SB0688 EnrolledLRB103 03141 AWJ 48147 b SB0688 Enrolled LRB103 03141 AWJ 48147 b SB0688 Enrolled LRB103 03141 AWJ 48147 b 1 AN ACT concerning local government. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be cited as the Cairo 5 Development Authority Act. 6 Section 5. Purpose. The purpose of this Act is to 7 facilitate and promote the redevelopment of vacant and 8 underutilized commercial, industrial, and residential real 9 property located throughout the City of Cairo and its 10 surrounding areas, and to enhance the economic benefits 11 generated by the former uses of the property with development 12 that will attract new residences, senior and student housing, 13 and commercial and industrial businesses, as well as to create 14 new opportunities for economic development, sustainable 15 initiatives, and affordable housing and employment for 16 residents in the community. 17 Section 10. Definitions. As used in this Act: 18 "Authority" means the Cairo Development Authority created 19 by this Act. 20 "Board" means the Board of Directors of the Authority. 21 "Costs" means: the cost of purchase and construction of 22 all lands and related improvements, together with the SB0688 Enrolled LRB103 03141 AWJ 48147 b SB0688 Enrolled- 2 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 2 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 2 - LRB103 03141 AWJ 48147 b 1 equipment and other property, rights, easements, and 2 franchises acquired that are deemed necessary for the 3 construction; the costs of environmental and other property 4 and project related suits, studies, and analyses and 5 subsequent clean-up activities necessary to qualify the area 6 as needing no further remediation or pipe replacement or new 7 installation; financing and title insurance and deed recording 8 charges, delinquent property taxes; trust and or interest 9 costs with respect to revenue bonds, notes, and other 10 evidences of indebtedness of the Authority prior to and during 11 construction and for a period of 60 months after construction; 12 engineering and legal expenses; the costs of plans, tax deed 13 acquisition, land bank creation and acquisition, or 14 deacquisition or disposition of all real estate placed 15 therein, credit enhancement vehicles, easements, 16 specifications, surveys, and estimates of costs and other 17 expenses necessary or incident to determining the feasibility 18 or practicability of any project, together with such other 19 expenses as may be reasonable or necessary or incident to the 20 financing, insuring, acquisition, disposition, redevelopment, 21 and construction of a specific project and the placing of the 22 project in operation. 23 "Financial aid" means the expenditure of Authority funds 24 or funds provided by the Authority through the issuance of its 25 revenue bonds, notes, or other evidence of indebtedness, or 26 grants from private or public entities for the development, SB0688 Enrolled - 2 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 3 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 3 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 3 - LRB103 03141 AWJ 48147 b 1 construction, acquisition, or improvement of a project. 2 "Governmental agency" means any federal, State, or local 3 governmental body and any agency or instrumentality of the 4 federal, State, or local governmental body, corporate or 5 otherwise. 6 "Lease agreement" means an agreement under which a project 7 acquired by the Authority by purchase, gift, or lease, or 8 other valuable consideration is leased to any person or 9 governmental agency that will use or cause the project to be 10 used as a project upon terms providing for lease rental 11 payments at least sufficient to pay, when due, the lessee's 12 pro rata share of all principal and interest and premium, if 13 any, on any revenue bonds, notes, or other evidences of 14 indebtedness of the Authority issued with respect to the 15 project, providing for the maintenance, insurance, and 16 operation of the project on terms satisfactory to the 17 Authority, and providing for disposition of the project upon 18 termination of the lease term, including purchase options or 19 abandonment of the premises, with such other terms as may be 20 deemed desirable by the Authority. 21 "Loan agreement" means any agreement by which the 22 Authority agrees to loan the proceeds of its revenue bonds, 23 notes, or other evidences of indebtedness issued with respect 24 to a project to any person or governmental agency that will use 25 or cause the project to be used as a project upon terms 26 providing for loan repayment installments at least sufficient SB0688 Enrolled - 3 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 4 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 4 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 4 - LRB103 03141 AWJ 48147 b 1 to pay, when due, the borrower's pro rata share of all 2 principal of and interest and premium, if any, on any revenue 3 bonds, notes, or other evidences of indebtedness of the 4 Authority issued with respect to the project, providing for 5 maintenance, insurance, and operation of the project on terms 6 satisfactory to the Authority, and providing for other matters 7 as may be deemed advisable by the Authority. 