Full Text of SB1703 94th General Assembly
SB1703sam002 94TH GENERAL ASSEMBLY
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Sen. Don Harmon
Filed: 4/11/2005
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| AMENDMENT TO SENATE BILL 1703
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| AMENDMENT NO. ______. Amend Senate Bill 1703 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 1. Short title. This Act may be cited as the Open | 5 |
| Space Financing Act . | 6 |
| Section 5. Definitions. For purposes of this Act:
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| "Act" means the Open Space Financing Act.
| 8 |
| "Bond" means any type of revenue obligation, including, | 9 |
| without
limitation, fixed
rate, variable rate, auction rate or | 10 |
| similar bond, note, certificate, or other
instrument, payable | 11 |
| from and secured
by
a pledge of
real estate transfer tax | 12 |
| receipts collected and deposited under this Act into the Open | 13 |
| Space Bond Repayment Fund and the Natural Areas Bond Repayment | 14 |
| Fund,
and
all interest
and other earnings upon such amounts | 15 |
| held in these funds, all to the
extent
provided in
the | 16 |
| proceedings authorizing the obligation.
| 17 |
| "Bond administrative expenses" means expenses and fees | 18 |
| incurred to
administer
and issue the bonds issued pursuant to | 19 |
| this Act, including fees for paying
agents, trustees,
financial | 20 |
| advisors, underwriters, remarketing agents, attorneys and for | 21 |
| other
professional services
necessary to ensure compliance | 22 |
| with applicable state or federal law and including expenses and | 23 |
| fees, if any, incurred upon a conversion of any of the bonds | 24 |
| from one mode to another and from taxable to tax-exempt.
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| "Bond obligations" means the principal of a bond and any | 2 |
| premium and
interest
on a bond issued pursuant to this Act, | 3 |
| together with any amount owed under a
related credit
agreement.
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| "Credit agreement" means, without limitation, a loan | 5 |
| agreement, a
revolving
credit agreement, an agreement | 6 |
| establishing a line of credit, a letter of
credit, notes, | 7 |
| municipal
bond insurance, standby bond purchase agreements, | 8 |
| surety bonds, remarketing
agreements and
the like, by which the | 9 |
| Department may borrow funds to pay or redeem or purchase
and | 10 |
| hold its
bonds, agreements for the purchase or remarketing of | 11 |
| bonds, or any other
agreement that
enhances the marketability, | 12 |
| security, or creditworthiness of a bond issued
under
this Act.
| 13 |
| "Department" means the Department of
Natural Resources.
| 14 |
| "Department real estate transfer tax receipts" means the | 15 |
| moneys collected and deposited into the Open Space Lands | 16 |
| Acquisition and Development Fund and the Natural Areas | 17 |
| Acquisition Fund under Section 31-35 of the Real Estate | 18 |
| Transfer Tax Law of the Property Tax Code.
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| "Director" means the Director of Natural Resources.
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| "Natural Areas Acquisition Fund" or "NAA Fund" means the | 21 |
| fund established under Section 14 of the Open Space Lands | 22 |
| Acquisition and Development Act.
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| "Open Space Lands Acquisition Fund" or "OSLAD Fund" means | 24 |
| the fund established under Section 13 of the Open Space Lands | 25 |
| Acquisition and Development Act. | 26 |
| "Natural Areas Bond Repayment Fund" means that Fund as | 27 |
| established under Section 15.5 of the Open Space Lands | 28 |
| Acquisition and Development Act. | 29 |
| "Open Space Bond Repayment Fund" means that Fund as | 30 |
| established under Section 15 of the Open Space Lands | 31 |
| Acquisition and Development Act. | 32 |
| "Required NAA Fund real estate transfer tax receipts | 33 |
| amount" means the amount of real estate transfer tax receipts | 34 |
| that must be deposited and maintained in the Natural Areas Bond |
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| Repayment Fund under subsection (i) of Section 10.
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| "Required OSLAD Fund real estate transfer tax receipts | 3 |
| amount" means the amount of real estate transfer tax receipts | 4 |
| that must be deposited and maintained in the Open Space Bond | 5 |
| Repayment Fund under subsection (h) of Section 10. | 6 |
| Section 10. Authority to issue revenue bonds.
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| (a) The Department has the continuing power to borrow money | 8 |
| for
the purposes set forth in Section 15 of this Act.
