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Public Act 093-0968 |
HB0622 Enrolled |
LRB093 05843 DRJ 05936 b |
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AN ACT in relation to economic development.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. Short title. This Act may be cited as the |
Southeastern Illinois
Economic Development Authority
Act .
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Section 10. Findings. The General Assembly determines and |
declares the
following:
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(1) that labor surplus areas currently exist in |
southeastern Illinois;
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(2) that the economic burdens resulting from involuntary |
unemployment fall,
in part, upon the State in
the form of |
increased need for public assistance and reduced tax revenues |
and,
in the event that the
unemployed worker and his or her |
family migrate elsewhere to find work, the
burden may also fall |
upon
the municipalities and other taxing districts within the |
areas of unemployment
in the form of reduced tax
revenues, |
thereby endangering their financial ability to support |
necessary
governmental services for their
remaining |
inhabitants;
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(3) that the State has a responsibility to help create a |
favorable climate
for new and improved job
opportunities for |
its citizens by encouraging the development of tourism, |
commercial, and
service businesses and
industrial and |
manufacturing plants within the southeastern region of |
Illinois;
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(4) that a lack of decent housing contributes to urban |
blight, crime,
anti-social behavior, disease, a higher
need for |
public assistance, reduced tax revenues, and the migration of |
workers
and their families away from
areas which fail to offer |
adequate, decent, and affordable housing;
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(5) that decent, affordable housing is a necessary |
ingredient of life
affording each citizen basic human
dignity, |
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a sense of self worth, confidence, and a firm foundation upon |
which to
build a family and educate
children;
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(6) that in order to foster civic and neighborhood pride, |
citizens require
access to educational institutions,
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recreation, parks and open spaces, entertainment, sports, a |
reliable
transportation network, cultural
facilities, and |
theaters; and
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(7) that the main purpose of this Act is to promote |
industrial, commercial,
residential, service,
transportation, |
and recreational activities and facilities, thereby reducing
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the evils attendant upon
unemployment and enhancing the public |
health, safety, morals, happiness, and
general welfare of the |
State.
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Section 15. Definitions. In this Act:
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"Authority" means the Southeastern Illinois Economic |
Development Authority.
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"Governmental agency" means any federal, State, or local |
governmental body
and any agency or
instrumentality thereof, |
corporate or otherwise.
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"Person" means any natural person, firm, partnership, |
corporation, both
domestic and foreign,
company, association |
or joint stock association and includes any trustee,
receiver, |
assignee or personal
representative thereof.
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"Revenue bond" means any bond issued by the Authority, the |
principal and
interest of which is payable
solely from revenues |
or income derived from any project or activity of the
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Authority.
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"Board" means the Board of Directors of the Southeastern |
Illinois Economic
Development Authority.
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"Governor" means the Governor of the State of Illinois.
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"City" means any city, village, incorporated town, or |
township within the
geographical territory of the
Authority.
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"Industrial project" means the following:
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(1) a capital project, including one or more buildings and |
other
structures, improvements,
machinery and equipment |
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whether or not on the same site or sites now existing
or |
hereafter acquired,
suitable for use by any manufacturing, |
industrial, research, transportation or
commercial enterprise
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including but not limited to use as a factory, mill, processing |
plant, assembly
plant, packaging plant,
fabricating plant, |
ethanol plant, office building, industrial distribution
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center, warehouse,
repair, overhaul or service
facility, |
freight terminal, research facility, test facility, power |
generation facility, mining operation, railroad
facility, |
solid waste and wastewater
treatment and disposal sites and |
other pollution control facilities, resource
or waste |
reduction, recovery,
treatment and disposal facilities, |
tourism-related facilities, including hotels, theaters, water |
parks, and amusement parks, and including also the sites |
thereof and
other rights in land therefore
whether improved or |
unimproved, site preparation and landscaping and all
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appurtenances and facilities
incidental thereto such as |
utilities, access roads, railroad sidings, truck
docking and |
similar facilities,
parking facilities, dockage, wharfage, |
railroad roadbed, track, trestle, depot,
terminal, switching |
and
signaling equipment or related equipment and other |
improvements necessary or
convenient thereto; or
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(2) any land, buildings, machinery or equipment comprising |
an addition to or
renovation,
rehabilitation or improvement of |
any existing capital project.
