Rep. Carol Ammons
Filed: 11/6/2017
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1 | AMENDMENT TO SENATE BILL 521
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2 | AMENDMENT NO. ______. Amend Senate Bill 521, AS AMENDED, by | ||||||
3 | replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Eastern Illinois
Economic Development | ||||||
6 | Authority
Act is amended by changing Section 35 as follows: | ||||||
7 | (70 ILCS 506/35) | ||||||
8 | Sec. 35. Bonds.
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9 | (a) The Authority, with the written approval of the | ||||||
10 | Governor, shall have the
continuing power to issue
bonds, | ||||||
11 | notes, or other evidences of indebtedness in an aggregate | ||||||
12 | amount outstanding not to
exceed $500,000,000 $250,000,000 for | ||||||
13 | the
following purposes: (i) development, construction, | ||||||
14 | acquisition, or improvement
of projects, including those
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15 | established by business entities locating or expanding | ||||||
16 | property within the
territorial jurisdiction of the
Authority; |
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1 | (ii) entering into venture capital agreements with businesses
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2 | locating or expanding within the
territorial jurisdiction of | ||||||
3 | the Authority; (iii) acquisition and improvement of
any | ||||||
4 | property necessary and
useful in connection therewith; and (iv) | ||||||
5 | for the purposes of the Employee
Ownership Assistance Act. For
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6 | the purpose of evidencing the obligations of the Authority to | ||||||
7 | repay any money
borrowed, the Authority
may, pursuant to | ||||||
8 | resolution, from time to time, issue and dispose of its | ||||||
9 | interest-bearing revenue bonds,
notes, or other evidences of | ||||||
10 | indebtedness and may also from time to time issue and dispose | ||||||
11 | of such bonds,
notes, or other evidences of indebtedness to | ||||||
12 | refund, at maturity, at a redemption date or in advance of
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13 | either, any bonds, notes, or other evidences of indebtedness | ||||||
14 | pursuant to redemption provisions or at any
time before | ||||||
15 | maturity. All such bonds, notes, or other evidences of | ||||||
16 | indebtedness shall be payable solely and
only from the revenues | ||||||
17 | or income to be derived from loans made with respect to | ||||||
18 | projects, from the leasing
or sale of the projects, or from any | ||||||
19 | other funds available to the Authority for such purposes. The | ||||||
20 | bonds,
notes, or other evidences of indebtedness may bear such | ||||||
21 | date or dates, may mature at such time or times not
exceeding | ||||||
22 | 40 years from their respective dates, may bear interest at such | ||||||
23 | rate or rates not exceeding the
maximum rate permitted by the | ||||||
24 | Bond Authorization Act, may be in such form, may carry such | ||||||
25 | registration
privileges, may be executed in such manner, may be | ||||||
26 | payable at such place or places, may be made subject
to |
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1 | redemption in such manner and upon such terms, with or without | ||||||
2 | premium, as is stated on the face
thereof, may be authenticated | ||||||
3 | in such manner and may contain such terms and
covenants as may | ||||||
4 | be
provided by an applicable resolution.
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5 | (b) The holder or holders of any bonds, notes, or other | ||||||
6 | evidences of
indebtedness issued by the
Authority may bring | ||||||
7 | suits at law or proceedings in equity to compel the
performance | ||||||
8 | and observance by
any corporation or person or by the Authority | ||||||
9 | or any of its agents or employees
of any contract or covenant
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10 | made with the holders of the bonds, notes, or other evidences | ||||||
11 | of indebtedness,
to compel such corporation,
person, the | ||||||
12 | Authority, and any of its agents or employees to perform any | ||||||
13 | duties
required to be performed
for the benefit of the holders | ||||||
14 | of the bonds, notes, or other evidences of
indebtedness by the | ||||||
15 | provision of the
resolution authorizing their issuance and to | ||||||
16 | enjoin the corporation, person,
the Authority, and any of its
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17 | agents or employees from taking any action in conflict with any | ||||||
18 | contract or
covenant.
