SB0688 EngrossedLRB103 03141 AWJ 48147 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Cairo
5Development Authority Act.
 
6    Section 5. Purpose. The purpose of this Act is to
7facilitate and promote the redevelopment of vacant and
8underutilized commercial, industrial, and residential real
9property located throughout the City of Cairo and its
10surrounding areas, and to enhance the economic benefits
11generated by the former uses of the property with development
12that will attract new residences, senior and student housing,
13and commercial and industrial businesses, as well as to create
14new opportunities for economic development, sustainable
15initiatives, and affordable housing and employment for
16residents in the community.
 
17    Section 10. Definitions. As used in this Act:
18    "Authority" means the Cairo Development Authority created
19by this Act.
20    "Board" means the Board of Directors of the Authority.
21    "Costs" means: the cost of purchase and construction of
22all lands and related improvements, together with the

 

 

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1equipment and other property, rights, easements, and
2franchises acquired that are deemed necessary for the
3construction; the costs of environmental and other property
4and project related suits, studies, and analyses and
5subsequent clean-up activities necessary to qualify the area
6as needing no further remediation or pipe replacement or new
7installation; financing and title insurance and deed recording
8charges, delinquent property taxes; trust and or interest
9costs with respect to revenue bonds, notes, and other
10evidences of indebtedness of the Authority prior to and during
11construction and for a period of 60 months after construction;
12engineering and legal expenses; the costs of plans, tax deed
13acquisition, land bank creation and acquisition, or
14deacquisition or disposition of all real estate placed
15therein, credit enhancement vehicles, easements,
16specifications, surveys, and estimates of costs and other
17expenses necessary or incident to determining the feasibility
18or practicability of any project, together with such other
19expenses as may be reasonable or necessary or incident to the
20financing, insuring, acquisition, disposition, redevelopment,
21and construction of a specific project and the placing of the
22project in operation.
23    "Financial aid" means the expenditure of Authority funds
24or funds provided by the Authority through the issuance of its
25revenue bonds, notes, or other evidence of indebtedness, or
26grants from private or public entities for the development,

 

 

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1construction, acquisition, or improvement of a project.
2    "Governmental agency" means any federal, State, or local
3governmental body and any agency or instrumentality of the
4federal, State, or local governmental body, corporate or
5otherwise.
6    "Lease agreement" means an agreement under which a project
7acquired by the Authority by purchase, gift, or lease, or
8other valuable consideration is leased to any person or
9governmental agency that will use or cause the project to be
10used as a project upon terms providing for lease rental
11payments at least sufficient to pay, when due, the lessee's
12pro rata share of all principal and interest and premium, if
13any, on any revenue bonds, notes, or other evidences of
14indebtedness of the Authority issued with respect to the
15project, providing for the maintenance, insurance, and
16operation of the project on terms satisfactory to the
17Authority, and providing for disposition of the project upon
18termination of the lease term, including purchase options or
19abandonment of the premises, with such other terms as may be
20deemed desirable by the Authority.
21    "Loan agreement" means any agreement by which the
22Authority agrees to loan the proceeds of its revenue bonds,
23notes, or other evidences of indebtedness issued with respect
24to a project to any person or governmental agency that will use
25or cause the project to be used as a project upon terms
26providing for loan repayment installments at least sufficient

 

 

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1to pay, when due, the borrower's pro rata share of all
2principal of and interest and premium, if any, on any revenue
3bonds, notes, or other evidences of indebtedness of the
4Authority issued with respect to the project, providing for
5maintenance, insurance, and operation of the project on terms
6satisfactory to the Authority, and providing for other matters
7as may be deemed advisable by the Authority.
8    "Person" includes, without limitation, an individual,
9corporation, partnership, unincorporated association, and any
10other legal entity, including a trustee, receiver, assignee,
11or personal representative of the entity.
12    "Project" means an industrial, commercial, commercial
13mixed use, environmental justice, land conservancy,
14residential, or freight-oriented project or any combination
15thereof if all uses fall within one of those categories,
16including, but not limited to, one or more buildings and other
17structures, improvements, machinery, and equipment, whether on
18the same site or adjacent to any land or lakes, buildings,
19machinery, or equipment comprising an addition to or
20renovation, rehabilitation, or improvement of any existing
21capital project. "Project" includes all site improvements,
22signage, access roads, lighting, curb cuts, and new
23construction involving infrastructure, including, but not
24limited to, roads, traffic management lights and directional
25signage, sidewalks, sewers, landscaping, and all appurtenances
26and facilities incidental thereto, such as utilities, access

