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| Public Act 095-0641 |
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Airport Authorities Act is amended by | ||||
changing Sections 1, 3.1, 14.1, 14.2, and 14.3 and by adding | ||||
Sections 22.1, 22.2, 22.3, 22.4, 22.6, and 22.7 as follows:
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(70 ILCS 5/1) (from Ch. 15 1/2, par. 68.1)
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Sec. 1. Definitions. When used in this Act:
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"Aeronautics" means the act or practice of the art and | ||||
science of
transportation by aircraft and instruction therein, | ||||
and establishment,
construction, extension, operation, | ||||
improvement, repair or maintenance of
airports and airport | ||||
facilities and air navigation facilities, and the
operation, | ||||
construction, repair or maintenance of aircraft.
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"Aircraft" means any contrivance now known or hereafter | ||||
invented, used
or designed for navigation of, or flight in, the | ||||
air.
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"Airport" means any locality, either land or water, which | ||||
is used or
designed for the landing and taking off of aircraft, | ||||
or for the location of
runways, landing fields, airdromes, | ||||
hangars, buildings, structures, airport
roadways and other | ||||
facilities.
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"Airport hazard" means any structure, or object of natural | ||||
growth,
located on or in the vicinity of an airport, or any use | ||
of land near an
airport, which is hazardous to the use of such | ||
airport for the landing and
take-off of aircraft.
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"Approach" means any path, course or zone defined by an | ||
ordinance of an
Authority, or by other lawful regulation, on | ||
the ground or in the air, or
both, for the use of aircraft in | ||
landing and taking off from an airport
located within an | ||
Authority.
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"Facilities" means and includes real estate and any and all | ||
forms of
tangible and intangible personal property and services | ||
used or useful as an
aid, or constituting an advantage or | ||
convenience to, the safe landing,
taking off and navigation of | ||
aircraft, or the safe and efficient operation
or maintenance of | ||
a public airport. In addition, for all airport
authorities, | ||
"facilities" means and includes real estate, tangible and
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intangible personal property, and services used or useful for | ||
commercial
and recreational purposes.
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"Board of Commissioners" and "Board" mean the board of | ||
commissioners of
an established authority or an authority | ||
proposed to be established.
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"Commercial aircraft" means any aircraft other than public | ||
aircraft
engaged in the business of transporting persons or | ||
property.
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"Airport Authority" means a municipal corporation created | ||
and
established under Section 2 of this Act, and includes | ||
Metropolitan
Airport Authorities. "Authority" and "Airport
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Authority" are synonymous, unless the context requires | ||
otherwise.
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"Metropolitan Airport Authority" and "Metropolitan | ||
Authority" mean an
airport authority established in the manner | ||
provided in Section 2.7 of
this Act.
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"Municipality" means any city, village or incorporated | ||
town of the State
of Illinois.
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"Public Agency" means any political subdivision, public | ||
corporation,
quasi-municipal corporation or municipal | ||
corporation of the State of
Illinois, excepting public | ||
corporations or agencies owning, operating or
maintaining a | ||
college or university with funds of the State of Illinois.
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"Private aircraft" means any aircraft other than public and | ||
commercial
aircraft.
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"Public aircraft" means an aircraft used exclusively in the | ||
governmental
service of the United States, or of any state or | ||
of any public agency,
including military and naval aircraft.
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"Public airport" means an airport owned by an airport | ||
authority or other
public agency which is used or is intended | ||
for use by public, commercial
and private aircraft and by | ||
persons owning, managing, operating or desiring
to use, inspect | ||
or repair any such aircraft or to use any such airport for
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aeronautical purposes.
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"Public interest" means the protection, furtherance and | ||
advancement of
the general welfare and of public health and | ||
safety and public necessity
and convenience in respect to | ||
aeronautics.