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| (b) As evidence of the obligation of the Department to | 10 |
| repay money
borrowed for the
purposes set forth in subsection | 11 |
| (a), the Department may issue and dispose of
its interest
| 12 |
| bearing revenue bonds and may also, from time-to-time, issue | 13 |
| and dispose of its
interest bearing
revenue bonds to purchase, | 14 |
| redeem, refund, advance refund, or defease
(including,
any
| 15 |
| combination of the foregoing) any bonds at maturity or pursuant | 16 |
| to redemption
provisions or at
any time before maturity. The | 17 |
| Director shall have the power to direct that the bonds be
| 18 |
| issued. Bonds may be
issued in one or more series and under | 19 |
| terms and conditions necessary to further the
purposes of this | 20 |
| Act. The Illinois Finance Authority shall provide technical, | 21 |
| legal, or
administrative services with regard to the issuance | 22 |
| of bonds. The
bonds shall be
issued in the name of the State of | 23 |
| Illinois for the benefit of the Department
and shall be | 24 |
| executed
by the Director. In case any Director whose signature | 25 |
| appears on any bond
ceases (after
attaching his or her | 26 |
| signature) to hold that office, her or his signature shall
| 27 |
| nevertheless be valid
and effective for all purposes.
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| (c) All bonds issued under this Act for purposes of Section | 29 |
| 13 of the Open Space Lands Acquisition and Development Act are | 30 |
| payable from Department real estate transfer tax receipts | 31 |
| deposited in the Open Space Lands Acquisition and Development | 32 |
| Fund. All bonds issued under this Act for purposes of Section | 33 |
| 14 of the Open Space Lands Acquisition and Development Act are |
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| payable from Department real estate transfer tax receipts | 2 |
| deposited in the Natural Areas Acquisition Fund. Bonds
may also
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| be paid from proceeds of bonds, interest income thereon, and | 4 |
| receipts from related credit and exchange
agreements, to the | 5 |
| extent allowed by this Act and applicable
legal requirements.
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| (d) The maximum principal amount of the bonds, when | 7 |
| combined with the
outstanding principal of all other bonds | 8 |
| issued under this Act, may not,
at any time, exceed: | 9 |
| (1) for bonds issued for purposes of
Section 13 of the | 10 |
| Open Space Lands Acquisition and Development Act, | 11 |
| $140,000,000, excluding all of the outstanding principal | 12 |
| of any other bonds
issued under
this Act
for which payment
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| has been irrevocably provided by refunding or other manner | 14 |
| of defeasance; and | 15 |
| (2) for bonds issued for purposes of
Section 14 of the | 16 |
| Open Space Lands Acquisition and Development Act, | 17 |
| $60,000,000, excluding all of the outstanding principal of | 18 |
| any other bonds
issued under
this Act
for which payment
has | 19 |
| been irrevocably provided by refunding or other manner of | 20 |
| defeasance. | 21 |
| It is
the intent of this
Act that the outstanding bond | 22 |
| authorization limits provided for in this subsection shall be
| 23 |
| revolving in nature, such that the amount of bonds outstanding | 24 |
| that are not
refunded or otherwise
defeased shall be included | 25 |
| in determining the maximum amount of bonds
authorized
to be | 26 |
| issued
under the Act.
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| (e) The bonds and refunding bonds issued under this Act may | 28 |
| bear
such date
or dates, may mature at such time or times not | 29 |
| exceeding 30 years from their
respective dates of
issuance, and | 30 |
| may bear interest at such rate or rates not exceeding the | 31 |
| maximum
rate authorized
by the Bond Authorization Act, as | 32 |
| amended and in effect at the time of the
issuance of the
bonds.
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| (f) The Department may enter into a credit agreement | 34 |
| pertaining to the
issuance of
the bonds, upon terms that are |
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| not inconsistent with this Act and any other
laws, provided | 2 |
| that
the term of the credit agreement shall not exceed the term | 3 |
| of the bonds, plus
any time period
necessary to cure any | 4 |
| defaults under the credit agreement.
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| (g) Interest earnings paid to holders of the bonds shall | 6 |
| not be exempt
from income
taxes imposed by the State.
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| (h) While any bond obligations are outstanding or | 8 |
| anticipated to come
due as a result
of bonds expected to be | 9 |
| issued for purposes of Section 13 of the Open Space Lands | 10 |
| Acquisition and Development Act in either or both of the 2 | 11 |
| immediately
succeeding calendar quarters, the
Department must
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| collect and deposit Department real estate transfer tax | 13 |
| receipts from the Open Space Lands Acquisition and Development | 14 |
| Fund into the Open Space Bond Repayment Fund in an
amount | 15 |
| necessary to
satisfy the required OSLAD Fund real estate | 16 |
| transfer tax receipts amount prior to expending real estate | 17 |
| transfer tax receipts
for any other purpose. The required OSLAD | 18 |
| Fund real estate transfer tax receipts amount shall be that
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| amount
necessary to ensure the marketability of the bonds, | 20 |
| which shall be specified in
the Bond Sale
Order executed by the | 21 |
| Director in connection with the issuance of the bonds.
