Full Text of SB2589 100th General Assembly
SB2589ham001 100TH GENERAL ASSEMBLY | Rep. Michael Halpin Filed: 5/11/2018
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| 1 | | AMENDMENT TO SENATE BILL 2589
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2589 on page 7, | 3 | | line 19, by replacing " security " with " security. A local | 4 | | government security purchased or otherwise acquired by the | 5 | | Authority is not a moral obligation of the State or any State | 6 | | agency or political subdivision of the State "; and
| 7 | | on page 23, line 21, by replacing " security " with " security. A | 8 | | local government security purchased or otherwise acquired by | 9 | | the Authority is not a moral obligation of the State or any | 10 | | State agency or political subdivision of the State "; and | 11 | | on page 48, line 6, after the period, by inserting " A local | 12 | | government security purchased or otherwise acquired by the | 13 | | Authority is not a moral obligation of the State or any State | 14 | | agency or political subdivision of the State. "; and | 15 | | on page 61, line 2, by replacing " security " with " security. A |
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| 1 | | local government security purchased or otherwise acquired by | 2 | | the Authority is not a moral obligation of the State or any | 3 | | State agency or political subdivision of the State "; and | 4 | | on page 75, line 18, by replacing " security " with " security. A | 5 | | local government security purchased or otherwise acquired by | 6 | | the Authority is not a moral obligation of the State or any | 7 | | State agency or political subdivision of the State "; and | 8 | | on page 81, line 4, after "5," by inserting "7,"; and
| 9 | | on page 85, immediately below line 18, by inserting the | 10 | | following:
| 11 | | "(70 ILCS 520/7) (from Ch. 85, par. 6157)
| 12 | | Sec. 7.
(a) The Authority, with the written approval of the | 13 | | Governor,
shall have the continuing power to issue bonds, | 14 | | notes, or other evidences
of indebtedness for the purpose of | 15 | | developing, constructing, acquiring or
improving projects, | 16 | | including without limitation those established by
business | 17 | | entities locating or expanding property within the territorial
| 18 | | jurisdiction of the Authority, for entering into venture | 19 | | capital agreements
with businesses locating or expanding | 20 | | within the territorial jurisdiction
of the Authority, for | 21 | | acquiring and improving any property necessary and
useful in | 22 | | connection therewith, for the purposes of the Employee |
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| 1 | | Ownership
Assistance Act, and any local government projects. | 2 | | With respect to any
local government project, the Authority is | 3 | | authorized to purchase from time
to time pursuant to negotiated | 4 | | sale or to otherwise acquire from time to
time any local | 5 | | government security upon terms and conditions as the
Authority | 6 | | may prescribe in connection therewith. A local government | 7 | | security purchased or otherwise acquired by the Authority on or | 8 | | after the effective date of this amendatory Act of the 100th | 9 | | General Assembly is not a moral obligation of the State or any | 10 | | State agency or political subdivision of the State. For the | 11 | | purpose of
evidencing the obligations of the Authority to repay | 12 | | any money borrowed for
any project, the Authority may, pursuant | 13 | | to resolution, from time to time
issue and dispose of its | 14 | | interest bearing revenue bonds, notes or other
evidences of | 15 | | indebtedness and may also from time to time issue and dispose
| 16 | | of such bonds, notes or other evidences of indebtedness to | 17 | | refund, at
maturity, at a redemption date or in advance of | 18 | | either, any bonds, notes or
other evidences of indebtedness | 19 | | pursuant to redemption provisions or at any
time before | 20 | | maturity. All such bonds, notes or other evidences of
| 21 | | indebtedness shall be payable solely and only from the revenues | 22 | | or income
to be derived from loans made with respect to | 23 | | projects, from the leasing or
sale of the projects or from any | 24 | | other funds available to the Authority for
such purposes. The | 25 | | bonds, notes or other evidences of indebtedness may
bear such | 26 | | date or dates, may mature at such time or times not exceeding |
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| 1 | | 40
years from their respective dates, notwithstanding any other | 2 | | law to the
contrary may bear interest at such rate or rates | 3 | | payable annually,
semi-annually, quarterly or monthly, may be | 4 | | in such form, may carry such
registration privileges, may be | 5 | | executed in such manner, may be payable at
such place or | 6 | | places, may be made subject to redemption in such manner and
| 7 | | upon such terms, with or without premium as is stated on the | 8 | | face thereof,
may be authenticated in such manner and may | 9 | | contain such terms and
covenants as may be provided by an | 10 | | applicable resolution.
