(70 ILCS 518/5)
Sec. 5. Short title. This Act may be cited as the Southeastern Illinois
Economic Development Authority
Act.
(Source: P.A. 93-968, eff. 8-20-04.) |
(70 ILCS 518/10)
Sec. 10. Findings. The General Assembly determines and declares the
following:
(1) that labor surplus areas currently exist in southeastern Illinois;
(2) that the economic burdens resulting from involuntary unemployment fall,
in part, upon the State in
the form of increased need for public assistance and reduced tax revenues and,
in the event that the
unemployed worker and his or her family migrate elsewhere to find work, the
burden may also fall upon
the municipalities and other taxing districts within the areas of unemployment
in the form of reduced tax
revenues, thereby endangering their financial ability to support necessary
governmental services for their
remaining inhabitants;
(3) that the State has a responsibility to help create a favorable climate
for new and improved job
opportunities for its citizens by encouraging the development of tourism, commercial, and
service businesses and
industrial and manufacturing plants within the southeastern region of Illinois;
(4) that a lack of decent housing contributes to urban blight, crime,
anti-social behavior, disease, a higher
need for public assistance, reduced tax revenues, and the migration of workers
and their families away from
areas which fail to offer adequate, decent, and affordable housing;
(5) that decent, affordable housing is a necessary ingredient of life
affording each citizen basic human
dignity, a sense of self worth, confidence, and a firm foundation upon which to
build a family and educate
children;
(6) that in order to foster civic and neighborhood pride, citizens require
access to educational institutions,
recreation, parks and open spaces, entertainment, sports, a reliable
transportation network, cultural
facilities, and theaters; and
(7) that the main purpose of this Act is to promote industrial, commercial,
residential, service,
transportation, and recreational activities and facilities, thereby reducing
the evils attendant upon
unemployment and enhancing the public health, safety, morals, happiness, and
general welfare of the State.
(Source: P.A. 93-968, eff. 8-20-04.) |
(70 ILCS 518/15) Sec. 15. Definitions. In this Act:
"Authority" means the Southeastern Illinois Economic Development Authority.
"Authority leader" means the Executive Director, Assistant Executive Director, or any other person serving in a management, administrative, or leadership role at the Authority. "Governmental agency" means any federal, State, or local governmental body
and any agency or
instrumentality thereof, corporate or otherwise.
"Person" means any natural person, firm, partnership, corporation, both
domestic and foreign,
company, association or joint stock association and includes any trustee,
receiver, assignee or personal
representative thereof.
"Restricted person" means a person who has a familial or business relationship with an Authority leader. "Revenue bond" means any bond issued by the Authority, the principal and
interest of which is payable
solely from revenues or income derived from any project or activity of the
Authority.
"Board" means the Board of Directors of the Southeastern Illinois Economic
Development Authority.
"Governor" means the Governor of the State of Illinois.
"City" means any city, village, incorporated town, or township within the
geographical territory of the
Authority.
"Industrial project" means the following:
(1) a capital project, including one or more | ||
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(2) any land, buildings, machinery or equipment | ||
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"Housing project" or "residential project" includes a specific work or improvement undertaken to provide dwelling accommodations, including the acquisition, construction or rehabilitation of lands, buildings and community facilities and in connection therewith to provide nonhousing facilities which are an integral part of a planned large-scale project or new community. "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 or sites now existing
or hereafter acquired, suitable for use by any retail or wholesale concern,
distributorship, or agency, or health facility or retirement facility.
"Project" means an industrial, housing, residential, commercial, or service
project, or any combination
thereof, provided that all uses fall within one of the categories described
above. Any project automatically
includes all site improvements and new construction involving sidewalks,
sewers, solid waste and
wastewater treatment and disposal sites and other pollution control facilities,
resource or waste reduction,
recovery, treatment and disposal facilities, parks, open spaces, wildlife
sanctuaries, streets, highways, and
runways.
"Lease agreement" means an agreement in which a project acquired by the
Authority by purchase, gift,
or lease is leased to any person or corporation 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, all principal of and
interest and premium, if any, on any bonds, notes, or other evidences of indebtedness of the Authority,
issued with respect to the project, providing for the maintenance, insurance, and operation of the project on
terms satisfactory to the Authority and providing for disposition of the project upon termination of the lease
term, including purchase options or abandonment of the premises, with other terms as may be deemed
desirable by the Authority.
