Full Text of SB0821 94th General Assembly
SB0821enr 94TH GENERAL ASSEMBLY
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 1. Short title. This Act may be cited as the | 5 |
| Riverdale Development Authority Act. | 6 |
| Section 5. Purpose. The purpose of this Act is to | 7 |
| facilitate and promote the redevelopment of vacant and | 8 |
| underutilized brownfield property located adjacent to and | 9 |
| between CSX's Barr Yard and IHB's Blue Island Yard, and to | 10 |
| enhance the economic benefits generated by the former uses of | 11 |
| the property with development that will attract new residences | 12 |
| and businesses and create new and better housing and job | 13 |
| opportunities within the area. | 14 |
| Section 10. Definitions. In this Act words and phrases have | 15 |
| the meanings set forth in this Section. | 16 |
| "Authority" means the Riverdale Development Authority | 17 |
| created by this Act. | 18 |
| "Board" means the Board of Directors of the Authority. | 19 |
| "Costs incurred in connection with the development, | 20 |
| construction, acquisition, or improvement of a project" | 21 |
| means: the cost of purchase and construction of all lands | 22 |
| and related improvements, together with the equipment and | 23 |
| other property, rights, easements, and franchises acquired | 24 |
| that are deemed necessary for the construction; the costs | 25 |
| of environmental suits, studies and analyses and | 26 |
| subsequent clean-up activities necessary to qualify the | 27 |
| area as needing no further remediation; financing charges; | 28 |
| interest costs with respect to revenue bonds, notes, and | 29 |
| other evidences of indebtedness of the Authority prior to | 30 |
| and during construction and for a period of 36 months | 31 |
| thereafter; engineering and legal expenses; the costs of |
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| plans, specifications, surveys, and estimates of costs and | 2 |
| other expenses necessary or incident to determining the | 3 |
| feasibility or practicability of any project, together | 4 |
| with such other expenses as may be necessary or incident to | 5 |
| the financing, insuring, acquisition, and construction of | 6 |
| a specific project and the placing of the project in | 7 |
| operation. | 8 |
| "Financial aid" means the expenditure of Authority | 9 |
| funds or funds provided by the Authority through the | 10 |
| issuance of its revenue bonds, notes, or other evidences of | 11 |
| indebtedness for the development, construction, | 12 |
| acquisition, or improvement of a project. | 13 |
| "Governmental agency" means any federal, State, county | 14 |
| or local governmental body, and any agency or | 15 |
| instrumentality thereof, corporate or otherwise. | 16 |
| "Lease agreement" means an agreement under which a | 17 |
| project acquired by the Authority by purchase, gift, or | 18 |
| lease is leased to any person or governmental agency that | 19 |
| will use or cause the project to be used as a project upon | 20 |
| terms providing for lease rental payments at least | 21 |
| sufficient to pay when due the lessee's pro rata share of | 22 |
| all principal and interest and premium, if any, on any | 23 |
| revenue bonds, notes, or other evidences of indebtedness of | 24 |
| the Authority issued with respect to the project, providing | 25 |
| for the maintenance, insurance, and operation of the | 26 |
| project on terms satisfactory to the Authority, and | 27 |
| providing for disposition of the project upon termination | 28 |
| of the lease term, including purchase options or | 29 |
| abandonment of the premises, with such other terms as may | 30 |
| be deemed desirable by the Authority. | 31 |
| "Loan agreement" means any agreement by which the | 32 |
| Authority agrees to loan the proceeds of its revenue bonds, | 33 |
| notes, or other evidences of indebtedness issued with | 34 |
| respect to a project to any person or governmental agency | 35 |
| that will use or cause the project to be used as a project | 36 |
| upon terms providing for loan repayment installments at |
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| least sufficient to pay when due the borrower's pro rata | 2 |
| share of all principal of and interest and premium, if any, | 3 |
| on any revenue bonds, notes, or other evidences of | 4 |
| indebtedness of the Authority issued with respect to the | 5 |
| project, providing for maintenance, insurance, and | 6 |
| operation of the project on terms satisfactory to the | 7 |
| Authority, and providing for other matters as may be deemed | 8 |
| advisable by the Authority. | 9 |
| "Person" includes without limitation an individual, | 10 |
| corporation, partnership, unincorporated association, and | 11 |
| any other legal entity, including a trustee, receiver, | 12 |
