Public Act 097-0717
Public Act 0717 97TH GENERAL ASSEMBLY
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Public Act 097-0717
| | HB4445 Enrolled | LRB097 14628 KMW 59508 b |
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| AN ACT concerning local government.
| Be it enacted by the People of the State of Illinois,
| represented in the General Assembly:
| Section 5. The Southeastern Illinois
Economic Development | Authority
Act is amended by changing Sections 20, 25, and 35 as | follows:
| (70 ILCS 518/20)
| Sec. 20. Creation.
| (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; | Irvington Township in Washington County; and any
navigable | waters and
air space located therein.
| (b) The governing and administrative powers of the | Authority shall be vested
in a body consisting of 27 10
members | as follows: | (1) Public members. Nine members shall be appointed by | the Governor
with the advice and
consent of the Senate. The | county board chairmen of the following counties shall each |
| appoint one member: Clark, Clay, Crawford, Cumberland, | Edwards, Effingham, Fayette, Hamilton, Jasper, Jefferson, | Lawrence, Marion, Richland, Wabash, Washington, Wayne, and | White. | (2) One member shall be appointed by the Director of | Commerce and Economic Opportunity. | All public members shall reside within
the territorial
| 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.
| (c) Fourteen Six members shall constitute a quorum.
| (d) The chairman of the Authority shall be elected annually | by the Board.
| (e) The terms of the all initial members of the Authority | shall begin 30 days
after the effective date of this
Act. Of | the 10 original members appointed by the Governor and the | Director of Commerce and Economic Opportunity 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. The terms | of the initial public members of the Authority appointed by the | county board chairmen shall begin 30 days after the effective | date of this amendatory Act of the 97th General Assembly. The | terms of the initial public members appointed by the county | board chairmen shall be determined by lot, according to the | following schedule: (i) 4 shall serve until the third Monday in | January, 2013, (ii) 4 shall serve until the third Monday in | January, 2014, (iii) 3 shall serve until the third Monday in | January, 2015, (iv) 3 shall serve until the third Monday in | January, 2016, and (v) 3 shall serve until the third Monday in | January, 2017. All successors to these initial members shall be | appointed by the original appointing authority 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
a 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 of their duties as members.
Members of the Board | may participate in Board meetings by teleconference or video | conference.
| (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
| duty, or malfeasance in office. The chairman of a county board, | with the approval of a majority vote of the county board, may | remove any public member appointed by that chairman in the case | of incompetence, neglect of duty, or malfeasance in office.
| (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
| 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
| 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.
| (Source: P.A. 93-968, eff. 8-20-04; 94-613, eff. 8-18-05.)
| (70 ILCS 518/25)
| Sec. 25. Duty. All official acts of the Authority shall | require the
approval of at least 14 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 its territorial | jurisdiction.
| (Source: P.A. 93-968, eff. 8-20-04; 94-613, eff. 8-18-05.)
| (70 ILCS 518/35)
| Sec. 35. Bonds.
| (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
| useful in connection therewith; and (iv) for the purposes of | the Employee
Ownership Assistance Act. For
the purpose of | evidencing the obligations of the Authority to repay any money
| 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
| 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.
| (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
| 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 | provision of the
resolution authorizing their issuance and to | enjoin the corporation, person,
the Authority, and any of its
| agents or employees from taking any action in conflict with any | contract or
covenant.
| (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
| 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.
| (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.
| (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
| 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 | 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
| mortgage or trust agreement, but the trust agreement may | prescribe by whom or on whose behalf the action
may be | instituted.
| (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
| 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
| provided for by ordinance of the
Authority authorizing the | issuance of the bonds or notes.
| (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
| 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 | 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.
This subsection (g) shall not apply to any bond | issued on or after the effective date of this amendatory Act of | the 97th General Assembly.
| (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.
| (Source: P.A. 93-968, eff. 8-20-04.)
| Section 99. Effective date. This Act takes effect upon | becoming law.
|
Effective Date: 06/29/2012
|
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