Rep. Michael Halpin
Filed: 5/11/2018
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1 | AMENDMENT TO SENATE BILL 2589
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2 | AMENDMENT NO. ______. Amend Senate Bill 2589 on page 7, | ||||||
3 | line 19, by replacing " security " with " security. A local | ||||||
4 | government security purchased or otherwise acquired by the | ||||||
5 | Authority is not a moral obligation of the State or any State | ||||||
6 | agency or political subdivision of the State "; and
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7 | on page 23, line 21, by replacing " security " with " security. A | ||||||
8 | local government security purchased or otherwise acquired by | ||||||
9 | the Authority is not a moral obligation of the State or any | ||||||
10 | State agency or political subdivision of the State "; and | ||||||
11 | on page 48, line 6, after the period, by inserting " A local | ||||||
12 | government security purchased or otherwise acquired by the | ||||||
13 | Authority is not a moral obligation of the State or any State | ||||||
14 | agency or political subdivision of the State. "; and | ||||||
15 | on page 61, line 2, by replacing " security " with " security. A |
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1 | local government security purchased or otherwise acquired by | ||||||
2 | the Authority is not a moral obligation of the State or any | ||||||
3 | State agency or political subdivision of the State "; and | ||||||
4 | on page 75, line 18, by replacing " security " with " security. A | ||||||
5 | local government security purchased or otherwise acquired by | ||||||
6 | the Authority is not a moral obligation of the State or any | ||||||
7 | State agency or political subdivision of the State "; and | ||||||
8 | on page 81, line 4, after "5," by inserting "7,"; and
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9 | on page 85, immediately below line 18, by inserting the | ||||||
10 | following:
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11 | "(70 ILCS 520/7) (from Ch. 85, par. 6157)
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12 | Sec. 7.
(a) The Authority, with the written approval of the | ||||||
13 | Governor,
shall have the continuing power to issue bonds, | ||||||
14 | notes, or other evidences
of indebtedness for the purpose of | ||||||
15 | developing, constructing, acquiring or
improving projects, | ||||||
16 | including without limitation those established by
business | ||||||
17 | entities locating or expanding property within the territorial
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18 | jurisdiction of the Authority, for entering into venture | ||||||
19 | capital agreements
with businesses locating or expanding | ||||||
20 | within the territorial jurisdiction
of the Authority, for | ||||||
21 | acquiring and improving any property necessary and
useful in | ||||||
22 | connection therewith, for the purposes of the Employee |
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1 | Ownership
Assistance Act, and any local government projects. | ||||||
2 | With respect to any
local government project, the Authority is | ||||||
3 | authorized to purchase from time
to time pursuant to negotiated | ||||||
4 | sale or to otherwise acquire from time to
time any local | ||||||
5 | government security upon terms and conditions as the
Authority | ||||||
6 | may prescribe in connection therewith. A local government | ||||||
7 | security purchased or otherwise acquired by the Authority on or | ||||||
8 | after the effective date of this amendatory Act of the 100th | ||||||
9 | General Assembly is not a moral obligation of the State or any | ||||||
10 | State agency or political subdivision of the State. For the | ||||||
11 | purpose of
evidencing the obligations of the Authority to repay | ||||||
12 | any money borrowed for
any project, the Authority may, pursuant | ||||||
13 | to resolution, from time to time
issue and dispose of its | ||||||
14 | interest bearing revenue bonds, notes or other
evidences of | ||||||
15 | indebtedness and may also from time to time issue and dispose
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16 | of such bonds, notes or other evidences of indebtedness to | ||||||
17 | refund, at
maturity, at a redemption date or in advance of | ||||||
18 | either, any bonds, notes or
other evidences of indebtedness | ||||||
19 | pursuant to redemption provisions or at any
time before | ||||||
20 | maturity. All such bonds, notes or other evidences of
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21 | indebtedness shall be payable solely and only from the revenues | ||||||
22 | or income
to be derived from loans made with respect to | ||||||
23 | projects, from the leasing or
sale of the projects or from any | ||||||
24 | other funds available to the Authority for
such purposes. The | ||||||
25 | bonds, notes or other evidences of indebtedness may
bear such | ||||||
26 | date or dates, may mature at such time or times not exceeding |
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1 | 40
years from their respective dates, notwithstanding any other | ||||||
2 | law to the
contrary may bear interest at such rate or rates | ||||||
3 | payable annually,
semi-annually, quarterly or monthly, may be | ||||||
4 | in such form, may carry such
registration privileges, may be | ||||||
5 | executed in such manner, may be payable at
such place or | ||||||
6 | places, may be made subject to redemption in such manner and
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7 | upon such terms, with or without premium as is stated on the | ||||||
8 | face thereof,
may be authenticated in such manner and may | ||||||
9 | contain such terms and
covenants as may be provided by an | ||||||
10 | applicable resolution.