| assignee, or personal representative of the entity. | 13 |
| "Project" means an industrial, commercial, | 14 |
| freight-oriented or residential project or any combination | 15 |
| thereof provided that all uses shall fall within one of | 16 |
| those categories, including but not limited to one or more | 17 |
| buildings and other structures, improvements, machinery | 18 |
| and equipment whether or not on the same site or any land, | 19 |
| buildings, machinery, or equipment comprising an addition | 20 |
| to or renovation, rehabilitation, or improvement of any | 21 |
| existing capital project. Any project shall automatically | 22 |
| include all site improvements and new construction | 23 |
| involving sidewalks, sewers, landscaping and all | 24 |
| appurtenances and facilities incidental thereto such as | 25 |
| utilities, access roads, railroad sidings, truck docking, | 26 |
| and similar facilities, parking facilities, railroad | 27 |
| roadbed, track, trestle, depot, terminal, intermodal | 28 |
| facilities, switching and signaling equipment, or related | 29 |
| equipment and other improvements necessary or convenient | 30 |
| thereto, solid waste and wastewater treatment and disposal | 31 |
| sites and other pollution control facilities, resource or | 32 |
| waste reduction, recovery, treatment, and disposal | 33 |
| facilities, open spaces, streets, highways, and runways. | 34 |
| "Revenue bond" or "bond" means any bond issued by the | 35 |
| Authority under the supervision of the Illinois Finance | 36 |
| Authority, the principal and interest of which are payable |
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| solely from revenues or income derived from any project or | 2 |
| activity of the Authority. | 3 |
| "Terminal" means a public place, station, or depot for | 4 |
| receiving and delivering passengers, baggage, mail, | 5 |
| freight, or express matter and any combination thereof in | 6 |
| connection with the transportation of persons and property | 7 |
| on land. | 8 |
| "Terminal facilities" means all land, buildings, | 9 |
| structures, improvements, equipment, and appliances useful | 10 |
| in the operation of public warehouse, storage, and | 11 |
| transportation facilities and industrial, manufacturing, | 12 |
| or commercial activities for the accommodation of or in | 13 |
| connection with commerce by land.
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| Section 15. Creation of Authority; Board members; | 15 |
| officers. | 16 |
| (a) The Riverdale Development Authority is created as a | 17 |
| political subdivision, body politic, and municipal | 18 |
| corporation. | 19 |
| (b) The jurisdiction of the Authority shall extend over the | 20 |
| approximately 1,200 acres (1.87 sq. miles), more or less, of | 21 |
| largely industrial, commercial and residential property | 22 |
| located between and adjacent to the CSX's Barr Yard and IHB's | 23 |
| Blue Island Yard, exclusive of those yards and other rail lines | 24 |
| and utility property, but including: the property generally | 25 |
| bounded by I-57 on the west; east along Jackson Street and | 26 |
| Indian Boundary Line to Halsted Avenue; south on Halsted to | 27 |
| Forestview Avenue continuing east to the Norfolk Southern | 28 |
| Railway; north along the Norfolk Southern Railway to the Little | 29 |
| Calumet River, east along the River to the northeastern tip of | 30 |
| the peninsula crossing the River at the height of 130th Street | 31 |
| to the Canadian National-Illinois Central Railroad property | 32 |
| line continuing south along the rail line and crossing the | 33 |
| River again; east along the River to Indiana Avenue; south to | 34 |
| 136th Street; west on 136th Street to the Norfolk Southern | 35 |
| Railway then northwest to the northern boundary of Mohawk Park |
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| at the height of Blue Island-Riverdale Road and thence west on | 2 |
| Blue Island-Riverdale Road to the eastern edge of the | 3 |
| Commonwealth Edison easement at the height of Stewart Avenue | 4 |
| and then south on Stewart Avenue to 142nd Street; west on 142nd | 5 |
| Street continuing along the southern boundary of the IHB Blue | 6 |
| Island Yard following this boundary line west to I-57. | 7 |
| (c) The governing and administrative powers of the | 8 |
| Authority shall be vested in its Board of Directors consisting | 9 |
| of 5 members, 3 of whom shall be appointed by the Mayor of | 10 |
| Riverdale and 2 of whom shall be appointed by the Governor. All | 11 |
| persons appointed as members of the Board shall have recognized | 12 |
| ability and experience in one or more of the following areas: | 13 |
| economic development, finance, banking, industrial | 14 |
| development, business management, real estate, community | 15 |