8 "Person" includes, without limitation, an individual, 9 corporation, partnership, unincorporated association, and any 10 other legal entity, including a trustee, receiver, assignee, 11 or personal representative of the entity. 12 "Project" means an industrial, commercial, commercial 13 mixed use, environmental justice, land conservancy, 14 residential, or freight-oriented project or any combination 15 thereof if all uses fall within one of those categories, 16 including, but not limited to, one or more buildings and other 17 structures, improvements, machinery, and equipment, whether on 18 the same site or adjacent to any land or lakes, buildings, 19 machinery, or equipment comprising an addition to or 20 renovation, rehabilitation, or improvement of any existing 21 capital project. "Project" includes all site improvements, 22 signage, access roads, lighting, curb cuts, and new 23 construction involving infrastructure, including, but not 24 limited to, roads, traffic management lights and directional 25 signage, sidewalks, sewers, landscaping, and all appurtenances 26 and facilities incidental thereto, such as utilities, access SB0688 Enrolled - 4 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 5 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 5 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 5 - LRB103 03141 AWJ 48147 b 1 roads, railroad sidings, truck docking, and similar 2 facilities, parking facilities, or related equipment and other 3 improvements necessary or convenient thereto, solid waste and 4 wastewater treatment and disposal sites and other pollution 5 control facilities, resource or waste reduction, recovery, 6 treatment, and disposal facilities, open spaces, 7 conservancies, preserves, streets, highways. 8 "Revenue bond" or "bond" means any bond issued by the 9 Authority under the supervision of the Illinois Finance 10 Authority, the principal and interest of which are payable 11 solely from revenues or income derived from any project or 12 activity of the Authority. 13 "Terminal" means a public place, station, or depot for 14 receiving and delivering passengers, baggage, mail, freight, 15 or express matter, and any combination thereof, in connection 16 with the transportation of persons and property on land. 17 "Terminal facilities" means all land, buildings, 18 structures, improvements, equipment, and appliances useful in 19 the operation of public warehouse, storage, and transportation 20 facilities and industrial, manufacturing, or commercial 21 activities for the accommodation of or in connection with 22 commerce by land. 23 Section 15. Creation of Authority; Board members; 24 officers. 25 (a) The Cairo Development Authority is created as a SB0688 Enrolled - 5 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 6 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 6 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 6 - LRB103 03141 AWJ 48147 b 1 political subdivision, body politic, and municipal 2 corporation. 3 (b) The jurisdiction of the Authority extends over 4 Alexander County. 5 (c) The governing and administrative powers of the 6 Authority shall be vested in its Board of Directors consisting 7 of 5 members, 2 of whom shall be appointed by the Mayor of the 8 City of Cairo, one of whom shall be appointed by the Board of 9 County Commissioners of Alexander County, and 2 of whom shall 10 be appointed by the Governor. All persons appointed as members 11 of the Board shall have recognized ability and experience in 12 one or more of the following areas: economic development; 13 finance; banking; industrial development; business management; 14 real estate; community development; organized labor; or civic, 15 community, or neighborhood organization. 16 (d) The terms of the 5 initial appointees to the Authority 17 shall commence 15 days after the effective date of this Act or 18 as soon as they are appointed. Of the 5 appointees initially 19 appointed: (i) one of the Mayor's appointees and one of the 20 Governor's appointees shall be appointed to serve terms 21 expiring on the third Monday in January 2027; (ii) one of the 22 Mayor's appointees shall be appointed to serve a term expiring 23 on the third Monday in January 2028; and (iii) the Board of 24 Commissioner's appointee and one of the Governor's appointees 25 shall be appointed to serve terms expiring on the third Monday 26 in January 2029. All successors shall be appointed by the SB0688 Enrolled - 6 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 7 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 