Bill Text: IL HB0676 | 2013-2014 | 98th General Assembly | Amended
Bill Title: Amends the Military Veterans Assistance Act. Makes a technical change in a Section concerning the definition of "overseer of military veterans assistance".
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB0676 Detail]
Download: Illinois-2013-HB0676-Amended.html
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO HOUSE BILL 676
| ||||||
2 | AMENDMENT NO. ______. Amend House Bill 676 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 1. Short title. This Act may be cited as the | ||||||
5 | Illinois Veterans' Education and Technology District Act.
| ||||||
6 | Section 5. Purpose. The purpose of this Act is to | ||||||
7 | facilitate and promote the redevelopment of underutilized and | ||||||
8 | vacant property located in Maywood and Melrose Park, Illinois | ||||||
9 | for the benefit of all Illinois veterans. The District is | ||||||
10 | created to construct a grade separation of the 5th Avenue rail | ||||||
11 | grade crossing and the Union Pacific Railroad and to attract, | ||||||
12 | construct, and maintain technology academic centers, | ||||||
13 | technology training centers, technology enterprises, | ||||||
14 | commercial and manufacturing enterprises, veteran educational | ||||||
15 | training centers, and residential housing for the benefit of | ||||||
16 | all veterans, especially disabled, returning, and senior |
| |||||||
| |||||||
1 | veterans, and other uses as permitted by this Act.
| ||||||
2 | Section 10. Creation. | ||||||
3 | (a) The Illinois Veterans' Education and Technology | ||||||
4 | District is created as a political subdivision, body politic, | ||||||
5 | and municipal corporation. | ||||||
6 | (b) The boundaries of the District shall extend over the | ||||||
7 | approximately 240 acres, more or less, of largely industrial, | ||||||
8 | commercial, and residential property located in Maywood and | ||||||
9 | Melrose Park, Illinois. The boundaries of the District consist | ||||||
10 | of the Des Plaines River on the east, Chicago Avenue on the | ||||||
11 | north, Oak Street on the south, and 9th Avenue in Maywood and | ||||||
12 | 15th Avenue in Melrose Park on the west. | ||||||
13 | (c) The governing and administrative powers of the District | ||||||
14 | shall vest in its Board of Directors consisting of 5 members | ||||||
15 | and appointed as follows: | ||||||
16 | (1) Two shall be appointed by the Mayor of Maywood. | ||||||
17 | (2) Two shall be appointed by the Mayor of Melrose | ||||||
18 | Park. | ||||||
19 | (3) One shall be appointed by the Governor. | ||||||
20 | All persons appointed as members of the Board shall have | ||||||
21 | recognized ability and experience in one or more of the | ||||||
22 | following areas: economic development, finance, banking, | ||||||
23 | industrial development, business management, real estate, | ||||||
24 | community development, organized labor or civic, community, or | ||||||
25 | neighborhood organization. |
| |||||||
| |||||||
1 | (d) The terms of the 5 initial appointees to the District | ||||||
2 | shall commence 30 days after the effective date of this Act. | ||||||
3 | The first members shall be appointed as follows: (1) one each | ||||||
4 | of Maywood's and Melrose Park's appointees and one of the | ||||||
5 | Governor's appointees shall be appointed to serve 2-year terms; | ||||||
6 | (2) one each of Maywood's and Melrose Park's appointees shall | ||||||
7 | serve 4-year terms. After the initial terms, members shall be | ||||||
8 | appointed by the original appointing authority and serve 4-year | ||||||
9 | terms commencing the third Monday in January of the year of the | ||||||
10 | appointment. Vacancies occurring other than at the end of a | ||||||
11 | term shall be filled by the appropriate appointing authority | ||||||
12 | for the remainder of the term. Each member appointed to the | ||||||
13 | Board shall serve until his or her successor is appointed and | ||||||
14 | qualified. | ||||||
15 | (e) The Chairperson of the Board shall be elected annually | ||||||
16 | by the Board from among its members. | ||||||
17 | (f) The appointing authority may remove any member of the | ||||||
18 | Board in case of incompetence, neglect of duty, or malfeasance | ||||||
19 | in office. | ||||||
20 | (g) Members of the Board shall serve without compensation | ||||||
21 | but may be reimbursed for all necessary expenses incurred in | ||||||
22 | connection with the performance of their duties as members. | ||||||
23 | (h) The Board may appoint an Executive Director who shall | ||||||
24 | have a background in administration, planning, real estate, | ||||||
25 | economic development, finance, or law. The Executive Director | ||||||
26 | shall hold office at the discretion of the Board. The Executive |
| |||||||
| |||||||
1 | Director shall be the chief administrative and operational | ||||||
2 | officer of the District, shall direct and supervise its | ||||||
3 | administrative affairs and general management, shall perform | ||||||
4 | other duties as may be prescribed from time to time by the | ||||||
5 | Board, and shall receive compensation fixed by the Board. The | ||||||
6 | Executive Director shall attend all meetings of the Board; | ||||||
7 | however, no action of the Board or the District shall be | ||||||
8 | invalid on account of the absence of the Executive Director | ||||||
9 | from the meeting. The Board may engage the services of other | ||||||
10 | agents and employees, including planners, attorneys, | ||||||
11 | appraisers, engineers, accountants, credit analysts, and other | ||||||
12 | consultants, and may prescribe their duties and fix their | ||||||
13 | compensation. | ||||||
14 | (i) The Board shall meet on the call of its Chairperson or | ||||||
15 | upon written notice of 3 members of the Board. | ||||||
16 | (j) All official acts of the District shall require the | ||||||
17 | affirmative vote of at least 3 of the members of the Board | ||||||
18 | present and voting at a meeting of the Board.
