Public Act 099-0499
 
SB1262 EnrolledLRB099 03635 AWJ 23643 b


  
    AN ACT concerning local government.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Upper Illinois River Valley Development 
Authority Act is amended  by changing Sections 4 and 7 as 
follows:
 



    (70 ILCS 530/4)  (from Ch. 85, par. 7154)



    Sec. 4. Establishment. 

    (a) There is hereby created a political
subdivision, body 
politic and municipal corporation named the Upper
Illinois 
River Valley Development Authority. The territorial 
jurisdiction
of the Authority is that geographic area within 
the boundaries of Grundy,
LaSalle, Bureau, Putnam, Kendall,

Kane, Lake, McHenry,
and Marshall counties in the State of

Illinois and
any navigable waters and air space located 
therein.

    (b) The governing and administrative powers of the 
Authority shall be
vested in a body consisting of 21 20 members 
including, as ex officio
members,
the Director of Commerce and 
Economic Opportunity, or his or her
designee, and the Director 
of the Department of Central Management Services,
or his or her 
designee. The other 19 18 members of the Authority shall
be

designated "public members", 10 of whom shall be appointed by 
the
Governor
with the advice and consent of the Senate and 9 8 
of whom shall be
appointed
one each by the county board 
chairmen of Grundy, LaSalle, Bureau, Putnam,
Kendall,
Kane, 
Lake, McHenry,
and Marshall counties.  All public members shall 
reside within the
territorial jurisdiction of this Act. Eleven 
members shall
constitute a
quorum. The public members shall be 
persons of recognized ability and
experience in one or more of 
the following areas: economic development,
finance, banking, 
industrial development, small business management, real
estate 
development, community development, venture finance, organized 
labor
or civic, community or neighborhood organization. The 
Chairman of the
Authority shall be elected by the Board 
annually from the 9 8 members
appointed by the county board 
chairmen.

    (c) The terms of all initial members of the Authority shall 
begin 30
days after
the effective date of this Act.  Of the 14 
public members appointed
pursuant to this Act, 4 appointed by 
the Governor shall serve until the
third Monday in January, 
1992, 4 appointed by the Governor shall serve
until the third 
Monday in January, 1993, one appointed by the Governor
shall 
serve until the third Monday in January, 1994, one appointed by 
the
Governor shall serve until the third Monday in January 
1999, the member
appointed by the county board chairman of 
LaSalle County shall serve until the
third Monday in January, 
1992, the members appointed by the county
board
chairmen of 
Grundy County, Bureau County, Putnam County, and Marshall

County shall serve until the third Monday in January, 1994, and 
the
member appointed by the county board chairman of Kendall 
County
shall serve until the third Monday in January, 1999.
The 
initial members appointed by the chairmen of the county boards

of Kane and McHenry counties shall serve until
the third Monday 
in January, 2003. The initial members appointed by the chairman 
of the county board
of Lake County shall serve until
the third 
Monday in January, 2018.
All successors shall be
appointed by 
the original appointing authority and hold office for a term
of 
3 years commencing the third Monday in January of the year in 
which
their term commences, except in case of an appointment to 
fill a vacancy.
Vacancies occurring among the public members 
shall be filled for the
remainder of the term. In case of 
vacancy in a Governor-appointed
membership when the Senate is 
not in session, the Governor may make a
temporary appointment 
until the next meeting of the Senate when a person
shall be 
nominated to fill such office, and any person so nominated who 
is
confirmed by the Senate shall hold office during the 
remainder of the term
and until a successor shall be appointed 
and qualified. Members of the
Authority shall not be entitled 
to compensation for their services as
members but shall be 
entitled to reimbursement for all necessary expenses
incurred 
in connection with the performance of their duties as members.


    (d) The Governor may remove any public member of the 
Authority in case
of incompetency, neglect of duty, or 
malfeasance in office.

    (e) The Board shall appoint an Executive Director who shall 
have a
background in finance, including familiarity with the 
legal and
procedural requirements of issuing bonds, real estate 
or economic
development and administration.  The Executive 
Director shall hold office
at the discretion of the Board.  The 
Executive Director shall be the chief
administrative and 
operational officer of the Authority, shall direct
and 
supervise its administrative affairs and general management, 
shall perform
such other duties as may be prescribed from time 
to time by the members and
shall receive compensation fixed by 
the Authority.  The Executive Director
shall attend all meetings 
of the Authority; however, no action of the
Authority shall be 
invalid on account of the absence of the Executive
Director 
from a meeting.  The Authority may engage the services of such

other agents and employees, including attorneys, appraisers, 
engineers,
accountants, credit analysts and other consultants, 
as it may deem
advisable and may prescribe their duties and fix 
their compensation.