7 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 7 - LRB103 03141 AWJ 48147 b 1 original appointing authority and hold office for a term of 6 2 years commencing the third Monday in January of the year in 3 which their term commences, except in case of an appointment 4 to fill a vacancy. Vacancies shall be filled for the remainder 5 of the term by the Mayor, Board of Commissioners, or Governor 6 depending upon which person or Board made the appointment of 7 the individual that left the Board of Commissioners. Each 8 member appointed to the Board shall serve until his or her 9 successor is appointed and accepted by majority vote of the 10 members left after the vacancy occurs or the term expires and 11 shall meet the professional background requirements under 12 subsection (c). 13 (e) The Chairperson of the Board shall be elected by the 14 Board annually from among its members. 15 (f) The appointing authority may remove any member of the 16 Board in case of incompetency, neglect of duty, or malfeasance 17 in office. 18 (g) Members of the Board shall serve without compensation 19 for their services as members, but the Board may vote to 20 compensate its members, and they also may be reimbursed for 21 all necessary expenses incurred in connection with the 22 performance of their duties as members. 23 (h) The Board may appoint an Executive Director, Associate 24 Executive Director, General Counsel, Finance Director, and 25 Chief Engineer who shall have a background and, when 26 necessary, licensed credentials or certifications and or SB0688 Enrolled - 7 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 8 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 8 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 8 - LRB103 03141 AWJ 48147 b 1 academic degrees in administration, planning, real estate, 2 economic development, finance, or law. The Executive Director 3 shall hold office at the discretion of the Board, but a 4 contract may be executed for a period of time of service as 5 negotiated. The Executive Director shall be the chief 6 administrative and operational officer of the Authority, shall 7 direct and supervise its administrative affairs and general 8 management, shall perform such other duties as may be 9 prescribed from time to time by the Board, and shall receive 10 compensation fixed by the Board. The Executive Director shall 11 attend all meetings of the Board; however, no action of the 12 Board or the Authority shall be invalid on account of the 13 absence of the Executive Director from a meeting. The Board 14 may engage the services of such other agents and employees, 15 including planners, attorneys, appraisers, engineers, 16 accountants, credit analysts, and other consultants, and may 17 prescribe their duties and fix their compensation. 18 (i) The Board shall meet on the call of its Chairperson or 19 upon written, telephonic, or email notice of 3 members of the 20 Board. 21 (j) All official acts of the Authority shall require a 22 quorum of 3 members and an affirmative vote of at least 3 of 23 the members of the Board present and voting at a meeting of the 24 Board. 25 Section 20. Responsibilities of the Authority. SB0688 Enrolled - 8 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 9 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 9 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 9 - LRB103 03141 AWJ 48147 b 1 (a) It is the duty of the Authority to promote development 2 within its territorial jurisdiction. The Authority shall use 3 the powers conferred on it by this Act to assist in the 4 planning, development, acquisition, construction, and 5 marketing of residential, industrial, commercial, or 6 freight-oriented projects within its territorial jurisdiction. 7 (b) The Authority has the power to undertake joint 8 planning for property within its territorial jurisdiction that 9 identifies and addresses its development, transportation, 10 transit, zoning, workforce, and environmental priorities and 11 objectives. 12 (c) The Authority has the power to assemble and prepare 13 parcels for development. 14 (d) The Authority has the power to oversee environmental 15 studies and remediation necessary to identify and remove any 16 hazards or toxins that impede development. 17 (e) The Authority has the power to develop, construct, and 18 improve, either under its own direction or through 19 collaboration with any approved applicant, or to acquire 20 through purchase or otherwise any project, using for that 21 purpose the proceeds derived from its sale of revenue bonds, 22 notes, or other evidence of indebtedness or governmental loans 23 or grants, and to hold title in the name of the Authority to 24 those projects. 