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| (i) While any bond obligations are outstanding or | 23 |
| anticipated to come
due as a result
of bonds expected to be | 24 |
| issued for the purposes of Section 14 of the Open Space Lands | 25 |
| Acquisition and Development Act in either or both of the 2 | 26 |
| immediately
succeeding calendar quarters, the
Department must
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| collect and deposit Department real estate transfer tax | 28 |
| receipts from the Natural Areas Acquisition Fund into the | 29 |
| Natural Areas Bond Repayment Fund in an
amount necessary to
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| satisfy the required NAA Fund real estate transfer tax receipts | 31 |
| amount prior to expending real estate transfer tax receipts
for | 32 |
| any other purpose. The required NAA Fund real estate transfer | 33 |
| tax receipts amount shall be that
amount
necessary to ensure | 34 |
| the marketability of the bonds, which shall be specified in
the |
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| Bond Sale
Order executed by the Director in connection with the | 2 |
| issuance of the bonds.
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| (j) Holders of the bonds issued for purposes of Section 13 | 4 |
| of the Open Space Lands Acquisition and Development Act shall | 5 |
| have a first and priority claim on all
moneys held in the Open | 6 |
| Space Bond Repayment Fund in parity with all other holders of | 7 |
| those bonds,
provided that
this claim may be subordinated to | 8 |
| the provider of any credit agreement for any
of the bonds.
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| Holders of the bonds issued for purposes of Section 14 of the | 10 |
| Open Space Lands Acquisition and Development Act shall have a | 11 |
| first and priority claim on all
moneys held in the Natural | 12 |
| Areas Bond Repayment Fund in parity with all other holders of | 13 |
| those bonds,
provided that
this claim may be subordinated to | 14 |
| the provider of any credit agreement for any
of the bonds.
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| (k) To the extent that Department real estate transfer tax | 16 |
| receipts in
the Open Space
Bond Repayment Fund are not | 17 |
| otherwise needed to satisfy the requirements of this Act and
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| the instruments
authorizing the issuance of the bonds, such | 19 |
| moneys shall be used by the
Department, in such
amounts as | 20 |
| determined by the Director, to purchase, refinance, redeem, | 21 |
| refund, advance refund, or defease (or
any
combination of the | 22 |
| foregoing) outstanding bonds, to the extent such action is
| 23 |
| legally
available and financially prudent. To the extent that | 24 |
| the moneys in the Open Space Bond Repayment Fund are not | 25 |
| otherwise needed for the foregoing purposes, such moneys shall | 26 |
| be transferred back into the Open Space Lands Acquisition and | 27 |
| Development Fund. | 28 |
| (l) To the extent that Department real estate transfer tax | 29 |
| receipts in
the Natural Areas
Bond Repayment Fund are not | 30 |
| otherwise needed to satisfy the requirements of this Act and
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| the instruments
authorizing the issuance of the bonds, such | 32 |
| moneys shall be used by the
Department, in such
amounts as | 33 |
| determined by the Director, to purchase, refinance, redeem, | 34 |
| refund, advance refund, or defease (or
any
combination of the |
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| foregoing) outstanding bonds, to the extent such action is
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| legally
available and financially prudent. To the extent that | 3 |
| the moneys in the Natural Areas Bond Repayment Fund are not | 4 |
| otherwise needed for the foregoing purposes, such moneys shall | 5 |
| be transferred back into the Natural Areas Acquisition Fund.
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| (m) The Director shall determine the method of sale, type | 7 |
| of bond, bond
form,
redemption provisions, and other terms of | 8 |
| the bonds that, in the Director's
judgment, best achieve
the | 9 |
| purposes of this Act and effect the borrowing at the lowest | 10 |
| practicable
cost, provided that
those determinations are not | 11 |
| inconsistent with this Act or other applicable
legal | 12 |
| requirements.
Those determinations shall be set forth in a | 13 |
| document entitled "Bond Sale
Order".
