Full Text of SB1262 99th General Assembly
SB1262enr 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Upper Illinois River Valley Development | 5 | | Authority Act is amended by changing Sections 4 and 7 as | 6 | | follows:
| 7 | | (70 ILCS 530/4) (from Ch. 85, par. 7154)
| 8 | | Sec. 4. Establishment.
| 9 | | (a) There is hereby created a political
subdivision, body | 10 | | politic and municipal corporation named the Upper
Illinois | 11 | | River Valley Development Authority. The territorial | 12 | | jurisdiction
of the Authority is that geographic area within | 13 | | the boundaries of Grundy,
LaSalle, Bureau, Putnam, Kendall,
| 14 | | Kane, Lake, McHenry,
and Marshall counties in the State of
| 15 | | Illinois and
any navigable waters and air space located | 16 | | therein.
| 17 | | (b) The governing and administrative powers of the | 18 | | Authority shall be
vested in a body consisting of 21 20 members | 19 | | including, as ex officio
members,
the Director of Commerce and | 20 | | Economic Opportunity, or his or her
designee, and the Director | 21 | | of the Department of Central Management Services,
or his or her | 22 | | designee. The other 19 18 members of the Authority shall
be
| 23 | | designated "public members", 10 of whom shall be appointed by |
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| 1 | | the
Governor
with the advice and consent of the Senate and 9 8 | 2 | | of whom shall be
appointed
one each by the county board | 3 | | chairmen of Grundy, LaSalle, Bureau, Putnam,
Kendall,
Kane, | 4 | | Lake, McHenry,
and Marshall counties. All public members shall | 5 | | reside within the
territorial jurisdiction of this Act. Eleven | 6 | | members shall
constitute a
quorum. The public members shall be | 7 | | persons of recognized ability and
experience in one or more of | 8 | | the following areas: economic development,
finance, banking, | 9 | | industrial development, small business management, real
estate | 10 | | development, community development, venture finance, organized | 11 | | labor
or civic, community or neighborhood organization. The | 12 | | Chairman of the
Authority shall be elected by the Board | 13 | | annually from the 9 8 members
appointed by the county board | 14 | | chairmen.
| 15 | | (c) The terms of all initial members of the Authority shall | 16 | | begin 30
days after
the effective date of this Act. Of the 14 | 17 | | public members appointed
pursuant to this Act, 4 appointed by | 18 | | the Governor shall serve until the
third Monday in January, | 19 | | 1992, 4 appointed by the Governor shall serve
until the third | 20 | | Monday in January, 1993, one appointed by the Governor
shall | 21 | | serve until the third Monday in January, 1994, one appointed by | 22 | | the
Governor shall serve until the third Monday in January | 23 | | 1999, the member
appointed by the county board chairman of | 24 | | LaSalle County shall serve until the
third Monday in January, | 25 | | 1992, the members appointed by the county
board
chairmen of | 26 | | Grundy County, Bureau County, Putnam County, and Marshall
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| 1 | | County shall serve until the third Monday in January, 1994, and | 2 | | the
member appointed by the county board chairman of Kendall | 3 | | County
shall serve until the third Monday in January, 1999.
The | 4 | | initial members appointed by the chairmen of the county boards
| 5 | | of Kane and McHenry counties shall serve until
the third Monday | 6 | | in January, 2003. The initial members appointed by the chairman | 7 | | of the county board
of Lake County shall serve until
the third | 8 | | Monday in January, 2018.
All successors shall be
appointed by | 9 | | the original appointing authority and hold office for a term
of | 10 | | 3 years commencing the third Monday in January of the year in | 11 | | which
their term commences, except in case of an appointment to | 12 | | fill a vacancy.
Vacancies occurring among the public members | 13 | | shall be filled for the
remainder of the term. In case of | 14 | | vacancy in a Governor-appointed
membership when the Senate is | 15 | | not in session, the Governor may make a
temporary appointment | 16 | | until the next meeting of the Senate when a person
shall be | 17 | | nominated to fill such office, and any person so nominated who | 18 | | is
confirmed by the Senate shall hold office during the | 19 | | remainder of the term
and until a successor shall be appointed | 20 | | and qualified. Members of the
Authority shall not be entitled | 21 | | to compensation for their services as
members but shall be | 22 | | entitled to reimbursement for all necessary expenses
incurred | 23 | | in connection with the performance of their duties as members.
| 24 | | (d) The Governor may remove any public member of the | 25 | | Authority in case
of incompetency, neglect of duty, or | 26 | | malfeasance in office.
