Public Act 90-0470 of the 90th General Assembly
Public Act 90-0470
HB1450 Enrolled LRB9003624KDks
AN ACT in relation to bonds, amending named Acts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Development Finance Authority
Act is amended by changing Sections 7.56a, 8, and 13 as
follows:
(20 ILCS 3505/7.56a) (from Ch. 48, par. 850.07z12a)
Sec. 7.56a. Infrastructure Bond Authorization Limits.
In addition to the bonds authorized to be issued under
Sections 7.8 and 8, the Authority may have outstanding at any
time, bonds for the purposes enumerated in Sections 7.50
through 7.61 in an aggregate principal amount that shall not
exceed $1,000,000,000 $500,000,000.
Such bonds shall not constitute an indebtedness or
obligation of the State of Illinois and it shall be plainly
stated on the face of each bond that it does not constitute
such an indebtedness or obligation but is payable solely from
the revenues, income or other assets of the Authority pledged
therefor.
(Source: P.A. 88-164.)
(20 ILCS 3505/8) (from Ch. 48, par. 850.08)
Sec. 8. Exclusive of the bonds authorized to be issued
under Section 7.8 or under the Illinois Environmental
Facilities Financing Act, and exclusive of the authorization
under Section 7.56a of this Act, the Authority may not have
outstanding at any one time bonds for any of its corporate
purposes in an aggregate principal amount exceeding
$4,400,000,000 $2,900,000,000, excluding bonds issued to
refund outstanding bonds. Up to $100,000,000 of such
outstanding bonds shall be issued with respect to industrial
projects located within areas designated as Enterprise Zones
by the Department of Commerce and Community Affairs.
(Source: P.A. 89-460, eff. 5-24-96.)
(20 ILCS 3505/13) (from Ch. 48, par. 850.13)
Sec. 13. Under no circumstances shall any bonds or other
evidences of indebtedness issued by the Authority under this
Act or any other law be or become an indebtedness or
obligation of the State of Illinois, within the purview of
any constitutional limitation or provision, and it shall be
plainly stated on the face of each bond or other evidence of
indebtedness that it does not constitute such an indebtedness
or obligation but is payable solely from the revenues or
income of the Authority.
(Source: P.A. 81-454.)
Section 10. The Illinois Environmental Facilities
Financing Act is amended by changing Section 9 as follows:
(20 ILCS 3515/9) (from Ch. 127, par. 729)
Sec. 9. Bonds. The bonds may be issued as serial bonds
or as term bonds or a combination of both types. All bonds
issued by the State authority shall be payable solely out of
the revenues and receipts derived from the leasing, financing
or sale by the authority of the environmental facilities
financed with the proceeds thereof as may be designated in
the proceedings of the directing body under which the bonds
shall be authorized to be issued. Such bonds may be executed
and delivered by the authority at any time and from time to
time, may be in such amounts, may be in such form and
denominations and of such terms and maturities, may be in
fully registered form or in bearer form registrable either as
to principal or interest or both, may bear such conversion
privileges and be payable in such installments and at such
time or times not exceeding 40 years from the date thereof,
may be payable at such place or places whether within or
without the State of Illinois, may bear interest at such rate
or rates per annum without regard to any interest rate
limitation appearing in any other law, may be payable at such
time or times and at such place or places and evidenced in
such manner, may be executed by the manual or facsimile
signatures of such officers of the authority, and may contain
such provisions not inconsistent with this Act, all as shall
be provided in the proceedings of the directing body of the
authority. If deemed advisable by the directing body there
may be retained in the proceedings under which any bonds of
the authority are authorized to be issued an option to redeem
all or any part thereof as may be specified in such
proceedings, at such price or prices and after such notice or
notices and on such terms and conditions as may be set forth
in such proceedings, but nothing herein contained shall be
construed to confer on the authority the right or option to
redeem any bonds except as may be provided in the proceedings
under which they shall be issued. Any bonds of the authority
may be sold at public or private sale for such price and in
such manner and from time to time as may be determined by the
directing body of the authority, and the authority may pay
all expenses, premiums and commissions which its directing
body may deem necessary or advantageous in connection with
the issuance thereof. Issuance by the State authority of one
or more series of bonds for one or more purposes shall not
preclude it from issuing other bonds in connection with the
same environmental facility or any other environmental
facility or for any other purpose under this Act, but the
proceedings whereunder any subsequent bonds may be issued
shall recognize and protect any prior pledge made for any
prior issue of bonds. Any bonds of the State authority at
any time outstanding may at any time and from time to time be
refunded by the authority by the issuance of its refunding
bonds in such amount as the directing body may deem necessary
but not exceeding an amount sufficient to refund the
principal of the bonds so to be refunded, together with any
unpaid interest thereon and any premiums, commissions,
service fees and other expenses necessary to be paid in
connection therewith. Any such refunding may be effected
whether the bonds to be refunded shall have then matured or
shall thereafter mature, either by sale of the refunding
bonds and the application of the proceeds thereof for the
payment of the bonds to be refunded thereby, or by the
exchange of the refunding bonds for the bonds to be refunded
thereby with the consent of the holders of the bonds so to be
refunded, and regardless of whether or not the bonds to be
refunded were issued in connection with the same
environmental facility or separate environmental facilities
or for any other purpose under this Act, and regardless of
whether or not the bonds proposed to be refunded shall be
payable on the same date or different dates or shall be due
serially or otherwise. All such bonds and the interest
coupons applicable thereto, if any, are hereby made and shall
be construed to be negotiable instruments.
The aggregate principal amount of bonds which may be
issued and outstanding under this Act by the State authority
is $2,500,000,000 $1,600,000,000. In order to carry out the
purposes expressed in paragraph (c) of Section 2 hereof,
$75,000,000 of such amount shall be allocated by the State
authority for the issuance of bonds to finance environmental
facilities for small businesses. The State authority shall
keep a record of all bonds issued by it under this Act.
(Source: P.A. 89-460, eff. 5-24-96.)
Section 99. Effective date. This Act takes effect upon
becoming law.