| ||||||
19 | Section 15. Duties. The District shall promote development | ||||||
20 | within its territorial jurisdiction for the benefit of Illinois | ||||||
21 | veterans and shall use the powers conferred on it by this Act | ||||||
22 | to assist in the planning, development, acquisition, | ||||||
23 | construction, and marketing of residential, industrial, | ||||||
24 | commercial, or freight-oriented projects with its territorial | ||||||
25 | jurisdiction. The District shall: |
| |||||||
| |||||||
1 | (a) undertake joint planning for property within its | ||||||
2 | territorial jurisdiction that identifies and addresses its | ||||||
3 | development, transportation, transit, zoning, workforce, and | ||||||
4 | environmental priorities and objectives; | ||||||
5 | (b) assemble and prepare parcels for development; | ||||||
6 | (c) oversee environmental studies and remediation | ||||||
7 | necessary to identify and remove any hazards or toxins that | ||||||
8 | impede development; | ||||||
9 | (d) develop, construct, and improve, either under its own | ||||||
10 | direction or through collaboration with any approved | ||||||
11 | applicant, or to acquire through purchase or otherwise, any | ||||||
12 | project, using for that purpose the proceeds derived from its | ||||||
13 | sale of revenue bonds, notes, or other evidences of | ||||||
14 | indebtedness or governmental loans or grants, and to hold title | ||||||
15 | in the name of the District to those projects; | ||||||
16 | (e) market the District to prospective developers and | ||||||
17 | businesses; | ||||||
18 | (f) make its best effort to annex parcels of unincorporated | ||||||
19 | property that are subject to the jurisdiction of the District | ||||||
20 | to a contiguous municipality; and | ||||||
21 | (g) maintain relationships with local residents, | ||||||
22 | industries, businesses, nonprofit organizations, elected and | ||||||
23 | appointed officials, other government and private entities, | ||||||
24 | and any other interested parties in the course of achieving its | ||||||
25 | objectives and exercising its powers.
|
| |||||||
| |||||||
1 | Section 20. Powers. The District shall possess all powers | ||||||
2 | of a body corporate necessary and convenient to accomplish the | ||||||
3 | purpose of this Act, including, without limitation, the power | ||||||
4 | to: | ||||||
5 | (a) enter into loans, contracts, agreements, and mortgages | ||||||
6 | in any matter connected with any of its corporate purposes and | ||||||
7 | to invest its funds; | ||||||
8 | (b) sue and be sued; | ||||||
9 | (c) employ agents and employees necessary to carry out its | ||||||
10 | purposes; | ||||||
11 | (d) have, use, and alter a common seal; | ||||||
12 | (e) adopt all needful ordinances, resolutions, bylaws, | ||||||
13 | rules, and regulations for the conduct of its business and | ||||||
14 | affairs and for the management and use of the projects | ||||||
15 | developed, constructed, acquired, and improved in furtherance | ||||||
16 | of its purposes; | ||||||
17 | (f) designate the fiscal year for the District; | ||||||
18 | (g) accept and expend appropriations; | ||||||
19 | (h) have and exercise all powers and be subject to all | ||||||
20 | duties usually incident to boards of directors of corporations; | ||||||
21 | (i) engage in any activity or operation, including | ||||||
22 | Brownfield remediation under the Environmental Protection Act, | ||||||
23 | that is incidental to and in furtherance of efficient operation | ||||||
24 | to accomplish the District's primary purpose; | ||||||
25 | (j) accept donations, contributions, capital grants, or | ||||||
26 | gifts from individuals, associations, and private corporations |
| |||||||
| |||||||
1 | in aid of any purposes of this Act and to enter into agreements | ||||||
2 | in connection therewith; | ||||||
3 | (k) enter into intergovernmental agreements with the State | ||||||
4 | of Illinois, Cook County, the Illinois Finance Authority, the | ||||||
5 | United States government, any agency or instrumentality of the | ||||||
6 | United States, any unit of local government located within the | ||||||
7 | territory of the District, or any other unit of government to | ||||||
8 | the extent allowed by Article VII, Section 10 of the Illinois | ||||||
9 | Constitution and the Intergovernmental Cooperation Act; | ||||||
10 | (l) enter into agreements with businesses, form | ||||||
11 | public-private partnership entities, and appropriate funds to | ||||||
12 | certain entities as needed to achieve the purpose of this Act; | ||||||
13 | (m) share employees with other units of government, | ||||||
14 | including agencies of the United States, agencies of the State | ||||||
15 | of Illinois, and agencies or personnel of any unit of local | ||||||
16 | government; | ||||||
17 | (n) provide relocation assistance to persons and entities | ||||||
18 | displaced by the District's acquisition of property and | ||||||
19 | improvement of the District; and | ||||||
20 | (o) acquire private real property by gift or voluntary | ||||||
21 | purchase if the District finds that the acquisition by gift or | ||||||
22 | by purchase is reasonably necessary to further the intent of | ||||||
23 | this Act.