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| 1 | | (e) The Board shall appoint an Executive Director who shall | 2 | | have a
background in finance, including familiarity with the | 3 | | legal and
procedural requirements of issuing bonds, real estate | 4 | | or economic
development and administration. The Executive | 5 | | Director shall hold office
at the discretion of the Board. The | 6 | | Executive Director shall be the chief
administrative and | 7 | | operational officer of the Authority, shall direct
and | 8 | | supervise its administrative affairs and general management, | 9 | | shall perform
such other duties as may be prescribed from time | 10 | | to time by the members and
shall receive compensation fixed by | 11 | | the Authority. The Executive Director
shall attend all meetings | 12 | | of the Authority; however, no action of the
Authority shall be | 13 | | invalid on account of the absence of the Executive
Director | 14 | | from a meeting. The Authority may engage the services of such
| 15 | | other agents and employees, including attorneys, appraisers, | 16 | | engineers,
accountants, credit analysts and other consultants, | 17 | | as it may deem
advisable and may prescribe their duties and fix | 18 | | their compensation.
| 19 | | (f) The Board may, by majority vote, nominate up to 4 | 20 | | non-voting members
for appointment by the Governor. Non-voting | 21 | | members shall be persons of
recognized ability and experience | 22 | | in one or more of the following areas:
economic development, | 23 | | finance, banking, industrial development, small
business | 24 | | management, real estate development, community development,
| 25 | | venture finance, organized labor or civic, community or | 26 | | neighborhood
organization. Non-voting members shall serve at |
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| 1 | | the pleasure of the Board.
All non-voting members may attend | 2 | | meetings of the Board and shall be
reimbursed as provided in | 3 | | subsection (c).
| 4 | | (g) The Board shall create a task force to study and make
| 5 | | recommendations to the Board on the economic development of the | 6 | | territory
within the jurisdiction of this Act. The members of | 7 | | the task force shall
reside within the territorial jurisdiction | 8 | | of this Act, shall serve at the
pleasure of the Board and shall | 9 | | be persons of recognized ability and
experience in one or more | 10 | | of the following areas: economic development,
finance, | 11 | | banking, industrial development, small business management, | 12 | | real
estate development, community development, venture | 13 | | finance, organized labor
or civic, community or neighborhood | 14 | | organization. The number of members
constituting the task force | 15 | | shall be set by the Board and may vary from
time to time. The | 16 | | Board may set a specific date by which the task force is
to | 17 | | submit its final report and recommendations to the Board.
| 18 | | (Source: P.A. 94-793, eff. 5-19-06.)
| 19 | | (70 ILCS 530/7) (from Ch. 85, par. 7157)
| 20 | | Sec. 7. Bonds.
| 21 | | (a) The Authority, with the written approval of the
| 22 | | Governor, shall have the continuing power to issue bonds, | 23 | | notes, or other
evidences of indebtedness in an aggregate | 24 | | amount outstanding not to exceed $500,000,000
for the purpose | 25 | | of developing, constructing, acquiring or improving
projects, |
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| 1 | | including those established by business entities locating or
| 2 | | expanding property within the territorial jurisdiction of the | 3 | | Authority,
for entering into venture capital agreements with | 4 | | businesses locating or
expanding within the territorial | 5 | | jurisdiction of the Authority, for
acquiring and improving any | 6 | | property necessary and useful in connection
therewith and for | 7 | | the purposes of the Employee Ownership Assistance Act.
