1 SB49 Enrolled LRB MWcd 1 AN ACT concerning home mortgages. 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 5 Local Government Housing Finance Act. 6 Section 5. Definitions. In this Act: 7 "Appraised value" means the fair market value of a home 8 determined in accordance with generally accepted procedures 9 and standards applicable to the appraisal of real property. 10 "Authority" means any county or any municipality in this 11 State. 12 "Bonds" means any revenue bonds authorized under this 13 Act and payable as provided under this Act. 14 "Corporate authorities" means the county board or the 15 corporate authorities of a municipality as defined in the 16 Illinois Municipal Code. 17 "Home" means real property and improvements on real 18 property located within the Authority consisting of not more 19 than 4 dwelling units, including, but not limited to, 20 condominium units owned by one mortgagor who occupies or 21 intends to occupy one of the units. 22 "Home mortgage loan" means an interest-bearing loan to a 23 mortgagor evidenced by a promissory note and secured by a 24 mortgage on a home purchased or originated in accordance with 25 this Act made for the purpose of acquiring a home having a 26 purchase price less than the maximum home value. 27 "Lender" means any lending institution participating in a 28 residential housing finance plan as the originator of home 29 mortgage loans. 30 "Lending institution" means any bank, bank holding 31 company, credit union, trust company, savings bank, national
2 SB49 Enrolled -2- LRB MWcd 1 banking association, savings and loan association, building 2 and loan association, mortgage banker, or other financial 3 institution that customarily provides service or otherwise 4 aids in the financing of home mortgages, or any holding 5 company for any of the foregoing. 6 "Maximum home value" means the amount determined by the 7 corporate authorities. 8 "Mortgagor" means a person of low or moderate income who 9 has received or qualifies to receive a home mortgage loan on 10 a home. 11 "Ordinance" means an ordinance adopted and approved by 12 the corporate authorities of an Authority. 13 "Purchase price" means the actual consideration paid to 14 the seller of a home. 15 "Person" means a natural person or persons or a trust, 16 provided that the trust is for the benefit of a natural 17 person or members of that person's immediate family. 18 "Participation commitment" means any undertaking or 19 agreement by a lending institution to participate in the 20 implementation of a residential housing finance plan. 21 "Persons of low or moderate income" means a person or 22 family (consisting of one or more persons all of whom occupy 23 or will occupy the home) whose aggregate gross income 24 including the gross income of any co-signer or guarantor of 25 the promissory note made in connection with the making of a 26 home mortgage loan does not exceed a maximum amount to be 27 established by the corporate authorities and determined in 28 accordance with appropriate criteria, rules, and regulations, 29 approved by the corporate authorities in connection with the 30 implementation of a residential housing finance plan. 31 "Residential housing finance plan" means a program 32 implemented under this Act by an Authority to assist persons 33 of low or moderate income in acquiring safe, decent, and 34 sanitary housing that they can afford.
3 SB49 Enrolled -3- LRB MWcd 1 "State" means the State of Illinois. 2 "Trustee" means any State or national bank or trust 3 company, having trust powers, located within or outside the 4 State of Illinois, that may be appointed to act in any 5 capacity with respect to a residential housing finance plan 6 and the issuance of bonds to finance that plan whether 7 designated as a trustee, custodian, or administrator. 8 Section 10. Powers. In addition to powers that an 9 Authority may now have, Authorities have the following 10 powers: 11 (a) To acquire, and to contract and enter into advance 12 commitments to acquire, directly or indirectly, home 13 mortgages owned by lending institutions at any prices and 14 upon any other terms and conditions that are determined by 15 the Authority or trustee that the Authority designates as its 16 agent. 17 (b) To make and execute contracts with lending 18 institutions for the origination and servicing of home 19 mortgage loans on behalf of an Authority and to pay the 20 reasonable value of services rendered in accordance with 21 those contracts. 22 (c) To make loans to lenders to enable those lenders to 23 make home mortgage loans in accordance with this Act. 24 (d) To establish, by rules, regulations, or ordinances 25 relating to the issuance of bonds or in any financing 26 documents relating to the issuance of bonds, any standards 27 and requirements applicable to the purchase of home mortgage 28 loans or the origination of home mortgage loans or loans to 29 lenders that the Authority deems necessary or desirable to 30 effectuate the public purposes of this Act, including but not 31 limited to: (i) the time within which lending institutions 32 must make participation commitments and make disbursements 33 for home mortgage loans; (ii) the terms and conditions of