| ||||||
24 | Section 25. Acquisition of real estate. The District is | ||||||
25 | authorized to acquire the fee simple title to real property |
| |||||||
| |||||||
1 | lying within the District and personal property required for | ||||||
2 | its purposes by gift, purchase, or otherwise, and title shall | ||||||
3 | be taken in the corporate name of the District. The District | ||||||
4 | may acquire by lease real and personal property found by the | ||||||
5 | District to be necessary for its purposes and to which the | ||||||
6 | District finds that it need not acquire the fee simple title | ||||||
7 | for carrying out of its purposes. All real and personal | ||||||
8 | property within the District, except property owned and used | ||||||
9 | for purposes authorized under this Act, may be acquired by the | ||||||
10 | District in its corporate name under the provisions of the | ||||||
11 | exercise of the right of eminent domain under the Eminent | ||||||
12 | Domain Act.
| ||||||
13 | Section 30. Development. The District may, in its corporate | ||||||
14 | capacity, construct, cause, or permit to be constructed | ||||||
15 | facilities within the District that the District determines | ||||||
16 | should be established and operated to carry out any aspect of | ||||||
17 | the District's purpose under this Act. The facility may be | ||||||
18 | established and operated for the study, diagnosis, and | ||||||
19 | treatment of human ailments and injuries, whether physical or | ||||||
20 | mental, or to promote medical, surgical, and scientific | ||||||
21 | research and knowledge, or for any uses the District shall | ||||||
22 | determine shall support and nurture facilities, and uses | ||||||
23 | permitted by this Act. | ||||||
24 | (a) The District shall administer the development and | ||||||
25 | operation of the District at its discretion, and any extensions |
| |||||||
| |||||||
1 | or expansion thereof. The District shall, among other things, | ||||||
2 | create a development area within the District. Within its | ||||||
3 | boundaries, the District may acquire or construct commercial | ||||||
4 | and other types of development, public and private, if the | ||||||
5 | District determines in its discretion that the commercial | ||||||
6 | developments are ancillary to and necessary for the support of | ||||||
7 | facilities within the District and any other purposes of the | ||||||
8 | District. | ||||||
9 | (b) The District may sell, lease, develop, operate, and | ||||||
10 | manage for any person, firm, partnership, or corporation, | ||||||
11 | either public or private, all or any part of the land, | ||||||
12 | buildings, facilities, equipment, or other property included | ||||||
13 | in the District area. | ||||||
14 | (c) The District may enter into any contract or agreement | ||||||
15 | with any person, firm, partnership, or corporation, either | ||||||
16 | public or private, or any combination of the foregoing, as may | ||||||
17 | be necessary or suitable for the creation, marketing, | ||||||
18 | development, construction, reconstruction, rehabilitation, | ||||||
19 | financing, operation and maintenance, and management of the | ||||||
20 | District and any technology park, residential property, or | ||||||
21 | commercial development. The District may sell or lease to any | ||||||
22 | person, firm, partnership, or corporation, either public or | ||||||
23 | private, any part or all of the land, building, facilities, | ||||||
24 | equipment, or other property of the District upon the rentals, | ||||||
25 | terms, and conditions as the District may deem advisable. The | ||||||
26 | District may finance all or part of the cost of the District's |
| |||||||
| |||||||
1 | development and operation of the District, including the | ||||||
2 | creation, marketing, development, purchase, lease, | ||||||
3 | construction, reconstruction, rehabilitation, improvement, | ||||||
4 | remodeling, addition to, extension, and maintenance of all or | ||||||
5 | part of the high technology park or the designated development | ||||||
6 | area, and all equipment and furnishings, by legislative | ||||||
7 | appropriations, government grants, contracts, private gifts, | ||||||
8 | loans bonds, receipts from the sale of lease of land for the | ||||||
9 | operation of the District, any high technology park, the | ||||||
10 | commercial development or residential property, rentals, and | ||||||
11 | similar receipts or other sources of revenue legally available | ||||||
12 | for these purposes. | ||||||
13 | (d) The District shall promulgate rules concerning the | ||||||
14 | procurement of contracts and purchases. | ||||||
15 | (e) The District may defray the expenses of the operation | ||||||
16 | of the District area and technology park improvements to the | ||||||
17 | District area and technology park provision of shared services, | ||||||
18 | common facilities, and common area expenses, benefitting | ||||||
19 | owners and occupants of property within the District and the | ||||||
20 | technology park by general assessment, special assessment, or | ||||||
21 | the imposition of service or user fees. | ||||||
22 | (f) Fees and assessments under subsection (e) may only be | ||||||
23 | imposed after public notice. | ||||||
24 | (g) The District may acquire any real and personal property | ||||||
25 | within the District by immediate vesting of title, commonly | ||||||
26 | referred to as "quick-take", pursuant to Sections 7-103 through |
| |||||||
| |||||||
1 | 7-112 of the Code of Civil Procedure.
