Sen. Doris Turner

Filed: 3/28/2023

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 688

2    AMENDMENT NO. ______. Amend Senate Bill 688 by replacing
3everything after the enacting clause with the following:
 
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.
 

 

 

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1    Section 10. Definitions. As used in this Act:
2    "Authority" means the Cairo Development Authority created
3by this Act.
4    "Board" means the Board of Directors of the Authority.
5    "Costs" means: the cost of purchase and construction of
6all lands and related improvements, together with the
7equipment and other property, rights, easements, and
8franchises acquired that are deemed necessary for the
9construction; the costs of environmental and other property
10and project related suits, studies, and analyses and
11subsequent clean-up activities necessary to qualify the area
12as needing no further remediation or pipe replacement or new
13installation; financing and title insurance and deed recording
14charges, delinquent property taxes; trust and or interest
15costs with respect to revenue bonds, notes, and other
16evidences of indebtedness of the Authority prior to and during
17construction and for a period of 60 months after construction;
18engineering and legal expenses; the costs of plans, tax deed
19acquisition, land bank creation and acquisition, or
20deacquisition or disposition of all real estate placed
21therein, credit enhancement vehicles, easements,
22specifications, surveys, and estimates of costs and other
23expenses necessary or incident to determining the feasibility
24or practicability of any project, together with such other
25expenses as may be reasonable or necessary or incident to the

 

 

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

 

 

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1deemed desirable by the Authority.
2    "Loan agreement" means any agreement by which the
3Authority agrees to loan the proceeds of its revenue bonds,
4notes, or other evidences of indebtedness issued with respect
5to a project to any person or governmental agency that will use
6or cause the project to be used as a project upon terms
7providing for loan repayment installments at least sufficient
8to pay, when due, the borrower's pro rata share of all
9principal of and interest and premium, if any, on any revenue
10bonds, notes, or other evidences of indebtedness of the
11Authority issued with respect to the project, providing for
12maintenance, insurance, and operation of the project on terms
13satisfactory to the Authority, and providing for other matters
14as may be deemed advisable by the Authority.
15    "Person" includes, without limitation, an individual,
16corporation, partnership, unincorporated association, and any
17other legal entity, including a trustee, receiver, assignee,
18or personal representative of the entity.
19    "Project" means an industrial, commercial, commercial
20mixed use, environmental justice, land conservancy,
21residential, or freight-oriented project or any combination
22thereof if all uses fall within one of those categories,
23including, but not limited to, one or more buildings and other
24structures, improvements, machinery, and equipment, whether on
25the same site or adjacent to any land or lakes, buildings,
26machinery, or equipment comprising an addition to or

 

 

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1renovation, rehabilitation, or improvement of any existing
2capital project. "Project" includes all site improvements,
3signage, access roads, lighting, curb cuts, and new
4construction involving infrastructure, including, but not
5limited to, roads, traffic management lights and directional
6signage, sidewalks, sewers, landscaping, and all appurtenances
7and facilities incidental thereto, such as utilities, access
8roads, railroad sidings, truck docking, and similar
9facilities, parking facilities, or related equipment and other
10improvements necessary or convenient thereto, solid waste and
11wastewater treatment and disposal sites and other pollution
12control facilities, resource or waste reduction, recovery,
13treatment, and disposal facilities, open spaces,
14conservancies, preserves, streets, highways.
15    "Revenue bond" or "bond" means any bond issued by the
16Authority under the supervision of the Illinois Finance
17Authority, the principal and interest of which are payable
18solely from revenues or income derived from any project or
19activity of the Authority.
20    "Terminal" means a public place, station, or depot for
21receiving and delivering passengers, baggage, mail, freight,
22or express matter, and any combination thereof, in connection
23with the transportation of persons and property on land.
24    "Terminal facilities" means all land, buildings,
25structures, improvements, equipment, and appliances useful in
26the operation of public warehouse, storage, and transportation

 

 

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1facilities and industrial, manufacturing, or commercial
2activities for the accommodation of or in connection with
3commerce by land.
 