| development, organized labor, or civic, community, or | 16 |
| neighborhood organization. | 17 |
| (d) The terms of the 5 initial appointees to the Authority | 18 |
| shall commence 30 days after the effective date of this Act. Of | 19 |
| the 5 appointees initially appointed (i) one of Riverdale's | 20 |
| appointees and one of the Governor's appointees shall be | 21 |
| appointed to serve terms expiring on the third Monday in | 22 |
| January, 2009; (ii) one of Riverdale's appointees shall be | 23 |
| appointed to serve a term expiring on the third Monday in | 24 |
| January, 2010; and (iii) one of Riverdale's appointees and 1 of | 25 |
| the Governor's appointees shall be appointed to serve terms | 26 |
| expiring on the third Monday in January, 2011. All successors | 27 |
| shall be appointed by the original appointing authority and | 28 |
| hold office for a term of 4 years commencing the third Monday | 29 |
| in January of the year in which their term commences, except in | 30 |
| case of an appointment to fill a vacancy. Vacancies shall be | 31 |
| filled for the remainder of the term. Each member appointed to | 32 |
| the Board shall serve until his or her successor is appointed | 33 |
| and qualified. | 34 |
| (e) The Chairperson of the Board shall be elected by the | 35 |
| Board annually from among its members. | 36 |
| (f) The appointing authority may remove any member of the |
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| Board in case of incompetency, neglect of duty, or malfeasance | 2 |
| in office. | 3 |
| (g) Members of the Board shall serve without compensation | 4 |
| for their services as members but may be reimbursed for all | 5 |
| necessary expenses incurred in connection with the performance | 6 |
| of their duties as members. | 7 |
| (h) The Board may appoint an Executive Director who shall | 8 |
| have a background in administration, planning, real estate, | 9 |
| economic development, finance, or law. The Executive Director | 10 |
| shall hold office at the discretion of the Board. The Executive | 11 |
| Director shall be the chief administrative and operational | 12 |
| officer of the Authority, shall direct and supervise its | 13 |
| administrative affairs and general management, shall perform | 14 |
| such other duties as may be prescribed from time to time by the | 15 |
| Board, and shall receive compensation fixed by the Board. The | 16 |
| Executive Director shall attend all meetings of the Board; | 17 |
| however, no action of the Board or the Authority shall be | 18 |
| invalid on account of the absence of the Executive Director | 19 |
| from a meeting. The Board may engage the services of such other | 20 |
| agents and employees, including planners, attorneys, | 21 |
| appraisers, engineers, accountants, credit analysts and other | 22 |
| consultants, and may prescribe their duties and fix their | 23 |
| compensation. | 24 |
| (i) The Board shall meet on the call of its Chairperson or | 25 |
| upon written notice of 3 members of the Board. | 26 |
| (j) All official acts of the Authority shall require the | 27 |
| affirmative vote of at least 3 of the members of the Board | 28 |
| present and voting at a meeting of the Board. | 29 |
| Section 20. Responsibilities of the Authority. It is the | 30 |
| duty of the Authority to promote development within its | 31 |
| territorial jurisdiction. The Authority shall use the powers | 32 |
| conferred on it by this Act to assist in the planning, | 33 |
| development, acquisition, construction and marketing of | 34 |
| residential, industrial, commercial, or freight-oriented | 35 |
| projects within its territorial jurisdiction. |
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| (a) The Authority shall have the power to undertake | 2 |
| joint planning for property within its territorial | 3 |
| jurisdiction that identifies and addresses its | 4 |
| development, transportation, transit, zoning, workforce, | 5 |
| and environmental priorities and objectives. | 6 |
| (b) The Authority shall have the power to assemble and | 7 |
| prepare parcels for development. | 8 |
| (c) The Authority shall have the power to oversee | 9 |
| environmental studies and remediation necessary to | 10 |
| identify and remove any hazards or toxins that impede | 11 |
| development. | 12 |
| (d) The Authority shall have the power to develop, | 13 |
| construct, and improve, either under its own direction or | 14 |
| through collaboration with any approved applicant, or to | 15 |
| acquire through purchase or otherwise any project, using | 16 |
| for that purpose the proceeds derived from its sale of | 17 |
| revenue bonds, notes, or other evidences of indebtedness or | 18 |
| governmental loans or grants, and to hold title in the name | 19 |
| of the Authority to those projects. | 20 |
