There is a newer version of the Illinois Compiled Statutes
2005 Illinois Code - Chapter 70 Special Districts 70 ILCS 506/ Eastern Illinois Economic Development Authority Act.
|
||
(2) that the economic burdens resulting from | ||
|
||
(3) that the State has a responsibility to help | ||
|
||
(4) that a lack of decent housing contributes to | ||
|
||
(5) that decent, affordable housing is a necessary | ||
|
||
(6) that in order to foster civic and neighborhood | ||
|
||
(7) that the main purpose of this Act is to promote | ||
|
||
(Source: P.A. 94‑203, eff. 7‑13‑05.) |
|
||
(2) any land, buildings, machinery or equipment | ||
|
||
"Commercial project" means any project, including, but not limited to, one or
more buildings and other
structures, improvements, machinery, and equipment, whether or not on the same
site or sites now existing
or hereafter acquired, suitable for use by any retail or wholesale concern,
distributorship, or agency.
"Project" means an industrial, housing, residential, commercial, or service
project, or any combination
thereof, provided that all uses fall within one of the categories described
above. 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, open spaces, wildlife
sanctuaries, streets, highways, and
runways.
"Lease agreement" means an agreement in which a project acquired by the
Authority by purchase, gift,
or lease is leased to any person or corporation that will use, or cause the
project to be used, as a project,
upon terms providing for lease rental payments at least sufficient to pay, when due, all principal of and
interest and premium, if any, on any bonds, notes, or other evidences of indebtedness of the Authority,
issued with respect to the project, providing for the maintenance, insurance, and operation of the project on
terms satisfactory to the Authority and providing for disposition of the project upon termination of the lease
term, including purchase options or abandonment of the premises, with other terms as may be deemed
desirable by the Authority.
"Loan agreement" means any agreement in which the Authority agrees to loan
the proceeds of its bonds,
notes, or other evidences of indebtedness, issued with respect to a project, to
any person or corporation
which will use or cause the project to be used as a project, upon terms
providing for loan repayment
installments at least sufficient to pay, when due, all principal of and
interest and premium, if any, on any
bonds, notes, or other evidences of indebtedness of the Authority issued with
respect to the project,
providing for maintenance, insurance, and operation of the project on terms
satisfactory to the Authority
and providing for other terms deemed advisable by the Authority.
"Financial aid" means the expenditure of Authority funds or funds provided by
the Authority for the
development, construction, acquisition or improvement of a project, through the
issuance of revenue bonds,
notes, or other evidences of indebtedness.
"Costs incurred in connection with
the development, construction, acquisition or improvement of a
project" means the following:
(1) the cost of purchase and construction of all | ||
|
||
(2) financing charges;
(3) interest costs with respect to bonds, notes, and | ||
|
||
(4) engineering and legal expenses; and
(5) the costs of plans, specifications, surveys, and | ||
|
||
(Source: P.A. 94‑203, eff. 7‑13‑05.) |
|
||
(2) Public members. Three members shall be appointed | ||
|
||
(c) 8 members shall constitute a quorum.
(d) The chairperson of the Authority shall be elected annually by the Board and must be a public member that resides within the territorial jurisdiction of the Authority.
(e) The terms of all initial members of the Authority shall begin 30 days
after the effective date of this
Act.
Of the 3 original public members appointed by the Governor, 1
shall serve until the third Monday in January, 2006; 1 shall serve until the
third Monday in January, 2007; 1 shall serve until the third Monday in January,
2008. The initial terms of the original public members appointed by the county board chairpersons shall be determined by lot, according to the following schedule: (i) 2 shall serve until the third Monday in January, 2006, (ii) 2 shall serve until the third Monday in January, 2007, (iii) 2 shall serve until the third Monday in January, 2008, (iv) 2 shall serve until the third Monday in January, 2009, and (v) 2 shall serve until the third Monday in January, 2010. All successors to these original
public
members shall be appointed by the original appointing authority and all appointments made by the Governor shall be made with the advice and consent of the Senate, pursuant to subsection (b), and shall hold office for a term of 6 years
commencing the third Monday in January of the year in which their term
commences, except in the case of an appointment to fill a vacancy.
Vacancies occurring among the public members shall be filled for the
remainder of the term. In case of
vacancy in a Governor‑appointed membership when the Senate is not in session,
the Governor may make a
temporary appointment until 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. Members of the Authority are
not entitled to
compensation for their services as members but are entitled to reimbursement
for all necessary expenses
incurred in connection with the performance of their duties as members.
(f) The Governor or a county board chairperson, as the case may be, may remove any public member of the Authority in case of
incompetence, neglect of
duty, or malfeasance in office. The chairperson of a county board may remove any
public member appointed
by that chairperson in the case of incompetence, neglect of duty, or malfeasance
in office.
(g) The Board shall appoint an Executive Director who shall have a
background in finance, including
familiarity with the legal and procedural requirements of issuing bonds, real
estate, or economic
development and administration. The Executive Director shall hold office at the
discretion of the Board.
The Executive Director shall be the chief administrative and operational
officer of the Authority, shall
direct and supervise its administrative affairs and general management, perform
such other duties as may
be prescribed from time to time by the members, and receive compensation fixed
by the Authority. The Department of Commerce and Economic Opportunity shall pay
the compensation of the Executive Director from appropriations received for
that purpose. The
Executive Director shall attend all meetings of the Authority. However, no
action of the Authority shall be
invalid on account of the absence of the Executive Director from a meeting. The
Authority may engage
the services of
the Illinois Finance Authority, attorneys, appraisers, engineers, accountants,
credit analysts, and other consultants if the Eastern Illinois Economic
Development Authority deems it advisable.
(Source: P.A. 94‑203, eff. 7‑13‑05.) |
|
||
(2) to sue and be sued;
(3) to utilize services of the Illinois Finance | ||
|
||
(4) to have and use a common seal and to alter the | ||
|
||
(5) to adopt all needful ordinances, resolutions, | ||
|
||
(6) to designate the fiscal year for the Authority;
(7) to accept and expend appropriations;
(8) to acquire, own, lease, sell, or otherwise | ||
|
||
(9) to engage in any activity or operation which is | ||
|
||
(10) to acquire, own, construct, lease, operate, and | ||
|
||
(11) subject to any applicable condition imposed by | ||
|
||
(12) to have and exercise all powers and be subject | ||
|
||
(b) The Authority shall not issue any bonds relating to the financing of a
project located within the
planning and subdivision control jurisdiction of any municipality or county
unless: (i) notice, including a
description of the proposed project and the financing for that project, is
submitted to the corporate
authorities of the municipality or, in the case of a proposed project in an
unincorporated area, to the county
board and (ii) the corporate authorities of the municipality do not, or the
county board does not, adopt a
resolution disapproving the project within 45 days after receipt of the notice.
(c) If any of the powers set forth in this Act are exercised within the
jurisdictional limits of any
municipality, all ordinances of the municipality remain in full force and
effect and are controlling.
(Source: P.A. 94‑203, eff. 7‑13‑05.) |
Disclaimer: These codes may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.