4    Section 15. Creation of Authority; Board members;
5officers.
6    (a) The Cairo Development Authority is created as a
7political subdivision, body politic, and municipal
8corporation.
9    (b) The jurisdiction of the Authority extends over
10Alexander County.
11    (c) The governing and administrative powers of the
12Authority shall be vested in its Board of Directors consisting
13of 5 members, 2 of whom shall be appointed by the Mayor of the
14City of Cairo, one of whom shall be appointed by the Board of
15County Commissioners of Alexander County, and 2 of whom shall
16be appointed by the Governor. All persons appointed as members
17of the Board shall have recognized ability and experience in
18one or more of the following areas: economic development;
19finance; banking; industrial development; business management;
20real estate; community development; organized labor; or civic,
21community, or neighborhood organization.
22    (d) The terms of the 5 initial appointees to the Authority
23shall commence 15 days after the effective date of this Act or
24as soon as they are appointed. Of the 5 appointees initially
25appointed: (i) one of the Mayor's appointees and one of the

 

 

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1Governor's appointees shall be appointed to serve terms
2expiring on the third Monday in January 2027; (ii) one of the
3Mayor's appointees shall be appointed to serve a term expiring
4on the third Monday in January 2028; and (iii) the Board of
5Commissioner's appointee and one of the Governor's appointees
6shall be appointed to serve terms expiring on the third Monday
7in January 2029. All successors shall be appointed by the
8original appointing authority and hold office for a term of 6
9years commencing the third Monday in January of the year in
10which their term commences, except in case of an appointment
11to fill a vacancy. Vacancies shall be filled for the remainder
12of the term by the Mayor, Board of Commissioners, or Governor
13depending upon which person or Board made the appointment of
14the individual that left the Board of Commissioners. Each
15member appointed to the Board shall serve until his or her
16successor is appointed and accepted by majority vote of the
17members left after the vacancy occurs or the term expires and
18shall meet the professional background requirements under
19subsection (c).
20    (e) The Chairperson of the Board shall be elected by the
21Board annually from among its members.
22    (f) The appointing authority may remove any member of the
23Board in case of incompetency, neglect of duty, or malfeasance
24in office.
25    (g) Members of the Board shall serve without compensation
26for their services as members, but the Board may vote to

 

 

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1compensate its members, and they also may be reimbursed for
2all necessary expenses incurred in connection with the
3performance of their duties as members.
4    (h) The Board may appoint an Executive Director, Associate
5Executive Director, General Counsel, Finance Director, and
6Chief Engineer who shall have a background and, when
7necessary, licensed credentials or certifications and or
8academic degrees in administration, planning, real estate,
9economic development, finance, or law. The Executive Director
10shall hold office at the discretion of the Board, but a
11contract may be executed for a period of time of service as
12negotiated. The Executive Director shall be the chief
13administrative and operational officer of the Authority, shall
14direct and supervise its administrative affairs and general
15management, shall perform such other duties as may be
16prescribed from time to time by the Board, and shall receive
17compensation fixed by the Board. The Executive Director shall
18attend all meetings of the Board; however, no action of the
19Board or the Authority shall be invalid on account of the
20absence of the Executive Director from a meeting. The Board
21may engage the services of such other agents and employees,
22including planners, attorneys, appraisers, engineers,
23accountants, credit analysts, and other consultants, and may
24prescribe their duties and fix their compensation.
25    (i) The Board shall meet on the call of its Chairperson or
26upon written, telephonic, or email notice of 3 members of the

 

 

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1Board.
2    (j) All official acts of the Authority shall require a
3quorum of 3 members and an affirmative vote of at least 3 of
4the members of the Board present and voting at a meeting of the
5Board.
 