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19 | (c) If the Authority fails to pay the principal of or | ||||||
20 | interest on any of the
bonds or premium, if any, as the
bond | ||||||
21 | becomes due, a civil action to compel payment may be instituted | ||||||
22 | in the
appropriate circuit court by
the holder or holders of | ||||||
23 | the bonds on which the default of payment exists or by
an | ||||||
24 | indenture trustee acting
on behalf of the holders. Delivery of | ||||||
25 | a summons and a copy of the complaint to
the chairman of the | ||||||
26 | Board
shall constitute sufficient service to give the circuit |
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1 | court jurisdiction over
the subject matter of the suit and
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2 | jurisdiction over the Authority and its officers named as | ||||||
3 | defendants for the
purpose of compelling such
payment. Any | ||||||
4 | case, controversy, or cause of action concerning the validity | ||||||
5 | of
this Act relates to the
revenue of the State of Illinois.
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6 | (d) Notwithstanding the form and tenor of any bond, note, | ||||||
7 | or other evidence
of indebtedness and in
the absence of any | ||||||
8 | express recital on its face that it is non-negotiable, all
such | ||||||
9 | bonds, notes, and other
evidences of indebtedness shall be | ||||||
10 | negotiable instruments. Pending the
preparation and execution | ||||||
11 | of any
bonds, notes, or other evidences of indebtedness, | ||||||
12 | temporary bonds, notes, or
evidences of indebtedness may
be | ||||||
13 | issued as provided by ordinance.
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14 | (e) To secure the payment of any or all of such bonds, | ||||||
15 | notes, or other
evidences of indebtedness, the
revenues to be | ||||||
16 | received by the Authority from a lease agreement or loan
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17 | agreement shall be pledged, and,
for the purpose of setting | ||||||
18 | forth the covenants and undertakings of the
Authority in | ||||||
19 | connection with the
issuance of the bonds, notes, or other | ||||||
20 | evidences of indebtedness and the
issuance of any additional | ||||||
21 | bonds,
notes or other evidences of indebtedness payable from | ||||||
22 | such revenues, income, or other funds to be derived
from | ||||||
23 | projects, the Authority may execute and deliver a mortgage or | ||||||
24 | trust agreement. A remedy for any
breach or default of the | ||||||
25 | terms of any mortgage or trust agreement by the Authority may | ||||||
26 | be by mandamus
proceeding in the appropriate circuit court to |
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1 | compel performance and compliance under the terms of the
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2 | mortgage or trust agreement, but the trust agreement may | ||||||
3 | prescribe by whom or on whose behalf the action
may be | ||||||
4 | instituted.
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5 | (f) Bonds or notes shall be secured as provided in the | ||||||
6 | authorizing ordinance which may include,
notwithstanding any | ||||||
7 | other provision of this Act, in addition to any other security, | ||||||
8 | a specific pledge,
assignment of and lien on, or security | ||||||
9 | interest in any or all revenues or money of the Authority, from
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10 | whatever source, which may, by law, be used for debt service | ||||||
11 | purposes and a
specific pledge, or assignment
of and lien on, | ||||||
12 | or security interest in any funds or accounts established or
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13 | provided for by ordinance of the
Authority authorizing the | ||||||
14 | issuance of the bonds or notes.
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15 | (g) The State of Illinois pledges to and agrees with the | ||||||
16 | holders of the
bonds and notes of the Authority
issued pursuant | ||||||
17 | to this Section that the State will not limit or alter the | ||||||
18 | rights and powers vested in the
Authority by this Act so as to | ||||||
19 | impair the terms of any contract made by the Authority with the | ||||||
20 | holders of
bonds or notes or in any way impair the rights and | ||||||
21 | remedies of those holders until the bonds and notes,
together | ||||||
22 | with interest thereon, with interest on any unpaid installments | ||||||
23 | of interest, and all costs and
expenses in connection with any | ||||||
24 | action or proceedings by or on behalf of the holders, are fully | ||||||
25 | met and
discharged. In addition, the State pledges to and | ||||||
26 | agrees with the holders of the bonds and notes of the
Authority |
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1 | issued pursuant to this Section that the State will not limit | ||||||
2 | or alter the basis on which State funds
are to be paid to the | ||||||
3 | Authority as provided in this Act, or the use of such funds, so | ||||||
4 | as to impair the terms of
any such contract. The Authority is | ||||||
5 | authorized to include these pledges and agreements of the State | ||||||
6 | in any
contract with the holders of bonds or notes issued | ||||||
7 | pursuant to this Section.
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8 | (h) (Blank).
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9 | (Source: P.A. 98-750, eff. 1-1-15 .)
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10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law.".
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