HB 690 — EASTERN IL ECON DEV AUTHORITY

HB0690 EngrossedEnrolled LRB094 06847 AJO 36953 b AN ACT in relation to economic development.

(5) that decent, affordable housing is a necessary ingredient of life affording each citizen basic human dignity, a sense of self-worth, confidence, and a firm foundation upon HB0690 EngrossedEnrolled - 2 - LRB094 06847 AJO 36953 b which to build a family and educate children;

(1) a capital project, including one or more buildings and other structures, improvements, machinery and equipment whether or not on the same site or sites now existing or HB0690 EngrossedEnrolled - 3 - LRB094 06847 AJO 36953 b hereafter acquired, suitable for use by any manufacturing, industrial, research, transportation or commercial enterprise including but not limited to use as a factory, mill, processing plant, assembly plant, packaging plant, fabricating plant, ethanol plant, office building, industrial distribution center, warehouse, repair, overhaul or service facility, freight terminal, research facility, test facility, railroad facility, port facility, solid waste and wastewater treatment and disposal sites and other pollution control facilities, resource or waste reduction, recovery, treatment and disposal facilities, and including also the sites thereof and other rights in land therefore whether improved or unimproved, site preparation and landscaping and all appurtenances and facilities incidental thereto such as utilities, access roads, railroad sidings, truck docking and similar facilities, parking facilities, dockage, wharfage, railroad roadbed, track, trestle, depot, terminal, switching and signaling equipment or related equipment and other improvements necessary or convenient thereto;

Any project automatically includes all site improvements and new construction involving sidewalks, sewers, solid waste and wastewater treatment and disposal sites and other pollution control facilities, resource or waste reduction, recovery, treatment and disposal facilities, parks, HB0690 EngrossedEnrolled - 4 - LRB094 06847 AJO 36953 b open spaces, wildlife sanctuaries, streets, highways, and runways.

(1) the cost of purchase and construction of all lands and HB0690 EngrossedEnrolled - 5 - LRB094 06847 AJO 36953 b improvements in connection therewith and equipment and other property, rights, easements, and franchises acquired which are deemed necessary for the construction;

All public members shall reside within the territorial HB0690 EngrossedEnrolled - 6 - LRB094 06847 AJO 36953 b jurisdiction of the Authority.

In case of vacancy in a Governor-appointed membership when the Senate is not in session, the Governor may make a temporary appointment until HB0690 EngrossedEnrolled - 7 - LRB094 06847 AJO 36953 b the next meeting of the Senate when a person shall be nominated to fill the office and, upon confirmation by the Senate, he or she shall hold office during the remainder of the term and until a successor is appointed and qualified.

All official acts of the Authority shall HB0690 EngrossedEnrolled - 8 - LRB094 06847 AJO 36953 b require the approval of at least 11 members.

HB0690 EngrossedEnrolled - 9 - LRB094 06847 AJO 36953 b (10) to acquire, own, construct, lease, operate, and maintain bridges, terminals, terminal facilities, and port facilities and to fix and collect just, reasonable, and nondiscriminatory charges for the use of such facilities.

Notwithstanding any other provision of law, the Authority shall not enter into any agreement providing for the purchase and lease of tangible personal property which results in the avoidance of taxation HB0690 EngrossedEnrolled - 10 - LRB094 06847 AJO 36953 b under the Retailers’ Occupation Tax Act, the Use Tax Act, the Service Use Tax Act, or the Service Occupation Tax Act, without the prior written consent of the Governor.

The bonds, notes, or other evidences of indebtedness may bear such date or dates, may mature at such time or times not exceeding 40 years from their respective dates, may bear interest at such rate or rates not exceeding the maximum rate permitted by the Bond Authorization HB0690 EngrossedEnrolled - 11 - LRB094 06847 AJO 36953 b Act, may be in such form, may carry such registration privileges, may be executed in such manner, may be payable at such place or places, may be made subject to redemption in such manner and upon such terms, with or without premium, as is stated on the face thereof, may be authenticated in such manner and may contain such terms and covenants as may be provided by an applicable resolution.

(d) Notwithstanding the form and tenor of any bond, note, or other evidence of indebtedness and in the absence of any HB0690 EngrossedEnrolled - 12 - LRB094 06847 AJO 36953 b express recital on its face that it is non-negotiable, all such bonds, notes, and other evidences of indebtedness shall be negotiable instruments.

(g) The State of Illinois pledges to and agrees with the holders of the bonds and notes of the Authority issued pursuant to this Section that the State will not limit or alter the HB0690 EngrossedEnrolled - 13 - LRB094 06847 AJO 36953 b rights and powers vested in the Authority by this Act so as to impair the terms of any contract made by the Authority with the holders of bonds or notes or in any way impair the rights and remedies of those holders until the bonds and notes, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the holders, are fully met and discharged.

In consideration thereof, the notes and bonds of the Authority issued pursuant to this Act and the income from these notes and bonds may be free from all taxation by the State or its political subdivisions, exempt from estate, HB0690 EngrossedEnrolled - 14 - LRB094 06847 AJO 36953 b transfer, and inheritance taxes.

(d) The Authority shall have the power to enter into HB0690 EngrossedEnrolled - 15 - LRB094 06847 AJO 36953 b intergovernmental agreements with the State of Illinois, the counties of Ford, Iroquois, Piatt, Champaign, Vermilion, Douglas, Moultrie, Shelby, Coles, or Edgar, the Illinois Development Finance Authority, the Illinois Housing Development Authority, the Illinois Education Facilities Authority, the Illinois Farm Development Authority, the Rural Bond Bank, the United States government and any agency or instrumentality of the United States, any unit of local government located within the territory of the Authority, or any other unit of government to the extent allowed by Article VII, Section 10 of the Illinois Constitution and the Intergovernmental Cooperation Act.

provided that the Authority may accept assignments HB0690 EngrossedEnrolled - 16 - LRB094 06847 AJO 36953 b of collateral by any depository of its funds to secure such deposits to the same extent and conditioned in the same manner as assignments of collateral are permitted by law to secure deposits of the funds of any city.