4 SB49 Enrolled -4- LRB MWcd 1 home mortgage loans to be acquired or originated; (iii) the 2 standards and criteria to be applied by the Authority in 3 defining persons of low or moderate income; (iv) the amounts 4 and types of insurance coverage required on homes, home 5 mortgage loans, and bonds; (v) the representations and 6 warranties to be required of persons and lending institutions 7 as evidence of compliance with the standards and 8 requirements; (vi) restrictions as to interest rate and other 9 terms of home mortgage loans or the return realized therefrom 10 by lending institutions; (vii) the type and amount of 11 collateral security to be provided to assure repayment of any 12 loans to lenders by the Authority and to assure repayment of 13 bonds; and (viii) any other matters related to the purchase 14 or origination of home mortgage loans or the making of loans 15 to lenders that shall be deemed relevant or necessary by the 16 corporate authorities. 17 (e) To require from each lending institution from which 18 home mortgage loans are to be purchased or that will 19 originate home mortgage loans on behalf of the Authority or 20 from lenders to which loans are made the submission, at the 21 time of making participation commitments, of evidence 22 satisfactory to the Authority of the ability and intention of 23 the lending institutions to make home mortgage loans and the 24 submission, within the time specified by the Authority for 25 making disbursements for home mortgage loans, of evidence 26 satisfactory to the Authority of the making of home mortgage 27 loans and of compliance with any standards and requirements 28 established by the Authority. 29 (f) To require that a lending institution or lender 30 furnish, prior to or concurrent with the delivery of any 31 participation commitment by a lending institution, a 32 commitment fee in the form of a cash deposit, letter of 33 credit, promissory note, surety bond, or other instrument 34 approved by the corporate authorities executed by or on
5 SB49 Enrolled -5- LRB MWcd 1 behalf of the lending institution, in an amount to be 2 determined by the corporate authorities. 3 (g) To issue its bonds to defray, in whole or in part, 4 (i) the cost of acquiring or originating home mortgage loans 5 or making loans to lenders in order to enable them to make 6 home mortgage loans; (ii) if deemed necessary or advisable, 7 the cost of paying interest on bonds during a reasonable 8 period necessary to acquire or originate the home mortgage 9 loans or to make the loans to the lender; (iii) the costs of 10 studies and surveys, insurance premiums, underwriting fees, 11 legal, accounting, and marketing services incurred in 12 connection with the issuance and the sale of the bonds, 13 including amounts required to establish reasonably necessary 14 bond and interest reserve accounts, and trustee, custodian, 15 and rating agency fees; (iv) the costs of reasonable 16 reserves; and (v) any other costs that are reasonably related 17 to the foregoing. 18 (h) To authorize the sale or other disposition of any 19 home mortgage loan, in whole or in part, upon any terms, at 20 any price and time, and from time to time, as may be 21 necessary to assure that the revenues and receipts to be 22 derived with respect to the home mortgage loans, together 23 with any insurance proceeds, funds held in reserve accounts, 24 and earnings thereon, shall produce and provide revenues and 25 receipts at least sufficient to provide for the prompt 26 payment of the principal, redemption premiums, if any, and 27 interest at maturity of all bonds issued pursuant to this Act 28 or to otherwise authorize the sale or other disposition of 29 any home mortgage loan after the bonds have been paid or 30 deemed to be paid. 31 (i) To pledge any revenues and receipts to be received 32 from any home mortgage loans to the punctual payment of bonds 33 authorized under this Act, and the interest and redemption 34 premiums, if any, on the bonds.