"Loan agreement" means any agreement in which the Authority agrees to loan
the proceeds of its bonds,
notes, or other evidences of indebtedness, issued with respect to a project, to
any person or corporation
which will use or cause the project to be used as a project, upon terms
providing for loan repayment
installments at least sufficient to pay, when due, all principal of and
interest and premium, if any, on any
bonds, notes, or other evidences of indebtedness of the Authority issued with
respect to the project,
providing for maintenance, insurance, and operation of the project on terms
satisfactory to the Authority
and providing for other terms deemed advisable by the Authority.
"Financial aid" means the expenditure of Authority funds or funds provided by
the Authority for the
development, construction, acquisition or improvement of a project, through the
issuance of revenue bonds,
notes, or other evidences of indebtedness.
"Costs incurred in connection with
the development, construction, acquisition or improvement of a
project" means the following:
(1) the cost of purchase and construction of all | ||
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(2) financing charges;
(3) interest costs with respect to bonds, notes, and | ||
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(4) engineering and legal expenses; and
(5) the costs of plans, specifications, surveys, and | ||
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(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 518/20)
Sec. 20. Creation.
(a) There is created a political subdivision, body politic, and municipal
corporation named the Southeastern
Illinois Economic Development Authority. The territorial jurisdiction of the
Authority is that geographic
area within the boundaries of the following counties: Fayette, Cumberland, Clark, Effingham, Jasper, Crawford, Marion, Clay, Richland, Lawrence, Jefferson, Wayne, Edwards, Wabash, Hamilton, and White; Irvington Township in Washington County; and any
navigable waters and
air space located therein.
(b) The governing and administrative powers of the Authority shall be vested
in a body consisting of 27
members as follows: (1) Public members. Nine members shall be appointed | ||
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(2) One member shall be appointed by the Director of | ||
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All public members shall reside within
the territorial
jurisdiction of the Authority.
The public members shall be persons of recognized ability and experience in one
or more of the following
areas: economic development, finance, banking, industrial development, state or
local government, commercial agriculture, small
business management, real
estate development, community development, venture finance, organized labor, or
civic or community
organization.
(c) Fourteen members shall constitute a quorum, and the Board may not meet or take any action without a quorum present.
(d) The chairman of the Authority shall be elected annually by the Board.
(e) The terms of the initial members of the Authority shall begin 30 days
after the effective date of this
Act. Of the 10 original members appointed by the Governor and the Director of Commerce and Economic Opportunity pursuant to subsection (b), one shall serve until the third Monday in January, 2005; one shall serve until the third Monday in January, 2006; 2 shall serve until the third Monday in January, 2007; 2 shall serve until the third Monday in January, 2008; 2 shall serve until the third Monday in January, 2009; and 2 shall serve until the third Monday in January, 2010. The terms of the initial public members of the Authority appointed by the county board chairmen shall begin 30 days after the effective date of this amendatory Act of the 97th General Assembly. The terms of the initial public members appointed by the county board chairmen shall be determined by lot, according to the following schedule: (i) 4 shall serve until the third Monday in January, 2013, (ii) 4 shall serve until the third Monday in January, 2014, (iii) 3 shall serve until the third Monday in January, 2015, (iv) 3 shall serve until the third Monday in January, 2016, and (v) 3 shall serve until the third Monday in January, 2017. All successors to these initial members shall be appointed by the original appointing authority pursuant to subsection (b), and shall hold office for a term of 3 years commencing the third Monday in January of the year in which their term commences, except in the case of an appointment to fill a vacancy. Vacancies occurring among the members shall be filled for the
remainder of the term. In case of
a vacancy in a Governor-appointed membership when the Senate is not in session,
the Governor may make a
temporary appointment until the next meeting of the Senate when a person shall
be nominated to fill the
office and, upon confirmation by the Senate, he or she shall hold office during
the remainder of the term
and until a successor is appointed and qualified. Members of the Authority are
not entitled to
compensation for their services as members but are entitled to reimbursement
for all necessary expenses
incurred in connection with the performance of their duties as members.
Members of the Board may participate in Board meetings by teleconference or video conference.
(f) The Governor may remove any public member of the Authority appointed by the Governor, and the Director of Commerce and Economic Opportunity may remove any member appointed by the Director, in case of
incompetence, neglect of
duty, or malfeasance in office. The chairman of a county board, with the approval of a majority vote of the county board, may remove any public member appointed by that chairman in the case of incompetence, neglect of duty, or malfeasance in office.
(g) The Board shall appoint an Executive Director who shall have a
background in finance, including
familiarity with the legal and procedural requirements of issuing bonds, real
estate, or economic
development and administration. The Executive Director shall hold office at the
discretion of the Board.