25 (f) The Authority has the power to market the Cairo 26 development to prospective developers and businesses. SB0688 Enrolled - 9 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 10 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 10 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 10 - LRB103 03141 AWJ 48147 b 1 (g) The Authority shall make its best effort to annex 2 parcels of unincorporated property that are subject to the 3 jurisdiction of the Authority contiguous to the City of Cairo. 4 (h) The Authority shall maintain relations with local 5 residents, industries, businesses, nonprofit organizations, 6 elected and appointed officials, and other government and 7 private entities as well as any other interested parties in 8 the course of achieving its objectives and exercising its 9 powers. 10 Section 25. Powers. The Authority possesses all powers of 11 a body corporate necessary and convenient to accomplish the 12 purpose of this Act, including, without limitation, the 13 following: 14 (1) to enter into loans, contracts, agreements, and 15 mortgages in any matter connected with any of its 16 corporate purposes and to invest its funds; 17 (2) to sue and be sued; 18 (3) to employ agents and employees necessary to carry 19 out its purposes; 20 (4) to have, use, and alter a common seal; 21 (5) to adopt all needful ordinances, resolutions, 22 bylaws, rules, and regulations for the conduct of its 23 business and affairs and for the management and use of the 24 projects developed, constructed, acquired, and improved in 25 furtherance of its purposes; SB0688 Enrolled - 10 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 11 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 11 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 11 - LRB103 03141 AWJ 48147 b 1 (6) to designate the fiscal year for the Authority; 2 (7) to accept and expend appropriations; 3 (8) to have and exercise all powers and be subject to 4 all duties usually incident to boards of directors of 5 corporations; 6 (9) to acquire, own, lease, sell, or otherwise dispose 7 of interests in and to real property and improvements 8 situated thereon and in personal property from any person, 9 the State of Illinois, any municipal corporation, any unit 10 of local government, the government of the United States, 11 any agency or instrumentality of the United States, any 12 body politic, or any county, whether the property is 13 improved for the purposes of any prospective project or 14 unimproved, useful, and necessary to fulfill the purposes 15 of the Authority; 16 (10) to acquire title to any project with respect to 17 which it exercises its authority; 18 (11) to engage in any activity or operation, including 19 brownfield remediation, which is incidental to and in 20 furtherance of efficient operation to accomplish the 21 Authority's primary purpose and be reasonable and 22 necessary for the efficient function of the authority; 23 (12) to acquire, own, construct, lease, operate, and 24 maintain, within its corporate limits, terminals and 25 terminal facilities and to fix and collect just, 26 reasonable, and nondiscriminatory charges for the use of SB0688 Enrolled - 11 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 12 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 12 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 12 - LRB103 03141 AWJ 48147 b 1 those facilities; 2 (13) to collect fees and charges in connection with 3 its loans, commitments, and services; 4 (14) to use the charges and fees collected as 5 authorized under paragraphs (12) and (13) to defray the 6 reasonable expenses of the Authority and to pay the 7 principal and interest of any revenue bonds issued by the 8 Authority; 9 (15) to borrow money and issue revenue bonds, notes, 10 or other evidences of indebtedness under the supervision 11 of the Illinois Finance Authority, as set forth under 12 Section 825-13.1 of the Illinois Finance Authority Act; 13 (16) to apply for and accept grants, loans, or 14 appropriations from the federal government, the State of 15 Illinois, including the Illinois Environmental Protection 16 Agency, and the City of Cairo; 17 (17) to accept donations, contributions, capital 18 grants or gifts from individuals, associations, and 19 private corporations in aid of any purposes of this Act 20 and to enter into agreements in connection therewith; 21 (18) to enter into intergovernmental agreements with 22 the State of Illinois, any other state or local government 23 of another state, the Illinois Finance Authority, the 24 United States government, any agency or instrumentality of 25 the United States, any unit of local government located 26 within the territory of the Authority, or any other unit SB0688 Enrolled - 12 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 13 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 13 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 13 - LRB103 03141 AWJ 48147 b 1 of government to the extent allowed by Section 10 of 2 Article VII of the Illinois Constitution and the 3 Intergovernmental Cooperation Act; 4 (19) to petition any federal, state, municipal, or 5 local authority, and any unit of local government having 6 jurisdiction in the premises for the adoption and 7 execution of any physical improvement, change in method or 8 system of handling freight, warehousing, docking, 9 lightering, and transfer of freight which, in the opinion 10 of the Authority, is designed to improve the handling of 11 commerce in and through its territorial jurisdiction or 12 improve terminal or transportation facilities therein; 13 (20) to enter into agreements with businesses, form 14 public-private partnership entities and appropriate funds 15 to such entities as needed to achieve the purpose of this 16 Act; and 17 (21) to share employees with other units of 18 government, including agencies of the United States, 19 agencies of the State of Illinois, and agencies or 20 personnel of any unit of local government. 21 Section 30. Limitations. If any of the Authority's powers 22 are exercised within the jurisdictional limits of any 23 municipality, then all of the ordinances of that municipality 24 remain in full force and effect and are controlling. 25 The Authority shall not issue any revenue bonds relating SB0688 Enrolled - 13 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 14 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 14 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 14 - LRB103 03141 AWJ 48147 b 1 to the financing of a project located within the planning and 2 subdivision control jurisdiction of any municipality or county 3 unless: (1) notice, including a description of the proposed 4 project and the financing therefor, is submitted to the 5 corporate authorities of the municipality or, in the case of a 6 proposed project in an unincorporated area, to the county 7 board; and (2) the corporate authorities do not or, in the case 8 of an unincorporated area, the county board does not, adopt a 9 resolution disapproving the project within 45 days after 10 receipt of the notice. 11 Section 35. Revenue Bonds. 12 (a) The Authority shall have the continuing power to issue 13 revenue bonds, notes, or other evidences of indebtedness in an 14 aggregate amount not to exceed $200,000,000 for the purpose of 15 developing, constructing, acquiring, or improving projects, 16 including those established by business entities locating or 17 expanding property within the territorial jurisdiction of the 18 Authority, for entering into venture capital agreements with 19 businesses locating or expanding within the territorial 20 jurisdiction of the Authority, for acquiring and improving any 21 property necessary and useful in connection therewith, and for 22 the purposes of the Employee Ownership Assistance Act. The 23 bonds must be issued under the supervision of the Illinois 24 Finance Authority, as set forth under Section 825-13.1 of the 25 Illinois Finance Authority Act. For the purpose of evidencing SB0688 Enrolled - 14 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 15 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 15 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 15 - LRB103 03141 AWJ 48147 b 1 the obligations of the Authority to repay any money borrowed, 2 the Authority may, pursuant to resolution, from time to time 3 issue and dispose of its interest bearing revenue bonds, 4 notes, or other evidences of indebtedness and may also from 5 time to time issue and dispose of such bonds, notes, or other 6 evidences of indebtedness to refund, at maturity, at a 7 redemption date or in advance of either, any revenue bonds, 8 notes, or other evidences of indebtedness pursuant to 9 redemption provisions or at any time before maturity. All such 10 revenue bonds, notes, or other evidence of indebtedness shall 11 be payable solely from the revenues or income to be derived 12 from loans made with respect to projects, from the leasing or 13 sale of the projects, or from any other funds available to the 14 Authority for such purposes, including, when provided by 15 ordinance of the Authority, authorizing the issuance of 16 revenue bonds or notes. The revenue bonds, notes, or other 17 evidences of indebtedness may bear such date or dates, may 18 mature at such time or times not exceeding 40 years from their 19 respective dates, may bear interest at such rate or rates not 20 exceeding the maximum rate permitted by the Bond Authorization 21 Act, may be in such form, may carry such registration 22 privileges, may be executed in such manner, may be payable at 23 such place or places, may be made subject to redemption in such 24 manner and upon such terms, with or without premium as is 25 stated on the face thereof, may be authenticated in such 26 manner, and may contain such terms and covenants as may be SB0688 Enrolled - 15 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 16 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 16 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 16 - LRB103 03141 AWJ 48147 b 1 provided by an applicable resolution. 