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11 | (b)(1) The holder or holders of any bonds, notes or other | ||||||
12 | evidences of
indebtedness issued by the Authority may bring | ||||||
13 | suits at law or proceedings
in equity to compel the | ||||||
14 | performance and observance by any corporation or
person or | ||||||
15 | by the Authority or any of its agents or employees of any
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16 | contract or covenant made with the holders of such bonds, | ||||||
17 | notes or other
evidences of indebtedness, to compel such | ||||||
18 | corporation, person, the
Authority and any of its agents or | ||||||
19 | employees to perform any duties required
to be performed | ||||||
20 | for the benefit of the holders of any such bonds, notes or
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21 | other evidences of indebtedness by the provision of the | ||||||
22 | resolution
authorizing their issuance and to enjoin such | ||||||
23 | corporation, person, the
Authority and any of its agents or | ||||||
24 | employees from taking any action in
conflict with any such | ||||||
25 | contract or covenant.
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26 | (2) If the Authority fails to pay the principal of or |
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1 | interest on any
of the bonds or premium, if any, as the | ||||||
2 | same become due, a civil action to
compel payment may be | ||||||
3 | instituted in the appropriate circuit court by the
holder | ||||||
4 | or holders of the bonds on which such default of payment | ||||||
5 | exists or
by an indenture trustee acting on behalf of such | ||||||
6 | holders. Delivery of a
summons and a copy of the complaint | ||||||
7 | to the Chairman of the Board shall
constitute sufficient | ||||||
8 | service to give the circuit court jurisdiction of the
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9 | subject matter of such a suit and jurisdiction over the | ||||||
10 | Authority and its
officers named as defendants for the | ||||||
11 | purpose of compelling such payment.
Any case, controversy | ||||||
12 | or cause of action concerning the validity of this Act
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13 | relates to the revenue of the State of Illinois.
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14 | (c) Notwithstanding the form and tenor of any such bonds, | ||||||
15 | notes or other
evidences of indebtedness and in the absence of | ||||||
16 | any express recital on the
face thereof that it is | ||||||
17 | non-negotiable, all such bonds, notes and other
evidences of | ||||||
18 | indebtedness shall be negotiable instruments. Pending the
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19 | preparation and execution of any such bonds, notes or other | ||||||
20 | evidences of
indebtedness, temporary bonds, notes or evidences | ||||||
21 | of indebtedness may be
issued as provided by ordinance.
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22 | (d) To secure the payment of any or all of such bonds, | ||||||
23 | notes or other
evidences of indebtedness, the revenues to be | ||||||
24 | received by the Authority from
a lease agreement or loan | ||||||
25 | agreement shall be pledged, and, for the purpose
of setting | ||||||
26 | forth the covenants and undertakings of the Authority in
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1 | connection with the issuance thereof and the issuance of any | ||||||
2 | additional
bonds, notes or other evidences of indebtedness | ||||||
3 | payable from such revenues,
income or other funds to be derived | ||||||
4 | from projects, the Authority may
execute and deliver a mortgage | ||||||
5 | or trust agreement. A remedy for any breach
or default of the | ||||||
6 | terms of any such mortgage or trust agreement by the
Authority | ||||||
7 | may be by mandamus proceedings in the appropriate circuit court
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8 | to compel the performance and compliance therewith, but the | ||||||
9 | trust agreement
may prescribe by whom or on whose behalf such | ||||||
10 | action may be instituted.
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11 | (e) Such bonds or notes shall be secured as provided in the | ||||||
12 | authorizing
ordinance which may, notwithstanding any other | ||||||
13 | provision of this Act,
include in addition to any other | ||||||
14 | security a specific pledge or assignment
of and lien on or | ||||||
15 | security interest in any or all revenues or money of the
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16 | Authority from whatever source which may by law be used for | ||||||
17 | debt
service purposes and a specific pledge or assignment of | ||||||
18 | and lien on or
security interest in any funds or accounts | ||||||
19 | established or provided for by
ordinance of the Authority | ||||||
20 | authorizing the issuance of such bonds or notes
and, with | ||||||
21 | respect to any local government project, may include without
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22 | limitation a pledge of any local government securities, | ||||||
23 | including any
payments thereon.