| (e) The Authority shall have the power to market the | 21 |
| Riverdale Development to prospective developers and | 22 |
| businesses. | 23 |
| (f) The Authority shall make its best effort to annex | 24 |
| parcels of unincorporated property that are subject to the | 25 |
| jurisdiction of the Authority to a contiguous municipality | 26 |
| named in subsection (c) of Section 15. | 27 |
| (g) The Authority shall maintain relations with local | 28 |
| residents, industries, businesses, nonprofit | 29 |
| organizations, elected and appointed officials, other | 30 |
| government and private entities as well as any other | 31 |
| interested parties in the course of achieving its | 32 |
| objectives and exercising its powers. | 33 |
| Section 25. Powers. The Authority possesses all powers of a | 34 |
| body corporate necessary and convenient to accomplish the | 35 |
| purpose of this Act, including without limitation the |
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| following: | 2 |
| (a) to enter into loans, contracts, agreements, and | 3 |
| mortgages in any matter connected with any of its corporate | 4 |
| purposes and to invest its funds; | 5 |
| (b) to sue and be sued; | 6 |
| (c) to employ agents and employees necessary to carry | 7 |
| out its purposes; | 8 |
| (d) to have, use, and alter a common seal; | 9 |
| (e) to adopt all needful ordinances, resolutions, | 10 |
| bylaws, rules, and regulations for the conduct of its | 11 |
| business and affairs and for the management and use of the | 12 |
| projects developed, constructed, acquired, and improved in | 13 |
| furtherance of its purposes; | 14 |
| (f) to designate the fiscal year for the Authority; | 15 |
| (g) to accept and expend appropriations; | 16 |
| (h) to have and exercise all powers and be subject to | 17 |
| all duties usually incident to boards of directors of | 18 |
| corporations; | 19 |
| (i) to acquire, own, lease, sell, or otherwise dispose | 20 |
| of interests in and to real property and improvements | 21 |
| situated thereon and in personal property from any person, | 22 |
| the State of Illinois, any municipal corporation, any unit | 23 |
| of local government, the government of the United States, | 24 |
| any agency or instrumentality of the United States, any | 25 |
| body politic, or any county, whether the property is | 26 |
| improved for the purposes of any prospective project or | 27 |
| unimproved, useful and necessary to fulfill the purposes of | 28 |
| the Authority; | 29 |
| (j) to acquire title to any project with respect to | 30 |
| which it exercises its authority; | 31 |
| (k) to engage in any activity or operation, including | 32 |
| brownfield remediation, that is incidental to and in | 33 |
| furtherance of efficient operation to accomplish the | 34 |
| Authority's primary purpose; | 35 |
| (l) to acquire, own, construct, lease, operate, and | 36 |
| maintain, within its corporate limits, terminals and |
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| terminal facilities and to fix and collect just, | 2 |
| reasonable, and nondiscriminatory charges for the use of | 3 |
| those facilities; | 4 |
| (m) to collect fees and charges in connection with its | 5 |
| loans, commitments, and services; | 6 |
| (n) to use the charges and fees collected as authorized | 7 |
| under paragraphs (l) and (m) of this Section to defray the | 8 |
| reasonable expenses of the Authority and to pay the | 9 |
| principal and interest of any revenue bonds issued by the | 10 |
| Authority; | 11 |
| (o) to borrow money and issue revenue bonds, notes, or | 12 |
| other evidences of indebtedness under the supervision of | 13 |
| the Illinois Finance Authority, as set forth under Section | 14 |
| 825-13 of the Illinois Finance Authority Act; | 15 |
| (p) to apply for and accept grants, loans or | 16 |
| appropriations from the
federal government; the State of | 17 |
| Illinois, including the Illinois Environmental Protection | 18 |
| Agency; and the Village of Riverdale; | 19 |
| (q) to accept donations, contributions, capital grants | 20 |
| or gifts from individuals, associations and private | 21 |
| corporations in aid of any purposes of this Act and to | 22 |
| enter into agreements in connection therewith; | 23 |
| (r) to enter into intergovernmental agreements with | 24 |
| the State of Illinois, the County of Cook, the Illinois | 25 |
| Finance Authority, the United States government, any | 26 |
| agency or instrumentality of the United States, any unit of | 27 |
| local government located within the territory of the | 28 |
| Authority, or any other unit of government to the extent | 29 |
| allowed by Article VII, Section 10 of the Illinois | 30 |
| Constitution and the Intergovernmental Cooperation Act; | 31 |
| (s) to petition any federal, State, municipal or local | 32 |