| ||||||
2 | Section 35. Sale or Lease of Real Estate. The District may | ||||||
3 | sell, convey, transfer, or lease any title or interest in real | ||||||
4 | estate owned by it to any person or entity to be used, subject | ||||||
5 | to the restrictions of this Act, for the purpose of serving | ||||||
6 | persons using the facilities offered within the District or for | ||||||
7 | carrying out of any aspect of the District's purpose under | ||||||
8 | Section 5 of this Act. | ||||||
9 | (a) To assure that the use of the real property sold or | ||||||
10 | leased is in accordance with the provisions of this Act, the | ||||||
11 | District shall inquire into the financial ability of the | ||||||
12 | purchaser to complete the project for which the real estate is | ||||||
13 | sold or leased in accordance with a plan to be presented by the | ||||||
14 | purchaser or lessee. That plan shall be submitted in writing to | ||||||
15 | the District. In accordance with the plan, the purchaser or | ||||||
16 | lessee shall: (1) use the land for the purposes designated in | ||||||
17 | the plan as presented; (2) commence and complete the | ||||||
18 | construction of the buildings or other structures to be | ||||||
19 | included in the project within periods of time determined by | ||||||
20 | the District to be reasonable; and (3) comply with other | ||||||
21 | conditions as the District shall determine are necessary to | ||||||
22 | carry out the project. | ||||||
23 | (b) Any real property sold by the District pursuant to the | ||||||
24 | provisions of this Act shall be sold at its use value, which | ||||||
25 | may be more or less than its acquisition cost, and which |
| |||||||
| |||||||
1 | represents the value at which the District determines, after a | ||||||
2 | hearing by the District, or its designee, that the real | ||||||
3 | property should be made available for sale or rental so that it | ||||||
4 | may be developed for the accomplishment of the purposes of this | ||||||
5 | Act. In determining the use value of the real property, the | ||||||
6 | District shall take into consideration whether or not the | ||||||
7 | property is to be used by a wholly or partially tax supported | ||||||
8 | body created under the laws of the State of Illinois, by any | ||||||
9 | department of the State government or any political subdivision | ||||||
10 | of the State, by a charitable institution, or by a private | ||||||
11 | person or institution operating for profit. In determining the | ||||||
12 | use price, the District shall also consider the contribution | ||||||
13 | that the project shall make toward the development of the | ||||||
14 | District and in furtherance of the purposes of this Act. | ||||||
15 | However, the District may convey the fee simple title to land | ||||||
16 | acquired by it, without the payment of any consideration, to | ||||||
17 | the State of Illinois, any political subdivision thereof, or to | ||||||
18 | any body politic and corporate or public corporation created | ||||||
19 | under the laws of the State of Illinois to carry out any | ||||||
20 | function of the State. | ||||||
21 | (c) At any hearing to make determinations under this | ||||||
22 | Section, an investigation shall be made and witnesses and | ||||||
23 | documentary evidence bearing on the use value of the property | ||||||
24 | to be sold or leased shall be examined. All conveyances and | ||||||
25 | leases authorized in this Section shall be on condition that, | ||||||
26 | in the event of use for purposes other than the purposes |
| |||||||
| |||||||
1 | prescribed in this Act or of nonuse for a period of one year, | ||||||
2 | title to the property shall revert to the District. | ||||||
3 | (d) All conveyances and leases made by the District to any | ||||||
4 | corporation or person for the purposes of serving the residents | ||||||
5 | or any person using the facilities offered within the District | ||||||
6 | shall be on condition that in the event of violation of any of | ||||||
7 | the restrictions regarding the use of the property, the title | ||||||