| 11 | | (b)(1) The holder or holders of any bonds, notes or other | 12 | | evidences of
indebtedness issued by the Authority may bring | 13 | | suits at law or proceedings
in equity to compel the | 14 | | performance and observance by any corporation or
person or | 15 | | by the Authority or any of its agents or employees of any
| 16 | | contract or covenant made with the holders of such bonds, | 17 | | notes or other
evidences of indebtedness, to compel such | 18 | | corporation, person, the
Authority and any of its agents or | 19 | | employees to perform any duties required
to be performed | 20 | | for the benefit of the holders of any such bonds, notes or
| 21 | | other evidences of indebtedness by the provision of the | 22 | | resolution
authorizing their issuance and to enjoin such | 23 | | corporation, person, the
Authority and any of its agents or | 24 | | employees from taking any action in
conflict with any such | 25 | | contract or covenant.
| 26 | | (2) If the Authority fails to pay the principal of or |
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| 1 | | interest on any
of the bonds or premium, if any, as the | 2 | | same become due, a civil action to
compel payment may be | 3 | | instituted in the appropriate circuit court by the
holder | 4 | | or holders of the bonds on which such default of payment | 5 | | exists or
by an indenture trustee acting on behalf of such | 6 | | holders. Delivery of a
summons and a copy of the complaint | 7 | | to the Chairman of the Board shall
constitute sufficient | 8 | | service to give the circuit court jurisdiction of the
| 9 | | subject matter of such a suit and jurisdiction over the | 10 | | Authority and its
officers named as defendants for the | 11 | | purpose of compelling such payment.
Any case, controversy | 12 | | or cause of action concerning the validity of this Act
| 13 | | relates to the revenue of the State of Illinois.
| 14 | | (c) Notwithstanding the form and tenor of any such bonds, | 15 | | notes or other
evidences of indebtedness and in the absence of | 16 | | any express recital on the
face thereof that it is | 17 | | non-negotiable, all such bonds, notes and other
evidences of | 18 | | indebtedness shall be negotiable instruments. Pending the
| 19 | | preparation and execution of any such bonds, notes or other | 20 | | evidences of
indebtedness, temporary bonds, notes or evidences | 21 | | of indebtedness may be
issued as provided by ordinance.
| 22 | | (d) To secure the payment of any or all of such bonds, | 23 | | notes or other
evidences of indebtedness, the revenues to be | 24 | | received by the Authority from
a lease agreement or loan | 25 | | agreement shall be pledged, and, for the purpose
of setting | 26 | | forth the covenants and undertakings of the Authority in
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| 1 | | connection with the issuance thereof and the issuance of any | 2 | | additional
bonds, notes or other evidences of indebtedness | 3 | | payable from such revenues,
income or other funds to be derived | 4 | | from projects, the Authority may
execute and deliver a mortgage | 5 | | or trust agreement. A remedy for any breach
or default of the | 6 | | terms of any such mortgage or trust agreement by the
Authority | 7 | | may be by mandamus proceedings in the appropriate circuit court
| 8 | | to compel the performance and compliance therewith, but the | 9 | | trust agreement
may prescribe by whom or on whose behalf such | 10 | | action may be instituted.
| 11 | | (e) Such bonds or notes shall be secured as provided in the | 12 | | authorizing
ordinance which may, notwithstanding any other | 13 | | provision of this Act,
include in addition to any other | 14 | | security a specific pledge or assignment
of and lien on or | 15 | | security interest in any or all revenues or money of the
| 16 | | Authority from whatever source which may by law be used for | 17 | | debt
service purposes and a specific pledge or assignment of | 18 | | and lien on or
security interest in any funds or accounts | 19 | | established or provided for by
ordinance of the Authority | 20 | | authorizing the issuance of such bonds or notes
and, with | 21 | | respect to any local government project, may include without
| 22 | | limitation a pledge of any local government securities, | 23 | | including any
payments thereon.