| authority, and any unit of local government having | 33 |
| jurisdiction in the premises for the adoption and execution | 34 |
| of any physical improvement, change in method or system of | 35 |
| handling freight, warehousing, docking, lightering, and | 36 |
| transfer of freight which, in the opinion of the Authority, |
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| is designed to improve the handling of commerce in and | 2 |
| through its territorial jurisdiction or improve terminal | 3 |
| or transportation facilities therein; | 4 |
| (t) to enter into agreements with businesses, form | 5 |
| public-private partnership entities and appropriate funds | 6 |
| to such entities as needed to achieve the purpose of this | 7 |
| Act; and | 8 |
| (u) to share employees with other units of government, | 9 |
| including agencies of the United States, agencies of the | 10 |
| State of Illinois, and agencies or personnel of any unit of | 11 |
| local government. | 12 |
| Section 30. Limitations. If any of the Authority's powers | 13 |
| are exercised within the jurisdiction limits of any | 14 |
| municipality, then all of the ordinances of that municipality | 15 |
| remain in full force and effect and are controlling. | 16 |
| The Authority shall not issue any revenue bonds relating to | 17 |
| the financing of a project located within the planning and | 18 |
| subdivision control jurisdiction of any municipality or county | 19 |
| unless: (1) notice, including a description of the proposed | 20 |
| project and the financing therefor, is submitted to the | 21 |
| corporate authorities of the municipality or, in the case of a | 22 |
| proposed project in an unincorporated area, to the county | 23 |
| board; and (2) the corporate authorities do not or, in the case | 24 |
| of an unincorporated area, the county board does not, adopt a | 25 |
| resolution disapproving the project within 45 days after | 26 |
| receipt of the notice.
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| Section 35. Revenue Bonds. | 28 |
| (a) The Authority shall have the continuing power to issue | 29 |
| revenue bonds, notes, or other evidences of indebtedness in an | 30 |
| aggregate amount not to exceed $200,000,000 for the purpose of | 31 |
| developing, constructing, acquiring, or improving projects, | 32 |
| including those established by business entities locating or | 33 |
| expanding property within the territorial jurisdiction of the | 34 |
| Authority, for entering into venture capital agreements with |
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| businesses locating or expanding within the territorial | 2 |
| jurisdiction of the Authority, for acquiring and improving any | 3 |
| property necessary and useful in connection therewith, and for | 4 |
| the purposes of the Employee Ownership Assistance Act. The | 5 |
| bonds must be issued under the supervision of the Illinois | 6 |
| Finance Authority, as set forth under Section 825-13 of the | 7 |
| Illinois Finance Authority Act. For the purpose of evidencing | 8 |
| the obligations of the Authority to repay any money borrowed, | 9 |
| the Authority may, pursuant to resolution, from time to time | 10 |
| issue and dispose of its interest bearing revenue bonds, notes, | 11 |
| or other evidences of indebtedness and may also from time to | 12 |
| time issue and dispose of such bonds, notes, or other evidences | 13 |
| of indebtedness to refund, at maturity, at a redemption date or | 14 |
| in advance of either, any revenue bonds, notes, or other | 15 |
| evidences of indebtedness pursuant to redemption provisions or | 16 |
| at any time before maturity. All such revenue bonds, notes, or | 17 |
| other evidences of indebtedness shall be payable solely from | 18 |
| the revenues or income to be derived from loans made with | 19 |
| respect to projects, from the leasing or sale of the projects, | 20 |
| or from any other funds available to the Authority for such | 21 |
| purposes, including, when so provided by ordinance of the | 22 |
| Authority authorizing the issuance of revenue bonds or notes. | 23 |
| The revenue bonds, notes, or other evidences of indebtedness | 24 |
| may bear such date or dates, may mature at such time or times | 25 |
| not exceeding 40 years from their respective dates, may bear | 26 |
| interest at such rate or rates not exceeding the maximum rate | 27 |
| permitted by the Bond Authorization Act, may be in such form, | 28 |
| may carry such registration privileges, may be executed in such | 29 |
| manner, may be payable at such place or places, may be made | 30 |
| subject to redemption in such manner and upon such terms, with | 31 |
| or without premium as is stated on the face thereof, may be | 32 |
| authenticated in such manner, and may contain such terms and | 33 |