8 | to that property shall revert to the District. | ||||||
9 | (e) However, if the District finds in a public hearing that | ||||||
10 | financing for the acquisition or lease of any real estate or | ||||||
11 | for the construction of any building or improvement cannot be | ||||||
12 | obtained if title to the land, building, or improvement is | ||||||
13 | subject to such reverter provision, the District may cause the | ||||||
14 | real property to be conveyed free of the reverter provision, | ||||||
15 | provided that at least 5 members of the District vote in favor | ||||||
16 | thereof. Notice of a public hearing held under this subsection | ||||||
17 | shall be provided in a secular newspaper of general circulation | ||||||
18 | in the City of Chicago at least 10 days prior to the date of the | ||||||
19 | hearing and shall include the time, place and purpose for the | ||||||
20 | hearing. | ||||||
21 | (f) The District may also provide in the conveyances, | ||||||
22 | leases, or other documentation provisions for notice of | ||||||
23 | violations or default, and the cure thereof, for the benefit of | ||||||
24 | any lender or mortgagee, as the District shall determine to be | ||||||
25 | appropriate. | ||||||
26 | (g) If, at a regularly scheduled meeting, the District |
| |||||||
| |||||||
1 | determines that a parcel of real estate leased by it, or in | ||||||
2 | which it has sold the fee simple title or any lesser estate, is | ||||||
3 | not being used for the purposes prescribed in this Act or has | ||||||
4 | been in nonuse for a period of one year, the District may file | ||||||
5 | a lawsuit in the circuit court of the county in which the | ||||||
6 | property is located to enforce the terms of the sale or lease. | ||||||
7 | (h) Prior to the holding of any public hearing prescribed | ||||||
8 | in this Section, or any meeting regarding the passage of any | ||||||
9 | resolution to file a lawsuit, the District shall give notice to | ||||||
10 | such grantee or lessee, or his or their legal representatives, | ||||||
11 | successors or assigns, of the time and place of such | ||||||
12 | proceeding. Such notice shall be accompanied by a statement | ||||||
13 | signed by the secretary of the District, or by any person | ||||||
14 | authorized by the District to sign the same, setting forth any | ||||||
15 | act or things done or omitted to be done in violation, or | ||||||
16 | claimed to be in violation, of any restriction as to the use of | ||||||
17 | such property, whether such restriction be prescribed in any of | ||||||
18 | the terms of this Act or by any restriction as to the use of | ||||||
19 | such property determined by the District pursuant to the terms | ||||||
20 | of this Act. Such notice of the time and place fixed for such | ||||||
21 | proceeding shall also be given to such person or persons as the | ||||||
22 | District shall deem necessary. Such notice may be given by | ||||||
23 | registered mail, addressed to such grantee, lessee, or to their | ||||||
24 | legal representatives, successors or assigns, at the last known | ||||||
25 | address of such grantee, lessee, or their legal | ||||||
26 | representatives, successors or assigns.
|
| |||||||
| |||||||
1 | Section 40. Grants. The District may apply for and accept | ||||||
2 | grants, loans, or appropriations from the State of Illinois, | ||||||
3 | the federal government, any state of federal agency or | ||||||
4 | instrumentality, or any other person or entity, to be used for | ||||||
5 | any of the purposes of the District and enter into any | ||||||
6 | agreement with the State of Illinois, the federal government, | ||||||
7 | any state or federal instrumentality, or any person or entity, | ||||||
8 | in relation to the grants, matching grants, loans, or | ||||||
9 | appropriations. The District may, by contractual agreement, | ||||||
10 | accept and collect assessments or fees for District enhancement | ||||||
11 | and improvements, common area shared services, shared | ||||||
12 | facilities, or other activities or expenditures in furtherance | ||||||
13 | of the purposes of this Act.