2 (b) The holder or holders of any revenue bonds, notes, or 3 other evidences of indebtedness issued by the Authority may 4 bring suits at law or proceedings in equity to compel the 5 performance and observance by any corporation or person or by 6 the Authority or any of its agents or employees of any contract 7 or covenant made with the holders of such revenue bonds, 8 notes, or other evidences of indebtedness, to compel such 9 corporation, person, the Authority, and any of its agents or 10 employees to perform any duties required to be performed for 11 the benefit of the holders of any such revenue bonds, notes, or 12 other evidences of indebtedness by the provision of the 13 resolution authorizing their issuance and to enjoin such 14 corporation, person, the Authority, and any of its agents or 15 employees from taking any action in conflict with any such 16 contract or covenant. 17 (c) If the Authority fails to pay the principal of or 18 interest on any of the revenue bonds or premium, if any, as the 19 same become due, a civil action to compel payment may be 20 instituted in the appropriate circuit court by the holder or 21 holders of the revenue bonds on which such default of payment 22 exists or by an indenture trustee acting on behalf of such 23 holders. Delivery of a summons and a copy of the complaint to 24 the Chairperson of the Board shall constitute sufficient 25 service to give the circuit court jurisdiction of the subject 26 matter of such a suit and jurisdiction over the Authority and SB0688 Enrolled - 16 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 17 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 17 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 17 - LRB103 03141 AWJ 48147 b 1 its officers named as defendants for the purpose of compelling 2 such payment. Any case, controversy, or cause of action 3 concerning the validity of this Act relates to the revenue of 4 the State of Illinois. 5 (d) Notwithstanding the form and tenor of any such revenue 6 bonds, notes, or other evidences of indebtedness and in the 7 absence of any express recital on the face of any such revenue 8 bond, note, or other evidence of indebtedness that it is 9 nonnegotiable, all such revenue bonds, notes, and other 10 evidences of indebtedness shall be negotiable instruments. 11 Pending the preparation and execution of any such revenue 12 bonds, notes, or other evidences of indebtedness, temporary 13 revenue bonds, notes, or evidences of indebtedness may be 14 issued as provided by ordinance. 15 (e) To secure the payment of any or all of such revenue 16 bonds, notes, or other evidences of indebtedness, the revenues 17 to be received by the Authority from a lease agreement or loan 18 agreement shall be pledged, and, for the purpose of setting 19 forth the covenants and undertakings of the Authority in 20 connection with the issuance thereof and the issuance of any 21 additional revenue bonds, notes, or other evidences of 22 indebtedness payable from such revenues, income, or other 23 funds to be derived from projects, the Authority may execute 24 and deliver a mortgage or trust agreement. A remedy for any 25 breach or default of the terms of any such mortgage or trust 26 agreement by the Authority may be by mandamus proceedings in SB0688 Enrolled - 17 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 18 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 18 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 18 - LRB103 03141 AWJ 48147 b 1 the appropriate circuit court to compel the performance and 2 compliance therewith, but the trust agreement may prescribe by 3 whom or on whose behalf the action may be instituted. 4 (f) The revenue bonds or notes shall be secured as 5 provided in the authorizing ordinance which may, 6 notwithstanding any other provision of this Act, include in 7 addition to any other security a specific pledge or assignment 8 of and lien on or security interest in any or all revenues or 9 money of the Authority from whatever source which may by law be 10 used for debt service purposes and a specific pledge or 11 assignment of and lien on or security interest in any funds or 12 accounts established or provided for by ordinance of the 13 Authority authorizing the issuance of such revenue bonds or 14 notes. 