6    Section 20. Responsibilities of the Authority.
7    (a) It is the duty of the Authority to promote development
8within its territorial jurisdiction. The Authority shall use
9the powers conferred on it by this Act to assist in the
10planning, development, acquisition, construction, and
11marketing of residential, industrial, commercial, or
12freight-oriented projects within its territorial jurisdiction.
13    (b) The Authority has the power to undertake joint
14planning for property within its territorial jurisdiction that
15identifies and addresses its development, transportation,
16transit, zoning, workforce, and environmental priorities and
17objectives.
18    (c) The Authority has the power to assemble and prepare
19parcels for development.
20    (d) The Authority has the power to oversee environmental
21studies and remediation necessary to identify and remove any
22hazards or toxins that impede development.
23    (e) The Authority has the power to develop, construct, and
24improve, either under its own direction or through
25collaboration with any approved applicant, or to acquire

 

 

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1through purchase or otherwise any project, using for that
2purpose the proceeds derived from its sale of revenue bonds,
3notes, or other evidence of indebtedness or governmental loans
4or grants, and to hold title in the name of the Authority to
5those projects.
6    (f) The Authority has the power to market the Cairo
7development to prospective developers and businesses.
8    (g) The Authority shall make its best effort to annex
9parcels of unincorporated property that are subject to the
10jurisdiction of the Authority contiguous to the City of Cairo.
11    (h) The Authority shall maintain relations with local
12residents, industries, businesses, nonprofit organizations,
13elected and appointed officials, and other government and
14private entities as well as any other interested parties in
15the course of achieving its objectives and exercising its
16powers.
 
17    Section 25. Powers. The Authority possesses all powers of
18a body corporate necessary and convenient to accomplish the
19purpose of this Act, including, without limitation, the
20following:
21        (1) to enter into loans, contracts, agreements, and
22    mortgages in any matter connected with any of its
23    corporate purposes and to invest its funds;
24        (2) to sue and be sued;
25        (3) to employ agents and employees necessary to carry

 

 

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1    out its purposes;
2        (4) to have, use, and alter a common seal;
3        (5) to adopt all needful ordinances, resolutions,
4    bylaws, rules, and regulations for the conduct of its
5    business and affairs and for the management and use of the
6    projects developed, constructed, acquired, and improved in
7    furtherance of its purposes;
8        (6) to designate the fiscal year for the Authority;
9        (7) to accept and expend appropriations;
10        (8) to have and exercise all powers and be subject to
11    all duties usually incident to boards of directors of
12    corporations;
13        (9) to acquire, own, lease, sell, or otherwise dispose
14    of interests in and to real property and improvements
15    situated thereon and in personal property from any person,
16    the State of Illinois, any municipal corporation, any unit
17    of local government, the government of the United States,
18    any agency or instrumentality of the United States, any
19    body politic, or any county, whether the property is
20    improved for the purposes of any prospective project or
21    unimproved, useful, and necessary to fulfill the purposes
22    of the Authority;
23        (10) to acquire title to any project with respect to
24    which it exercises its authority;
25        (11) to engage in any activity or operation, including
26    brownfield remediation, which is incidental to and in

 

 

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1    furtherance of efficient operation to accomplish the
2    Authority's primary purpose and be reasonable and
3    necessary for the efficient function of the authority;
4        (12) to acquire, own, construct, lease, operate, and
5    maintain, within its corporate limits, terminals and
6    terminal facilities and to fix and collect just,
7    reasonable, and nondiscriminatory charges for the use of
8    those facilities;
9        (13) to collect fees and charges in connection with
10    its loans, commitments, and services;
11        (14) to use the charges and fees collected as
12    authorized under paragraphs (12) and (13) to defray the
13    reasonable expenses of the Authority and to pay the
14    principal and interest of any revenue bonds issued by the
15    Authority;
16        (15) to borrow money and issue revenue bonds, notes,
17    or other evidences of indebtedness under the supervision
18    of the Illinois Finance Authority, as set forth under
19    Section 825-13.1 of the Illinois Finance Authority Act;
20        (16) to apply for and accept grants, loans, or
21    appropriations from the federal government, the State of
22    Illinois, including the Illinois Environmental Protection
23    Agency, and the City of Cairo;
24        (17) to accept donations, contributions, capital
25    grants or gifts from individuals, associations, and
26    private corporations in aid of any purposes of this Act