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"Rail Authority" means a Rail Authority established as | ||
provided in Section 22.1 of this Act. | ||
"Rail facility" has the meaning set forth in Section 22.2 | ||
of this Act. | ||
"Related facility" has the meaning set forth in Section | ||
22.2 of this Act.
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(Source: P.A. 87-854.)
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(70 ILCS 5/3.1) (from Ch. 15 1/2, par. 68.3a)
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Sec. 3.1. Boards of commissioners - Appointment. The Boards | ||
of
Commissioners of Authorities shall be appointed as follows:
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(1) In case there are one or more municipalities having a | ||
population of
5,000 or more within the Authority, the | ||
commissioners shall be appointed as
follows:
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(a) Where there is only one such municipality, 3 | ||
commissioners shall be
appointed from such municipality, | ||
and 2 commissioners shall be appointed at
large.
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(a-5) Within 30 days after the effective date of this | ||
amendatory Act of the 95th General Assembly, one additional | ||
commissioner shall be appointed to the board of the | ||
Springfield Airport Authority from each municipality | ||
having a population of 5,000 or more within the Authority, | ||
and one additional commissioner shall be appointed at | ||
large. The additional commissioners shall serve for a term | ||
of 4 or 5 years, as determined by lot. Their successors | ||
shall serve for terms of 5 years.
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(b) Where there are 2 or more such municipalities, one | ||
commissioner
shall be appointed from each municipality | ||
with a population between 5,000 and 45,000, 2 commissioners | ||
shall be appointed from each municipality with a population | ||
of more than 45,000,
such municipality and 3 commissioners | ||
shall be appointed at large; except
that when the physical | ||
facilities of the airport of the Authority are located
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wholly within a single county with a population between | ||
600,000 and
3,000,000 there shall be one commissioner | ||
appointed from each municipality
within the corporate | ||
limits of the Authority having 5,000 or more
population and | ||
5 commissioners appointed at large. If the
Authority is | ||
located wholly within the corporate limits of such
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municipalities, 2 commissioners shall be appointed from | ||
the one of such
municipalities having the largest | ||
population, and one commissioner shall be
appointed from | ||
each of the other such municipalities, and 2 commissioners
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shall be appointed at large.
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(c) Commissioners representing the area within an | ||
Authority located
outside of any municipality having 5,000 | ||
or more population and
commissioners appointed at large | ||
when the authority is wholly contained
within a single | ||
county shall be appointed by the presiding officer of the
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county board with the advice and consent of the county | ||
board, and when the
physical facilities of the airport of | ||
the Authority are located wholly within
a single county | ||
with a population between 600,000 and 3,000,000 the
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commissioners appointed at large shall be appointed by the
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chairman of the county board of such county, and any
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commissioner representing the area within any such | ||
municipality shall be
appointed by its mayor or the | ||
presiding officer of its governing body. If
however the | ||
district is located in more than one county other than a
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county with a population between 600,000 and 3,000,000, the | ||
members of the
General Assembly whose legislative | ||
districts encompass any portion of the
Authority shall | ||
appoint the commissioners representing the area within an
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Authority located outside of any municipality having 5,000 | ||
or more
population and commissioners at large but any | ||
commissioner representing the
area within any such | ||
municipality shall be appointed by its mayor or the
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presiding officer of its governing body.
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(d) A commissioner representing the area within any | ||
such municipality
shall reside within its corporate | ||
limits. A commissioner appointed at large may reside
either | ||
within or without any such municipality but must reside | ||
within the
territory of the authority. Should any | ||
commissioner cease to reside within
that part of the | ||
territory he represents, or should the territory in which
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he resides cease to be a part of the authority, then his | ||
office shall be
deemed vacated, and shall be filled by | ||
appointment for the remainder of the
term as hereinafter | ||
provided.
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(2) In case there are no municipalities having a population | ||
of 5,000 or
more within such authority located wholly within a | ||
single county, such
order shall so find, and in such case the | ||
Board shall consist of 5
commissioners who shall be appointed | ||
at large by the presiding officer of
the county board with the | ||
advice and consent of the county board. If
however the district | ||
is located in more than one county, the members of the
General | ||
Assembly whose legislative districts encompass any portion of | ||
the
Authority shall appoint the commissioners at large.