15 (g) The State of Illinois pledges to and agrees with the 16 holders of the revenue bonds and notes of the Authority issued 17 pursuant to this Section that the State will not limit or alter 18 the rights and powers vested in the Authority by this Act to 19 impair the terms of any contract made by the Authority with 20 such holders or in any way impair the rights and remedies of 21 such holders until such revenue bonds and notes, together with 22 interest thereon, with interest on any unpaid installments of 23 interest, and all costs and expenses in connection with any 24 action or proceedings by or on behalf of such holders, are 25 fully met and discharged. The Authority is authorized to 26 include these pledges and agreements of the State in any SB0688 Enrolled - 18 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 19 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 19 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 19 - LRB103 03141 AWJ 48147 b 1 contract with the holders of revenue bonds or notes issued 2 pursuant to this Section. 3 (h) Under no circumstances shall any bonds issued by the 4 Authority or any other obligation of the Authority be or 5 become an indebtedness or obligation of the State of Illinois 6 or of any other political subdivision of or municipality 7 within the State, nor shall any such bond or obligation be or 8 become an indebtedness of the Authority within the purview of 9 any constitutional limitation or provision, and it shall be 10 plainly stated on the face of each bond that it does not 11 constitute such an indebtedness or obligation but is payable 12 solely from the revenues or income as aforesaid. 13 (i) For the purpose of financing a project pursuant to 14 this Act, the Authority shall be authorized to apply for an 15 allocation of tax-exempt bond financing authorization provided 16 by Section 11143 of the Safe, Accountable, Flexible, Efficient 17 Transportation Equity Act: A Legacy for Users (SAFETEA-LU), 18 Public Law 109-59, as well as financing available under any 19 other federal law or program. 20 Section 40. Designation of depository. The Authority shall 21 biennially designate a national or State bank or banks as 22 depositories of its money. Those depositories shall be 23 designated only within the State and upon condition that bonds 24 approved as to form and surety by the Authority and at least 25 equal in amount to the maximum sum expected to be on deposit at SB0688 Enrolled - 19 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 20 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 20 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 20 - LRB103 03141 AWJ 48147 b 1 any one time shall be first given by the depositories to the 2 Authority, those bonds to be conditioned for the safekeeping 3 and prompt repayment of the deposits. When any of the funds of 4 the Authority shall be deposited by the treasurer in any such 5 depository, the treasurer and the sureties on his official 6 bond shall, to that extent, be exempt from liability for the 7 loss of the deposited funds by reason of the failure, 8 bankruptcy, or any other act or default of the depository. 9 However, the Authority may accept assignments of collateral by 10 any depository of its funds to secure the deposits to the same 11 extent and conditioned in the same manner as assignments of 12 collateral are permitted by law to secure deposits of the 13 funds of any city. 14 Section 45. Reports; Inspector General. The Authority 15 shall, annually, submit a report of its finances to the 16 Auditor General. The Authority shall annually submit a report 17 of its activities to the Governor and to the General Assembly. 18 The Authority may also create an office of the Inspector 19 General to provide oversight and compliance with any of its 20 regulatory policies. 21 Section 50. Dissolution of the Authority. The Authority is 22 dissolved upon the last to occur of the following: (1) the 23 expiration of the 15-year period that begins on the effective 24 date of this Act; or (2) one year after the date that all SB0688 Enrolled - 20 - LRB103 03141 AWJ 48147 b SB0688 Enrolled- 21 -LRB103 03141 AWJ 48147 b SB0688 Enrolled - 21 - LRB103 03141 AWJ 48147 b SB0688 Enrolled - 21 - LRB103 03141 AWJ 48147 b 1 revenue bonds, notes, and other evidence of indebtedness of 2 the Authority have been fully paid and discharged or otherwise 3 provided for. Upon the dissolution of the Authority, all of 4 its rights and property shall pass to and be vested in the 5 State of Illinois. 6 Section 900. The Illinois Finance Authority Act is amended 7 by adding Section 825-13.1 as follows 8 (20 ILCS 3501/825-13.1 new) 9 Sec. 825-13.1. Supervision of the Cairo Development 10 Authority bond issuances. 11 (a) All bond issuances of the Cairo Development Authority 12 are subject to supervision, management, control, and approval 13 of the Illinois Finance Authority. 14 (b) All bonds issued by the Cairo Development Authority 15 under the supervision of the Illinois Finance Authority are 16 subject to the terms and conditions that are set forth in the 17 Cairo Development Authority Act. 18 (c) The bonds issued by the Cairo Development Authority 19 under the supervision of the Illinois Finance Authority are 20 not debts of the Illinois Finance Authority or of the State. 21 Section 999. Effective date. This Act takes effect upon 22 becoming law. SB0688 Enrolled - 21 - LRB103 03141 AWJ 48147 b