 

 

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1roads, railroad sidings, truck docking, and similar
2facilities, parking facilities, or related equipment and other
3improvements necessary or convenient thereto, solid waste and
4wastewater treatment and disposal sites and other pollution
5control facilities, resource or waste reduction, recovery,
6treatment, and disposal facilities, open spaces,
7conservancies, preserves, streets, highways.
8    "Revenue bond" or "bond" means any bond issued by the
9Authority under the supervision of the Illinois Finance
10Authority, the principal and interest of which are payable
11solely from revenues or income derived from any project or
12activity of the Authority.
13    "Terminal" means a public place, station, or depot for
14receiving and delivering passengers, baggage, mail, freight,
15or express matter, and any combination thereof, in connection
16with the transportation of persons and property on land.
17    "Terminal facilities" means all land, buildings,
18structures, improvements, equipment, and appliances useful in
19the operation of public warehouse, storage, and transportation
20facilities and industrial, manufacturing, or commercial
21activities for the accommodation of or in connection with
22commerce by land.
 
23    Section 15. Creation of Authority; Board members;
24officers.
25    (a) The Cairo Development Authority is created as a

 

 

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1political subdivision, body politic, and municipal
2corporation.
3    (b) The jurisdiction of the Authority extends over
4Alexander County.
5    (c) The governing and administrative powers of the
6Authority shall be vested in its Board of Directors consisting
7of 5 members, 2 of whom shall be appointed by the Mayor of the
8City of Cairo, one of whom shall be appointed by the Board of
9County Commissioners of Alexander County, and 2 of whom shall
10be appointed by the Governor. All persons appointed as members
11of the Board shall have recognized ability and experience in
12one or more of the following areas: economic development;
13finance; banking; industrial development; business management;
14real estate; community development; organized labor; or civic,
15community, or neighborhood organization.
16    (d) The terms of the 5 initial appointees to the Authority
17shall commence 15 days after the effective date of this Act or
18as soon as they are appointed. Of the 5 appointees initially
19appointed: (i) one of the Mayor's appointees and one of the
20Governor's appointees shall be appointed to serve terms
21expiring on the third Monday in January 2027; (ii) one of the
22Mayor's appointees shall be appointed to serve a term expiring
23on the third Monday in January 2028; and (iii) the Board of
24Commissioner's appointee and one of the Governor's appointees
25shall be appointed to serve terms expiring on the third Monday
26in January 2029. All successors shall be appointed by the

 

 

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1original appointing authority and hold office for a term of 6
2years commencing the third Monday in January of the year in
3which their term commences, except in case of an appointment
4to fill a vacancy. Vacancies shall be filled for the remainder
5of the term by the Mayor, Board of Commissioners, or Governor
6depending upon which person or Board made the appointment of
7the individual that left the Board of Commissioners. Each
8member appointed to the Board shall serve until his or her
9successor is appointed and accepted by majority vote of the
10members left after the vacancy occurs or the term expires and
11shall meet the professional background requirements under
12subsection (c).
13    (e) The Chairperson of the Board shall be elected by the
14Board annually from among its members.
15    (f) The appointing authority may remove any member of the
16Board in case of incompetency, neglect of duty, or malfeasance
17in office.
18    (g) Members of the Board shall serve without compensation
19for their services as members, but the Board may vote to
20compensate its members, and they also may be reimbursed for
21all necessary expenses incurred in connection with the
22performance of their duties as members.
23    (h) The Board may appoint an Executive Director, Associate
24Executive Director, General Counsel, Finance Director, and
25Chief Engineer who shall have a background and, when
26necessary, licensed credentials or certifications and or

 

 