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"Commercial project" means any project, including, but not |
limited to, one or
more buildings and other
structures, |
improvements, machinery, and equipment, whether or not on the |
same
site or sites now existing
or hereafter acquired, suitable |
for use by any retail or wholesale concern,
distributorship, or |
agency, or health facility or retirement facility.
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"Project" means an industrial, housing, residential, |
commercial, or service
project, or any combination
thereof, |
provided that all uses fall within one of the categories |
described
above. Any project automatically
includes all site |
improvements and new construction involving sidewalks,
sewers, |
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solid waste and
wastewater treatment and disposal sites and |
other pollution control facilities,
resource or waste |
reduction,
recovery, treatment and disposal facilities, parks, |
open spaces, wildlife
sanctuaries, streets, highways, and
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runways.
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"Lease agreement" means an agreement in which a project |
acquired by the
Authority by purchase, gift,
or lease is leased |
to any person or corporation that will use, or cause the
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project to be used, as a project,
upon terms providing for |
lease rental payments at least sufficient to pay, when due, all |
principal of and
interest and premium, if any, on any bonds, |
notes, or other evidences of indebtedness of the Authority,
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issued with respect to the project, providing for the |
maintenance, insurance, and operation of the project on
terms |
satisfactory to the Authority and providing for disposition of |
the project upon termination of the lease
term, including |
purchase options or abandonment of the premises, with other |
terms as may be deemed
desirable by the Authority.
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"Loan agreement" means any agreement in which the Authority |
agrees to loan
the proceeds of its bonds,
notes, or other |
evidences of indebtedness, issued with respect to a project, to
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any person or corporation
which will use or cause the project |
to be used as a project, upon terms
providing for loan |
repayment
installments at least sufficient to pay, when due, |
all principal of and
interest and premium, if any, on any
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bonds, notes, or other evidences of indebtedness of the |
Authority issued with
respect to the project,
providing for |
maintenance, insurance, and operation of the project on terms
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satisfactory to the Authority
and providing for other terms |
deemed advisable by the Authority.
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"Financial aid" means the expenditure of Authority funds or |
funds provided by
the Authority for the
development, |
construction, acquisition or improvement of a project, through |
the
issuance of revenue bonds,
notes, or other evidences of |
indebtedness.
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"Costs incurred in connection with
the development, |
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construction, acquisition or improvement of a
project" means |
the following:
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(1) the cost of purchase and construction of all lands and |
improvements in
connection therewith and
equipment and other |
property, rights, easements, and franchises acquired which
are |
deemed necessary for
the construction;
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(2) financing charges;
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(3) interest costs with respect to bonds, notes, and other |
evidences of
indebtedness of the Authority
prior to and during |
construction and for a period of 6 months thereafter;
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(4) engineering and legal expenses; and
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(5) the costs of plans, specifications, surveys, and |
estimates of costs and
other expenses necessary or
incident to |
determining the feasibility or practicability of any project,
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together with such other expenses as
may be necessary or |
incident to the financing, insuring, acquisition, and
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construction of a specific project
and the placing of the same |
in operation.
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Section 20. Creation.
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(a) There is created a political subdivision, body politic, |
and municipal
corporation named the Southeastern
Illinois |
Economic Development Authority. The territorial jurisdiction |
of the
Authority is that geographic
area within the boundaries |
of the following counties: Fayette, Cumberland, Clark, |
Effingham, Jasper, Crawford, Marion, Clay, Richland, Lawrence, |
Jefferson, Wayne, Edwards, Wabash, Hamilton, and White and any
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navigable waters and
air space located therein.