6 SB49 Enrolled -6- LRB MWcd 1 (j) To mortgage, pledge, or grant security interests in 2 any home mortgage loans, notes, or other property in favor of 3 the holder or holders of bonds issued therefor. 4 (k) To issue its bonds in any amount that may be 5 necessary (and not limited by the amount of bonds refunded) 6 for the purpose of refunding, in whole or in part, at any 7 time, bonds previously issued, the proceeds of which 8 refunding bonds may be used, at the discretion of the 9 corporate authorities, for paying bonds at maturity, calling 10 bonds for payment, and paying bonds prior to maturity, or for 11 deposit into an escrow or trust fund in advance of maturity 12 of bonds to be held for payment thereof at maturity or 13 earlier. 14 (l) To appoint or designate a trustee or trustees for 15 the benefit of the bondholders and to delegate and assign 16 thereto, insofar as it may lawfully do so, its rights, 17 duties, and responsibilities with respect to carrying out and 18 enforcing the terms and provisions of its residential housing 19 finance plan. 20 (m) To provide for and authorize the use and disposition 21 of any funds remaining in the possession of the Authority or 22 its trustees following payment and retirement of the bonds of 23 a designated series issued under this Act. 24 (n) To make and execute contracts and other instruments 25 necessary or convenient to the exercise of any of the powers 26 granted in this Act. 27 Section 15. Ordinance authorizing exercise of powers. 28 The exercise of any or all powers granted by this Act shall 29 be authorized and the bonds shall be authorized to be issued 30 under this Act for the purposes set forth in this Act, by an 31 ordinance adopted by the corporate authorities that takes 32 effect immediately upon adoption. The ordinance shall set 33 forth a finding and declaration (i) of the public purpose
7 SB49 Enrolled -7- LRB MWcd 1 therefor and (ii) that the ordinance is adopted pursuant to 2 this Act, which finding and declaration shall be conclusive 3 evidence of the existence and sufficiency of the public 4 purpose and of the power to carry out and give effect to the 5 public purpose. 6 The bonds shall bear interest at any rate or rates 7 without regard to any other law pertaining to interest rate 8 limitations, may be payable at any time or times, may be in 9 one or more series, may bear any date or dates, may mature at 10 any time or times not exceeding 40 years from their 11 respective dates, may be payable in any medium of payment at 12 any place or places, may carry any registration privileges, 13 may be subject to any terms of redemption at any premiums, 14 may be executed in any manner, may contain any terms, 15 covenants, and conditions, and may be in any form, either 16 coupon or registered, that the corporate authorities shall 17 provide. The bonds may be sold at public or private sale at 18 any price, in any manner and upon any terms that the 19 corporate authorities may authorize, and may be issued to the 20 purchaser or purchasers of bonds sold under this Act. The 21 bonds and interim notes shall be deemed to be securities and 22 negotiable instruments within the meaning of and for all 23 purposes of the Uniform Commercial Code. 24 Section 20. Covenants. Any ordinances authorizing the 25 issuance of the bonds under this Act may contain covenants 26 regarding (i) the use and disposition of the revenues and 27 receipts from any home mortgage loans for which the bonds are 28 to be issued, including the creation and maintenance of any 29 reasonable and adequate reserves that the corporate 30 authorities may determine; (ii) the insurance to be carried 31 on any home mortgage loan or bonds and the use and 32 disposition of the proceeds of that insurance; (iii) the 33 appointment of one or more trustees for the benefit of the
8 SB49 Enrolled -8- LRB MWcd 1 bondholders, paying agents, or bond registrants; (iv) the 2 investment of any funds held by the trustee or lender, 3 notwithstanding any other law to the contrary; (v) the 4 maximum rate payable on any home mortgage loan; and (vi) the 5 terms and conditions upon which the holders of the bonds or 6 any portion of the bonds, or any trustees for the bonds, are 7 entitled to the appointment of a receiver by a court of 8 competent jurisdiction, and any terms and conditions may 9 provide that the receiver may take possession of the home 10 mortgage loans or any part thereof and maintain, sell, or 11 otherwise dispose of the home mortgage loans, prescribe other 12 payments, and collect, receive, and apply all income and 13 revenues thereafter derived therefrom. An ordinance 14 authorizing the issuance of bonds under this Act may provide 15 that payment of the principal of, redemption premium, if any, 16 on and interest on