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1academic degrees in administration, planning, real estate,
2economic development, finance, or law. The Executive Director
3shall hold office at the discretion of the Board, but a
4contract may be executed for a period of time of service as
5negotiated. The Executive Director shall be the chief
6administrative and operational officer of the Authority, shall
7direct and supervise its administrative affairs and general
8management, shall perform such other duties as may be
9prescribed from time to time by the Board, and shall receive
10compensation fixed by the Board. The Executive Director shall
11attend all meetings of the Board; however, no action of the
12Board or the Authority shall be invalid on account of the
13absence of the Executive Director from a meeting. The Board
14may engage the services of such other agents and employees,
15including planners, attorneys, appraisers, engineers,
16accountants, credit analysts, and other consultants, and may
17prescribe their duties and fix their compensation.
18    (i) The Board shall meet on the call of its Chairperson or
19upon written, telephonic, or email notice of 3 members of the
20Board.
21    (j) All official acts of the Authority shall require a
22quorum of 3 members and an affirmative vote of at least 3 of
23the members of the Board present and voting at a meeting of the
24Board.
 
25    Section 20. Responsibilities of the Authority.

 

 

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1    (a) It is the duty of the Authority to promote development
2within its territorial jurisdiction. The Authority shall use
3the powers conferred on it by this Act to assist in the
4planning, development, acquisition, construction, and
5marketing of residential, industrial, commercial, or
6freight-oriented projects within its territorial jurisdiction.
7    (b) The Authority has the power to undertake joint
8planning for property within its territorial jurisdiction that
9identifies and addresses its development, transportation,
10transit, zoning, workforce, and environmental priorities and
11objectives.
12    (c) The Authority has the power to assemble and prepare
13parcels for development.
14    (d) The Authority has the power to oversee environmental
15studies and remediation necessary to identify and remove any
16hazards or toxins that impede development.
17    (e) The Authority has the power to develop, construct, and
18improve, either under its own direction or through
19collaboration with any approved applicant, or to acquire
20through purchase or otherwise any project, using for that
21purpose the proceeds derived from its sale of revenue bonds,
22notes, or other evidence of indebtedness or governmental loans
23or grants, and to hold title in the name of the Authority to
24those projects.
25    (f) The Authority has the power to market the Cairo
26development to prospective developers and businesses.

 

 

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1    (g) The Authority shall make its best effort to annex
2parcels of unincorporated property that are subject to the
3jurisdiction of the Authority contiguous to the City of Cairo.
4    (h) The Authority shall maintain relations with local
5residents, industries, businesses, nonprofit organizations,
6elected and appointed officials, and other government and
7private entities as well as any other interested parties in
8the course of achieving its objectives and exercising its
9powers.
 
10    Section 25. Powers. The Authority possesses all powers of
11a body corporate necessary and convenient to accomplish the
12purpose of this Act, including, without limitation, the
13following:
14        (1) to enter into loans, contracts, agreements, and
15    mortgages in any matter connected with any of its
16    corporate purposes and to invest its funds;
17        (2) to sue and be sued;
18        (3) to employ agents and employees necessary to carry
19    out its purposes;
20        (4) to have, use, and alter a common seal;
21        (5) to adopt all needful ordinances, resolutions,
22    bylaws, rules, and regulations for the conduct of its
23    business and affairs and for the management and use of the
24    projects developed, constructed, acquired, and improved in
25    furtherance of its purposes;

 

 

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1        (6) to designate the fiscal year for the Authority;
2        (7) to accept and expend appropriations;
3        (8) to have and exercise all powers and be subject to
4    all duties usually incident to boards of directors of
5    corporations;
6        (9) to acquire, own, lease, sell, or otherwise dispose
7    of interests in and to real property and improvements
8    situated thereon and in personal property from any person,
9    the State of Illinois, any municipal corporation, any unit
10    of local government, the government of the United States,
11    any agency or instrumentality of the United States, any
12    body politic, or any county, whether the property is
13    improved for the purposes of any prospective project or
14    unimproved, useful, and necessary to fulfill the purposes
15    of the Authority;
16        (10) to acquire title to any project with respect to
17    which it exercises its authority;
18        (11) to engage in any activity or operation, including
19    brownfield remediation, which is incidental to and in
20    furtherance of efficient operation to accomplish the
21    Authority's primary purpose and be reasonable and
22    necessary for the efficient function of the authority;
23        (12) to acquire, own, construct, lease, operate, and
24    maintain, within its corporate limits, terminals and
25    terminal facilities and to fix and collect just,
26    reasonable, and nondiscriminatory charges for the use of