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(b) The governing and administrative powers of the |
Authority shall be vested
in a body consisting of 10
members as |
follows: |
(1) Nine members shall be appointed by the Governor
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with the advice and
consent of the Senate. |
(2) One member shall be appointed by the Director of |
Commerce and Economic Opportunity. |
All public members shall reside within
the territorial
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jurisdiction of the Authority.
The public members shall be |
persons of recognized ability and experience in one
or more of |
the following
areas: economic development, finance, banking, |
industrial development, state or
local government, commercial |
agriculture, small
business management, real
estate |
development, community development, venture finance, organized |
labor, or
civic or community
organization.
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(c) Six members shall constitute a quorum.
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(d) The chairman of the Authority shall be elected annually |
by the Board.
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(e) The terms of all initial members of the Authority shall |
begin 30 days
after the effective date of this
Act. Of the 10 |
original members appointed pursuant to subsection (b), one |
shall serve until the third Monday in January, 2005; one shall |
serve until the third Monday in January, 2006; 2 shall serve |
until the third Monday in January, 2007; 2 shall serve until |
the third Monday in January, 2008; 2 shall serve until the |
third Monday in January, 2009; and 2 shall serve until the |
third Monday in January, 2010. All successors to these original |
public members shall be appointed by the Governor with the |
advice and consent of the Senate, or by the Director of |
Commerce and Economic Opportunity, as the case may be, pursuant |
to subsection (b), and shall hold office for a term of 3 years |
commencing the third Monday in January of the year in which |
their term commences, except in the case of an appointment to |
fill a vacancy. Vacancies occurring among the public members |
shall be filled for the
remainder of the term. In case of
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vacancy in a Governor-appointed membership when the Senate is |
not in session,
the Governor may make a
temporary appointment |
until the next meeting of the Senate when a person shall
be |
nominated to fill the
office and, upon confirmation by the |
Senate, he or she shall hold office during
the remainder of the |
term
and until a successor is appointed and qualified. Members |
of the Authority are
not entitled to
compensation for their |
services as members but are entitled to reimbursement
for all |
necessary expenses
incurred in connection with the performance |
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of their duties as members.
Members of the Board may |
participate in Board meetings by teleconference or video |
conference.
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(f) The Governor may remove any public member of the |
Authority appointed by the Governor, and the Director of |
Commerce and Economic Opportunity may remove any public member |
appointed by the Director, in case of
incompetence, neglect of
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duty, or malfeasance in office.
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(g) The Board shall appoint an Executive Director who shall |
have a
background in finance, including
familiarity with the |
legal and procedural requirements of issuing bonds, real
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estate, or economic
development and administration. The |
Executive Director shall hold office at the
discretion of the |
Board.
The Executive Director shall be the chief administrative |
and operational
officer of the Authority, shall
direct and |
supervise its administrative affairs and general management, |
perform
such other duties as may
be prescribed from time to |
time by the members, and receive compensation fixed
by the |
Authority. The
Executive Director shall attend all meetings of |
the Authority. However, no
action of the Authority shall be
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invalid on account of the absence of the Executive Director |
from a meeting. The
Authority may engage
the services of the |
Illinois Finance Authority, attorneys, appraisers,
engineers, |
accountants, credit
analysts, and other consultants, if the |
Southeastern Illinois Economic Development Authority deems it |
advisable.
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Section 25. Duty. All official acts of the Authority shall |
require the
approval of at least 6 members. It
shall be the |
duty of the Authority to promote development within the |
territorial jurisdiction of the Authority. The Authority shall |
use the powers conferred upon it to assist in the
development, |
construction,
and acquisition of industrial, commercial, |
housing, or residential projects
within those counties.
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Section 30. Powers.
