70 ILCS 519/5-40
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 519/ - Southern Illinois Economic Development Authority Act.|Article 5 - Southern Illinois Economic Development Authority Act

Sec. 5-40. Bonds.(a) The Authority, with the written approval of the Governor, shall have the  continuing power to issue  bonds, notes, or other evidences of indebtedness in an aggregate amount outstanding not to  exceed $250,000,000 for the  following purposes: (i) development, construction, acquisition, or improvement  of projects, including those  established by business entities locating or expanding property within the  territorial jurisdiction of the  Authority; (ii) entering into venture capital agreements with businesses  locating or expanding within the  territorial jurisdiction of the Authority; and (iii) acquisition and improvement of  any property necessary and  useful in connection therewith. For  the purpose of evidencing the obligations of the Authority to repay any money  borrowed, the Authority  may, pursuant to resolution, from time to time, issue and dispose of its interest-bearing revenue bonds,  notes, or other evidences of indebtedness and may also from time to time issue and dispose of such bonds,  notes, or other evidences of indebtedness to refund, at maturity, at a redemption date or in advance of  either, any bonds, notes, or other evidences of indebtedness pursuant to redemption provisions or at any  time before maturity. All such bonds, notes, or other evidences of indebtedness shall be payable solely and  only from the revenues or income to be derived from loans made with respect to projects, from the leasing  or sale of the projects, or from any other funds available to the Authority for such purposes. 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 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.(b) The holder or holders of any bonds, notes, or other evidences of  indebtedness issued by the  Authority may bring suits at law or proceedings in equity to compel the  performance and observance by  any corporation or person or by the Authority or any of its agents or employees  of any contract or covenant  made with the holders of the bonds, notes, or other evidences of indebtedness,  to compel such corporation,  person, the Authority, and any of its agents or employees to perform any duties  required to be performed  for the benefit of the holders of the bonds, notes, or other evidences of  indebtedness by the provision of the  resolution authorizing their issuance and to enjoin the corporation, person,  the Authority, and any of its  agents or employees from taking any action in conflict with any contract or  covenant.(c) If the Authority fails to pay the principal of or interest on any of the  bonds or premium, if any, as the  bond becomes due, a civil action to compel payment may be instituted in the  appropriate circuit court by  the holder or holders of the bonds on which the default of payment exists or by  an indenture trustee acting  on behalf of the holders. Delivery of a summons and a copy of the complaint to  the chairman of the Board  shall constitute sufficient service to give the circuit court jurisdiction over  the subject matter of the suit and  jurisdiction over the Authority and its officers named as defendants for the  purpose of compelling such  payment. Any case, controversy, or cause of action concerning the validity of  this Act relates to the  revenue of the State of Illinois.(d) Notwithstanding the form and tenor of any bond, note, or other evidence  of indebtedness and in  the absence of any express recital on its face that it is non-negotiable, all  such bonds, notes, and other  evidences of indebtedness shall be negotiable instruments. Pending the  preparation and execution of any  bonds, notes, or other evidences of indebtedness, temporary bonds, notes, or  evidences of indebtedness may  be issued as provided by ordinance.(e) To secure the payment of any or all of such bonds, notes, or other  evidences of indebtedness, the  revenues to be received by the Authority from a lease agreement or loan  agreement shall be pledged, and,  for the purpose of setting forth the covenants and undertakings of the  Authority in connection with the  issuance of the bonds, notes, or other evidences of indebtedness and the  issuance of any additional bonds,  notes or other evidences of indebtedness payable from such revenues, income, or other funds to be derived  from projects, the Authority may execute and deliver a mortgage or trust agreement. A remedy for any  breach or default of the terms of any mortgage or trust agreement by the Authority may be by mandamus  proceeding in the appropriate circuit court to compel performance and compliance under the terms of the  mortgage or trust agreement, but the trust agreement may prescribe by whom or on whose behalf the action  may be instituted.(f) Bonds or notes shall be secured as provided in the authorizing ordinance which may include,  notwithstanding any other provision of this Act, in addition to any other security, a specific pledge,  assignment of and lien on, or security interest in any or all revenues or money of the Authority, from  whatever source, which may, by law, be used for debt service purposes and a  specific pledge, or assignment  of and lien on, or security interest in any funds or accounts established or  provided for by ordinance of the  Authority authorizing the issuance of the bonds or notes.(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 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 addition, the State 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 basis on which State funds  are to be paid to the Authority as provided in this Act, or the use of such funds, so as to impair the terms of  any such contract. The Authority is authorized to include these pledges and agreements of the State in any  contract with the holders of bonds or notes issued pursuant to this Section.(h) (Blank).    (Source: P.A. 98-750, eff. 1-1-15.)