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(3) Should a municipality which is wholly within an | ||
authority attain, or
should such a municipality be established, | ||
having a population of 5,000 or
more after the entry of said | ||
order by the circuit court, the presiding
officer of such | ||
municipality may petition the circuit court for an order
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finding and determining the population of such municipality | ||
and, if it is
found and determined upon the hearing of said | ||
petition that the population
of such municipality is 5,000 or | ||
more, the board of commissioners of such
authority as | ||
previously established shall be increased by one commissioner
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who shall reside within the corporate limits of such | ||
municipality and shall
be appointed by its presiding officer. | ||
The initial commissioner so
appointed shall serve for a term of | ||
1, 2, 3, 4 or 5 years, as may be
determined by lot, and his | ||
successors shall be similarly appointed and
shall serve for | ||
terms of 5 years. All provisions of this section applicable
to | ||
commissioners representing municipal areas shall apply to any | ||
such
commissioner. Each such commissioner shall reside within | ||
the authority and
shall continue to reside therein.
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(4) Notwithstanding any other provision of this Section, | ||
the Board of
Commissioners of a Metropolitan Airport Authority | ||
shall consist of 9
commissioners.
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Seven commissioners shall be residents of the county with
a | ||
population between 600,000 and 3,000,000 within which the | ||
Metropolitan
Airport Authority was established. These | ||
commissioners shall be
appointed by the county board chairman | ||
of the county
with a population between 600,000 and 3,000,000 | ||
within which the
Metropolitan Airport Authority was | ||
established, with the advice and
consent of the county board of | ||
that county.
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Two commissioners shall be residents of the territory of | ||
the Authority
located outside the county with a population | ||
between 600,000 and 3,000,000.
These commissioners shall be | ||
appointed jointly by the mayors of the
municipalities having a | ||
population over 5,000 that are located outside the
county with | ||
a population between 600,000 and 3,000,000, with the advice and
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consent of the governing bodies of those municipalities.
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The transition from the pre-existing composition of the | ||
Metropolitan
Airport Authority Board of Commissioners to the | ||
composition specified in
this amendatory Act of 1991 shall be | ||
accomplished as follows:
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(A) The appointee who was required to be a resident of | ||
the area
outside of the county with a population between | ||
600,000 and 3,000,000 may
serve until his or her term | ||
expires. The replacement shall be one of the 2
appointees | ||
who shall be residents of the territory of the Authority | ||
located
outside the county with a population between | ||
600,000 and 3,000,000.
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(B) The other 8 commissioners may serve until their | ||
terms expire. Upon
the occurrence of the second vacancy | ||
among these 8 commissioners after the
effective date of | ||
this amendatory Act of 1991, the replacement shall be the
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second of the 2 appointees who shall be residents of the | ||
territory of the
Authority located outside of the county | ||
with a population between 600,000
and 3,000,000. Upon the | ||
expiration of the terms of the other 7
commissioners, the | ||
replacements shall be residents of the county with a
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population between 600,000 and 3,000,000.
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(C) All commissioners appointed after the effective | ||
date of this
amendatory Act of 1991, and their successors, | ||
shall be appointed in the
manner set forth in this | ||
amendatory Act of 1991.
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(Source: P.A. 94-466, eff. 1-1-06.)