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(a) The Authority possesses all the powers of a body |
corporate necessary and
convenient to accomplish
the purposes |
of this Act, including, without any intended limitation upon |
the
general powers hereby
conferred, the following powers:
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(1) to enter into loans, contracts, agreements, and |
mortgages in any
matter connected with any of
its corporate |
purposes and to invest its funds;
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(2) to sue and be sued;
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(3) to utilize services of the Illinois Finance |
Authority;
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(4) to have and use a common seal and to alter the seal |
at its discretion;
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(5) to adopt all needful ordinances, resolutions, |
by-laws, rules, and
regulations for the conduct of
its |
business and affairs and for the management and use of the |
projects
developed, constructed, acquired,
and improved in |
furtherance of its purposes;
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(6) to own or finance communications projects such as |
telecommunications, fiber optics, and data transfer |
projects;
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(7) to designate the fiscal year for the Authority;
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(8) to accept and expend appropriations;
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(9) to acquire, own, lease, sell, or otherwise dispose |
of interests in and
to real property and
improvements |
situated on that real property and in personal property |
necessary
to fulfill the purposes of the
Authority;
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(10) to engage in any activity or operation which is |
incidental to and in
furtherance of efficient
operation to |
accomplish the Authority's primary purpose;
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(11) to acquire, own, construct, lease, operate, and |
maintain bridges,
terminals, terminal facilities,
and port |
facilities and to fix and collect just, reasonable, and
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nondiscriminatory charges for the use of such
facilities. |
These charges shall be used to defray the reasonable |
expenses of
the Authority and to pay the
principal and |
interest of any revenue bonds issued by the Authority;
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(12) subject to any applicable condition imposed by |
this Act, to locate,
establish and maintain a
public |
airport, public airports and public airport facilities |
within its
corporate limits or within or upon any
body of |
water adjacent thereto and to construct, develop, expand, |
extend and
improve any such airport or
airport facility; |
and
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(13) to have and exercise all powers and be subject to |
all duties usually
incident to boards of
directors of |
corporations.
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(b) The Authority shall not issue any bonds relating to the |
financing of a
project located within the
planning and |
subdivision control jurisdiction of any municipality or county
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unless notice, including a
description of the proposed project |
and the financing for that project, is
submitted to the |
corporate
authorities of the municipality or, in the case of a |
proposed project in an
unincorporated area, to the county
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board.
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(c) If any of the powers set forth in this Act are |
exercised within the
jurisdictional limits of any
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municipality, all ordinances of the municipality remain in full |
force and
effect and are controlling.
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Section 35. Bonds.
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(a) The Authority, with the written approval of the |
Governor, shall have the
continuing power to issue
bonds, |
notes, or other evidences of indebtedness in an aggregate |
amount not to
exceed $250,000,000 for the
following purposes: |
(i) development, construction, acquisition, or improvement
of |
projects, including those
established by business entities |
locating or expanding property within the
territorial |
jurisdiction of the
Authority; (ii) entering into venture |
capital agreements with businesses
locating or expanding |
within the
territorial jurisdiction of the Authority; (iii) |
acquisition and improvement of
any property necessary and
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useful in connection therewith; and (iv) for the purposes of |
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the Employee
Ownership Assistance Act. For
the purpose of |
evidencing the obligations of the Authority to repay any money
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borrowed, the Authority
may, pursuant to resolution, from time |
to time, issue and dispose of its interest-bearing revenue |
bonds,
notes, or other evidences of indebtedness and may also |
from time to time issue and dispose of such bonds,
notes, or |
other evidences of indebtedness to refund, at maturity, at a |
redemption date or in advance of
either, any bonds, notes, or |
other evidences of indebtedness pursuant to redemption |
provisions or at any
time before maturity. All such bonds, |
notes, or other evidences of indebtedness shall be payable |
solely and
only from the revenues or income to be derived from |
loans made with respect to projects, from the leasing
or sale |
of the projects, or from any other funds available to the |
Authority for such purposes. The bonds,
notes, or other |
evidences of indebtedness may bear such date or dates, may |
mature at such time or times not
exceeding 40 years from their |
respective dates, may bear interest at such rate or rates not |
exceeding the
maximum rate permitted by the Bond Authorization |
Act, may be in such form, may carry such registration
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privileges, may be executed in such manner, may be payable at |
such place or places, may be made subject
to redemption in such |
manner and upon such terms, with or without premium, as is |
stated on the face
thereof, may be authenticated in such manner |
and may contain such terms and
covenants as may be
provided by |
an applicable resolution.
