|
Public Act 100-0573
|
| SB0521 Enrolled | LRB100 04945 MLM 14955 b |
|
|
AN ACT concerning finance.
|
Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
|
Section 5. The Eastern Illinois
Economic Development |
Authority
Act is amended by changing Section 35 as follows:
|
(70 ILCS 506/35) |
Sec. 35. Bonds.
|
(a) The Authority, with the written approval of the |
Governor, shall have the
continuing power to issue
bonds, |
notes, or other evidences of indebtedness in an aggregate |
amount outstanding not to
exceed $500,000,000 $250,000,000 for |
the
following purposes: (i) development, construction, |
acquisition, or improvement
of projects, including those
|
established by business entities locating or expanding |
property within the
territorial jurisdiction of the
Authority; |
(ii) entering into venture capital agreements with businesses
|
locating or expanding within the
territorial jurisdiction of |
the Authority; (iii) acquisition and improvement of
any |
property necessary and
useful in connection therewith; and (iv) |
for the purposes of the Employee
Ownership Assistance Act. For
|
the purpose of evidencing the obligations of the Authority to |
repay any money
borrowed, the Authority
may, pursuant to |
resolution, from time to time, issue and dispose of its |
|
interest-bearing revenue bonds,
notes, or other evidences of |
indebtedness and may also from time to time issue and dispose |
of such bonds,
notes, or other evidences of indebtedness to |
refund, at maturity, at a redemption date or in advance of
|
either, any bonds, notes, or other evidences of indebtedness |
pursuant to redemption provisions or at any
time before |
maturity. All such bonds, notes, or other evidences of |
indebtedness shall be payable solely and
only from the revenues |
or income to be derived from loans made with respect to |
projects, from the leasing
or sale of the projects, or from any |
other funds available to the Authority for such purposes. The |
bonds,
notes, or other evidences of indebtedness may bear such |
date or dates, may mature at such time or times not
exceeding |
40 years from their respective dates, may bear interest at such |
rate or rates not exceeding the
maximum rate permitted by the |
Bond Authorization Act, may be in such form, may carry such |
registration
privileges, may be executed in such manner, may be |
payable at such place or places, may be made subject
to |
redemption in such manner and upon such terms, with or without |
premium, as is stated on the face
thereof, may be authenticated |
in such manner and may contain such terms and
covenants as may |
be
provided by an applicable resolution.
|
(b) The holder or holders of any bonds, notes, or other |
evidences of
indebtedness issued by the
Authority may bring |
suits at law or proceedings in equity to compel the
performance |
and observance by
any corporation or person or by the Authority |
|
or any of its agents or employees
of any contract or covenant
|
made with the holders of the bonds, notes, or other evidences |
of indebtedness,
to compel such corporation,
person, the |
Authority, and any of its agents or employees to perform any |
duties
required to be performed
for the benefit of the holders |
of the bonds, notes, or other evidences of
indebtedness by the |
provision of the
resolution authorizing their issuance and to |
enjoin the corporation, person,
the Authority, and any of its
|
agents or employees from taking any action in conflict with any |
contract or
covenant.
|
(c) If the Authority fails to pay the principal of or |
interest on any of the
bonds or premium, if any, as the
bond |
becomes due, a civil action to compel payment may be instituted |
in the
appropriate circuit court by
the holder or holders of |
the bonds on which the default of payment exists or by
an |
indenture trustee acting
on behalf of the holders. Delivery of |
a summons and a copy of the complaint to
the chairman of the |
Board
shall constitute sufficient service to give the circuit |
court jurisdiction over
the subject matter of the suit and
|
jurisdiction over the Authority and its officers named as |
defendants for the
purpose of compelling such
payment. Any |
case, controversy, or cause of action concerning the validity |
of
this Act relates to the
revenue of the State of Illinois.
|
(d) Notwithstanding the form and tenor of any bond, note, |
or other evidence
of indebtedness and in
the absence of any |
express recital on its face that it is non-negotiable, all
such |
|
bonds, notes, and other
evidences of indebtedness shall be |
negotiable instruments. Pending the
preparation and execution |
of any
bonds, notes, or other evidences of indebtedness, |
temporary bonds, notes, or
evidences of indebtedness may
be |
issued as provided by ordinance.
|
(e) To secure the payment of any or all of such bonds, |
notes, or other
evidences of indebtedness, the
revenues to be |
received by the Authority from a lease agreement or loan
|
agreement shall be pledged, and,
for the purpose of setting |
forth the covenants and undertakings of the
Authority in |
connection with the
issuance of the bonds, notes, or other |
evidences of indebtedness and the
issuance of any additional |
bonds,
notes or other evidences of indebtedness payable from |
such revenues, income, or other funds to be derived
from |
projects, the Authority may execute and deliver a mortgage or |
trust agreement. A remedy for any
breach or default of the |
terms of any mortgage or trust agreement by the Authority may |
be by mandamus
proceeding in the appropriate circuit court to |
compel performance and compliance under the terms of the
|
mortgage or trust agreement, but the trust agreement may |
prescribe by whom or on whose behalf the action
may be |
instituted.
|
(f) Bonds or notes shall be secured as provided in the |
authorizing ordinance which may include,
notwithstanding any |
other provision of this Act, in addition to any other security, |
a specific pledge,
assignment of and lien on, or security |
|
interest in any or all revenues or money of the Authority, from
|
whatever source, which may, by law, be used for debt service |
purposes and a
specific pledge, or assignment
of and lien on, |
or security interest in any funds or accounts established or
|
provided for by ordinance of the
Authority authorizing the |
issuance of the bonds or notes.
|
(g) The State of Illinois pledges to and agrees with the |
holders of the
bonds and notes of the Authority
issued pursuant |
to this Section that the State will not limit or alter the |
rights and powers vested in the
Authority by this Act so as to |
impair the terms of any contract made by the Authority with the |
holders of
bonds or notes or in any way impair the rights and |
remedies of those holders until the bonds and notes,
together |
with interest thereon, with interest on any unpaid installments |
of interest, and all costs and
expenses in connection with any |
action or proceedings by or on behalf of the holders, are fully |
met and
discharged. In addition, the State pledges to and |
agrees with the holders of the bonds and notes of the
Authority |
issued pursuant to this Section that the State will not limit |
or alter the basis on which State funds
are to be paid to the |
Authority as provided in this Act, or the use of such funds, so |
as to impair the terms of
any such contract. The Authority is |
authorized to include these pledges and agreements of the State |
in any
contract with the holders of bonds or notes issued |
pursuant to this Section.
|
(h) (Blank).
|