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(70 ILCS 5/14.1) (from Ch. 15 1/2, par. 68.14a)
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Sec. 14.1. Bond limitation. An Authority may secure the | ||
necessary
funds to finance part or all of the cost of (i)
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acquiring, establishing,
constructing, developing, expanding, | ||
extending or further improving a
public airport, public | ||
airports, or airport facilities within
or without its corporate | ||
limits or within or upon any body of water
adjacent thereto; | ||
and (ii) studying, designing, acquiring, constructing, | ||
developing, expanding, extending, or improving any rail | ||
facility or related facility as provided in this Act for a Rail | ||
Authority established by the Board of Commissioners of the | ||
Authority, upon a determination by the Board of Commissioners, | ||
that, in its judgment, the rail or other service to be provided | ||
by those rail facilities or related facilities will benefit the | ||
airport operated by the Airport Authority, through the issuance | ||
of bonds as hereinafter provided in
Sections 14.1 to 14.5 | ||
inclusive, to the principal amount of which at any
one time | ||
outstanding, together with other outstanding indebtedness of | ||
the
Authority, shall not exceed 2.3% of the aggregate valuation | ||
of all taxable
property within the Authority, as equalized or | ||
assessed by the Department
of Revenue or, until January 1, | ||
1983, if greater, the sum that is produced
by multiplying the | ||
Authority's 1978 equalized assessed valuation by the
debt | ||
limitation percentage in effect on January 1, 1979. No such | ||
airport
project shall be financed by the issuance of bonds | ||
under this Section
unless such proposed airport project has | ||
been approved by the Department of
Transportation as to | ||
location and size and found by the Department to be in
the | ||
public interest; provided that the approval of the Department | ||
of
Transportation as provided in Sections 14.1 through 14.5 is | ||
not required in
the case of airport projects consisting solely | ||
of commercial or
recreational facilities or rail facilities or | ||
related facilities.
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(Source: P.A. 87-854.)
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(70 ILCS 5/14.2) (from Ch. 15 1/2, par. 68.14b)
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Sec. 14.2. General plans and cost estimate to be approved. | ||
Before the
adoption of any ordinance providing for the issuance | ||
of such bonds, the
board of commissioners of the authority | ||
shall cause a description and
general plan for the project to | ||
be prepared and submitted to the Department
of Transportation, | ||
together with an estimate of the cost of the project.
The | ||
project and the plans and estimate of cost may be changed with | ||
the
approval of the Department. Prior to undertaking the | ||
project, the final
plans, specifications and estimate of cost | ||
must be approved by the
Department. The requirements of this | ||
Section do not apply to airport
projects consisting solely of | ||
commercial or recreational facilities or rail facilities or | ||
related facilities.
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(Source: P.A. 87-854; 87-895.)
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(70 ILCS 5/14.3) (from Ch. 15 1/2, par. 68.14c)
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Sec. 14.3. Bond ordinance. Upon the approval of the general | ||
plan and
cost estimate for any such project by the Department | ||
of Transportation,
if required, the
Board of Commissioners of | ||
the authority shall provide by ordinance for the
acquisition or | ||
undertaking of such project, and for the issuance of bonds
of | ||
the authority payable from taxes to pay the cost of such | ||
project to the
authority or for costs with respect to rail | ||
facilities or related facilities as provided in Section 14.1. | ||
The ordinance shall prescribe all details of the bonds and | ||
shall
state the time or times when bonds, and the interest | ||
thereon, shall become
payable and the bonds shall be payable | ||
within not more than 20 years from
the date thereof. Any | ||
authority may agree or contract to sell, issue or
deliver bonds | ||
payable from taxes at such price and upon such terms as
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determined by the Board of Commissioners of the Authority and | ||
as will not
cause the net effective interest rate to be paid by | ||
the Authority on the
issue of which such bonds are a part to | ||
exceed the greater of (i) the
maximum rate authorized by the | ||
Bond Authorization Act, as amended at the
time of the making of | ||
the contract, or (ii) the greater of 9% per annum
or 125% of | ||
the rate for the most recent date shown in the 20 G.O. Bonds
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Index of average municipal bond yields as published in the most | ||
recent
edition of The Bond Buyer, published in New York, New | ||
York, (or any
successor publication or index, or if such | ||
publication or index is no
longer published, then any index of | ||
long term municipal tax-exempt bond
yields then selected by the | ||
Board of Commissioners of the Authority), at
the time the | ||
contract is made for such sale of the bonds. Subject to such
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limitation, the interest rate or rates on such bonds may be | ||
established by
reference to an index or formula which may be | ||
implemented or administered
by persons appointed or retained | ||
therefor by the Authority. A contract is
made with respect to | ||
the sale of bonds when an Authority is contractually
obligated | ||
to issue or deliver such bonds to a purchaser who is
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contractually obligated to purchase them, and, with respect to | ||
bonds
bearing interest at a variable rate or subject to payment | ||
upon periodic
demand or put or otherwise subject to remarketing | ||
by or for an Authority, a
contract is made on each date of | ||
change in the variable rate or such
demand, put or remarketing. | ||
The ordinance shall provide for the levy and
collection of a | ||
direct annual tax upon all the taxable property within
the | ||
corporate limits of such Authority, sufficient to meet the | ||
principal
and interest of the bonds as same mature, which tax | ||
shall be in addition
to and in excess of any other tax | ||
authorized to be levied by the
Authority.