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(b) The holder or holders of any bonds, notes, or other |
evidences of
indebtedness issued by the
Authority may bring |
suits at law or proceedings in equity to compel the
performance |
and observance by
any corporation or person or by the Authority |
or any of its agents or employees
of any contract or covenant
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made with the holders of the bonds, notes, or other evidences |
of indebtedness,
to compel such corporation,
person, the |
Authority, and any of its agents or employees to perform any |
duties
required to be performed
for the benefit of the holders |
of the bonds, notes, or other evidences of
indebtedness by the |
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provision of the
resolution authorizing their issuance and to |
enjoin the corporation, person,
the Authority, and any of its
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agents or employees from taking any action in conflict with any |
contract or
covenant.
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(c) If the Authority fails to pay the principal of or |
interest on any of the
bonds or premium, if any, as the
bond |
becomes due, a civil action to compel payment may be instituted |
in the
appropriate circuit court by
the holder or holders of |
the bonds on which the default of payment exists or by
an |
indenture trustee acting
on behalf of the holders. Delivery of |
a summons and a copy of the complaint to
the chairman of the |
Board
shall constitute sufficient service to give the circuit |
court jurisdiction over
the subject matter of the suit and
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jurisdiction over the Authority and its officers named as |
defendants for the
purpose of compelling such
payment. Any |
case, controversy, or cause of action concerning the validity |
of
this Act relates to the
revenue of the State of Illinois.
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(d) Notwithstanding the form and tenor of any bond, note, |
or other evidence
of indebtedness and in
the absence of any |
express recital on its face that it is non-negotiable, all
such |
bonds, notes, and other
evidences of indebtedness shall be |
negotiable instruments. Pending the
preparation and execution |
of any
bonds, notes, or other evidences of indebtedness, |
temporary bonds, notes, or
evidences of indebtedness may
be |
issued as provided by ordinance.
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(e) To secure the payment of any or all of such bonds, |
notes, or other
evidences of indebtedness, the
revenues to be |
received by the Authority from a lease agreement or loan
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agreement shall be pledged, and,
for the purpose of setting |
forth the covenants and undertakings of the
Authority in |
connection with the
issuance of the bonds, notes, or other |
evidences of indebtedness and the
issuance of any additional |
bonds,
notes or other evidences of indebtedness payable from |
such revenues, income, or other funds to be derived
from |
projects, the Authority may execute and deliver a mortgage or |
trust agreement. A remedy for any
breach or default of the |
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terms of any mortgage or trust agreement by the Authority may |
be by mandamus
proceeding in the appropriate circuit court to |
compel performance and compliance under the terms of the
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mortgage or trust agreement, but the trust agreement may |
prescribe by whom or on whose behalf the action
may be |
instituted.
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(f) Bonds or notes shall be secured as provided in the |
authorizing ordinance which may include,
notwithstanding any |
other provision of this Act, in addition to any other security, |
a specific pledge,
assignment of and lien on, or security |
interest in any or all revenues or money of the Authority, from
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whatever source, which may, by law, be used for debt service |
purposes and a
specific pledge, or assignment
of and lien on, |
or security interest in any funds or accounts established or
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provided for by ordinance of the
Authority authorizing the |
issuance of the bonds or notes.
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(g) In the event that the Authority determines that moneys |
of the Authority
will not be sufficient for the
payment of the |
principal of and interest on its bonds during the next State
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fiscal year, the chairman, as soon
as practicable, shall |
certify to the Governor the amount required by the
Authority to |
enable it to pay the
principal of and interest on the bonds. |
The Governor shall submit the certified
amount to the General
|
Assembly as soon as practicable, but no later than the end of |
the current State
fiscal year. This Section shall
not apply to |
any bonds or notes to which the Authority determines, in the
|
resolution authorizing the
issuance of the bonds or notes, that |
this Section shall not apply. Whenever the
Authority makes this
|
determination, it shall be plainly stated on the face of the |
bonds or notes and
the determination shall also be
reported to |
the Governor.