| ||||||
14 | Section 45. Revenue bonds. The District has the power to | ||||||
15 | obtain the funds necessary for financing the acquisition and | ||||||
16 | construction of any building under this Act and for the | ||||||
17 | operation of the District under this Act. The District may | ||||||
18 | borrow money from any public or private agency, department, | ||||||
19 | corporation or person, and may mortgage, pledge, or otherwise | ||||||
20 | encumber the property or funds of the District. | ||||||
21 | (a) In evidence of and as security for funds borrowed, the | ||||||
22 | District may issue revenue bonds in its corporate capacity to | ||||||
23 | be payable from the revenues derived from the operation of the | ||||||
24 | institutions or buildings owned, leased, or operated by or on |
| |||||||
| |||||||
1 | behalf of the District. Bonds shall in no event constitute any | ||||||
2 | indebtedness of the District or a claim against the property of | ||||||
3 | the District. | ||||||
4 | (b) Bonds may be issued in denominations as may be | ||||||
5 | expedient, and in amounts and at rates of interest as the | ||||||
6 | District shall deem necessary, to provide sufficient funds to | ||||||
7 | pay all the costs of acquiring land, the construction, | ||||||
8 | acquisition, equipping, and operation of buildings within the | ||||||
9 | District, including engineering and other expenses. | ||||||
10 | (c) Bonds shall be executed by the Chairperson of the | ||||||
11 | District, attested by the secretary, and sealed with the | ||||||
12 | District's corporate seal. In case either the Chairperson or | ||||||
13 | secretary is removed or replaced from office before delivery of | ||||||
14 | the bonds, the signature of the officer shall be valid and | ||||||
15 | sufficient, with the same effect as if the officer had remained | ||||||
16 | in office at the time of the delivery. The District shall | ||||||
17 | furnish the State Comptroller with a record of all bonds issued | ||||||
18 | under this Act. | ||||||
19 | (d) The District shall have the continuing power to issue | ||||||
20 | revenue bonds, notes, or other evidences of indebtedness in an | ||||||
21 | aggregate amount not to exceed $200,000,000 for the purpose of | ||||||
22 | developing, constructing, acquiring, or improving projects, | ||||||
23 | including those established by business entities locating or | ||||||
24 | expanding property within the territorial jurisdiction of the | ||||||
25 | District, to acquire and improve any property necessary and | ||||||
26 | useful in connection therewith, and for the purposes of the |
| |||||||
| |||||||
1 | Employee Ownership Assistance Act. The bonds shall be issued | ||||||
2 | under the supervision of the Illinois Finance Authority | ||||||
3 | pursuant to Section 825-13 of the Illinois Finance Authority | ||||||
4 | Act. For the purpose of evidencing the obligations of the | ||||||
5 | District to repay any money borrowed, the District may by | ||||||
6 | resolution issue and dispose of its interest-bearing revenue | ||||||
7 | bonds, notes, or other evidences of indebtedness and may also | ||||||
8 | issue and dispose of bonds, notes, or other evidences of | ||||||
9 | indebtedness to refund, at maturity, at a redemption date or in | ||||||
10 | advance of either, any revenue bonds, notes, or other evidences | ||||||
11 | of indebtedness pursuant to redemption provisions or at any | ||||||
12 | time before maturity. All revenue bonds, notes, or other | ||||||
13 | evidences of indebtedness shall be payable solely from the | ||||||
14 | revenues or income to be derived from loans made with respect | ||||||
15 | to projects, from the leasing or sale of the projects, or from | ||||||
16 | any other funds available to the District for these purposes, | ||||||
17 | including when so provided by ordinance of the District | ||||||
18 | authorizing the issuance of revenue bonds or notes. The revenue | ||||||
19 | bonds, notes, or other evidences of indebtedness may bear such | ||||||
20 | date or dates, may mature at such time or times not exceeding | ||||||
21 | 40 years from their respective dates, may bear interest at a | ||||||
22 | rate or rates not exceeding the maximum rate permitted by the | ||||||
23 | Bond Authorization Act, may be in such form, may carry such | ||||||
24 | registration privileges, may be executed in such manner, may be | ||||||
25 | payable at such place or places, may be made subject to | ||||||
26 | redemption in such manner and upon such terms, with or without |
| |||||||
| |||||||
1 | premium as is stated on the face thereof, may be authenticated | ||||||
2 | such manner, and may contain such terms and covenants as may be | ||||||
3 | provided by an applicable resolution. | ||||||
4 | (e) The holder or holders of any revenue bonds, notes, or | ||||||
5 | other evidences of indebtedness issued by the District may | ||||||
6 | bring lawsuits or proceedings in equity to compel the | ||||||
7 | performance and observance by any corporation or person, or by | ||||||
8 | the District or any of its agents or employees or any contract | ||||||
9 | or covenant made with the holders of revenue bonds, notes, or | ||||||
10 | other evidences of indebtedness, to compel a corporation, | ||||||
11 | person, the District, and any of its agents or employees to | ||||||
12 | perform any duties required for the benefit of the holders of | ||||||
13 | any revenue bonds, notes, or other evidences of indebtedness by | ||||||
14 | the provision of the resolution authorizing their issuance and | ||||||
15 | to enjoin the corporation, person, the District, and any of its | ||||||
16 | agents or employees from taking any action in conflict with any | ||||||
17 | such contract or covenant. | ||||||
18 | (f) If the District fails to pay the principal of or | ||||||
19 | interest on any of the revenue bonds or premium, if any, as | ||||||
20 | they become due, a civil action to compel payment may be | ||||||