The bonds may be | ||
issued in part under the authority of, and may be
additionally | ||
secured as provided in, the Local Government Debt Reform Act. | ||
Proceeds of bonds issued with respect to rail facilities or | ||
related facilities shall be provided to, or expended by the | ||
Authority for the benefit of, the Rail Authority.
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A certified copy of the ordinance providing for the | ||
issuance of bonds
authorized by this Section shall be filed | ||
with the county clerk of each
county in which the authority or | ||
any portion thereof is situated and
shall constitute the basis | ||
for the extension and collection of the tax
necessary to pay | ||
the principal of and interest and premium, if any,
upon the | ||
bonds issued under the ordinance as the same mature.
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The provisions of this amendatory Act of 1985 shall be | ||
cumulative and in
addition to any powers or authority granted | ||
in any other laws of the State,
and shall not be deemed to have | ||
repealed any provisions of existing laws.
This amendatory Act | ||
of 1985 shall be construed as a grant of power to public
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corporations and shall not act as a limitation upon any sale of | ||
bonds
authorized pursuant to any other law. This amendatory Act | ||
of 1985 shall
not be construed as a limit upon any home rule | ||
unit of government.
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(Source: P.A. 86-1017; 87-854.)
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(70 ILCS 5/22.1 new) | ||
Sec. 22.1. Establishment of a Rail Authority. | ||
(a) The Board of Commissioners of an airport authority in | ||
Winnebago County may, by resolution, establish a Rail Authority | ||
as provided in Sections 22.1 through 22.7 of this Act. A | ||
certified copy of that resolution shall be filed with the | ||
Secretary of State of Illinois. The Board of Commissioners of | ||
the airport authority shall not have the power to abolish such | ||
a Rail Authority. | ||
(b) A Rail Authority established pursuant to this Section | ||
shall be a body politic and corporate and a public corporation. | ||
(c) A Rail Authority shall be governed by a Board of | ||
Directors. Except as provided in paragraph (d) of this Section, | ||
the Board of Directors shall consist of the members of the | ||
Board of Commissioners of the airport authority that | ||
establishes the Rail Authority. The Board of Directors of the | ||
Rail Authority shall establish by-laws and procedures for their | ||
actions and may elect such officers of the Rail Authority and | ||
its Board of Directors as they shall determine, who shall serve | ||
terms as set by the by-laws of the Rail Authority, not to | ||
exceed 5 years. | ||
(d) The composition of the Board of Directors of the Rail | ||
Authority may be increased from time to time to include members | ||
appointed by the Chairman or President of the County Board of | ||
any county that has members on the Board of Directors, all as | ||
shall be agreed by the Board of Directors of the Rail | ||
Authority, the chairman of the county board of the county in | ||
which the establishing airport authority is located, and the | ||
county board of the county for which members shall be added; | ||
upon such agreement providing for financial contribution to the | ||
Rail Authority by the county for which members are added. | ||
(e) All non-procedural actions of the Board of Directors of | ||
the Rail Authority shall require the concurrence of the | ||
majority of members of the Board of Directors. Members of the | ||
Board of Directors shall serve for terms as provided in the | ||
by-laws of the Rail Authority not to exceed 5 years, and until | ||
their successors are appointed and qualified. | ||
(f) There shall be no prohibitions on members of the Board | ||
of Directors of the Rail Authority holding any other | ||
governmental office or position. | ||
(70 ILCS 5/22.2 new) | ||
Sec. 22.2. Provision of rail and related transportation | ||
services. The Rail Authority shall also have the power to | ||