| covenants as may be provided by an applicable resolution. | 34 |
| (b) The holder or holders of any revenue bonds, notes, or | 35 |
| other evidences of indebtedness issued by the Authority may | 36 |
| bring suits at law or proceedings in equity to compel the |
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| performance and observance by any corporation or person or by | 2 |
| the Authority or any of its agents or employees of any contract | 3 |
| or covenant made with the holders of such revenue bonds, notes, | 4 |
| or other evidences of indebtedness, to compel such corporation, | 5 |
| person, the Authority, and any of its agents or employees to | 6 |
| perform any duties required to be performed for the benefit of | 7 |
| the holders of any such revenue bonds, notes, or other | 8 |
| evidences of indebtedness by the provision of the resolution | 9 |
| authorizing their issuance and to enjoin such corporation, | 10 |
| person, the Authority, and any of its agents or employees from | 11 |
| taking any action in conflict with any such contract or | 12 |
| covenant. | 13 |
| (c) If the Authority fails to pay the principal of or | 14 |
| interest on any of the revenue bonds or premium, if any, as the | 15 |
| same become due, a civil action to compel payment may be | 16 |
| instituted in the appropriate circuit court by the holder or | 17 |
| holders of the revenue bonds on which such default of payment | 18 |
| exists or by an indenture trustee acting on behalf of such | 19 |
| holders. Delivery of a summons and a copy of the complaint to | 20 |
| the Chairperson of the Board shall constitute sufficient | 21 |
| service to give the circuit court jurisdiction of the subject | 22 |
| matter of such a suit and jurisdiction over the Authority and | 23 |
| its officers named as defendants for the purpose of compelling | 24 |
| such payment. Any case, controversy, or cause of action | 25 |
| concerning the validity of this Act relates to the revenue of | 26 |
| the State of Illinois. | 27 |
| (d) Notwithstanding the form and tenor of any such revenue | 28 |
| bonds, notes, or other evidences of indebtedness and in the | 29 |
| absence of any express recital on the face of any such revenue | 30 |
| bond, note, or other evidence of indebtedness that it is | 31 |
| nonnegotiable, all such revenue bonds, notes, and other | 32 |
| evidences of indebtedness shall be negotiable instruments. | 33 |
| Pending the preparation and execution of any such revenue | 34 |
| bonds, notes, or other evidences of indebtedness, temporary | 35 |
| revenue bonds, notes, or evidences of indebtedness may be | 36 |
| issued as provided by ordinance. |
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| (e) To secure the payment of any or all of such revenue | 2 |
| bonds, notes, or other evidences of indebtedness, the revenues | 3 |
| to be received by the Authority from a lease agreement or loan | 4 |
| agreement shall be pledged, and, for the purpose of setting | 5 |
| forth the covenants and undertakings of the Authority in | 6 |
| connection with the issuance thereof and the issuance of any | 7 |
| additional revenue bonds, notes, or other evidences of | 8 |
| indebtedness payable from such revenues, income, or other funds | 9 |
| to be derived from projects, the Authority may execute and | 10 |
| deliver a mortgage or trust agreement. A remedy for any breach | 11 |
| or default of the terms of any such mortgage or trust agreement | 12 |
| by the Authority may be by mandamus proceedings in the | 13 |
| appropriate circuit court to compel the performance and | 14 |
| compliance therewith, but the trust agreement may prescribe by | 15 |
| whom or on whose behalf the action may be instituted. | 16 |
| (f) The revenue bonds or notes shall be secured as provided | 17 |
| in the authorizing ordinance which may, notwithstanding any | 18 |
| other provision of this Act, include in addition to any other | 19 |
| security a specific pledge or assignment of and lien on or | 20 |
| security interest in any or all revenues or money of the | 21 |
| Authority from whatever source which may by law be used for | 22 |
| debt service purposes and a specific pledge or assignment of | 23 |
| and lien on or security interest in any funds or accounts | 24 |
| established or provided for by ordinance of the Authority | 25 |
| authorizing the issuance of such revenue bonds or notes. | 26 |
| (g) The State of Illinois pledges to and agrees with the | 27 |
| holders of the revenue bonds and notes of the Authority issued | 28 |
| pursuant to this Section that the State will not limit or alter | 29 |
| the rights and powers vested in the Authority by this Act so as | 30 |
| to impair the terms of any contract made by the Authority with | 31 |
| such holders or in any way impair the rights and remedies of | 32 |