In the event of a withdrawal of moneys from a |
reserve fund established with
respect to any issue or
issues of |
bonds of the Authority to pay principal or interest on those |
bonds,
the chairman of the Authority,
as soon as practicable, |
shall certify to the Governor the amount required to
restore |
the reserve fund to the
level required in the resolution or |
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indenture securing those bonds. The
Governor shall submit the |
certified
amount to the General Assembly as soon as |
practicable, but no later than the
end of the current State |
fiscal
year.
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(h) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority
issued pursuant |
to this Section that the State will not limit or alter the |
rights and powers vested in the
Authority by this Act so as to |
impair the terms of any contract made by the Authority with the |
holders of
bonds or notes or in any way impair the rights and |
remedies of those holders until the bonds and notes,
together |
with interest thereon, with interest on any unpaid installments |
of interest, and all costs and
expenses in connection with any |
action or proceedings by or on behalf of the holders, are fully |
met and
discharged. In addition, the State pledges to and |
agrees with the holders of the bonds and notes of the
Authority |
issued pursuant to this Section that the State will not limit |
or alter the basis on which State funds
are to be paid to the |
Authority as provided in this Act, or the use of such funds, so |
as to impair the terms of
any such contract. The Authority is |
authorized to include these pledges and agreements of the State |
in any
contract with the holders of bonds or notes issued |
pursuant to this Section.
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Section 40. Bonds and notes; exemption from taxation. The |
creation of the
Authority is in all respects for
the benefit of |
the people of Illinois and for the improvement of their health,
|
safety, welfare, comfort, and
security, and its purposes are |
public purposes. In consideration thereof, the
notes and bonds |
of the
Authority issued pursuant to this Act and the income |
from these notes and bonds
may be free from all
taxation by the |
State or its political subdivisions, exempt for estate,
|
transfer, and inheritance taxes. The
exemption from taxation |
provided by the preceding sentence shall apply to the
income on |
any notes or
bonds of the Authority only if the Authority in |
its sole judgment determines
that the exemption enhances
the |
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marketability of the bonds or notes or reduces the interest |
rates that
would otherwise be borne by the
bonds or notes. For |
purposes of Section 250 of the Illinois Income Tax Act, the
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exemption of the Authority
shall terminate after all of the |
bonds have been paid. The amount of such income that shall be |
added and
then subtracted on the Illinois income tax return of |
a taxpayer, subject to Section 203 of the Illinois Income
Tax |
Act, from federal adjusted gross income or federal taxable |
income in computing Illinois base income
shall be the interest |
net of any bond premium amortization.
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Section 45. Acquisition.
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(a) The Authority may, but need not, acquire title to any |
project with
respect to which it exercises its
authority.
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(b) The Authority shall have power to acquire by purchase, |
lease, gift, or
otherwise any property or
rights therein from |
any person or persons, the State of Illinois, any municipal
|
corporation, any local unit of
government, the government of |
the United States and any agency or
instrumentality of the |
United States,
any body politic, or any county useful for its |
purposes, whether improved for
the purposes of any
prospective |
project or unimproved. The Authority may also accept any |
donation
of funds for its purposes
from any of these sources.
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(c) The Authority shall have power to develop, construct, |
and improve,
either under its own direction or
through |
collaboration with any approved applicant, or to acquire, |
through
purchase or otherwise, any
project, using for this |
purpose the proceeds derived from its sale of revenue
bonds, |
notes, or other
evidences of indebtedness or governmental loans |
or grants and shall have the
power to hold title to those
|
projects in the name of the Authority.