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| (n) The Director shall identify the grants to be made to | 15 |
| local governments under Section 13 of the Open Space Lands | 16 |
| Acquisition and Development Act from the proceeds of the bonds | 17 |
| and any other expenditures from the proceeds of the bonds for | 18 |
| purposes permitted under Section 13 of the Open Space Lands | 19 |
| Acquisition and Development Act. The Director shall identify | 20 |
| the natural areas to be acquired under Section 14 of the Open | 21 |
| Space Lands Acquisition and Development Act from the proceeds | 22 |
| of the bonds and any other expenditures from the proceeds of | 23 |
| the bonds for purposes permitted under Section 14 of the Open | 24 |
| Space Lands Acquisition and Development Act.
| 25 |
| Section 13. Credit agreement requirements. | 26 |
| (a) Any credit agreement entered into by the Department | 27 |
| under this Act must provide the following:
| 28 |
| (1) The choice of law for the obligations of a | 29 |
| financial provider may
be made for any state of these | 30 |
| United States, but the law that applies
to the bonds is the | 31 |
| law of the State of Illinois and jurisdiction to
enforce
| 32 |
| the credit agreement as against the Department is | 33 |
| exclusively in the
courts of the State of Illinois or in |
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| the applicable federal court having
jurisdiction
and | 2 |
| located within the State of Illinois.
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| (2) The credit agreement is fully enforceable as a | 4 |
| valid
and binding contract as and to the extent provided by | 5 |
| applicable law.
| 6 |
| (b) The credit agreement may include
any
of the following | 7 |
| provisions:
| 8 |
| (1) Interest rates on the bonds may vary from time to | 9 |
| time depending
upon criteria established by the Director, | 10 |
| which may include, without
limitation:
(i) a variation in | 11 |
| interest rates as may be necessary to cause
the bonds to be | 12 |
| remarketed from time to time at a price equal to their
| 13 |
| principal amount plus any accrued interest;
(ii) rates set | 14 |
| by auctions; or
(iii) rates set by formula.
| 15 |
| (2) A national banking association, bank, trust | 16 |
| company, investment
banker or other financial institution | 17 |
| may be appointed to serve as a
remarketing
agent in that | 18 |
| connection, and the remarketing agent may be delegated | 19 |
| authority
by the Department to determine interest rates in | 20 |
| accordance with criteria
established by the Department.
| 21 |
| (3) Alternative interest rates or provisions may apply | 22 |
| during such
times as the bonds are held by the financial | 23 |
| providers or similar persons or
entities providing a credit | 24 |
| agreement for those bonds and, during such times,
the
| 25 |
| interest on the bonds may be deemed not exempt from income | 26 |
| taxation under the
Internal Revenue Code for purposes of | 27 |
| State law, as contained in the Bond
Authorization Act, | 28 |
| relating to the permissible rate of interest to be borne
| 29 |
| thereon.
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| (4) Fees may be paid to the financial providers or | 31 |
| similar persons or
entities providing a credit agreement, | 32 |
| including all reasonably related costs,
including therein | 33 |
| costs of enforcement and litigation (all such fees and | 34 |
| costs
being
financial provider payments) and financial |
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| provider payments may be paid,
without limitation, from | 2 |
| proceeds of the bonds being the subject of such
agreements, | 3 |
| or from bonds issued to refund such bonds, provided that | 4 |
| such
financial provider payments shall be made subordinate | 5 |
| to the payments on the
bonds.
| 6 |
| (5) The bonds need not be held in physical form by the | 7 |
| financial
providers or similar persons or entities | 8 |
| providing a credit agreement when
providing funds to | 9 |
| purchase or carry the bonds from others but may be
| 10 |
| represented in uncertificated form in the credit | 11 |
| agreement.
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| (6) The debt or obligation of the Department | 13 |
| represented by a Bond
tendered for purchase to or otherwise | 14 |
| made available to the Department
thereupon
acquired by | 15 |
| either the Department or a financial provider shall not be | 16 |
| deemed
to
be extinguished for purposes of State law until | 17 |
| cancelled by the Department or
its
agent.
| 18 |
| (7) The credit agreement may provide for
acceleration | 19 |
| of the principal amounts due on the
bonds.
| 20 |
| Section 14. Bond repayment funds.
| 21 |
| (a) The required OSLAD Fund real estate transfer tax | 22 |
| receipts amount deposited into the Open Space Bond Repayment | 23 |
| Fund under subsection (h) of Section 10 shall be irrevocably
| 24 |
| pledged to the
timely payment of bond obligations and bond | 25 |
| administrative expenses due on any
bonds
issued under this Act | 26 |
| for purposes of Section 13 of the Open Space Lands Acquisition | 27 |
| and Development Act and any credit agreement entered in | 28 |
| connection with
those bonds.