    (f) The Board may, by majority vote, nominate up to 4 
non-voting members
for appointment by the Governor.  Non-voting 
members shall be persons of
recognized ability and experience 
in one or more of the following areas:
economic development, 
finance, banking, industrial development, small
business 
management, real estate development, community development,

venture finance, organized labor or civic, community or 
neighborhood
organization. Non-voting members shall serve at 
the pleasure of the Board.
All non-voting members may attend 
meetings of the Board and shall be
reimbursed as provided in 
subsection (c).

    (g) The Board shall create a task force to study and make

recommendations to the Board on the economic development of the 
territory
within the jurisdiction of this Act.  The members of 
the task force shall
reside within the territorial jurisdiction 
of this Act, shall serve at the
pleasure of the Board and shall 
be persons of recognized ability and
experience in one or more 
of the following areas: economic development,
finance, 
banking, industrial development, small business management, 
real
estate development, community development, venture 
finance, organized labor
or civic, community or neighborhood 
organization.  The number of members
constituting the task force 
shall be set by the Board and may vary from
time to time.  The 
Board may set a specific date by which the task force is
to 
submit its final report and recommendations to the Board.

(Source: P.A. 94-793, eff. 5-19-06.)

 


    (70 ILCS 530/7)  (from Ch. 85, par. 7157)




    Sec. 7. 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
for the purpose 
of developing, constructing, acquiring or improving
projects, 
including those established by business entities locating or

expanding property within the territorial jurisdiction of the 
Authority,
for entering into venture capital agreements with 
businesses locating or
expanding within the territorial 
jurisdiction of the Authority, for
acquiring and improving any 
property necessary and useful in connection
therewith and 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 "An Act to authorize 
public
corporations to issue bonds, other evidences of 
indebtedness and tax
anticipation warrants subject to interest 
rate limitations set forth
therein", approved May 26, 1970, as 
amended, 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-1) 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 such 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 any such bonds, notes or
other evidences of indebtedness by 
the provision of the resolution
authorizing their issuance and 
to enjoin such corporation, person, the
Authority and any of 
its agents or employees from taking any action in
conflict with 
any such contract or covenant.

    (b-2) If the Authority fails to pay the principal of or 
interest on any
of the bonds or premium, if any, as the same 
become 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 such default of payment exists or
by an 
indenture trustee acting on behalf of such 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 of the
subject matter of such a 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.

    (c) Notwithstanding the form and tenor of any such bonds, 
notes or other
evidences of indebtedness and in the absence of 
any express recital on the
face thereof 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 such bonds, notes or other 
evidences of
indebtedness, temporary bonds, notes or evidences 
of indebtedness may be
issued as provided by ordinance.

    (d) 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 thereof 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 such mortgage or trust agreement by the
Authority 
may be by mandamus proceedings in the appropriate circuit court

to compel the performance and compliance therewith, but the 
trust agreement
may prescribe by whom or on whose behalf such 
action may be instituted.

    (e) Such bonds or notes shall be secured as provided in the 
authorizing
ordinance 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 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 such bonds or notes.

    (f) (Blank). In the event that the Authority determines 
that monies of the
Authority will not be sufficient for the 
payment of the principal of and
interest on its bonds during 
the next State fiscal year, the
Chairman, as soon as 
practicable, shall certify to the Governor the
amount required 
by the Authority to enable
it to pay such principal of and 
interest on the bonds.
The Governor shall submit the amount so 
certified to the General Assembly
as soon as practicable, but 
no later than the end of the current State fiscal
year. This 
Section shall
not apply to any bonds or notes as to which the

Authority shall have determined, in the resolution authorizing 
the issuance
of the bonds or notes, that this Section shall not 
apply.  Whenever the
Authority makes such a determination, that 
fact shall be plainly stated on
the face of the bonds or notes 
and that fact shall also be reported to the Governor.

    In the event of a withdrawal of moneys from a reserve fund 
established
with respect to any issue or issues of bonds of the 
Authority to pay
principal or interest on those bonds, the 
Chairman of the Authority, as
soon as practicable, shall 
certify to the Governor the amount required
to restore the 
reserve fund to the level required in the
resolution or 
indenture securing those bonds.
The Governor shall submit the 
amount so certified to the General Assembly
as soon as 
practicable, but no later than the end of the current State 
fiscal year. This subsection (f) shall not apply to any bond 
issued on or after the effective date of this amendatory Act of 
the 97th General Assembly. 

    (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 
such holders or in any way impair the rights and remedies of 
such
holders until such 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 such
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).

(Source: P.A. 97-312, eff. 8-11-11; 98-750, eff. 1-1-15.)

 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.