Illinois 2023 2023-2024 Regular Session

Illinois Senate Bill SB0688 Enrolled / Bill

Filed 11/20/2024

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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

 

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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,

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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.

 

 

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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.

 

 

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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;

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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

 

 

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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.

 

 

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