The Authority possesses all powers of a body corporate necessary and convenient to accomplish the purpose of this Act, including without limitation the following:
         (a) to enter into loans, contracts, agreements, and
    
mortgages in any matter connected with any of its corporate purposes and to invest its funds;
        (b) to sue and be sued;
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Terms Used In Illinois Compiled Statutes 70 ILCS 516/25

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (c) to employ agents and employees necessary to carry
    
out its purposes;
        (d) to have, use, and alter a common seal;
         (e) to adopt all needful ordinances, resolutions,
    
bylaws, rules, and regulations for the conduct of its business and affairs and for the management and use of the projects developed, constructed, acquired, and improved in furtherance of its purposes;
        (f) to designate the fiscal year for the Authority;
         (g) to accept and expend appropriations;
         (h) to have and exercise all powers and be subject to
    
all duties usually incident to boards of directors of corporations;
        (i) to acquire, own, lease, sell, or otherwise
    
dispose of interests in and to real property and improvements situated thereon and in personal property from any person, the State of Illinois, any municipal corporation, any unit of local government, the government of the United States, any agency or instrumentality of the United States, any body politic, or any county, whether the property is improved for the purposes of any prospective project or unimproved, useful and necessary to fulfill the purposes of the Authority;
        (j) to acquire title to any project with respect to
    
which it exercises its authority;
        (k) to engage in any activity or operation, including
    
brownfield remediation, that is incidental to and in furtherance of efficient operation to accomplish the Authority’s primary purpose;
        (l) to acquire, own, construct, lease, operate, and
    
maintain, within its corporate limits, terminals and terminal facilities and to fix and collect just, reasonable, and nondiscriminatory charges for the use of those facilities;
        (m) to collect fees and charges in connection with
    
its loans, commitments, and services;
        (n) to use the charges and fees collected as
    
authorized under paragraphs (l) and (m) of this Section to defray the reasonable expenses of the Authority and to pay the principal and interest of any revenue bonds issued by the Authority;
        (o) to borrow money and issue revenue bonds, notes,
    
or other evidences of indebtedness under the supervision of the Illinois Finance Authority, as set forth under Section 825-13 of the Illinois Finance Authority Act;
        (p) to apply for and accept grants, loans or
    
appropriations from the federal government; the State of Illinois, including the Illinois Environmental Protection Agency; and the Village of Riverdale;
        (q) to accept donations, contributions, capital
    
grants or gifts from individuals, associations and private corporations in aid of any purposes of this Act and to enter into agreements in connection therewith;
        (r) to enter into intergovernmental agreements with
    
the State of Illinois, the County of Cook, the Illinois Finance Authority, the United States government, any agency or instrumentality of the United States, any unit of local government located within the territory of the Authority, or any other unit of government to the extent allowed by Article VII, Section 10 of the Illinois Constitution and the Intergovernmental Cooperation Act;
        (s) to petition any federal, State, municipal or
    
local authority, and any unit of local government having jurisdiction in the premises for the adoption and execution of any physical improvement, change in method or system of handling freight, warehousing, docking, lightering, and transfer of freight which, in the opinion of the Authority, is designed to improve the handling of commerce in and through its territorial jurisdiction or improve terminal or transportation facilities therein;
        (t) to enter into agreements with businesses, form
    
public-private partnership entities and appropriate funds to such entities as needed to achieve the purpose of this Act; and
        (u) to share employees with other units of
    
government, including agencies of the United States, agencies of the State of Illinois, and agencies or personnel of any unit of local government.
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