant to resolution, from time to time
20 issue and dispose of its interest bearing revenue bonds,
21 notes, or other evidences of indebtedness and may also from
22 time to time issue and dispose of such bonds, notes, or other
23 evidences of indebtedness to refund, at maturity, at a
24 redemption date or in advance of either, any revenue bonds,
25 notes, or other evidences of indebtedness pursuant to
26 redemption provisions or at any time before maturity. All
27 such revenue bonds, notes, or other evidences of indebtedness
28 shall be payable solely from the revenues or income to be
29 derived from loans made with respect to projects, from the
30 leasing or sale of the projects, or from any other funds
31 available to the Authority for such purposes, including, when
32 so provided by ordinance of the Authority authorizing the
33 issuance of revenue bonds or notes. The revenue bonds,
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1 notes, or other evidences of indebtedness may bear such date
2 or dates, may mature at such time or times not exceeding 40
3 years from their respective dates, may bear interest at such
4 rate or rates not exceeding the maximum rate permitted by the
5 Bond Authorization Act, may be in such form, may carry such
6 registration privileges, may be executed in such manner, may
7 be payable at such place or places, may be made subject to
8 redemption in such manner and upon such terms, with or
9 without premium as is stated on the face thereof, may be
10 authenticated in such manner, and may contain such terms and
11 covenants as may be provided by an applicable resolution.
12 (b) The holder or holders of any revenue bonds, notes,
13 or other evidences of indebtedness issued by the Authority
14 may bring suits at law or proceedings in equity to compel the
15 performance and observance by any corporation or person or by
16 the Authority or any of its agents or employees of any
17 contract or covenant made with the holders of such revenue
18 bonds, notes, or other evidences of indebtedness, to compel
19 such corporation, person, the Authority, and any of its
20 agents or employees to perform any duties required to be
21 performed for the benefit of the holders of any such revenue
22 bonds, notes, or other evidences of indebtedness by the
23 provision of the resolution authorizing their issuance and to
24 enjoin such corporation, person, the Authority, and any of
25 its agents or employees from taking any action in conflict
26 with any such contract or covenant.
27 (c) If the Authority fails to pay the principal of or
28 interest on any of the revenue bonds or premium, if any, as
29 the same become due, a civil action to compel payment may be
30 instituted in the appropriate circuit court by the holder or
31 holders of the revenue bonds on which such default of payment
32 exists or by an indenture trustee acting on behalf of such
33 holders. Delivery of a summons and a copy of the complaint
34 to the Chairperson of the Board shall constitute sufficient
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1 service to give the circuit court jurisdiction of the subject
2 matter of such a suit and jurisdiction over the Authority and
3 its officers named as defendants for the purpose of
4 compelling such payment. Any case, controversy, or cause of
5 action concerning the validity of this Act relates to the
6 revenue of the State of Illinois.
7 (d) Notwithstanding the form and tenor of any such
8 revenue bonds, notes, or other evidences of indebtedness and
9 in the absence of any express recital on the face of any such
10 revenue bond, note, or other evidence of indebtedness that it
11 is non-negotiable, all such revenue bonds, notes, and other
12 evidences of indebtedness shall be negotiable instruments.
13 Pending the preparation and execution of any such revenue
14 bonds, notes, or other evidences of indebtedness, temporary
15 revenue bonds, notes, or evidences of indebtedness may be
16 issued as provided by ordinance.
17 (e) To secure the payment of any or all of such revenue
18 bonds, notes, or other evidences of indebtedness, the
19 revenues to be received by the Authority from a lease
20 agreement or loan agreement shall be pledged, and, for the
21 purpose of setting forth the covenants and undertakings of
22 the Authority in connection with the issuance thereof and the
23 issuance of any additional revenue bonds, notes, or other
24 evidences of indebtedness payable from such revenues, income,
25 or other funds to be derived from projects, the Authority may
26 execute and deliver a mortgage or trust agreement. A remedy
27 for any breach or default of the terms of any such mortgage
28 or trust agreement by the Authority may be by mandamus
29 proceedings in the appropriate circuit court to compel the
30 performance and compliance therewith, but the trust agreement
31 may prescribe by whom or on whose behalf the action may be
32 instituted.
33 (f) The revenue bonds or notes shall be secured as
34 provided in the authorizing ordinance which may,
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1 notwithstanding any other provision of this Act, include in
2 addition to any other security a specific pledge or
3 assignment of and lien on or security interest in any or all
4 revenues or money of the Authority from whatever source which
5 may by law be used for debt service purposes and a specific
6 pledge or assignment of and lien on or security interest in
7 any funds or accounts established or provided for by
8 ordinance of the Authority authorizing the issuance of such
9 revenue bonds or notes.
10 (g) Blank. In the event that the Authority determines
11 that moneys of the Authority will not be sufficient for the
12 payment of the principal of and interest on its revenue bonds
13 during the next State fiscal year, the Chairperson, as soon
14 as practicable, shall certify to the Governor the amount
15 required by the Authority to enable it to pay such principal
16 of and interest on the revenue bonds. The Governor shall
17 submit the amount so certified to the General Assembly as
18 soon as practicable, but no later than the end of the current
19 State fiscal year. Neither the General Assembly, the
20 Governor, nor the State, however, has any obligation to
21 appropriate or otherwise provide funds for the payment of
22 such principal and interest. This subsection shall not apply
23 to any revenue bonds or notes as to which the Authority shall
24 have determined, in the resolution authorizing the issuance
25 of the revenue bonds or notes, that this subsection shall not
26 apply. Whenever the Authority makes such a determination,
27 that fact shall be plainly stated on the face of the bonds or
28 notes and that fact shall also be reported to the Governor.
29 In the event of a withdrawal of moneys from a reserve
30 fund established with respect to any issue or issues of bonds
31 of the Authority to pay principal or interest on those
32 revenue bonds, the Chairperson of the Authority, as soon as
33 practicable, shall certify to the Governor the amount
34 required to restore the reserve fund to the level required in
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1 the resolution or indenture securing those revenue bonds. The
2 Governor shall submit the amount so certified to the General
3 Assembly as soon as practicable, but no later than the end of
4 the current State fiscal year. Neither the General Assembly,
5 the Governor, nor the State, however, has any obligation to
6 appropriate or otherwise provide funds to restore the reserve
7 fund.
8 (h) The State of Illinois pledges to and agrees with the
9 holders of the revenue bonds and notes of the Authority
10 issued pursuant to this Section that the State will not limit
11 or alter the rights and powers vested in the Authority by
12 this Act so as to impair the terms of any contract made by
13 the Authority with such holders or in any way impair the
14 rights and remedies of such holders until such revenue bonds
15 and notes, together with interest thereon, with interest on
16 any unpaid installments of interest, and all costs and
17 expenses in connection with any action or proceedings by or
18 on behalf of such holders, are fully met and discharged. The
19 Authority is authorized to include these pledges and
20 agreements of the State in any contract with the holders of
21 revenue bonds or notes issued pursuant to this Section.
22 (i) The revenue bonds, notes, and other evidences of
23 indebtedness authorized by this Act are not, and shall not be
24 construed to be, "State debt" within the meaning of Section 9
25 of Article IX of the Illinois Constitution, are not secured
26 by the full faith and credit of the State, and are not
27 required to be repaid, directly or indirectly, from tax
28 revenue.
29 (Source: P.A. 89-333, eff. 8-17-95.)
30 Section 99. Effective date. This Act takes effect upon
31 becoming law.".