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(d) The Authority shall have the power to enter into |
intergovernmental
agreements with the State of
Illinois, the |
counties of Fayette, Cumberland, Clark, Effingham, Jasper, |
Crawford, Marion, Clay, Richland, Lawrence, Jefferson, Wayne, |
Edwards, Wabash, Hamilton, and White, the Illinois
Development |
|
Finance Authority, the Illinois Housing
Development Authority, |
the Illinois Education Facilities Authority, the
Illinois
Farm
|
Development Authority, the Rural Bond Bank,
the United States |
government and any agency or instrumentality of the United
|
States, any unit
of local government located within the |
territory of the Authority, or any other
unit of government to |
the
extent allowed by Article VII, Section 10 of the Illinois |
Constitution and the
Intergovernmental
Cooperation Act.
|
(e) The Authority shall have the power to share employees |
with other units
of government, including
agencies of the |
United States, agencies of the State of Illinois, and agencies
|
or personnel of any unit of
local government.
|
(f) The Authority shall have the power to exercise powers |
and issue bonds as
if it were a municipality so
authorized in |
Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
|
Illinois Municipal Code.
|
Section 50. Enterprise zones. The Authority may by |
ordinance designate a
portion of the territorial
jurisdiction |
of the Authority for certification as an Enterprise Zone under |
the
Illinois Enterprise Zone Act in
addition to any other |
enterprise zones which may be created under that Act,
which |
area shall have all the
privileges and rights of an Enterprise |
Zone pursuant to the Illinois Enterprise
Zone Act, but which |
shall not
be counted in determining the number of Enterprise |
Zones to be created in any
year pursuant to that Act.
|
Section 55. Designation of depository. The Authority shall |
biennially
designate a national or State bank or
banks as |
depositories of its money. Such depositories shall be |
designated only
within the State and upon
condition that bonds |
approved as to form and surety by the Authority and at
least |
equal in amount to the
maximum sum expected to be on deposit at |
any one time shall be first given by
such depositories to the
|
Authority, such bonds to be conditioned for the safekeeping and |
prompt
repayment of such deposits.
When any of the funds of the |
|
Authority shall be deposited by the treasurer in
any such |
depository, the
treasurer and the sureties on his official bond |
shall, to such extent, be
exempt from liability for the loss of
|
any such deposited funds by reason of the failure, bankruptcy, |
or any other act
or default of such depository;
provided that |
the Authority may accept assignments of collateral by any
|
depository of its funds to secure
such deposits to the same |
extent and conditioned in the same manner as
assignments of |
collateral are
permitted by law to secure deposits of the funds |
of any city.
|
Section 60. Taxation prohibited. The Authority shall have |
no right or
authority to levy any tax or special
assessment, to |
pledge the credit of the State or any other subdivision or
|
municipal corporation thereof, or to
incur any obligation |
enforceable upon any property, either within or without
the |
territory of the Authority.
|
Section 65. Fees. The Authority may collect fees and |
charges in connection
with its loans, commitments,
and |
servicing and may provide technical assistance in the |
development of the
region.
|
Section 70. Reports and audit.
|
(a) The Authority shall annually submit a report of its
|
finances to the Auditor General. The Authority shall annually |
submit a report of its activities to the Governor
and to the |
General Assembly.
|
(b) Beginning 5 years after the effective date of this Act |
and every 5 years thereafter, the Auditor General shall conduct |
a financial audit of the Authority.
|
Section 99. The Illinois State Auditing Act is amended by |
changing Section 3-1 as follows:
|
(30 ILCS 5/3-1) (from Ch. 15, par. 303-1)
|
|
Sec. 3-1. Jurisdiction of Auditor General. The Auditor |
General has
jurisdiction over all State agencies to make post |
audits and investigations
authorized by or under this Act or |
the Constitution.
|
The Auditor General has jurisdiction over local government |
agencies
and private agencies only:
|
(a) to make such post audits authorized by or under |
this Act as are
necessary and incidental to a post audit of |
a State agency or of a
program administered by a State |
agency involving public funds of the
State, but this |
jurisdiction does not include any authority to review
local |
governmental agencies in the obligation, receipt, |
expenditure or
use of public funds of the State that are |
granted without limitation or
condition imposed by law, |
other than the general limitation that such
funds be used |
for public purposes;
|
(b) to make investigations authorized by or under this |
Act or the
Constitution; and
|
(c) to make audits of the records of local government |
agencies to verify
actual costs of state-mandated programs |
when directed to do so by the
Legislative Audit Commission |
at the request of the State Board of Appeals
under the |
State Mandates Act.