 

 

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1    and to enter into agreements in connection therewith;
2        (18) to enter into intergovernmental agreements with
3    the State of Illinois, any other state or local government
4    of another state, the Illinois Finance Authority, the
5    United States government, any agency or instrumentality of
6    the United States, any unit of local government located
7    within the territory of the Authority, or any other unit
8    of government to the extent allowed by Section 10 of
9    Article VII of the Illinois Constitution and the
10    Intergovernmental Cooperation Act;
11        (19) to petition any federal, state, municipal, or
12    local authority, and any unit of local government having
13    jurisdiction in the premises for the adoption and
14    execution of any physical improvement, change in method or
15    system of handling freight, warehousing, docking,
16    lightering, and transfer of freight which, in the opinion
17    of the Authority, is designed to improve the handling of
18    commerce in and through its territorial jurisdiction or
19    improve terminal or transportation facilities therein;
20        (20) to enter into agreements with businesses, form
21    public-private partnership entities and appropriate funds
22    to such entities as needed to achieve the purpose of this
23    Act; and
24        (21) to share employees with other units of
25    government, including agencies of the United States,
26    agencies of the State of Illinois, and agencies or

 

 

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1    personnel of any unit of local government.
 
2    Section 30. Limitations. If any of the Authority's powers
3are exercised within the jurisdictional limits of any
4municipality, then all of the ordinances of that municipality
5remain in full force and effect and are controlling.
6    The Authority shall not issue any revenue bonds relating
7to the financing of a project located within the planning and
8subdivision control jurisdiction of any municipality or county
9unless: (1) notice, including a description of the proposed
10project and the financing therefor, is submitted to the
11corporate authorities of the municipality or, in the case of a
12proposed project in an unincorporated area, to the county
13board; and (2) the corporate authorities do not or, in the case
14of an unincorporated area, the county board does not, adopt a
15resolution disapproving the project within 45 days after
16receipt of the notice.
 
17    Section 35. Revenue Bonds.
18    (a) The Authority shall have the continuing power to issue
19revenue bonds, notes, or other evidences of indebtedness in an
20aggregate amount not to exceed $200,000,000 for the purpose of
21developing, constructing, acquiring, or improving projects,
22including those established by business entities locating or
23expanding property within the territorial jurisdiction of the
24Authority, for entering into venture capital agreements with

 

 

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1businesses locating or expanding within the territorial
2jurisdiction of the Authority, for acquiring and improving any
3property necessary and useful in connection therewith, and for
4the purposes of the Employee Ownership Assistance Act. The
5bonds must be issued under the supervision of the Illinois
6Finance Authority, as set forth under Section 825-13.1 of the
7Illinois Finance Authority Act. For the purpose of evidencing
8the obligations of the Authority to repay any money borrowed,
9the Authority may, pursuant to resolution, from time to time
10issue and dispose of its interest bearing revenue bonds,
11notes, or other evidences of indebtedness and may also from
12time to time issue and dispose of such bonds, notes, or other
13evidences of indebtedness to refund, at maturity, at a
14redemption date or in advance of either, any revenue bonds,
15notes, or other evidences of indebtedness pursuant to
16redemption provisions or at any time before maturity. All such
17revenue bonds, notes, or other evidence of indebtedness shall
18be payable solely from the revenues or income to be derived
19from loans made with respect to projects, from the leasing or
20sale of the projects, or from any other funds available to the
21Authority for such purposes, including, when provided by
22ordinance of the Authority, authorizing the issuance of
23revenue bonds or notes. The revenue bonds, notes, or other
24evidences of indebtedness may bear such date or dates, may
25mature at such time or times not exceeding 40 years from their
26respective dates, may bear interest at such rate or rates not