 

 

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1    those facilities;
2        (13) to collect fees and charges in connection with
3    its loans, commitments, and services;
4        (14) to use the charges and fees collected as
5    authorized under paragraphs (12) and (13) to defray the
6    reasonable expenses of the Authority and to pay the
7    principal and interest of any revenue bonds issued by the
8    Authority;
9        (15) to borrow money and issue revenue bonds, notes,
10    or other evidences of indebtedness under the supervision
11    of the Illinois Finance Authority, as set forth under
12    Section 825-13.1 of the Illinois Finance Authority Act;
13        (16) to apply for and accept grants, loans, or
14    appropriations from the federal government, the State of
15    Illinois, including the Illinois Environmental Protection
16    Agency, and the City of Cairo;
17        (17) to accept donations, contributions, capital
18    grants or gifts from individuals, associations, and
19    private corporations in aid of any purposes of this Act
20    and to enter into agreements in connection therewith;
21        (18) to enter into intergovernmental agreements with
22    the State of Illinois, any other state or local government
23    of another state, the Illinois Finance Authority, the
24    United States government, any agency or instrumentality of
25    the United States, any unit of local government located
26    within the territory of the Authority, or any other unit

 

 

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1    of government to the extent allowed by Section 10 of
2    Article VII of the Illinois Constitution and the
3    Intergovernmental Cooperation Act;
4        (19) to petition any federal, state, municipal, or
5    local authority, and any unit of local government having
6    jurisdiction in the premises for the adoption and
7    execution of any physical improvement, change in method or
8    system of handling freight, warehousing, docking,
9    lightering, and transfer of freight which, in the opinion
10    of the Authority, is designed to improve the handling of
11    commerce in and through its territorial jurisdiction or
12    improve terminal or transportation facilities therein;
13        (20) to enter into agreements with businesses, form
14    public-private partnership entities and appropriate funds
15    to such entities as needed to achieve the purpose of this
16    Act; and
17        (21) to share employees with other units of
18    government, including agencies of the United States,
19    agencies of the State of Illinois, and agencies or
20    personnel of any unit of local government.
 
21    Section 30. Limitations. If any of the Authority's powers
22are exercised within the jurisdictional limits of any
23municipality, then all of the ordinances of that municipality
24remain in full force and effect and are controlling.
25    The Authority shall not issue any revenue bonds relating

 

 

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1to the financing of a project located within the planning and
2subdivision control jurisdiction of any municipality or county
3unless: (1) notice, including a description of the proposed
4project and the financing therefor, is submitted to the
5corporate authorities of the municipality or, in the case of a
6proposed project in an unincorporated area, to the county
7board; and (2) the corporate authorities do not or, in the case
8of an unincorporated area, the county board does not, adopt a
9resolution disapproving the project within 45 days after
10receipt of the notice.
 
11    Section 35. Revenue Bonds.
12    (a) The Authority shall have the continuing power to issue
13revenue bonds, notes, or other evidences of indebtedness in an
14aggregate amount not to exceed $200,000,000 for the purpose of
15developing, constructing, acquiring, or improving projects,
16including those established by business entities locating or
17expanding property within the territorial jurisdiction of the
18Authority, for entering into venture capital agreements with
19businesses locating or expanding within the territorial
20jurisdiction of the Authority, for acquiring and improving any
21property necessary and useful in connection therewith, and for
22the purposes of the Employee Ownership Assistance Act. The
23bonds must be issued under the supervision of the Illinois
24Finance Authority, as set forth under Section 825-13.1 of the
25Illinois Finance Authority Act. For the purpose of evidencing

 

 