| such holders until such revenue bonds and notes, together with | 33 |
| interest thereon, with interest on any unpaid installments of | 34 |
| interest, and all costs and expenses in connection with any | 35 |
| action or proceedings by or on behalf of such holders, are | 36 |
| fully met and discharged. The Authority is authorized to |
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| include these pledges and agreements of the State in any | 2 |
| contract with the holders of revenue bonds or notes issued | 3 |
| pursuant to this Section. | 4 |
| (h) Under no circumstances shall any bonds issued by the | 5 |
| Authority or any other obligation of the Authority be or become | 6 |
| an indebtedness or obligation of the State of Illinois or of | 7 |
| any other political subdivision of or municipality within the | 8 |
| State, nor shall any such bond or obligation be or become an | 9 |
| indebtedness of the Authority within the purview of any | 10 |
| constitutional limitation or provision, and it shall be plainly | 11 |
| stated on the face of each bond that it does not constitute | 12 |
| such an indebtedness or obligation but is payable solely from | 13 |
| the revenues or income as aforesaid. | 14 |
| (i) For the purpose of financing a project pursuant to this | 15 |
| Act, the Authority shall be authorized to apply for an | 16 |
| allocation of tax-exempt bond financing authorization provided | 17 |
| by Section 11143 of the Safe, Accountable, Flexible, Efficient | 18 |
| Transportation Equity Act: A Legacy for Users (SAFETEA-LU), | 19 |
| Public Law 109-59, as well as financing available under any | 20 |
| other federal law or program. | 21 |
| Section 40. Designation of depository. The Authority shall | 22 |
| biennially designate a national or State bank or banks as | 23 |
| depositories of its money. Those depositories shall be | 24 |
| designated only within the State and upon condition that bonds | 25 |
| approved as to form and surety by the Authority and at least | 26 |
| equal in amount to the maximum sum expected to be on deposit at | 27 |
| any one time shall be first given by the depositories to the | 28 |
| Authority, those bonds to be conditioned for the safekeeping | 29 |
| and prompt repayment of the deposits. When any of the funds of | 30 |
| the Authority shall be deposited by the treasurer in any such | 31 |
| depository, the treasurer and the sureties on his official bond | 32 |
| shall, to that extent, be exempt from liability for the loss of | 33 |
| any of the deposited funds by reason of the failure, | 34 |
| bankruptcy, or any other act or default of the depository. | 35 |
| However, the Authority may accept assignments of collateral by |
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| any depository of its funds to secure the deposits to the same | 2 |
| extent and conditioned in the same manner as assignments of | 3 |
| collateral are permitted by law to secure deposits of the funds | 4 |
| of any city. | 5 |
| Section 45. Reports. The Authority shall, annually, submit | 6 |
| a report of its finances to the Auditor General. The Authority | 7 |
| shall, annually, submit a report of its activities to the | 8 |
| Governor and to the General Assembly. | 9 |
| Section 50. Abolition of the Authority. The Authority is | 10 |
| abolished upon the last to occur of the following: (1) the | 11 |
| expiration of the 15-year period that begins on the effective | 12 |
| date of this Act; or (2) one year after the date that all | 13 |
| revenue bonds, notes, and other evidences of indebtedness of | 14 |
| the Authority have been fully paid and discharged or otherwise | 15 |
| provided for. Upon the abolition of the Authority, all of its | 16 |
| rights and property shall pass to and be vested in the | 17 |
| municipal government in which it is located. | 18 |
| Section 900. The Illinois Finance Authority Act is amended | 19 |
| by adding Section 825-13 as follows: | 20 |
| (20 ILCS 3501/825-13 new)
| 21 |
| Sec. 825-13. Supervision of the Riverdale Development | 22 |
| Authority bond issuances. | 23 |
| (a) All bond issuances of the Riverdale Development | 24 |
| Authority are subject to supervision, management, control, and | 25 |
| approval of the Authority. | 26 |
| (b) All bonds issued by the Riverdale Development Authority | 27 |
| under the supervision of the Authority are subject to the terms | 28 |
| and conditions that are set forth in the Riverdale Development | 29 |
| Authority Act. | 30 |
| (c) The bonds issued by the Riverdale Development Authority | 31 |
| under the supervision of the Authority are not debts of the | 32 |
| Authority or of the State.
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| Section 999. Effective date. This Act takes effect upon | 2 |
| becoming law.
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