(50 ILCS 445/4)
(from Ch. 85, par. 874)
An authority is empowered by this Act to:
(a) Build, rebuild, acquire by gift or purchase, improve or extend an
industrial project within and outside of the physical boundaries of the
authority. However, the power to build, rebuild, acquire by gift or
purchase, improve or extend an industrial project outside the physical
boundaries of the authority is limited to an authority other than a county
and such power shall not be exercised without the consent of the county in
which the industrial project is located or is to be located.
The authority may acquire land or rights in land by gift or purchase.
(b) Issue bonds to finance in whole or part the construction,
rebuilding, acquisition, improvement or extension of an industrial
project. The authority need not acquire or hold title
to such industrial project. In determining the cost of these activities
the authority may include the actual or estimated cost of issuing bonds,
engineering, fiscal, inspection and legal expenses and estimated interest
that will accrue to bondholders during a construction period and for 6
months after a construction period.
(c) Sell, lease, rent or otherwise dispose of such
industrial projects to any enterprise, concern or other entity referred
to in subsection (b) of Section 2 of this Act (which may include corporations,
partnerships or individuals engaged in business or commerce) or loan the
proceeds of its bonds to any such enterprise, concern or entity for the
purpose of acquiring, purchasing or constructing industrial projects, on terms
that may be fixed and revised from time to time to produce income
sufficient to promptly pay interest on bonds issued under authority of this
Act, to create and maintain a sinking fund to pay the principal on the
bonds when they mature and to provide for operation and maintenance of the
industrial projects and an adequate depreciation account for them.
(d) Mortgage the industrial projects, or grant security interest in
such projects, in favor of holders of bonds issued under authority of this Act.
(e) Issue bonds to refund in whole or part bonds previously issued under
authority of this Act.
(f) Sell and convey such industrial projects, including, without
limitation, the sale and conveyance thereof subject to a mortgage or
security for such price and at such time as the authority may determine.
No sale or conveyance of such industrial projects may be made in such
manner as to impair the rights or interest of the holders of any bonds
issued for the construction, purchase, improvement or extension of such
No property acquired by an authority pursuant to this Act is exempt from
(Source: P.A. 84-946.)