21 | instituted in the appropriate circuit court by the holder or | ||||||
22 | holders of the revenue bonds on which default of payment exists | ||||||
23 | or by an indenture trustee acting on behalf of holders. | ||||||
24 | Delivery of a summons and a copy of the complaint to the | ||||||
25 | Chairperson of the Board shall constitute sufficient service to | ||||||
26 | provide the circuit court with jurisdiction of the subject |
| |||||||
| |||||||
1 | matter of the lawsuit and jurisdiction over the District and | ||||||
2 | its officers named as defendants for the purpose of compelling | ||||||
3 | payment. Any case, controversy, or cause of action concerning | ||||||
4 | the validity of this Act relates to the revenue of the State of | ||||||
5 | Illinois. | ||||||
6 | (g) Notwithstanding the form and tenor of any revenue | ||||||
7 | bonds, notes, or other evidences of indebtedness and in the | ||||||
8 | absence of any express recital on the face of any revenue bond, | ||||||
9 | note, or other evidence of indebtedness that it is | ||||||
10 | nonnegotiable, all revenue bonds, notes, and other evidences of | ||||||
11 | indebtedness shall be negotiable instruments. Pending the | ||||||
12 | preparation and execution of any revenue bonds, notes, or other | ||||||
13 | evidences of indebtedness, temporary revenue bonds, notes, or | ||||||
14 | evidences of indebtedness may be issued as provided by | ||||||
15 | ordinance. | ||||||
16 | (h) To secure the payment of any or all revenue bonds, | ||||||
17 | notes, or other evidences of indebtedness, the revenues to be | ||||||
18 | received by the District from a lease agreement or loan | ||||||
19 | agreement shall be pledged and, for the purpose of setting | ||||||
20 | forth the covenants and undertakings of the District in | ||||||
21 | connection with the issuance thereof and the issuance of any | ||||||
22 | additional revenue bonds, notes, or other evidences of | ||||||
23 | indebtedness payable from such revenues, income, or other funds | ||||||
24 | to be derived from projects, the District may execute and | ||||||
25 | deliver a mortgage or trust agreement. A remedy for any breach | ||||||
26 | or default of the terms of a mortgage or trust agreement by the |
| |||||||
| |||||||
1 | District may be by mandamus proceedings in the appropriate | ||||||
2 | circuit court to compel the performance and compliance | ||||||
3 | therewith, but the trust agreement may prescribe by whom or on | ||||||
4 | whose behalf the action may be instituted. | ||||||
5 | (i) The revenue bonds or notes shall be secured as provided | ||||||
6 | in the authorizing ordinance and, notwithstanding any other | ||||||
7 | provision of this Act, may include, in addition to any other | ||||||
8 | security, a specific pledge or assignment of and lien on or | ||||||
9 | security interest in any or all revenues or money of the | ||||||
10 | District from whatever source that may by law be used for debt | ||||||
11 | service purposes and a specific pledge or assignment of and | ||||||
12 | lien on or security interest in any funds or accounts | ||||||
13 | established or provided for by ordinance of the District | ||||||
14 | authorizing the issuance of revenue bonds or notes. | ||||||
15 | (j) The State of Illinois pledges to and agrees with the | ||||||
16 | holders of the revenue bonds and notes that the District issues | ||||||
17 | pursuant to this Section and shall not limit or alter the | ||||||
18 | rights and powers vested in the District by this Act so as to | ||||||
19 | impair the terms of any contract made by the District with | ||||||
20 | holders or in any way impair the rights and remedies of holders | ||||||
21 | until the revenue bonds and notes, together with interest | ||||||
22 | thereon, with interest on any unpaid installments of interest, | ||||||
23 | and all costs and expenses in connection with any action or | ||||||
24 | proceedings by or on behalf of holders, are fully met and | ||||||
25 | discharged. The District is authorized to include these pledges | ||||||
26 | and agreements of the State in any contract with the holders of |
| |||||||
| |||||||
1 | revenue bonds or notes issued pursuant to this Section. | ||||||
2 | (k) Under no circumstances shall any bonds issued by the | ||||||
3 | District or any other obligation of the District be or become | ||||||
4 | an indebtedness or obligation of the State of Illinois, of any | ||||||
5 | other political subdivision, or of any municipality within the | ||||||
6 | State, nor shall any bond or obligation be or become an | ||||||
7 | indebtedness of the District within the purview of any | ||||||
8 | constitutional limitation or provision. The face of each bond | ||||||
9 | shall plainly state that it does not constitute an indebtedness | ||||||
10 | or obligation but is payable solely from the revenues or income | ||||||
11 | as aforesaid. | ||||||
12 | (l) For the purpose of financing a project pursuant to this | ||||||
13 | Act, the District shall be authorized to apply for an | ||||||
14 | allocation of tax-exempt bond financing authorization provided | ||||||
15 | by the federal Moving Ahead for Progress in the 21st Century | ||||||
16 | Act. | ||||||
17 | (m) The issuance of bonds under this Act is deemed an | ||||||
18 | essential public and governmental purpose. For purposes of | ||||||
19 | Section 250 of the Illinois Income Tax Act, the exemption of | ||||||
20 | the interest from bonds granted under this Section shall | ||||||
21 | terminate after all of the bonds have been paid. The amount of | ||||||
22 | such income that shall be added and then subtracted on the | ||||||
23 | Illinois income tax return of a taxpayer, pursuant to Section | ||||||
24 | 203 of the Illinois Income Tax Act, from federal adjusted gross | ||||||
25 | income or federal taxable income in computing Illinois base | ||||||
26 | income shall be the interest net of any bond premium |
| |||||||
| |||||||
1 | amortization.