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1the obligations of the Authority to repay any money borrowed,
2the Authority may, pursuant to resolution, from time to time
3issue and dispose of its interest bearing revenue bonds,
4notes, or other evidences of indebtedness and may also from
5time to time issue and dispose of such bonds, notes, or other
6evidences of indebtedness to refund, at maturity, at a
7redemption date or in advance of either, any revenue bonds,
8notes, or other evidences of indebtedness pursuant to
9redemption provisions or at any time before maturity. All such
10revenue bonds, notes, or other evidence of indebtedness shall
11be payable solely from the revenues or income to be derived
12from loans made with respect to projects, from the leasing or
13sale of the projects, or from any other funds available to the
14Authority for such purposes, including, when provided by
15ordinance of the Authority, authorizing the issuance of
16revenue bonds or notes. The revenue bonds, notes, or other
17evidences of indebtedness may bear such date or dates, may
18mature at such time or times not exceeding 40 years from their
19respective dates, may bear interest at such rate or rates not
20exceeding the maximum rate permitted by the Bond Authorization
21Act, may be in such form, may carry such registration
22privileges, may be executed in such manner, may be payable at
23such place or places, may be made subject to redemption in such
24manner and upon such terms, with or without premium as is
25stated on the face thereof, may be authenticated in such
26manner, and may contain such terms and covenants as may be

 

 

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1provided by an applicable resolution.
2    (b) The holder or holders of any revenue bonds, notes, or
3other evidences of indebtedness issued by the Authority may
4bring suits at law or proceedings in equity to compel the
5performance and observance by any corporation or person or by
6the Authority or any of its agents or employees of any contract
7or covenant made with the holders of such revenue bonds,
8notes, or other evidences of indebtedness, to compel such
9corporation, person, the Authority, and any of its agents or
10employees to perform any duties required to be performed for
11the benefit of the holders of any such revenue bonds, notes, or
12other evidences of indebtedness by the provision of the
13resolution authorizing their issuance and to enjoin such
14corporation, person, the Authority, and any of its agents or
15employees from taking any action in conflict with any such
16contract or covenant.
17    (c) If the Authority fails to pay the principal of or
18interest on any of the revenue bonds or premium, if any, as the
19same become due, a civil action to compel payment may be
20instituted in the appropriate circuit court by the holder or
21holders of the revenue bonds on which such default of payment
22exists or by an indenture trustee acting on behalf of such
23holders. Delivery of a summons and a copy of the complaint to
24the Chairperson of the Board shall constitute sufficient
25service to give the circuit court jurisdiction of the subject
26matter of such a suit and jurisdiction over the Authority and

 

 

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1its officers named as defendants for the purpose of compelling
2such payment. Any case, controversy, or cause of action
3concerning the validity of this Act relates to the revenue of
4the State of Illinois.
5    (d) Notwithstanding the form and tenor of any such revenue
6bonds, notes, or other evidences of indebtedness and in the
7absence of any express recital on the face of any such revenue
8bond, note, or other evidence of indebtedness that it is
9nonnegotiable, all such revenue bonds, notes, and other
10evidences of indebtedness shall be negotiable instruments.
11Pending the preparation and execution of any such revenue
12bonds, notes, or other evidences of indebtedness, temporary
13revenue bonds, notes, or evidences of indebtedness may be
14issued as provided by ordinance.
15    (e) To secure the payment of any or all of such revenue
16bonds, notes, or other evidences of indebtedness, the revenues
17to be received by the Authority from a lease agreement or loan
18agreement shall be pledged, and, for the purpose of setting
19forth the covenants and undertakings of the Authority in
20connection with the issuance thereof and the issuance of any
21additional revenue bonds, notes, or other evidences of
22indebtedness payable from such revenues, income, or other
23funds to be derived from projects, the Authority may execute
24and deliver a mortgage or trust agreement. A remedy for any
25breach or default of the terms of any such mortgage or trust
26agreement by the Authority may be by mandamus proceedings in

 

 