provide non-rail transportation services within the Counties, | ||
which may consist of shuttle bus service to or from an airport, | ||
needed storage facilities, and facilities to load, unload, or | ||
transfer freight from one mode of transportation to another | ||
such mode related to rail or highway transportation and any | ||
needed access roads for that service, as the Board of Directors | ||
shall determine are appropriate to advance economic | ||
development in the Counties. All property or facilities | ||
necessary or useful for such related transportation or economic | ||
development services are referred to in this Act as "related | ||
facilities". The Authority, in providing rail related | ||
facilities, may not operate or perform as a rail carrier. | ||
(70 ILCS 5/22.3 new) | ||
Sec. 22.3. Further powers of the Rail Authority. | ||
(a) Except as otherwise limited by this Act, the Rail | ||
Authority shall have all powers to meet its responsibilities | ||
and to carry out its purposes, including, but not limited to, | ||
the following powers: | ||
(i) To sue and be sued. | ||
(ii) To invest any funds or any moneys not required for | ||
immediate use or disbursement, as provided in the Public | ||
Funds Investment Act. | ||
(iii) To make, amend, and repeal by-laws, rules and | ||
regulations, and resolutions not inconsistent with | ||
Sections 22.1 through 22.7 of this Act. | ||
(iv) To set and collect fares or other charges for the | ||
use of rail or other facilities of the Rail Authority. | ||
(v) To conduct or contract for studies as to the | ||
feasibility and costs of providing any particular service | ||
as authorized by this Act. | ||
(vi) To publicize services of the Authority and to | ||
enter into cooperative agreements with non-rail | ||
transportation service providers, including airport | ||
operations. | ||
(vii) To hold, sell, sell by installment contract, | ||
lease as lessor, transfer, or dispose of such real or | ||
personal property of the Rail Authority, including rail | ||
facilities or related facilities, as the Board of Directors | ||
deems appropriate in the exercise of its powers and to | ||
mortgage, pledge, or otherwise grant security interests in | ||
any such property. | ||
(viii) To enter at reasonable times upon such lands, | ||
waters, or premises as, in the judgment of the Board of | ||
Directors of the Rail Authority, may be necessary, | ||
convenient, or desirable for the purpose of making surveys, | ||
soundings, borings, and examinations to accomplish any | ||
purpose authorized by Sections 22.1 through 22.7 of this | ||
Act after having given reasonable notice of such proposed | ||
entry to the owners and occupants of such lands, waters, or | ||
premises, the Rail Authority being liable only for actual | ||
damage caused by such activity. | ||
(ix) To enter into contracts of group insurance for the | ||
benefit of its employees and to provide for retirement or | ||
pensions or other employee benefit arrangements for such | ||
employees, and to assume obligations for pensions or other | ||
employee benefit arrangements for employees of | ||
transportation agencies, all or part of the facilities of | ||
which are acquired by the Rail Authority. | ||
(x) To provide for the insurance of any property, | ||
directors, officers, employees, or operations of the Rail | ||
Authority against any risk or hazard, and to self-insure or | ||
participate in joint self-insurance pools or entities to | ||
insure against such risk or hazard. | ||
(xi) To pass all resolutions and make all rules and | ||
regulations proper or necessary to regulate the use, | ||
operation, and maintenance of the property and facilities | ||
of the Rail Authority and, by resolution, to prescribe | ||
fines or penalties for violations of those rules and | ||
regulations. No fine or penalty shall exceed $1,000 per | ||
offense. Any resolution providing for any fine or penalty | ||
shall be published in a newspaper of general circulation in | ||
the metropolitan region. No such resolution shall take | ||
effect until 10 days after its publication. | ||
(xii) To enter into arbitration arrangements, which | ||
may be final and binding. | ||