The Open Space Bond Repayment Fund | 29 |
| shall be held separate and apart from all other
State funds.
| 30 |
| Moneys in the Open Space Bond Repayment Fund may not be | 31 |
| commingled with other State
funds, but they
must be deposited, | 32 |
| as required by law, and maintained in a separate account on
the | 33 |
| books of a
savings and loan association, bank, or other |
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| qualified financial institution.
All interest earnings on | 2 |
| amounts within
the Open Space Bond Repayment Fund shall accrue | 3 |
| to the Open Space Bond Repayment Fund.
The Open Space Bond | 4 |
| Repayment Fund may include funds and accounts necessary
for the
| 5 |
| deposit of bond proceeds, OSLAD Fund transfer tax receipts, | 6 |
| payment of principal,
interest, administrative
expenses, costs | 7 |
| of issuance, in the case of bonds that are exempt from federal
| 8 |
| taxation, rebate
payments, and other funds and accounts | 9 |
| necessary for the
implementation
and administration of this | 10 |
| Act.
The Director is liable on the Director's general official | 11 |
| bond for the
faithful
performance of the Director's duties as | 12 |
| custodian of the Open Space Bond Repayment Fund. This
liability | 13 |
| exists in addition to the Director's liability upon any
| 14 |
| separate
bond given by
the Director. All sums recovered for | 15 |
| losses sustained by the Open Space Bond Repayment Fund
must
be | 16 |
| deposited into
the Open Space Bond Repayment Fund.
| 17 |
| (b) The required NAA Fund real estate transfer tax receipts | 18 |
| amount deposited into the Natural Areas Bond Repayment Fund | 19 |
| under subsection (i) of Section 10 shall be irrevocably
pledged | 20 |
| to the
timely payment of bond obligations and bond | 21 |
| administrative expenses due on any
bonds
issued under this Act | 22 |
| for purposes of Section 14 of the Open Lands Acquisition and | 23 |
| Development Act and any credit agreement entered in connection | 24 |
| with
those bonds.
The Natural Areas Bond Repayment Fund shall | 25 |
| be held separate and apart from all other
State funds.
Moneys | 26 |
| in the Natural Areas Bond Repayment Fund may not be commingled | 27 |
| with other State
funds, but they
must be deposited, as required | 28 |
| by law, and maintained in a separate account on
the books of a
| 29 |
| savings and loan association, bank, or other qualified | 30 |
| financial institution.
All interest earnings on amounts within
| 31 |
| the Natural Areas Bond Repayment Fund shall accrue to the | 32 |
| Natural Areas Bond Repayment Fund.
The Natural Areas Bond | 33 |
| Repayment Fund may include funds and accounts necessary
for the
| 34 |
| deposit of bond proceeds, NAA Fund transfer tax receipts, |
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| payment of principal,
interest, administrative
expenses, costs | 2 |
| of issuance, in the case of bonds that are exempt from federal
| 3 |
| taxation, rebate
payments, and other funds and accounts | 4 |
| necessary for the
implementation
and administration of this | 5 |
| Act.
The Director is liable on the Director's general official | 6 |
| bond for the
faithful
performance of the Director's duties as | 7 |
| custodian of the Natural Areas Bond Repayment Fund. This
| 8 |
| liability exists in addition to the Director's liability upon | 9 |
| any
separate
bond given by
the Director. All sums recovered for | 10 |
| losses sustained by the Natural Areas Bond Repayment Fund
must
| 11 |
| be deposited into
the Natural Areas Bond Repayment Fund. | 12 |
| Section 15. Bond proceeds.
| 13 |
| (a) The proceeds of any bonds issued under this Act for | 14 |
| purposes of Section 13 of the Open Space Lands Acquisition and | 15 |
| Development Act, including
investment
income thereon, must be | 16 |
| deposited into the Open Space Lands Acquisition and Development | 17 |
| Fund. The proceeds of any bonds issued under this Act for | 18 |
| purposes of Section 14 of the Open Space Lands Acquisition and | 19 |
| Development Act, including
investment
income thereon, must be | 20 |
| deposited into the Natural Areas Acquisition Fund. The proceeds | 21 |
| may be used for the
following
purposes and in
such amounts as | 22 |
| determined by the Director:
| 23 |
| (1) To carry out the purposes of Sections 13 or 14, | 24 |
| respectively, of the Open Space Lands Acquisition and | 25 |
| Development Act;
| 26 |
| (2) Paying the costs of issuing or refinancing any | 27 |
| bonds issued under this Act;
| 28 |
| (3) Paying the costs incurred pursuant to any credit | 29 |
| agreement executed in connection with bonds issued under | 30 |
| this Act; | 31 |
| (4) Providing an appropriate reserve for any such bonds | 32 |
| to the extent
that the
Director determines that an | 33 |
| appropriate reserve is warranted; and
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| (5) Paying capitalized interest on the bonds for the | 2 |
| period determined
necessary by the Department, not to | 3 |
| exceed 2 years from the date of issuance of such bonds.