| ||||||
2 | Section 50. Rules. The District shall have power to adopt | ||||||
3 | reasonable and proper rules and regulations relative to the | ||||||
4 | exercise of its powers and to adopt proper rules to govern its | ||||||
5 | proceedings. The District shall regulate the mode and manner of | ||||||
6 | all hearings held by it or at its direction, and to alter and | ||||||
7 | amend same.
| ||||||
8 | Section 55. Official documents. Copies of all official | ||||||
9 | documents, findings, and orders of the District, certified by | ||||||
10 | the Chairperson or by the secretary of the District to be true | ||||||
11 | copies of the originals, under the official seal of the | ||||||
12 | District, shall be evidence in like manner as the originals.
| ||||||
13 | Section 60. Park. The District may set apart any part of | ||||||
14 | the District as a park and may construct, control, police and | ||||||
15 | maintain the park or may provide by contract for the | ||||||
16 | construction, control, policing, and maintenance of any area | ||||||
17 | within the District set apart as a park.
| ||||||
18 | Section 65. Depository of funds. The District shall | ||||||
19 | biennially designate a national or state bank or banks as | ||||||
20 | depositories of its money. Those depositories shall be | ||||||
21 | designated only with the state and upon condition that bonds | ||||||
22 | approved as to form and surety by the District and at least |
| |||||||
| |||||||
1 | equal in amount to the maximum sum expected to be on deposit at | ||||||
2 | any one time shall be first given by the depositories to the | ||||||
3 | District, those bonds to be conditioned for the safekeeping and | ||||||
4 | prompt repayment of the deposits. When any of the funds of the | ||||||
5 | District shall be deposited by the treasurer in any such | ||||||
6 | depository, the treasurer and the sureties on his official bond | ||||||
7 | shall, to that extent, be exempt from liability for the loss of | ||||||
8 | any of the deposited funds by reason of the failure, | ||||||
9 | bankruptcy, or any other act or default of the depository. | ||||||
10 | However, the District may accept assignments of collateral by | ||||||
11 | any depository of its funds to secure the deposits to the same | ||||||
12 | extent and conditioned in the same manner as assignments of | ||||||
13 | collateral are permitted by law to secure deposits of the funds | ||||||
14 | of any municipality.
| ||||||
15 | Section 70. Reports. The District shall annually submit a | ||||||
16 | report of its finances to the Auditor General. The District | ||||||
17 | shall annually subject a report of its activities to the | ||||||
18 | Governor and to the General Assembly.
| ||||||
19 | Section 75. Disposition of Funds. The District is | ||||||
20 | authorized to use all money received from the sale or lease of | ||||||
21 | any property as may be necessary to satisfy the obligation of | ||||||
22 | any revenue bond issued pursuant to Section 45. The District | ||||||
23 | may also use all money received as rentals for the purposes of | ||||||
24 | planning, acquisition, and development of property within the |
| |||||||
| |||||||
1 | District and operations, maintenance, and improvement of | ||||||
2 | property of the District, as well as for all purposes and | ||||||
3 | powers set forth in this Act. The District shall enter into an | ||||||
4 | intergovernmental agreement with the Auditor General who | ||||||
5 | shall, at least biennially, audit or cause to be audited all | ||||||
6 | records and accounts of the District pertaining to the | ||||||
7 | operation of the District. The Auditor General shall provide | ||||||
8 | the District and the General Assembly with the audits and shall | ||||||
9 | submit a bill to the District for the costs associated with the | ||||||
10 | review and the audit required under this Section. The District | ||||||
11 | shall reimburse the Auditor General for costs in a timely | ||||||
12 | manner.
| ||||||
13 | Section 80. Attorney General. The Attorney General of the | ||||||
14 | State of Illinois shall be the legal advisor to and shall | ||||||
15 | prosecute or defend, as the case may be, all actions brought by | ||||||
16 | or against the District.
| ||||||
17 | Section 85. The provisions of the Open Meetings Act, the | ||||||
18 | State Records Act, and the Freedom of Information Act shall | ||||||
19 | apply to the District. For purposes of the Local Governmental | ||||||
20 | and Governmental Employees Tort Immunity Act, the District is | ||||||
21 | deemed to be a "local public entity".
| ||||||
22 | Section 999. Effective date. This Act takes effect upon | ||||||
23 | becoming law.".
|