(xiii) To make and execute all contracts and other | ||
instruments necessary or convenient to the exercise of its | ||
powers. | ||
(b) In each case in which this Act gives the Rail Authority | ||
the power to construct or acquire rail facilities or related | ||
facilities or any other real or personal property, the Rail | ||
Authority shall have the power to acquire such property by | ||
contract, purchase, gift, grant, exchange for other property or | ||
rights in property, lease (or sublease), or installment or | ||
conditional purchase contracts, which leases or contracts may | ||
provide for consideration to be paid in installments during a | ||
period not exceeding 40 years, and to dispose of such property | ||
or rights by lease or sale as the Board of Directors shall | ||
determine. Property may be acquired subject to such conditions, | ||
restrictions, liens, or security or other interests of other | ||
parties as the Board of Directors may deem appropriate, and in | ||
each case the Rail Authority may acquire a joint, leasehold, | ||
easement, license, or other partial interest in such property. | ||
Any such acquisition may provide for the assumption of, or | ||
agreement to pay, perform, or discharge outstanding or | ||
continuing duties, obligations, or liabilities of the seller, | ||
lessor, donor, or other transferor of or of the trustee with | ||
regard to such property. In connection with the acquisition of | ||
Rail Facilities or Related Facilities, including, but not | ||
limited to, vehicles, buses, or rapid transit equipment, the | ||
Rail Authority may also execute agreements concerning such | ||
equipment leases, equipment trust certificates, conditional | ||
purchase agreements, and such other security agreements and may | ||
make such agreements and covenants as required, in the form | ||
customarily used in such cases appropriate to effect such | ||
acquisition. The Rail Authority may not acquire property by | ||
eminent domain. | ||
(70 ILCS 5/22.4 new) | ||
Sec. 22.4. Bonds and notes. | ||
(a) The Rail Authority shall have the power to borrow money | ||
and to issue its negotiable bonds or notes as provided in this | ||
Section. Unless otherwise indicated in this Section, the term | ||
"notes" also includes bond anticipation notes, which are notes | ||
that by their terms provide for their payment from the proceeds | ||
of bonds subsequently to be issued. Bonds or notes of the Rail | ||
Authority may be issued for any or all of the following | ||
purposes: to pay costs to the Rail Authority of constructing or | ||
acquiring any rail facilities or related facilities, to pay | ||
interest on bonds or notes during any period of construction or | ||
acquisition of rail facilities or related facilities, to | ||
establish a debt service reserve fund, to pay costs of issuance | ||
of the bonds or notes, and to refund its bonds or notes. | ||
(b) The issuance of any bonds or notes shall be authorized | ||
by a resolution of the Board of Directors of the Rail | ||
Authority. The resolution providing for the issuance of any | ||
such bonds or notes shall fix their date or dates of maturity, | ||
the dates on which interest is payable, any sinking fund | ||
account or reserve fund account provisions, and all other | ||
details of the bonds or notes and may provide for such | ||
covenants or agreements necessary or desirable with regard to | ||
the issue, sale, and security of the bonds or notes. The rate | ||
or rates of interest on the bonds or notes may be fixed or | ||
variable and the Rail Authority shall determine or provide for | ||
the determination of the rate or rates of interest of its bonds | ||
or notes issued under this Act in a resolution adopted prior to | ||
their issuance, none of which rates of interest shall exceed | ||
that permitted in the Bond Authorization Act. Bonds and notes | ||
issued under this Section may be issued as serial or term | ||
obligations, shall be of such denomination or denominations and | ||
form, shall be executed in such manner, shall be payable at | ||
such place or places and bear such date as the Rail Authority | ||
shall fix by the resolution authorizing such bonds or notes and | ||
