Sec. 40. Duties.
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/il/chapter-70/act-3210/40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 40. Duties.
(a)In addition to the powers set forth elsewhere in this Act, subject to the terms of any agreements with the holders of the Authority's evidences of indebtedness, the Authority shall do the following:
(1)Comply with all zoning, building, and land use controls of the municipality within
which is located any stadium facility owned by the Authority or for which the Authority provides financial assistance.
(2)Enter into a loan agreement with an owner of a facility to finance the acquisition,
construction, maintenance, or rehabilitation of the facility. The agreement shall contain appropriate and reasonable provisions with respect to termination, default, and legal remedies. The loan may be at below-market interest rates.
(3)Create and maintain a financial reserve for repair and replacement of capital
assets.
(b)In a loan agreement for the construction of a new facility, in connection with prequalification of general contractors for construction of the facility, the Authority shall require that the owner of the facility require submission of a commitment detailing how the general contractor will expend 25% or more of the dollar value of the general contract with one or more minority-owned businesses and 5% or more of the dollar value with one or more women-owned businesses. This commitment may be met by contractor's status as a minority-owned businesses or women-owned businesses, by a joint venture, or by subcontracting a portion of the work with or by purchasing materials for the work from one or more such businesses, or by any combination thereof. Any contract with the general contractor for construction of the new facility shall require the general contractor to meet the foregoing obligations and shall require monthly reporting to the Authority with respect to the status of the implementation of the contractor's affirmative action plan and compliance with that plan. This report shall be filed with the General Assembly. The Authority shall require that the facility owner establish and maintain an affirmative action program designed to promote equal employment opportunity and that specifies the goals and methods for increasing participation by minorities and women in a representative mix of job classifications required to perform the respective contracts. The Authority shall file a report before March 1 of each year with the General Assembly detailing its implementation of this subsection. The terms "minority-owned businesses" and "women-owned businesses" have the meanings provided in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.
(c)With respect to a facility owned or to be owned by the Authority, enter or have entered into a management agreement with a tenant of the Authority to operate the facility that requires the tenant to operate the facility for a period at least as long as the term of any bonds issued to finance the development, establishment, construction, erection, acquisition, repair, reconstruction, remodeling, adding to, extension, improvement, equipping, operation, and maintenance of the facility. Such agreement shall contain appropriate and reasonable provisions with respect to termination, default, and legal remedies.