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24 | (f) In the event that the Authority determines that monies | ||||||
25 | of the
Authority will not be sufficient for the payment of the | ||||||
26 | principal of and
interest on its bonds during the next State |
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1 | fiscal year, the Chairman, as
soon as practicable, shall | ||||||
2 | certify to the Governor the amount required by
the Authority to | ||||||
3 | enable it to pay such principal of and interest on the
bonds. | ||||||
4 | The Governor shall submit the amount so certified to the | ||||||
5 | General
Assembly as soon as practicable, but no later than the | ||||||
6 | end of the current
State fiscal year. This subsection shall not | ||||||
7 | apply to any bonds or notes as
to which the Authority shall | ||||||
8 | have determined, in the resolution authorizing
the issuance of | ||||||
9 | the bonds or notes, that this subsection shall not apply.
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10 | Whenever the Authority makes such a determination, that fact | ||||||
11 | shall be
plainly stated on the face of the bonds or notes, and | ||||||
12 | that fact shall also
be reported to the Governor.
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13 | In the event of a withdrawal of moneys from a reserve fund | ||||||
14 | established
with respect to any issue or issues of bonds of the | ||||||
15 | Authority to pay
principal or interest on those bonds, the | ||||||
16 | Chairman of the Authority, as
soon as practicable, shall | ||||||
17 | certify to the Governor the amount required
to restore the | ||||||
18 | reserve fund to the level required in the resolution or
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19 | indenture securing those bonds. The Governor shall submit the | ||||||
20 | amount so
certified to the General Assembly as soon as | ||||||
21 | practicable, but no later than
the end of the current State | ||||||
22 | fiscal year.
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23 | (g) The State of Illinois pledges to and agrees with the | ||||||
24 | holders of the
bonds and notes of the Authority issued pursuant | ||||||
25 | to this Section that the
State will not limit or alter the | ||||||
26 | rights and powers vested in the Authority
by this Act so as to |
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1 | impair the terms of any contract made by the Authority
with | ||||||
2 | such holders or in any way impair the rights and remedies of | ||||||
3 | such
holders until such bonds and notes, together with interest | ||||||
4 | thereon, with
interest on any unpaid installments of interest, | ||||||
5 | and all costs and expenses
in connection with any action or | ||||||
6 | proceedings by or on behalf of such
holders, are fully met and | ||||||
7 | discharged. In addition, the State pledges to
and agrees with | ||||||
8 | the holders of the bonds and notes of the Authority issued
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9 | pursuant to this Section that the State will not limit or alter | ||||||
10 | the basis
on which State funds are to be paid to the Authority | ||||||
11 | as provided in this
Act, or the use of such funds, so as to | ||||||
12 | impair the terms of any such
contract. The Authority is | ||||||
13 | authorized to include these pledges and
agreements of the State | ||||||
14 | in any contract with the holders of bonds or notes
issued under | ||||||
15 | this Section.
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16 | (Source: P.A. 86-1455; 87-778.)"; and
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17 | on page 95, line 15, by replacing " security " with " security. A | ||||||
18 | local government security purchased or otherwise acquired by | ||||||
19 | the Authority is not a moral obligation of the State or any | ||||||
20 | State agency or political subdivision of the State "; and | ||||||
21 | on page 114, line 15, by replacing " security " with " security. A | ||||||
22 | local government security purchased or otherwise acquired by | ||||||
23 | the Authority is not a moral obligation of the State or any | ||||||
24 | State agency or political subdivision of the State "; and |
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1 | on page 128, line 6, by replacing " security " with " security. A | ||||||
2 | local government security purchased or otherwise acquired by | ||||||
3 | the Authority is not a moral obligation of the State or any | ||||||
4 | State agency or political subdivision of the State "; and | ||||||
5 | on page 142, line 8, by replacing " security " with " security. A | ||||||
6 | local government security purchased or otherwise acquired by | ||||||
7 | the Authority is not a moral obligation of the State or any | ||||||
8 | State agency or political subdivision of the State ".
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