State of Illinois
92nd General Assembly
Legislation

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92_HB5232

 
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 1        AN ACT concerning highways.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The Toll Highway Act is amended by changing
 5    Section 17 as follows:

 6        (605 ILCS 10/17) (from Ch. 121, par. 100-17)
 7        Sec. 17.  (a) The Authority may from time to  time  issue
 8    bonds  for  any lawful purpose including, without limitation,
 9    the costs of issuing the bonds, issuance thereof and all such
10    bonds or other obligations of the Authority  issued  pursuant
11    to this Act shall be and are hereby declared to be negotiable
12    for all purposes notwithstanding their payment from a limited
13    source and without regard to any other law or laws.
14        (b)  The bonds of every issue shall be payable solely out
15    of revenues of the Authority, accumulated reserves or sinking
16    funds,   bond  proceeds,  proceeds  of  refunding  bonds,  or
17    investment earnings as the Authority shall specify in a  bond
18    resolution.
19        (c)  The  bonds  may be issued as serial bonds or as term
20    bonds, or the Authority, in its discretion, may  issue  bonds
21    of  both  types.   The  bonds  shall  be authorized by a bond
22    resolution of the Authority, may be issued  in  one  or  more
23    series and shall bear such date or dates, mature at such time
24    or times not exceeding 25 years from their respective date or
25    dates of issue, bear interest at such rate or rates, fixed or
26    variable,  without regard to any limit contained in any other
27    statute or law of the State of Illinois,  be  payable  as  to
28    principal  and  interest  at  such  time or times, be in such
29    denominations, be  in  such  form,  either  coupon  or  fully
30    registered,    carry   such   registration   and   conversion
31    privileges, be payable in lawful money of the  United  States
 
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 1    of  America  at  such  places,  be  subject  to such terms of
 2    redemption and may contain such other terms  and  provisions,
 3    as  such  bond  resolution  or  resolutions may provide.  The
 4    bonds shall be executed by the manual or facsimile signatures
 5    of the Chairman and  the  Secretary.   In  case  any  of  the
 6    officers  whose signature appears on the bonds or coupons, if
 7    any, shall cease to be an officer before the delivery of such
 8    bonds,  such  signature  shall  nevertheless  be  valid   and
 9    sufficient  for all purposes, as if he had remained in office
10    until such delivery.  The bonds shall be sold in such  manner
11    as the Authority shall determine.  The proceeds from the sale
12    of  such bonds shall be paid to the Treasurer of the State of
13    Illinois as ex officio custodian. Pending preparation of  the
14    definitive bonds, the Authority may issue interim receipts or
15    certificates  which  shall  be  exchanged for such definitive
16    bonds.
17        (d)  Any bond resolution, or trust indenture entered into
18    pursuant to a bond resolution, may contain provisions,  which
19    shall be a part of the contract with the holders of the bonds
20    to be authorized, as to: (i) pledging or creating a lien upon
21    all or part of the revenues of the Authority or any reserves,
22    sinking funds, bond proceeds or investment earnings; (ii) the
23    setting   aside   of  reserves  or  sinking  funds,  and  the
24    regulation, investment and disposition thereof; (iii) the use
25    and maintenance requirements for the toll highways; (iv)  the
26    purposes to which or the investments in which the proceeds of
27    sale of any series or issue of bonds then or thereafter to be
28    issued  may be applied; (v) the issuance of additional bonds,
29    the terms upon which  additional  bonds  may  be  issued  and
30    secured,  the  purposes  for  such  additional bonds, and the
31    terms upon which additional bonds may rank on a parity  with,
32    or  be  subordinate  or  superior  to  other  bonds; (vi) the
33    refunding of outstanding bonds; (vii) the procedure, if  any,
34    by  which  the  terms of any contract with bondholders may be
 