The Executive Director shall be the chief administrative and operational
officer of the Authority, shall
direct and supervise its administrative affairs and general management, perform
such other duties as may
be prescribed from time to time by the members, and receive compensation fixed
by the Authority. The
Executive Director shall attend all meetings of the Authority. However, no
action of the Authority shall be
invalid on account of the absence of the Executive Director from a meeting. The
Authority may engage
the services of the Illinois Finance Authority, attorneys, appraisers,
engineers, accountants, credit
analysts, and other consultants, if the Southeastern Illinois Economic Development Authority deems it advisable.
(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 518/25)
Sec. 25. Duty. All official acts of the Authority shall require the
approval of at least 14 members. It
shall be the duty of the Authority to promote development within the territorial jurisdiction of the Authority. The Authority shall use the powers conferred upon it to assist in the
development, construction,
and acquisition of industrial, commercial, housing, or residential projects
within its territorial jurisdiction.
(Source: P.A. 97-717, eff. 6-29-12.) |
(70 ILCS 518/26) Sec. 26. 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 restricted person holds or, within the past 2 years, held an ownership interest of 10% or more. (b) An Authority leader shall disclose and recuse himself or herself from matters relating to requests for assistance from an entity that is relocating full-time employees from another Authority's counties if (i) both Authorities contract with or employ the same Authority leader or (ii) there is or, within the past 2 years of the request, there was a business relationship between the Authority leaders at the 2 Authorities. (c) The Board of the Authority shall vote to renew the appointment of the Executive Director and other Authority leaders on an annual basis. All contracts shall be approved on an annual basis and use a public process to solicit applications. This requirement does not apply to full-time employees of the Authority unless otherwise required by applicable State law or local ordinance. (d) Each Authority leader shall submit a statement of economic interest in accordance with Article 4A of the Illinois Governmental Ethics Act. Additionally, each Authority leader shall disclose to the Board outside sources of income and any business relationships in economic development consulting or lobbying. Reporting shall include the source of income, services provided, and timeline of when services were provided. If the source of income is a firm or organization with multiple clients, the report shall list all of the entities for which the individual provided services.
(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 518/27) Sec. 27. 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 agreement entered into by the Authority must be posted on the Authority's website. The Authority shall provide a detailed report of the Authority's financial information on the Authority's website, including, but not limited to, a statement of profits and losses, balance sheet, and income statement of the Authority.
(Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 518/30)
Sec. 30. Powers.
(a) The Authority possesses all the powers of a body corporate necessary and
convenient to accomplish
the purposes of this Act, including, without any intended limitation upon the
general powers hereby
conferred, the following powers:
(1) to enter into loans, contracts, agreements, and | ||
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(2) to sue and be sued;
(3) to utilize services of the Illinois Finance | ||
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(4) to have and use a common seal and to alter the | ||
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(5) to adopt all needful ordinances, resolutions, | ||
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(6) to own or finance communications projects such as | ||
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(7) to designate the fiscal year for the Authority;
(8) to accept and expend appropriations;
(9) to acquire, own, lease, sell, or otherwise | ||
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(10) to engage in any activity or operation which is | ||
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(11) to acquire, own, construct, lease, operate, and | ||
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(12) subject to any applicable condition imposed by | ||
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(13) to have and exercise all powers and be subject | ||
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(b) The Authority shall not issue any bonds relating to the financing of a
project located within the
planning and subdivision control jurisdiction of any municipality or county
unless notice, including a
description of the proposed project and the financing for that project, is
submitted to the corporate
authorities of the municipality or, in the case of a proposed project in an
unincorporated area, to the county
board.
(c) If any of the powers set forth in this Act are exercised within the
jurisdictional limits of any
municipality, all ordinances of the municipality remain in full force and
effect and are controlling.
(Source: P.A. 93-968, eff. 8-20-04.) |
(70 ILCS 518/35) Sec. 35. Bonds.