| 24 | | (f) In the event that the Authority determines that monies | 25 | | of the
Authority will not be sufficient for the payment of the | 26 | | principal of and
interest on its bonds during the next State |
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| 1 | | fiscal year, the Chairman, as
soon as practicable, shall | 2 | | certify to the Governor the amount required by
the Authority to | 3 | | enable it to pay such principal of and interest on the
bonds. | 4 | | The Governor shall submit the amount so certified to the | 5 | | General
Assembly as soon as practicable, but no later than the | 6 | | end of the current
State fiscal year. This subsection shall not | 7 | | apply to any bonds or notes as
to which the Authority shall | 8 | | have determined, in the resolution authorizing
the issuance of | 9 | | the bonds or notes, that this subsection shall not apply.
| 10 | | Whenever the Authority makes such a determination, that fact | 11 | | shall be
plainly stated on the face of the bonds or notes, and | 12 | | that fact shall also
be reported to the Governor.
| 13 | | In the event of a withdrawal of moneys from a reserve fund | 14 | | established
with respect to any issue or issues of bonds of the | 15 | | Authority to pay
principal or interest on those bonds, the | 16 | | Chairman of the Authority, as
soon as practicable, shall | 17 | | certify to the Governor the amount required
to restore the | 18 | | reserve fund to the level required in the resolution or
| 19 | | indenture securing those bonds. The Governor shall submit the | 20 | | amount so
certified to the General Assembly as soon as | 21 | | practicable, but no later than
the end of the current State | 22 | | fiscal year.
| 23 | | (g) The State of Illinois pledges to and agrees with the | 24 | | holders of the
bonds and notes of the Authority issued pursuant | 25 | | to this Section that the
State will not limit or alter the | 26 | | rights and powers vested in the Authority
by this Act so as to |
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| 1 | | impair the terms of any contract made by the Authority
with | 2 | | such holders or in any way impair the rights and remedies of | 3 | | such
holders until such bonds and notes, together with interest | 4 | | thereon, with
interest on any unpaid installments of interest, | 5 | | and all costs and expenses
in connection with any action or | 6 | | proceedings by or on behalf of such
holders, are fully met and | 7 | | discharged. In addition, the State pledges to
and agrees with | 8 | | the holders of the bonds and notes of the Authority issued
| 9 | | pursuant to this Section that the State will not limit or alter | 10 | | the basis
on which State funds are to be paid to the Authority | 11 | | as provided in this
Act, or the use of such funds, so as to | 12 | | impair the terms of any such
contract. The Authority is | 13 | | authorized to include these pledges and
agreements of the State | 14 | | in any contract with the holders of bonds or notes
issued under | 15 | | this Section.
| 16 | | (Source: P.A. 86-1455; 87-778.)"; and
| 17 | | on page 95, line 15, by replacing " security " with " security. A | 18 | | local government security purchased or otherwise acquired by | 19 | | the Authority is not a moral obligation of the State or any | 20 | | State agency or political subdivision of the State "; and | 21 | | on page 114, line 15, by replacing " security " with " security. A | 22 | | local government security purchased or otherwise acquired by | 23 | | the Authority is not a moral obligation of the State or any | 24 | | State agency or political subdivision of the State "; and |
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| 1 | | on page 128, line 6, by replacing " security " with " security. A | 2 | | local government security purchased or otherwise acquired by | 3 | | the Authority is not a moral obligation of the State or any | 4 | | State agency or political subdivision of the State "; and | 5 | | on page 142, line 8, by replacing " security " with " security. A | 6 | | local government security purchased or otherwise acquired by | 7 | | the Authority is not a moral obligation of the State or any | 8 | | State agency or political subdivision of the State ".
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