House Sponsors: RUTHERFORD-KOSEL-HASSERT. Senate Sponsors: PETKA-WALSH,L Short description: JOLIET ARSENAL-BONDS Synopsis of Bill as introduced: Amends the Joliet Arsenal Development Authority Act. Deletes the provision that provides that if the Authority determines that its moneys will not be sufficient for the principal and interest payments on its revenue bonds, the Chairman of the Authority shall certify to the Governor the amount required by the Authority and the Governor shall submit the amount to the General Assembly no later than the end of the current fiscal year. Deletes the provision that provides that the Chairman shall certify to the Governor the amount required to restore the reserve fund to the level required in the resolution or indenture securing revenue bonds if the Authority withdraws funds from the reserve funds for a principal or interest payment on revenue bonds. Increases the Board of Directors from 9 to 11 members. Provides that the 2 new members shall be appointed by the Governor from Will County, with the advice and consent of the Senate. States that the new members' terms shall commence 30 days after the effective date of this amendatory Act. Specifies the initial terms for the new members. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 70 ILCS 508/10.20 70 ILCS 508/10.40 70 ILCS 508/10.45 70 ILCS 508/10.55 70 ILCS 508/15 70 ILCS 508/25 70 ILCS 508/35 Deletes everything. Amends the Joliet Arsenal Development Authority Act. Provides that the Authority (now, with written approval of the Governor) shall have the continuing power to issue revenue bonds, notes, or other evidences of indebtedness in an aggregate amount not to exceed $100,000,000 for certain purposes. Deletes the provision that provides that if the Authority determines that its moneys will not be sufficient for the principal and interest payments on its revenue bonds, the Chairman of the Authority shall certify to the Governor the amount required by the Authority and the Governor shall submit the amount to the General Assembly no later than the end of the current fiscal year. Deletes the provision that provides that the Chairman shall certify to the Governor the amount required to restore the reserve fund to the level required in the resolution or indenture securing revenue bonds if the Authority withdraws funds from the reserve funds for a principal or interest payment on revenue bonds. Provides that "project" means any industrial or commercial project (now, industrial, commercial, or service project). States that "costs incurred in connection with the development, construction, acquisition, or improvement of a project" includes interest costs with respect to revenue bonds, notes, and other evidences of indebtedness of the Authority prior to and during construction and for a period of 36 months (now, 6 months) thereafter. Provides that "lease agreement" means an agreement under which a project acquired by the authority is leased to a person or governmental agency that will use the project as a project upon terms providing for lease rental payments at least sufficient to pay when due the lessee's pro rata share of all principal of and interest and premium on any evidence of indebtedness. Provides that "loan agreement" means any agreement by which the Authority agrees to loan the proceeds of its evidences of indebtedness issued with respect to a project to any person or governmental agency that will use or cause the project to be used as a project upon terms providing for loan repayment installments at least sufficient to pay when due the borrower's pro rata share of all principal of and interest and premium on the evidences of indebtedness. Allows the Authority to borrow money and to issue revenue bonds, notes, or other evidences of indebtedness to evidence the obligation of the Authority to repay the borrowings. Requires the County Executive of Will County, with the advice and consent of the county board of Will County, to appoint 5 members to the Joliet Arsenal Development Authority (now, appointed by the county board). Effective immediately. SENATE AMENDMENT NO. 1. Deletes reference to: 70 ILCS 508/15 Removes the provision that requires the County Executive of Will County, with the advice and consent of the county board of Will County, to appoint 5 members to the Joliet Arsenal Development Authority (now, appointed by the county board). CONFERENCE COMMITTEE REPORT NO. 1. Recommends that the House concur in Senate Amendment No. 1. Last action on Bill: PUBLIC ACT.............................. 90-0083 Last action date: 97-07-10 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status