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| Public Act 100-0573 | ||||
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Eastern Illinois
Economic Development | ||||
Authority
Act is amended by changing Section 35 as follows: | ||||
(70 ILCS 506/35) | ||||
Sec. 35. Bonds.
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(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
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established by business entities locating or expanding | ||||
property within the
territorial jurisdiction of the
Authority; | ||||
(ii) entering into venture capital agreements with businesses
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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
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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
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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.
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(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
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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
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agents or employees from taking any action in conflict with any | ||
contract or
covenant.
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(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
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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.
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(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.
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(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
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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
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mortgage or trust agreement, but the trust agreement may | ||
prescribe by whom or on whose behalf the action
may be | ||
instituted.
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(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
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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
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provided for by ordinance of the
Authority authorizing the | ||
issuance of the bonds or notes.
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(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.
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(h) (Blank).
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(Source: P.A. 98-750, eff. 1-1-15.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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