Synopsis As Introduced Creates the Illinois Urban Development Authority Act. Creates the Illinois Urban Development Authority. Provides that the Authority shall be governed by an 11-member board. Requires the Authority to make annual reports to certain entities. Sets forth the powers of the Authority. Sets forth the procedures by which the Authority may issue bonds. Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall supervise the bond issuance of the Illinois Urban Development Authority. Contains other provisions. Effective immediately.
Governor Amendatory Veto Message Recommends that certain bonds of the Illinois Urban Development Authority be designated as moral obligation bonds of the State. Further recommends that, with the approval of the Governor, the bonds, up to a principal amount of $150,000,000, may be used for purposes of developing biofuel projects.