For the | 8 | | purpose of evidencing the obligations of the Authority to repay | 9 | | any
money borrowed, the Authority may, pursuant to resolution, | 10 | | from time to
time issue and dispose of its interest bearing | 11 | | revenue bonds, notes or
other evidences of indebtedness and may | 12 | | also from time to time issue and
dispose of such bonds, notes | 13 | | or other evidences of indebtedness to refund,
at maturity, at a | 14 | | redemption date or in advance of either, any bonds, notes
or | 15 | | other evidences of indebtedness pursuant to redemption | 16 | | provisions or at
any time before maturity. All such bonds, | 17 | | notes or other evidences of
indebtedness shall be payable | 18 | | solely and only from the revenues or income
to be derived from | 19 | | loans made with respect to projects, from the leasing or
sale | 20 | | of the projects or from any other funds available to the | 21 | | Authority for
such purposes. The bonds, notes or other | 22 | | evidences of indebtedness may
bear such date or dates, may | 23 | | mature at such time or times not exceeding 40
years from their | 24 | | respective dates, may bear interest at such rate or rates
not | 25 | | exceeding the maximum rate permitted by "An Act to authorize | 26 | | public
corporations to issue bonds, other evidences of |
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| 1 | | indebtedness and tax
anticipation warrants subject to interest | 2 | | rate limitations set forth
therein", approved May 26, 1970, as | 3 | | amended, may be in such form, may carry
such registration | 4 | | privileges, may be executed in such manner, may be
payable at | 5 | | such place or places, may be made subject to redemption in such
| 6 | | manner and upon such terms, with or without premium as is | 7 | | stated on the
face thereof, may be authenticated in such manner | 8 | | and may contain such
terms and covenants as may be provided by | 9 | | an applicable resolution.
| 10 | | (b-1) The holder or holders of any bonds, notes or other | 11 | | evidences of
indebtedness issued by the Authority may bring | 12 | | suits at law or proceedings
in equity to compel the performance | 13 | | and observance by any corporation or
person or by the Authority | 14 | | or any of its agents or employees of any
contract or covenant | 15 | | made with the holders of such bonds, notes or other
evidences | 16 | | of indebtedness, to compel such corporation, person, the
| 17 | | Authority and any of its agents or employees to perform any | 18 | | duties required
to be performed for the benefit of the holders | 19 | | of any such bonds, notes or
other evidences of indebtedness by | 20 | | the provision of the resolution
authorizing their issuance and | 21 | | to enjoin such corporation, person, the
Authority and any of | 22 | | its agents or employees from taking any action in
conflict with | 23 | | any such contract or covenant.
| 24 | | (b-2) If the Authority fails to pay the principal of or | 25 | | interest on any
of the bonds or premium, if any, as the same | 26 | | become due, a civil action to
compel payment may be instituted |
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| 1 | | in the appropriate circuit court by the
holder or holders of | 2 | | the bonds on which such default of payment exists or
by an | 3 | | indenture trustee acting on behalf of such holders. Delivery of | 4 | | a
summons and a copy of the complaint to the Chairman of the | 5 | | Board shall
constitute sufficient service to give the circuit | 6 | | court jurisdiction of the
subject matter of such a suit and | 7 | | jurisdiction over the Authority and its
officers named as | 8 | | defendants for the purpose of compelling such payment.
Any | 9 | | case, controversy or cause of action concerning the validity of | 10 | | this Act
relates to the revenue of the State of Illinois.
| 11 | | (c) Notwithstanding the form and tenor of any such bonds, | 12 | | notes or other
evidences of indebtedness and in the absence of | 13 | | any express recital on the
face thereof that it is | 14 | | non-negotiable, all such bonds, notes and other
evidences of | 15 | | indebtedness shall be negotiable instruments. Pending the
| 16 | | preparation and execution of any such bonds, notes or other | 17 | | evidences of
indebtedness, temporary bonds, notes or evidences | 18 | | of indebtedness may be
issued as provided by ordinance.
| 19 | | (d) To secure the payment of any or all of such bonds, | 20 | | notes or other
evidences of indebtedness, the revenues to be | 21 | | received by the Authority from
a lease agreement or loan | 22 | | agreement shall be pledged, and, for the purpose
of setting | 23 | | forth the covenants and undertakings of the Authority in
| 24 | | connection with the issuance thereof and the issuance of any | 25 | | additional
bonds, notes or other evidences of indebtedness | 26 | | payable from such revenues,
income or other funds to be derived |
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| 1 | | from projects, the Authority may
execute and deliver a mortgage | 2 | | or trust agreement. A remedy for any breach
or default of the | 3 | | terms of any such mortgage or trust agreement by the
Authority | 4 | | may be by mandamus proceedings in the appropriate circuit court
| 5 | | to compel the performance and compliance therewith, but the | 6 | | trust agreement
may prescribe by whom or on whose behalf such | 7 | | action may be instituted.