any bonds issued under this Act shall be 17 secured by a mortgage, pledge, security interest, insurance 18 agreement, or indenture of trust of or with respect to any 19 home mortgage loans and a lien upon the revenues and receipts 20 derived therefrom or from any notes or other obligations of 21 lending institutions with respect to which the bonds are 22 issued. The mortgage, pledge, security interest, insurance 23 agreement, or indenture of trust constitute a contract with 24 the holder or holders of the bonds and continue in effect 25 until the principal of, the interest on, and the redemption 26 premiums, if any, on the bonds have been fully paid or 27 provision made for the payment of the bonds, and the duties 28 of the Authority and its corporate authorities and officers 29 under this Act and any ordinance and any mortgage, pledge, 30 security interest, insurance agreement, or indenture of trust 31 shall be enforceable as provided therein by any bondholder by 32 mandamus, foreclosure of any mortgage, pledge, security 33 interest, insurance agreement, or indenture of trust, or 34 other appropriate suit, action, or proceeding in any court of
9 SB49 Enrolled -9- LRB MWcd 1 competent jurisdiction; provided the ordinance or any 2 mortgage, pledge, security interest, insurance agreement, or 3 indenture of trust under which the bonds are issued may 4 provide that all remedies and rights to enforcement may be 5 vested in a trustee (with full power of appointment) for the 6 benefit of all the bondholders, which trustee shall be 7 subject to the control of any number of holders or owners of 8 any outstanding bonds as provided therein. 9 Section 25. Signatures. The bonds shall bear the manual 10 or facsimile signatures of any officers of the Authority that 11 may be designated in the ordinance authorizing the bonds and 12 the signatures constitute the valid and binding signatures of 13 the officers, notwithstanding that before the delivery of and 14 payment for the bonds any or all of the persons whose 15 signatures appear thereon have ceased to be officers of the 16 Authority. The validity of the bonds shall not be dependent 17 on nor affected by the validity or regularity of any 18 proceedings relating to the home mortgage loans acquired or 19 made from proceeds of the bonds. A recital in the bonds that 20 they are issued pursuant to this Act shall be conclusive 21 evidence of their validity and of the regularity of their 22 issuance. 23 Section 30. Pledges; validity. Any pledge made to secure 24 bonds shall be valid and binding from the time when the 25 pledge is made. The revenues and receipts or property or 26 interests in property pledged and thereafter received by the 27 Authority or trustee shall immediately be subject to the lien 28 of the pledge without any physical delivery of the pledge or 29 further act, and the lien of any such pledge shall be valid 30 and binding as against all parties having claims of any kind 31 in tort, contract, or otherwise against the Authority or 32 trustee irrespective of whether the parties have notice
10 SB49 Enrolled -10- LRB MWcd 1 thereof. Neither the ordinance, nor any other instrument by 2 which a pledge is created, need be recorded. 3 Section 35. Bonds; obligations of the Authority. All 4 bonds issued under this Act shall be limited obligations of 5 the Authority issuing the same, payable solely from the (i) 6 bond proceeds, (ii) revenues and receipts derived from the 7 home mortgage loans or from any notes or other obligations of 8 persons with respect to which the bonds are issued and 9 secured by a mortgage, pledge, security interest, insurance 10 agreement, or indenture of trust of or with respect to such 11 home mortgage loans, (iii) certain insurance proceeds which 12 may relate to the bonds or the home mortgage loans, (iv) 13 participation fees, or (v) certain reserve funds. No 14 Authority shall have any right or authority to levy taxes to 15 pay any of the principal of, redemption premium, if any, or 16 interest on any bonds issued pursuant to this Act or any 17 judgment against an Authority on account of the bonds. No 18 holder of any bonds issued under this Act shall have the 19 right to compel any exercise of the taxing power of any 20 Authority to pay the bonds, the interest, or redemption 21 premium, if any, on the bonds, and the bonds shall not 22 constitute an indebtedness of the Authority, or a loan of the 23 faith and credit of the Authority, within the meaning of any 24 constitutional or statutory provision, nor shall the bonds be 25 construed to create any moral obligation on the part of the 26 Authority to provide for the payment of the bonds. It shall 27 be plainly stated on the face of each bond that it has been 28 issued under the provisions of this Act and that it does not 29 constitute an indebtedness of the Authority, or a loan of the 30 faith and credit of the Authority, within the meaning of any 31 constitutional or statutory provision. Bonds may be issued 32 pursuant to this Act without regard to (i) any statutory 33 limitation as to bonded indebtedness and shall not be