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 1    amended or abrogated, the amount  of  bonds  the  holders  of
 2    which  must  consent  thereto,  and  the manner in which such
 3    consent may be given; (viii) defining the acts  or  omissions
 4    to  act which shall constitute a default in the duties of the
 5    Authority to holders of its  obligations  and  providing  the
 6    rights  and  remedies  of  such  holders  in  the  event of a
 7    default; (ix) any other matters relating to the  bonds  which
 8    the Authority deems desirable.
 9        (e)  Neither  the  directors  of  the  Authority  nor any
10    person executing the bonds shall be liable personally on  the
11    bonds   or   be   subject   to   any  personal  liability  or
12    accountability by reason of the issuance thereof.
13        (f)  The Authority shall have  power  out  of  any  funds
14    available  therefor to purchase its bonds.  The Authority may
15    hold, pledge, cancel or resell such bonds subject to  and  in
16    accordance with agreements with bondholders.
17        (g)  In  the discretion of the Authority any bonds issued
18    under the provisions of this Act may be secured  by  a  trust
19    indenture  by  and  between  the  Authority  and a trustee or
20    trustees, which may be any trust company or bank in the State
21    of  Illinois  having  the  powers  of  a  trust  company  and
22    possessing capital and surplus of not less than $50,000,000.
23    The bond resolution or  trust  indenture  providing  for  the
24    issuance  of  bonds  so secured shall pledge such revenues of
25    the Authority, sinking funds, bond  proceeds,  or  investment
26    earnings  as  may  be  specified  therein,  may  contain such
27    provisions  for  protecting  and  enforcing  the  rights  and
28    remedies of the bondholders as may be reasonable  and  proper
29    and  not  in  violation  of  law, including particularly such
30    provisions as have hereinabove been  specifically  authorized
31    to  be  included in any bond resolution or trust indenture of
32    the Authority, and  may  restrict  the  individual  right  of
33    action  by  bondholders.   In  addition to the foregoing, any
34    bond resolution or trust indenture  may  contain  such  other
 
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 1    provisions  as  the  Authority may deem reasonable and proper
 2    for the security  of  the  bondholders,  including,  but  not
 3    limited   to,   the   purchase  of  bond  insurance  and  the
 4    arrangement of letters of credit, lines of  credit  or  other
 5    credit  or  liquidity  enhancement facilities; provided there
 6    shall be no pledge of the toll highway or any  part  thereof.
 7    All  expenses  incurred in carrying out the provisions of any
 8    bond resolution or trust indenture may be treated as  a  part
 9    of the cost of the operation of the toll highways.
10        (h)  Bonds issued under the authority of this Act do not,
11    and  shall state upon the face of each bond that they do not,
12    represent or constitute a debt of the  Authority  or  of  the
13    State of Illinois within the meaning of any constitutional or
14    statutory  limitation  or a pledge of the faith and credit of
15    the Authority or the State  of  Illinois,  or  grant  to  the
16    owners  or holders thereof any right to have the Authority or
17    the General Assembly levy any taxes or appropriate any  funds
18    for the payment of the principal thereof or interest thereon.
19    Such  bonds  shall  be  payable and shall state that they are
20    payable solely from the revenues and the  sources  authorized
21    under  this  Act  and pledged for their payment in accordance
22    with the bond resolution or trust indenture.
23        Nothing in this Act shall be construed to  authorize  the
24    Authority  or  any  department,  board,  commission  or other
25    agency to create an  obligation  of  the  State  of  Illinois
26    within  the  meaning  of  the  Constitution  or  Statutes  of
27    Illinois.
28        (i)  Any  resolution  or  trust indenture authorizing the
29    issuance of the bonds may include provision for the  issuance
30    of  additional  bonds.   All  resolutions of the Authority to
31    carry such adopted bond resolutions into effect,  to  provide
32    for  the  sale  and  delivery  of  the  bonds, for letting of
33    contracts for the  construction  of  toll  highways  and  the
34    acquisition  of  real  and  personal  property  deemed by the
 
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 1    Authority  necessary  or  convenient  for  the   construction
 2    thereof, shall not require the approval of the Governor or of
 3    any  other department, division, commission, bureau, board or
 4    other agency of the State.
 5    (Source: P.A. 83-1258.)

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