| 4 |
| (b) Excess bond proceeds remaining available after the | 5 |
| payments and
deposits
required under subsection (a) have been | 6 |
| made, may be used
for the
following purposes, as determined by | 7 |
| the Director: (i) to purchase, redeem, or defease outstanding | 8 |
| bonds, to the
extent this
action is legally available; or
(ii) | 9 |
| to pay any scheduled interest payment or payments due on any
| 10 |
| outstanding bonds.
| 11 |
| Section 20. Bonds not a pledge of the State.
| 12 |
| (a) Any bonds issued under this Act, and any related credit | 13 |
| agreement,
are not a
pledge of the faith and credit or moral | 14 |
| obligation of the State or any State
agency or political
| 15 |
| subdivision of the State. All bonds, bond obligations, and | 16 |
| payment obligations
deriving from
any credit agreement are | 17 |
| payable solely as provided in subsection (c) of Section 10.
| 18 |
| (b) Any bonds and any related credit agreement issued under | 19 |
| this Act
must contain
a conspicuous statement to the effect | 20 |
| that:
| 21 |
| (1) Neither the State, nor any State agency, political | 22 |
| corporation, nor
political
subdivision of the State is | 23 |
| obligated to pay the principal of or interest on
the bonds,
| 24 |
| except as provided by the Open Space Lands Acquisition and | 25 |
| Development Act; and
| 26 |
| (2) Neither the faith and credit of the State or any | 27 |
| State agency,
political
corporation, or political | 28 |
| subdivision of the State, nor the moral obligation of
any | 29 |
| of them,
is pledged to the payment of the principal of or | 30 |
| interest on the bonds.
| 31 |
| Section 25. State not to impair bond obligations. While | 32 |
| bonds under this
Act are
outstanding, the State irrevocably |
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| pledges and covenants that it shall not:
| 2 |
| (1) take action to limit or restrict the rights of the | 3 |
| Department to
fulfill its
responsibilities to pay bond | 4 |
| obligations or bond administrative expenses or
otherwise
| 5 |
| comply with instruments entered into by the Department | 6 |
| pertaining to the issuance of
the
bonds;
| 7 |
| (2) in any way impair the rights and remedies of the | 8 |
| holders of the
bonds
until the bonds are fully discharged; | 9 |
| or
| 10 |
| (3) reduce the real estate transfer tax rates below the | 11 |
| levels in existence on the effective date of this Act.
| 12 |
| Section 30. Continuing appropriation. This Act shall | 13 |
| constitute an
irrevocable and continuing appropriation of all | 14 |
| amounts necessary in respect to
use of Department real estate | 15 |
| transfer tax receipts and bond proceeds for purposes specified | 16 |
| in this
Act, including, without limitation, for the provision | 17 |
| for payment of principal
and interest on the bonds and other | 18 |
| amounts due in connection with the issuance
of the bonds under | 19 |
| this Act, to the fullest extent the appropriation is
required.
| 20 |
| Section 35. Director's supplemental authority. The | 21 |
| Director, on behalf
of the
Department, is authorized to enter | 22 |
| into the covenants and agreements required
by
this Act, make
| 23 |
| any determinations, calculations, rules, or other | 24 |
| promulgations required by this
Act and engage or
hire the | 25 |
| necessary attorneys, financial advisors, consultants, | 26 |
| verification
agents, trustees,
underwriters, remarketing | 27 |
| agents, and other professionals necessary to carry out
the | 28 |
| purposes and
intent of this Act, unless otherwise expressly | 29 |
| specified or required under this
Act.
| 30 |
| Section 40. Personal liability. No director, officer,
or | 31 |
| employee of the
Department or the State shall be personally |
|
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| liable as a result of
exercising
the rights and
| 2 |
| responsibilities granted under this Act.
