70 ILCS 508/1
Short title
Short title. This Act may be cited as the Joliet Arsenal Development Authority Act. (Source: P.A. 89-333, eff. 8-17-95.)
Illinois Compiled Statutes 70 ILCS 508 — Joliet Arsenal Development Authority Act.
Illinois · statute · 70 ILCS 508 · 32 active provisions
70 ILCS 508/5
Purpose
Purpose. The purpose of this Act is to facilitate and promote the utilization of property that is located along the Illinois Waterway throughout Will County and property formerly occupied and used by the United States government as an ammunition plant and arsenal and to replace and enhance the economic benefits generat…
70 ILCS 508/10
Definitions
Definitions. In this Act words and phrases have the meanings set forth in the following Sections. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.5
Authority
Authority. "Authority" means the Joliet Arsenal Development Authority created by this Act. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.10
Board
Board. "Board" means the Board of Directors of the Authority. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.15
Commercial project
Commercial project. "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, suitable for use by any retail or wholesale concern, distributorship, or agency, any cultural facilities of a for-p…
70 ILCS 508/10.20
Costs incurred in connection with the development, construction, acquisition, or improvement of a project
Costs incurred in connection with the development, construction, acquisition, or improvement of a project. "Costs incurred in connection with the development, construction, acquisition, or improvement of a project" means the following: the cost of purchase and construction of all lands and related improvements, togethe…
70 ILCS 508/10.25
Financial aid
Financial aid. "Financial aid" means the expenditure of Authority funds or funds provided by the Authority through the issuance of its revenue bonds, notes, or other evidences of indebtedness for the development, construction, acquisition, or improvement of a project. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.30
Governmental agency
Governmental agency. "Governmental agency" means any federal, State, or local governmental body, and any agency or instrumentality thereof, corporate or otherwise. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.35
Industrial project
Industrial project. "Industrial project" means (1) a capital project, including one or more buildings and other structures, improvements, machinery, and equipment, whether or not on the same site, suitable for use by any manufacturing, industrial, research, transportation, or commercial enterprise including but not lim…
70 ILCS 508/10.40
Lease agreement
Lease agreement. "Lease agreement" means an agreement under which a project acquired by the Authority by purchase, gift, or lease is leased to any person or governmental agency 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 t…
70 ILCS 508/10.45
Loan agreement
Loan agreement. "Loan agreement" means any agreement by which the Authority agrees to loan the proceeds of its revenue bonds, notes, or other evidences of indebtedness issued with respect to a project to any person or governmental agency that will use or cause the project to be used as a project upon terms providing fo…
70 ILCS 508/10.50
Person
Person. "Person" includes without limitation an individual, corporation, partnership, unincorporated association, and any other legal entity, including a trustee, receiver, assignee, or personal representative of the entity. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.55
Project
Project. "Project" means an industrial or commercial project or any combination thereof provided that all uses shall fall within one of those categories. Any project shall automatically include all site improvements and new construction involving sidewalks, sewers, solid waste and wastewater treatment and disposal site…
70 ILCS 508/10.60
Revenue bond or bond
Revenue bond or bond. "Revenue bond" or "bond" means any bond issued by the Authority, the principal and interest of which are payable solely from revenues or income derived from any project or activity of the Authority. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.65
Terminal
Terminal. "Terminal" means a public place, station, or depot for receiving and delivering passengers, baggage, mail, freight, or express matter and any combination thereof in connection with the transportation of persons and property on land. (Source: P.A. 89-333, eff. 8-17-95.)
70 ILCS 508/10.70
Terminal facilities
Terminal facilities. "Terminal facilities" means all land, buildings, structures, improvements, equipment, and appliances useful in the operation of public warehouse, storage, and transportation facilities and industrial, manufacturing, or commercial activities for the accommodation of or in connection with commerce by…
70 ILCS 508/10.75
Authority leader
Authority leader. "Authority leader" means the Executive Director, Assistant Executive Director, or any other person serving in a management, administrative, or leadership role at the Authority. (Source: P.A. 103-517, eff. 8-11-23.)
70 ILCS 508/10.80
Restricted person
Restricted person. "Restricted person" means a person who has a familial or business relationship with an Authority leader. (Source: P.A. 103-517, eff. 8-11-23.)
70 ILCS 508/15
Creation of Authority; Board members; officers
Creation of Authority; Board members; officers. (a) The Joliet Arsenal Development Authority is created as a political subdivision, body politic, and municipal corporation. (b) The territorial jurisdiction of the Authority shall extend over all of the territory, consisting of 3,000 acres, more or less, that is commonly…
70 ILCS 508/20
Actions of the Authority
Actions of the Authority. All official acts of the Authority shall require the affirmative vote of a simple majority of the Board members at a meeting of the Board at which the members casting those affirmative votes are present. It is the duty of the Authority to promote development within its territorial jurisdiction…
70 ILCS 508/21
Requests for assistance; disclosure of economic interests
Requests for assistance; disclosure of economic interests. (a) The Authority may not hear a request for assistance from a restricted person. This prohibition extends to business relationships between a person who is an Authority leader within one year prior to the request for assistance and to any entity in which a res…
70 ILCS 508/22
Open meetings; record disclosure
Open meetings; record disclosure. (a) The Authority is subject to the Open Meetings Act and the Freedom of Information Act. Documents subject to the Freedom of Information Act include, but are not limited to, expenses, payroll, origination bonuses, and other financial details of the Authority. (b) A contract or agreeme…
70 ILCS 508/25
Powers
Powers. The Authority possesses all powers of a body corporate necessary and convenient to accomplish the purpose of this Act, including without limitation the following: (1) to enter into loans, contracts, agreements, and mortgages in any matter connected with any of its corporate purposes and to invest its funds; (2)…
70 ILCS 508/27
Annexation
Annexation. The Authority shall make its best effort to annex the parcels of property that are subject to the jurisdiction of the Authority to a contiguous municipality named in subsection (c) of Section 15. (Source: P.A. 89-333, eff. 8-17-95.)
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