Public Act 095-0641
Public Act 0641 95TH GENERAL ASSEMBLY
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Public Act 095-0641
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| HB0004 Enrolled |
LRB095 03797 HLH 23827 b |
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| AN ACT concerning local government.
| Be it enacted by the People of the State of Illinois,
| represented in the General Assembly:
| 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:
| (70 ILCS 5/1) (from Ch. 15 1/2, par. 68.1)
| Sec. 1. Definitions. When used in this Act:
| "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.
| "Aircraft" means any contrivance now known or hereafter | invented, used
or designed for navigation of, or flight in, the | air.
| "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.
| "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.
| "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.
| "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
| intangible personal property, and services used or useful for | commercial
and recreational purposes.
| "Board of Commissioners" and "Board" mean the board of | commissioners of
an established authority or an authority | proposed to be established.
| "Commercial aircraft" means any aircraft other than public | aircraft
engaged in the business of transporting persons or | property.
| "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.
| "Metropolitan Airport Authority" and "Metropolitan | Authority" mean an
airport authority established in the manner | provided in Section 2.7 of
this Act.
| "Municipality" means any city, village or incorporated | town of the State
of Illinois.
| "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.
| "Private aircraft" means any aircraft other than public and | commercial
aircraft.
| "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.
| "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
| aeronautical purposes.
| "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.
| "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.
| (Source: P.A. 87-854.)
| (70 ILCS 5/3.1) (from Ch. 15 1/2, par. 68.3a)
| Sec. 3.1. Boards of commissioners - Appointment. The Boards | of
Commissioners of Authorities shall be appointed as follows:
| (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:
| (a) Where there is only one such municipality, 3 | commissioners shall be
appointed from such municipality, | and 2 commissioners shall be appointed at
large.
| (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.
| (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
| 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
| 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
| shall be appointed at large.
| (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
| 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
| commissioners appointed at large shall be appointed by the
| chairman of the county board of such county, and any
| 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
| 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
| 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
| presiding officer of its governing body.
| (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
| 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.
| (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.
| (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
| 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
| 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.
| (4) Notwithstanding any other provision of this Section, | the Board of
Commissioners of a Metropolitan Airport Authority | shall consist of 9
commissioners.
| 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.
| 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
| consent of the governing bodies of those municipalities.
| 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:
|
| (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.
| (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
| 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
| population between 600,000 and 3,000,000.
| (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.
| (Source: P.A. 94-466, eff. 1-1-06.)
| (70 ILCS 5/14.1) (from Ch. 15 1/2, par. 68.14a)
| 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.
| (Source: P.A. 87-854.)
| (70 ILCS 5/14.2) (from Ch. 15 1/2, par. 68.14b)
| 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.
| (Source: P.A. 87-854; 87-895.)
| (70 ILCS 5/14.3) (from Ch. 15 1/2, par. 68.14c)
| 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
| 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
| 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
| 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
| 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.
| 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.
| 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
| 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.
| (Source: P.A. 86-1017; 87-854.)
| (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. |
Effective Date: 10/11/2007
|
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