| 3 |
| Section 45. Omnibus Bonds Acts. With respect to | 4 |
| instruments for the
payment of
moneys issued under this Act, it | 5 |
| is and always has been the intention of the
General Assembly | 6 |
| (i)
that the Omnibus Bond Acts are and always have been | 7 |
| supplementary grants of
power to issue
instruments in | 8 |
| accordance with the Omnibus Bond Acts, regardless of any
| 9 |
| provision of this Act
that may appear to be or to have been | 10 |
| more restrictive than those Omnibus Bond
Acts, (ii) that
the | 11 |
| provisions of this Act are not a limitation on the | 12 |
| supplementary authority
granted by the
Omnibus Bond Acts, and | 13 |
| (iii) that instruments issued under this Act within the
| 14 |
| supplementary
authority granted by the Omnibus Bond Acts are | 15 |
| not invalid because of any
provision of this Act
that may | 16 |
| appear to be or to have been more restrictive than those | 17 |
| Omnibus Bond
Acts.
| 18 |
| Section 95. The Illinois Natural Areas Preservation Act is | 19 |
| amended by adding Section 7.05a as follows: | 20 |
| (525 ILCS 30/7.05a new) | 21 |
| Sec. 7.05a. To determine the manner and extent to which | 22 |
| property under consideration for acquisition would assist in | 23 |
| storm water management, water supply and quality assurance, or | 24 |
| other infrastructure needs. The Department, however, may | 25 |
| acquire property regardless of the results of this | 26 |
| determination. | 27 |
| Section 100. The Open Space Lands Acquisition and | 28 |
| Development Act is amended by changing Sections 3, 11, 13, and | 29 |
| 14 and by adding Sections 8, 9.1, 15, and 15.5 as follows:
|
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| (525 ILCS 35/3) (from Ch. 85, par. 2103)
| 2 |
| Sec. 3. From appropriations made from the Capital | 3 |
| Development Fund,
Build Illinois Purposes Fund, Build Illinois | 4 |
| Bond Fund , the Open Space Land Acquisition and Development | 5 |
| Fund, Natural Areas Acquisition Fund, or other
available or | 6 |
| designated funds for such
purposes, the Department shall make | 7 |
| grants to local governments as
financial assistance, on a | 8 |
| reimbursement basis, for the capital
development and | 9 |
| improvement of park, recreation or conservation
areas, marinas | 10 |
| and shorelines, including planning and engineering costs, and | 11 |
| for the
acquisition of open space lands, including
acquisition | 12 |
| of easements and other property interests less than fee simple
| 13 |
| ownership if the Department determines that such property
| 14 |
| interests are sufficient to carry out the purposes of this Act, | 15 |
| subject to
the conditions and limitations set forth in this | 16 |
| Act.
| 17 |
| No more than 10% of the amount so appropriated for any | 18 |
| fiscal year may
be committed or expended on any one project | 19 |
| described in an application
submitted under this Act. No more | 20 |
| than 20% of the amount so appropriated for any fiscal year may | 21 |
| be committed or expended on projects under Section 8 of this | 22 |
| Act.
| 23 |
| Any grant under this Act to a local government shall be | 24 |
| conditioned upon
the state providing assistance on a 50/50 | 25 |
| matching basis for the acquisition
of open space lands and for | 26 |
| capital development
and improvement proposals ; provided, | 27 |
| however, that grants made before December 31, 2009 to units of | 28 |
| local government that apply under Section 8 of this Act may be | 29 |
| conditioned upon the State providing no more than 60% of the | 30 |
| total cost of the project and the unit of local government | 31 |
| providing at least 40% of the total cost of the project .
| 32 |
| (Source: P.A. 84-1308.)
| 33 |
| (525 ILCS 35/8 new) |
|
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| Sec. 8. Green infrastructure projects. | 2 |
| (a) The purpose of this Section is to foster, through the | 3 |
| environmentally sensitive design and management of open | 4 |
| spaces, the acquisition, restoration, design, and management | 5 |
| of open spaces, parks, forest preserves, and conservation areas | 6 |
| for the combined purposes of creating recreational | 7 |
| opportunities and of performing green infrastructure services | 8 |
| traditionally provided by built infrastructure, including but | 9 |
| not limited to, stormwater mitigation, flood control, and air | 10 |
| and water quality enhancement. | 11 |
| (b) In addition to the requirements set forth in Section 4 | 12 |
| of this Act, an application made pursuant to this Section shall | 13 |
| demonstrate: | 14 |
| (1) how the project combines recreational | 15 |
| opportunities with green infrastructure services;
| 16 |
| (2) the relationship of the project to plans of the | 17 |
| applicant and other local government entities, including | 18 |
| but not limited to, plans for trail systems, flood control, | 19 |
| surface water and storm water management, and habitat | 20 |
| conservation; and
| 21 |
| (3) whether the project is part of a proposed or | 22 |
| existing green corridor connecting open spaces or natural | 23 |
| areas.