(a) The Authority, with the written approval of the Governor, shall have the
continuing power to issue
bonds, notes, or other evidences of indebtedness in an aggregate amount outstanding not to
exceed $250,000,000 for the
following purposes: (i) development, construction, acquisition, or improvement
of projects, including those
established by business entities locating or expanding property within the
territorial jurisdiction of the
Authority; (ii) entering into venture capital agreements with businesses
locating or expanding within the
territorial jurisdiction of the Authority; (iii) acquisition and improvement of
any property necessary and
useful in connection therewith; and (iv) for the purposes of the Employee
Ownership Assistance Act. For
the purpose of evidencing the obligations of the Authority to repay any money
borrowed, the Authority
may, pursuant to resolution, from time to time, issue and dispose of its interest-bearing revenue bonds,
notes, or other evidences of indebtedness and may also from time to time issue and dispose of such bonds,
notes, or other evidences of indebtedness to refund, at maturity, at a redemption date or in advance of
either, any bonds, notes, or other evidences of indebtedness pursuant to redemption provisions or at any
time before maturity. All such bonds, notes, or other evidences of indebtedness shall be payable solely and
only from the revenues or income to be derived from loans made with respect to projects, from the leasing
or sale of the projects, or from any other funds available to the Authority for such purposes. The bonds,
notes, or other evidences of indebtedness may bear such date or dates, may mature at such time or times not
exceeding 40 years from their respective dates, may bear interest at such rate or rates not exceeding the
maximum rate permitted by the Bond Authorization Act, may be in such form, may carry such registration
privileges, may be executed in such manner, may be payable at such place or places, may be made subject
to redemption in such manner and upon such terms, with or without premium, as is stated on the face
thereof, may be authenticated in such manner and may contain such terms and
covenants as may be
provided by an applicable resolution.
(b) The holder or holders of any bonds, notes, or other evidences of
indebtedness issued by the
Authority may bring suits at law or proceedings in equity to compel the
performance and observance by
any corporation or person or by the Authority or any of its agents or employees
of any contract or covenant
made with the holders of the bonds, notes, or other evidences of indebtedness,
to compel such corporation,
person, the Authority, and any of its agents or employees to perform any duties
required to be performed
for the benefit of the holders of the bonds, notes, or other evidences of
indebtedness by the provision of the
resolution authorizing their issuance and to enjoin the corporation, person,
the Authority, and any of its
agents or employees from taking any action in conflict with any contract or
covenant.
(c) If the Authority fails to pay the principal of or interest on any of the
bonds or premium, if any, as the
bond becomes due, a civil action to compel payment may be instituted in the
appropriate circuit court by
the holder or holders of the bonds on which the default of payment exists or by
an indenture trustee acting
on behalf of the holders. Delivery of a summons and a copy of the complaint to
the chairman of the Board
shall constitute sufficient service to give the circuit court jurisdiction over
the subject matter of the suit and
jurisdiction over the Authority and its officers named as defendants for the
purpose of compelling such
payment. Any case, controversy, or cause of action concerning the validity of
this Act relates to the
revenue of the State of Illinois.
(d) Notwithstanding the form and tenor of any bond, note, or other evidence
of indebtedness and in
the absence of any express recital on its face that it is non-negotiable, all
such bonds, notes, and other
evidences of indebtedness shall be negotiable instruments. Pending the
preparation and execution of any
bonds, notes, or other evidences of indebtedness, temporary bonds, notes, or
evidences of indebtedness may
be issued as provided by ordinance.
(e) To secure the payment of any or all of such bonds, notes, or other
evidences of indebtedness, the
revenues to be received by the Authority from a lease agreement or loan
agreement shall be pledged, and,
for the purpose of setting forth the covenants and undertakings of the
Authority in connection with the
issuance of the bonds, notes, or other evidences of indebtedness and the
issuance of any additional bonds,
notes or other evidences of indebtedness payable from such revenues, income, or other funds to be derived
from projects, the Authority may execute and deliver a mortgage or trust agreement. A remedy for any
breach or default of the terms of any mortgage or trust agreement by the Authority may be by mandamus
proceeding in the appropriate circuit court to compel performance and compliance under the terms of the
mortgage or trust agreement, but the trust agreement may prescribe by whom or on whose behalf the action
may be instituted.
(f) Bonds or notes shall be secured as provided in the authorizing ordinance which may include,
notwithstanding any other provision of this Act, in addition to any other security, a specific pledge,
assignment of and lien on, or security interest in any or all revenues or money of the Authority, from
whatever source, which may, by law, be used for debt service purposes and a
specific pledge, or assignment
of and lien on, or security interest in any funds or accounts established or
provided for by ordinance of the
Authority authorizing the issuance of the bonds or notes.
(g) In the event that the Authority determines that moneys of the Authority
will not be sufficient for the
payment of the principal of and interest on its bonds during the next State
fiscal year, the chairman, as soon
as practicable, shall certify to the Governor the amount required by the
Authority to enable it to pay the
principal of and interest on the bonds. The Governor shall submit the certified
amount to the General
Assembly as soon as practicable, but no later than the end of the current State
fiscal year. This Section shall
not apply to any bonds or notes to which the Authority determines, in the
resolution authorizing the
issuance of the bonds or notes, that this Section shall not apply. Whenever the
Authority makes this
determination, it shall be plainly stated on the face of the bonds or notes and
the determination shall also be
reported to the Governor.