| 8 | | (e) Such bonds or notes shall be secured as provided in the | 9 | | authorizing
ordinance which may, notwithstanding any other | 10 | | provision of this Act,
include in addition to any other | 11 | | security a specific pledge or assignment
of and lien on or | 12 | | security interest in any or all revenues or money of the
| 13 | | Authority from whatever source which may by law be used for | 14 | | debt
service purposes and a specific pledge or assignment of | 15 | | and lien on or
security interest in any funds or accounts | 16 | | established or provided for by
ordinance of the Authority | 17 | | authorizing the issuance of such bonds or notes.
| 18 | | (f) (Blank). In the event that the Authority determines | 19 | | that monies of the
Authority will not be sufficient for the | 20 | | payment of the principal of and
interest on its bonds during | 21 | | the next State fiscal year, the
Chairman, as soon as | 22 | | practicable, shall certify to the Governor the
amount required | 23 | | by the Authority to enable
it to pay such principal of and | 24 | | interest on the bonds.
The Governor shall submit the amount so | 25 | | certified to the General Assembly
as soon as practicable, but | 26 | | no later than the end of the current State fiscal
year. This |
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| 1 | | Section shall
not apply to any bonds or notes as to which the
| 2 | | Authority shall have determined, in the resolution authorizing | 3 | | the issuance
of the bonds or notes, that this Section shall not | 4 | | apply. Whenever the
Authority makes such a determination, that | 5 | | fact shall be plainly stated on
the face of the bonds or notes | 6 | | and that fact shall also be reported to the Governor.
| 7 | | In the event of a withdrawal of moneys from a reserve fund | 8 | | established
with respect to any issue or issues of bonds of the | 9 | | Authority to pay
principal or interest on those bonds, the | 10 | | Chairman of the Authority, as
soon as practicable, shall | 11 | | certify to the Governor the amount required
to restore the | 12 | | reserve fund to the level required in the
resolution or | 13 | | indenture securing those bonds.
The Governor shall submit the | 14 | | amount so certified to the General Assembly
as soon as | 15 | | practicable, but no later than the end of the current State | 16 | | fiscal year. This subsection (f) shall not apply to any bond | 17 | | issued on or after the effective date of this amendatory Act of | 18 | | the 97th General Assembly.
| 19 | | (g) The State of Illinois pledges to and agrees with the | 20 | | holders of the
bonds and notes of the Authority issued pursuant | 21 | | to this Section that the
State will not limit or alter the | 22 | | rights and powers vested in the Authority
by this Act so as to | 23 | | impair the terms of any contract made by the Authority
with | 24 | | such holders or in any way impair the rights and remedies of | 25 | | such
holders until such bonds and notes, together with interest | 26 | | thereon, with
interest on any unpaid installments of interest, |
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| 1 | | and all costs and expenses
in connection with any action or | 2 | | proceedings by or on behalf of such
holders, are fully met and | 3 | | discharged. In addition, the State pledges to
and agrees with | 4 | | the holders of the bonds and notes of the Authority issued
| 5 | | pursuant to this Section that the State will not limit or alter | 6 | | the basis
on which State funds are to be paid to the Authority | 7 | | as provided in this
Act, or the use of such funds, so as to | 8 | | impair the terms of any such
contract. The Authority is | 9 | | authorized to include these pledges and
agreements of the State | 10 | | in any contract with the holders of bonds or notes
issued | 11 | | pursuant to this Section.
| 12 | | (h) (Blank).
| 13 | | (Source: P.A. 97-312, eff. 8-11-11; 98-750, eff. 1-1-15 .)
| 14 | | Section 99. Effective date. This Act takes effect upon | 15 | | becoming law.
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