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1the appropriate circuit court to compel the performance and
2compliance therewith, but the trust agreement may prescribe by
3whom or on whose behalf the action may be instituted.
4    (f) The revenue bonds or notes shall be secured as
5provided in the authorizing ordinance which may,
6notwithstanding any other provision of this Act, include in
7addition to any other security a specific pledge or assignment
8of and lien on or security interest in any or all revenues or
9money of the Authority from whatever source which may by law be
10used for debt service purposes and a specific pledge or
11assignment of and lien on or security interest in any funds or
12accounts established or provided for by ordinance of the
13Authority authorizing the issuance of such revenue bonds or
14notes.
15    (g) The State of Illinois pledges to and agrees with the
16holders of the revenue bonds and notes of the Authority issued
17pursuant to this Section that the State will not limit or alter
18the rights and powers vested in the Authority by this Act to
19impair the terms of any contract made by the Authority with
20such holders or in any way impair the rights and remedies of
21such holders until such revenue bonds and notes, together with
22interest thereon, with interest on any unpaid installments of
23interest, and all costs and expenses in connection with any
24action or proceedings by or on behalf of such holders, are
25fully met and discharged. The Authority is authorized to
26include these pledges and agreements of the State in any

 

 

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1contract with the holders of revenue bonds or notes issued
2pursuant to this Section.
3    (h) Under no circumstances shall any bonds issued by the
4Authority or any other obligation of the Authority be or
5become an indebtedness or obligation of the State of Illinois
6or of any other political subdivision of or municipality
7within the State, nor shall any such bond or obligation be or
8become an indebtedness of the Authority within the purview of
9any constitutional limitation or provision, and it shall be
10plainly stated on the face of each bond that it does not
11constitute such an indebtedness or obligation but is payable
12solely from the revenues or income as aforesaid.
13    (i) For the purpose of financing a project pursuant to
14this Act, the Authority shall be authorized to apply for an
15allocation of tax-exempt bond financing authorization provided
16by Section 11143 of the Safe, Accountable, Flexible, Efficient
17Transportation Equity Act: A Legacy for Users (SAFETEA-LU),
18Public Law 109-59, as well as financing available under any
19other federal law or program.
 
20    Section 40. Designation of depository. The Authority shall
21biennially designate a national or State bank or banks as
22depositories of its money. Those depositories shall be
23designated only within the State and upon condition that bonds
24approved as to form and surety by the Authority and at least
25equal in amount to the maximum sum expected to be on deposit at

 

 

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1any one time shall be first given by the depositories to the
2Authority, those bonds to be conditioned for the safekeeping
3and prompt repayment of the deposits. When any of the funds of
4the Authority shall be deposited by the treasurer in any such
5depository, the treasurer and the sureties on his official
6bond shall, to that extent, be exempt from liability for the
7loss of the deposited funds by reason of the failure,
8bankruptcy, or any other act or default of the depository.
9However, the Authority may accept assignments of collateral by
10any depository of its funds to secure the deposits to the same
11extent and conditioned in the same manner as assignments of
12collateral are permitted by law to secure deposits of the
13funds of any city.
 
14    Section 45. Reports; Inspector General. The Authority
15shall, annually, submit a report of its finances to the
16Auditor General. The Authority shall annually submit a report
17of its activities to the Governor and to the General Assembly.
18The Authority may also create an office of the Inspector
19General to provide oversight and compliance with any of its
20regulatory policies.
 
21    Section 50. Dissolution of the Authority. The Authority is
22dissolved upon the last to occur of the following: (1) the
23expiration of the 15-year period that begins on the effective
24date of this Act; or (2) one year after the date that all

 

 

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1revenue bonds, notes, and other evidence of indebtedness of
2the Authority have been fully paid and discharged or otherwise
3provided for. Upon the dissolution of the Authority, all of
4its rights and property shall pass to and be vested in the
5State of Illinois.
 
6    Section 900. The Illinois Finance Authority Act is amended
7by adding Section 825-13.1 as follows
 
8    (20 ILCS 3501/825-13.1 new)
9    Sec. 825-13.1. Supervision of the Cairo Development
10Authority bond issuances.
11    (a) All bond issuances of the Cairo Development Authority
12are subject to supervision, management, control, and approval
13of the Illinois Finance Authority.
14    (b) All bonds issued by the Cairo Development Authority
15under the supervision of the Illinois Finance Authority are
16subject to the terms and conditions that are set forth in the
17Cairo Development Authority Act.
18    (c) The bonds issued by the Cairo Development Authority
19under the supervision of the Illinois Finance Authority are
20not debts of the Illinois Finance Authority or of the State.
 
21    Section 999. Effective date. This Act takes effect upon
22becoming law.