| 24 |
| (c) In considering applications for grants under this | 25 |
| Section, the Department shall give additional points in scoring | 26 |
| criteria to projects that demonstrate the greatest potential | 27 |
| for improving water supply and quality or for reducing the | 28 |
| capital, operating, or maintenance costs of meeting | 29 |
| water-related infrastructure requirements.
| 30 |
| (525 ILCS 35/9.1 new) | 31 |
| Sec. 9.1. Technical assistance; green infrastructure | 32 |
| projects. The Department shall provide technical assistance to | 33 |
| units of local government in preparing applications for grants |
|
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| and in performing evaluations of projects funded pursuant to | 2 |
| Section 8 of this Act. The Department, through December 31, | 3 |
| 2008, may use no more than 2% (and no more than 1% thereafter) | 4 |
| of funds appropriated for the purposes of this Act to contract | 5 |
| with other public bodies and other entities, including | 6 |
| universities and non-profit organizations, for technical | 7 |
| assistance in developing, testing, and evaluating the green | 8 |
| infrastructure policies and programs authorized in this Act, | 9 |
| and for the provision of technical assistance to units of local | 10 |
| government.
| 11 |
| (525 ILCS 35/11) (from Ch. 85, par. 2111)
| 12 |
| Sec. 11. Progress reports on the implementation and | 13 |
| development of this Act shall
be filed annually with the | 14 |
| Governor and the General Assembly. Such
reports shall include a | 15 |
| statement of goals and
objectives and such quantifiable support | 16 |
| documentation as expenditures,
allocation of funds by | 17 |
| location, including such performance and measurement
criteria | 18 |
| sufficient to enable the General Assembly to properly evaluate | 19 |
| and
review program effectiveness. Beginning in calendar year | 20 |
| 2006, the annual report shall also include: (i) descriptions of | 21 |
| projects approved pursuant to Section 8 of this Act, including | 22 |
| an evaluation of the cost-effectiveness of those projects in | 23 |
| providing green infrastructure services, including but not | 24 |
| limited to, storm water mitigation, flood control, and air and | 25 |
| water quality enhancement and (ii) information on bonds issued | 26 |
| pursuant to the Open Space Financing Act and bonds outstanding.
| 27 |
| (Source: P.A. 84-109.)
| 28 |
| (525 ILCS 35/13) (from Ch. 85, par. 2113)
| 29 |
| Sec. 13. Open Space
Lands Acquisition and Development Fund.
| 30 |
| There is hereby created in the State Treasury the Open Space
| 31 |
| Lands Acquisition and Development Fund. The fund shall be used | 32 |
| by the
Department (i) to make grants to local governments in |
|
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| the manner and for the
purposes described in Section 3 ; (ii) to | 2 |
| provide funding for the services described in Section 9.1; and | 3 |
| (iii) for the purposes set forth in Section 15 of the Open | 4 |
| Space Financing Act .
| 5 |
| (Source: P.A. 86-925.)
| 6 |
| (525 ILCS 35/14) (from Ch. 85, par. 2114)
| 7 |
| Sec. 14. There is hereby created in the State Treasury the | 8 |
| Natural
Areas Acquisition Fund. The fund shall be used by the | 9 |
| Department for (i) the
acquisition, preservation and | 10 |
| stewardship of natural areas, including
habitats for | 11 |
| endangered and threatened species, high quality natural
| 12 |
| communities, wetlands, and other areas with unique or unusual | 13 |
| natural
heritage qualities and (ii) for the purposes set forth | 14 |
| in Section 15 of the Open Space Financing Act .
| 15 |
| (Source: P.A. 86-925.)
| 16 |
| (525 ILCS 35/15 new)
| 17 |
| Sec. 15. Open Space Bond Repayment Fund. There is | 18 |
| established the Open Space Bond Repayment Fund held by the | 19 |
| Director or his or her designee as ex-officio custodian thereof | 20 |
| separate and apart from all other State funds. The moneys in | 21 |
| the Fund must be used in accordance with the Open Space | 22 |
| Financing Act. | 23 |
| (525 ILCS 35/15.5 new)
| 24 |
| Sec. 15.5. Natural Areas Bond Repayment Fund. There is | 25 |
| established the Natural Areas Bond Repayment Fund held by the | 26 |
| Director or his or her designee as ex-officio custodian thereof | 27 |
| separate and apart from all other State funds. The moneys in | 28 |
| the Fund must be used in accordance with the Open Space | 29 |
| Financing Act.
| 30 |
| Section 999. Effective date. This Act takes effect upon |
|
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| becoming law.".
|
|