11 SB49 Enrolled -11- LRB MWcd 1 included in computing total bonded indebtedness within the 2 meaning of any statutory limitation, (ii) any requirement of 3 competitive bidding or procedure for award of contracts 4 applicable by any statute, (iii) any requirement of 5 publication of ordinance or other documents, or (iv) any 6 requirement of referendum or petition. 7 Section 40. Personal liability; corporate authorities. 8 Neither the members of the corporate authorities of an 9 Authority, nor any official or employee of the Authority, nor 10 any person executing bonds issued under this Act shall be 11 liable personally for payment of the bonds or the interest or 12 redemption premium, if any, thereon or be subject to any 13 personal liability or accountability by reason of the 14 issuance thereof. 15 Section 45. Joint or cooperative action. One or more 16 Authorities (whether or not any of them are home rule units) 17 may join together or cooperate with one another in the 18 exercise, either jointly, on behalf of the Authorities, or 19 otherwise, of any one or more of the powers conferred upon 20 Authorities under this Act or other enabling acts or powers. 21 The joint or cooperative action shall be taken only in 22 accordance with and pursuant to a written agreement entered 23 into between or among such cooperating parties. 24 Section 50. Legal investments. Notwithstanding any other 25 provision of law, bonds issued pursuant to this Act shall be 26 legal investments for all trust funds, insurance companies, 27 savings and loan associations, investment companies, and 28 banks, both savings and commercial, and shall be legal 29 investments for executors, administrators, trustees, and all 30 other fiduciaries. The bonds shall be legal investments for 31 State school funds and for any funds which may be invested in
12 SB49 Enrolled -12- LRB MWcd 1 county, municipal, or school district bonds, and such bonds 2 shall be deemed to be securities which may properly and 3 legally be deposited with, and received by, any State or 4 municipal officer or by any agency or political subdivision 5 of the State for any purpose for which the deposit of bonds 6 or obligations of the State is now, or may hereafter, be 7 authorized by law, including deposits to secure public funds. 8 Section 55. Interests of corporate officers or employees; 9 participating lending institutions. Notwithstanding the 10 provisions of any other law to the contrary, a member of the 11 corporate authorities, or an officer or employee of the 12 Authority, may be an officer, employee, or stockholder of a 13 lending institution or lender participating in a residential 14 housing finance plan of the corporate authorities, provided 15 the member (if a member of the corporate authorities) 16 declares such position or interest at a regular meeting of 17 the corporate authorities prior to passage of an ordinance 18 establishing the plan and abstains from voting on the 19 ordinance. 20 Section 60. Scope of additional powers. The powers 21 conferred by this Act are in addition and supplemental to, 22 and the limitations imposed by this Act shall not affect, the 23 powers conferred upon Authorities by any other law. This Act 24 is not a limitation upon the powers of home rule units. Home 25 mortgage loans may be acquired, purchased, and financed, and 26 bonds may be issued under this Act for those purposes, 27 notwithstanding that any other law or power may provide for 28 the acquisition, purchase, and financing of like home 29 mortgage loans, or the issuance of bonds for like purposes, 30 and without regard to the requirements, restrictions, 31 limitations, or other provisions contained in any law, 32 including any law relating to any requirement of competitive
13 SB49 Enrolled -13- LRB MWcd 1 bidding or restriction imposed on the sale or disposition of 2 property or award of contracts. Nothing in this Act shall be 3 deemed or construed to prohibit the exercise of the powers 4 conferred upon Authorities in connection with the financing 5 of federally assisted housing for persons of low and moderate 6 income. 7 Section 65. Construction. This Act is necessary for 8 the health, welfare, and safety of the State, its counties 9 and municipalities, and its inhabitants; therefore, it shall 10 be liberally construed to effect its purposes. 11 Section 99. Effective date. This Act takes effect upon 12 becoming law.
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