 

 

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1exceeding the maximum rate permitted by the Bond Authorization
2Act, may be in such form, may carry such registration
3privileges, may be executed in such manner, may be payable at
4such place or places, may be made subject to redemption in such
5manner and upon such terms, with or without premium as is
6stated on the face thereof, may be authenticated in such
7manner, and may contain such terms and covenants as may be
8provided by an applicable resolution.
9    (b) The holder or holders of any revenue bonds, notes, or
10other evidences of indebtedness issued by the Authority may
11bring suits at law or proceedings in equity to compel the
12performance and observance by any corporation or person or by
13the Authority or any of its agents or employees of any contract
14or covenant made with the holders of such revenue bonds,
15notes, or other evidences of indebtedness, to compel such
16corporation, person, the Authority, and any of its agents or
17employees to perform any duties required to be performed for
18the benefit of the holders of any such revenue bonds, notes, or
19other evidences of indebtedness by the provision of the
20resolution authorizing their issuance and to enjoin such
21corporation, person, the Authority, and any of its agents or
22employees from taking any action in conflict with any such
23contract or covenant.
24    (c) If the Authority fails to pay the principal of or
25interest on any of the revenue bonds or premium, if any, as the
26same become due, a civil action to compel payment may be

 

 

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1instituted in the appropriate circuit court by the holder or
2holders of the revenue bonds on which such default of payment
3exists or by an indenture trustee acting on behalf of such
4holders. Delivery of a summons and a copy of the complaint to
5the Chairperson of the Board shall constitute sufficient
6service to give the circuit court jurisdiction of the subject
7matter of such a suit and jurisdiction over the Authority and
8its officers named as defendants for the purpose of compelling
9such payment. Any case, controversy, or cause of action
10concerning the validity of this Act relates to the revenue of
11the State of Illinois.
12    (d) Notwithstanding the form and tenor of any such revenue
13bonds, notes, or other evidences of indebtedness and in the
14absence of any express recital on the face of any such revenue
15bond, note, or other evidence of indebtedness that it is
16nonnegotiable, all such revenue bonds, notes, and other
17evidences of indebtedness shall be negotiable instruments.
18Pending the preparation and execution of any such revenue
19bonds, notes, or other evidences of indebtedness, temporary
20revenue bonds, notes, or evidences of indebtedness may be
21issued as provided by ordinance.
22    (e) To secure the payment of any or all of such revenue
23bonds, notes, or other evidences of indebtedness, the revenues
24to be received by the Authority from a lease agreement or loan
25agreement shall be pledged, and, for the purpose of setting
26forth the covenants and undertakings of the Authority in

 

 

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1connection with the issuance thereof and the issuance of any
2additional revenue bonds, notes, or other evidences of
3indebtedness payable from such revenues, income, or other
4funds to be derived from projects, the Authority may execute
5and deliver a mortgage or trust agreement. A remedy for any
6breach or default of the terms of any such mortgage or trust
7agreement by the Authority may be by mandamus proceedings in
8the appropriate circuit court to compel the performance and
9compliance therewith, but the trust agreement may prescribe by
10whom or on whose behalf the action may be instituted.
11    (f) The revenue bonds or notes shall be secured as
12provided in the authorizing ordinance which may,
13notwithstanding any other provision of this Act, include in
14addition to any other security a specific pledge or assignment
15of and lien on or security interest in any or all revenues or
16money of the Authority from whatever source which may by law be
17used for debt service purposes and a specific pledge or
18assignment of and lien on or security interest in any funds or
19accounts established or provided for by ordinance of the
20Authority authorizing the issuance of such revenue bonds or
21notes.
22    (g) The State of Illinois pledges to and agrees with the
23holders of the revenue bonds and notes of the Authority issued
24pursuant to this Section that the State will not limit or alter
25the rights and powers vested in the Authority by this Act to
26impair the terms of any contract made by the Authority with