|
In addition to the foregoing, the Auditor General may |
conduct an
audit of the Metropolitan Pier and Exposition |
Authority, the
Regional Transportation Authority, the Suburban |
Bus Division, the Commuter
Rail Division and the Chicago |
Transit Authority and any other subsidized
carrier when |
authorized by the Legislative Audit Commission. Such audit
may |
be a financial, management or program audit, or any combination |
thereof.
|
The audit shall determine whether they are operating in |
accordance with
all applicable laws and regulations. Subject to |
the limitations of this
Act, the Legislative Audit Commission |
may by resolution specify additional
determinations to be |
included in the scope of the audit.
|
|
In addition to the foregoing, the Auditor General must also |
conduct a
financial audit of
the Illinois Sports Facilities |
Authority's expenditures of public funds in
connection with the |
reconstruction, renovation, remodeling, extension, or
|
improvement of all or substantially all of any existing |
"facility", as that
term is defined in the Illinois Sports |
Facilities Authority Act.
|
The Auditor General may also conduct an audit, when |
authorized by
the Legislative Audit Commission, of any hospital |
which receives 10% or
more of its gross revenues from payments |
from the State of Illinois,
Department of Public Aid, Medical |
Assistance Program.
|
The Auditor General is authorized to conduct financial and |
compliance
audits of the Illinois Distance Learning Foundation |
and the Illinois
Conservation Foundation.
|
As soon as practical after the effective date of this |
amendatory Act of
1995, the Auditor General shall conduct a |
compliance and management audit of
the City of
Chicago and any |
other entity with regard to the operation of Chicago O'Hare
|
International Airport, Chicago Midway Airport and Merrill C. |
Meigs Field. The
audit shall include, but not be limited to, an |
examination of revenues,
expenses, and transfers of funds; |
purchasing and contracting policies and
practices; staffing |
levels; and hiring practices and procedures. When
completed, |
the audit required by this paragraph shall be distributed in
|
accordance with Section 3-14.
|
The Auditor General shall conduct a financial and |
compliance and program
audit of distributions from the |
Municipal Economic Development Fund
during the immediately |
preceding calendar year pursuant to Section 8-403.1 of
the |
Public Utilities Act at no cost to the city, village, or |
incorporated town
that received the distributions.
|
The Auditor General must conduct an audit of the Health |
Facilities Planning
Board pursuant to Section 19.5 of the |
Illinois Health Facilities Planning
Act.
|
The Auditor General of the State of Illinois shall annually |
|
conduct or
cause to be conducted a financial and compliance |
audit of the books and records
of any county water commission |
organized pursuant to the Water Commission Act
of 1985 and |
shall file a copy of the report of that audit with the Governor |
and
the Legislative Audit Commission. The filed audit shall be |
open to the public
for inspection. The cost of the audit shall |
be charged to the county water
commission in accordance with |
Section 6z-27 of the State Finance Act. The
county water |
commission shall make available to the Auditor General its |
books
and records and any other documentation, whether in the |
possession of its
trustees or other parties, necessary to |
conduct the audit required. These
audit requirements apply only |
through July 1, 2007.
|
The Auditor General must conduct audits of the Rend Lake |
Conservancy
District as provided in Section 25.5 of the River |
Conservancy Districts Act.
|
The Auditor General must conduct financial audits of the |
Southeastern Illinois Economic Development Authority as |
provided in Section 70 of the Southeastern Illinois Economic |
Development Authority Act.
|
(Source: P.A. 93-226, eff. 7-22-03; 93-259, eff. 7-22-03; |
93-275, eff.
7-22-03; revised 8-25-03.)
|
Section 999. Effective date. This Act takes effect upon |
becoming law. |