shall mature at such time or times, within a period not to | ||
exceed 40 years from their date of issue, and may be redeemable | ||
prior to maturity, with or without premium, at the option of | ||
the Rail Authority, upon such terms and conditions as the Rail | ||
Authority shall fix by the resolution authorizing the issuance | ||
of the bonds or notes. In case any officer whose signature | ||
appears on any bonds or notes authorized pursuant to this | ||
Section shall cease to be an officer before delivery of such | ||
bonds or notes, the signature shall nevertheless be valid and | ||
sufficient for all purposes, the same as if the officer had | ||
remained in office until the delivery. | ||
(c) Bonds or notes of the Rail Authority issued pursuant to | ||
this Section shall have a claim for payment as to principal and | ||
interest from such sources as provided by the resolution | ||
authorizing such bonds or notes. Such bonds or notes shall be | ||
secured as provided in the authorizing resolution of the Board | ||
of Directors of the Rail Authority, which may, notwithstanding | ||
any other provision of this Act, include in addition to any | ||
other security, a specific pledge or assignment of and lien on | ||
or security interest in any or all receipts of the Rail | ||
Authority and on any or all other revenues or money of the Rail | ||
Authority from whatever source, which may by law be utilized | ||
for debt service purposes, as well as any funds or accounts | ||
established or provided for the payment of such debt service, | ||
by the resolution of the Rail Authority authorizing the | ||
issuance of the bonds or notes. Any such pledge, assignment, | ||
lien, or security interest for the benefit of holders of bonds | ||
or notes of the Rail Authority shall be valid and binding from | ||
the time the bonds or notes are issued without any physical | ||
delivery or further act and shall be valid and binding as | ||
against and prior to the claims of all other parties having | ||
claims of any kind against the Rail Authority or any other | ||
person irrespective of whether such other parties have notice | ||
of such pledge, assignment, lien, or security interest. The | ||
resolution of the Board of Directors of the Rail Authority | ||
authorizing the issuance of any bonds or notes may provide | ||
additional security for such bonds or notes by providing for | ||
appointment of a corporate trustee (which may be any trust | ||
company or bank having the powers of a trust company within | ||
Illinois) with respect to the bonds or notes. The resolution | ||
shall prescribe the rights, duties, and powers of the trustee | ||
to be exercised for the benefit of the Rail Authority and the | ||
protection of the owners of such bonds or notes. The resolution | ||
may provide for the trustee to hold in trust, invest, and use | ||
amounts in funds and accounts created as provided by the | ||
resolution with respect to the bonds or notes. | ||
(70 ILCS 5/22.6 new) | ||
Sec. 22.6. Exemption from taxation. The Rail Authority and | ||
the Rail Corporation shall be exempt from all State and unit of | ||
local government taxes and registration and license fees. All | ||
property of the Rail Authority or of the Rail Corporation shall | ||
be public property devoted to an essential public and | ||
governmental function and purpose and shall be exempt from all | ||
taxes and special assessments of the State, any subdivision of | ||
the State, or any unit of local government. | ||
(70 ILCS 5/22.7 new) | ||
Sec. 22.7. Federal, State, and other funds. The Rail | ||
Authority shall have the power to apply for, receive, and | ||
expend grants, loans, or other funds from the State of Illinois | ||
or any of its departments or agencies, from any unit of local | ||
government, or from the federal government or any of its | ||
departments or agencies, for use in connection with any of the | ||
powers or purposes of the Rail Authority as set forth in this | ||
Act, and to enter into agreements with the lending or granting | ||
agency in connection with any such loan or grant.
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||