 

 

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1such holders or in any way impair the rights and remedies of
2such holders until such revenue bonds and notes, together with
3interest thereon, with interest on any unpaid installments of
4interest, and all costs and expenses in connection with any
5action or proceedings by or on behalf of such holders, are
6fully met and discharged. The Authority is authorized to
7include these pledges and agreements of the State in any
8contract with the holders of revenue bonds or notes issued
9pursuant to this Section.
10    (h) Under no circumstances shall any bonds issued by the
11Authority or any other obligation of the Authority be or
12become an indebtedness or obligation of the State of Illinois
13or of any other political subdivision of or municipality
14within the State, nor shall any such bond or obligation be or
15become an indebtedness of the Authority within the purview of
16any constitutional limitation or provision, and it shall be
17plainly stated on the face of each bond that it does not
18constitute such an indebtedness or obligation but is payable
19solely from the revenues or income as aforesaid.
20    (i) For the purpose of financing a project pursuant to
21this Act, the Authority shall be authorized to apply for an
22allocation of tax-exempt bond financing authorization provided
23by Section 11143 of the Safe, Accountable, Flexible, Efficient
24Transportation Equity Act: A Legacy for Users (SAFETEA-LU),
25Public Law 109-59, as well as financing available under any
26other federal law or program.
 

 

 

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1    Section 40. Designation of depository. The Authority shall
2biennially designate a national or State bank or banks as
3depositories of its money. Those depositories shall be
4designated only within the State and upon condition that bonds
5approved as to form and surety by the Authority and at least
6equal in amount to the maximum sum expected to be on deposit at
7any one time shall be first given by the depositories to the
8Authority, those bonds to be conditioned for the safekeeping
9and prompt repayment of the deposits. When any of the funds of
10the Authority shall be deposited by the treasurer in any such
11depository, the treasurer and the sureties on his official
12bond shall, to that extent, be exempt from liability for the
13loss of the deposited funds by reason of the failure,
14bankruptcy, or any other act or default of the depository.
15However, the Authority may accept assignments of collateral by
16any depository of its funds to secure the deposits to the same
17extent and conditioned in the same manner as assignments of
18collateral are permitted by law to secure deposits of the
19funds of any city.
 
20    Section 45. Reports; Inspector General. The Authority
21shall, annually, submit a report of its finances to the
22Auditor General. The Authority shall annually submit a report
23of its activities to the Governor and to the General Assembly.
24The Authority may also create an office of the Inspector

 

 

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1General to provide oversight and compliance with any of its
2regulatory policies.
 
3    Section 50. Dissolution of the Authority. The Authority is
4dissolved upon the last to occur of the following: (1) the
5expiration of the 15-year period that begins on the effective
6date of this Act; or (2) one year after the date that all
7revenue bonds, notes, and other evidence of indebtedness of
8the Authority have been fully paid and discharged or otherwise
9provided for. Upon the dissolution of the Authority, all of
10its rights and property shall pass to and be vested in the
11State of Illinois.
 
12    Section 900. The Illinois Finance Authority Act is amended
13by adding Section 825-13.1 as follows
 
14    (20 ILCS 3501/825-13.1 new)
15    Sec. 825-13.1. Supervision of the Cairo Development
16Authority bond issuances.
17    (a) All bond issuances of the Cairo Development Authority
18are subject to supervision, management, control, and approval
19of the Illinois Finance Authority.
20    (b) All bonds issued by the Cairo Development Authority
21under the supervision of the Illinois Finance Authority are
22subject to the terms and conditions that are set forth in the
23Cairo Development Authority Act.

 

 

10300SB0688sam001- 22 -LRB103 03141 AWJ 59866 a

1    (c) The bonds issued by the Cairo Development Authority
2under the supervision of the Illinois Finance Authority are
3not debts of the Illinois Finance Authority or of the State.
 
4    Section 999. Effective date. This Act takes effect upon
5becoming law.".