In the event of a withdrawal of moneys from a reserve fund established with
respect to any issue or
issues of bonds of the Authority to pay principal or interest on those bonds,
the chairman of the Authority,
as soon as practicable, shall certify to the Governor the amount required to
restore the reserve fund to the
level required in the resolution or indenture securing those bonds. The
Governor shall submit the certified
amount to the General Assembly as soon as practicable, but no later than the
end of the current State fiscal
year.
This subsection (g) shall not apply to any bond issued on or after the effective date of this amendatory Act of the 97th General Assembly.
(h) The State of Illinois pledges to and agrees with the holders of the
bonds and notes of the Authority
issued pursuant to this Section that the State will not limit or alter the rights and powers vested in the
Authority by this Act so as to impair the terms of any contract made by the Authority with the holders of
bonds or notes or in any way impair the rights and remedies of those holders until the bonds and notes,
together with interest thereon, with interest on any unpaid installments of interest, and all costs and
expenses in connection with any action or proceedings by or on behalf of the holders, are fully met and
discharged. In addition, the State pledges to and agrees with the holders of the bonds and notes of the
Authority issued pursuant to this Section that the State will not limit or alter the basis on which State funds
are to be paid to the Authority as provided in this Act, or the use of such funds, so as to impair the terms of
any such contract. The Authority is authorized to include these pledges and agreements of the State in any
contract with the holders of bonds or notes issued pursuant to this Section.
(Source: P.A. 97-717, eff. 6-29-12; 98-750, eff. 1-1-15.) |
(70 ILCS 518/40)
Sec. 40. Bonds and notes; exemption from taxation. The creation of the
Authority is in all respects for
the benefit of the people of Illinois and for the improvement of their health,
safety, welfare, comfort, and
security, and its purposes are public purposes. In consideration thereof, the
notes and bonds of the
Authority issued pursuant to this Act and the income from these notes and bonds
may be free from all
taxation by the State or its political subdivisions, except for estate,
transfer, and inheritance taxes. The
exemption from taxation provided by the preceding sentence shall apply to the
income on any notes or
bonds of the Authority only if the Authority in its sole judgment determines
that the exemption enhances
the marketability of the bonds or notes or reduces the interest rates that
would otherwise be borne by the
bonds or notes. For purposes of Section 250 of the Illinois Income Tax Act, the
exemption of the Authority
shall terminate after all of the bonds have been paid. The amount of such income that shall be added and
then subtracted on the Illinois income tax return of a taxpayer, subject to Section 203 of the Illinois Income
Tax Act, from federal adjusted gross income or federal taxable income in computing Illinois base income
shall be the interest net of any bond premium amortization.
(Source: P.A. 95-331, eff. 8-21-07.) |
(70 ILCS 518/45)
Sec. 45. Acquisition.
(a) The Authority may, but need not, acquire title to any project with
respect to which it exercises its
authority.
(b) The Authority shall have power to acquire by purchase, lease, gift, or
otherwise any property or
rights therein from any person or persons, the State of Illinois, any municipal
corporation, any local unit of
government, the government of the United States and any agency or
instrumentality of the United States,
any body politic, or any county useful for its purposes, whether improved for
the purposes of any
prospective project or unimproved. The Authority may also accept any donation
of funds for its purposes
from any of these sources.
(c) The Authority shall have power to develop, construct, and improve,
either under its own direction or
through collaboration with any approved applicant, or to acquire, through
purchase or otherwise, any
project, using for this purpose the proceeds derived from its sale of revenue
bonds, notes, or other
evidences of indebtedness or governmental loans or grants and shall have the
power to hold title to those
projects in the name of the Authority.
(d) The Authority shall have the power to enter into intergovernmental
agreements with the State of
Illinois, the counties of Fayette, Cumberland, Clark, Effingham, Jasper, Crawford, Marion, Clay, Richland, Lawrence, Jefferson, Wayne, Edwards, Wabash, Hamilton, and White; Irvington Township in Washington County; the Illinois
Development Finance Authority, the Illinois Housing
Development Authority, the Illinois Education Facilities Authority, the
Illinois
Farm
Development Authority, the Rural Bond Bank,
the United States government and 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.
(e) The Authority shall have the power 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.
(f) The Authority shall have the power to exercise powers and issue bonds as
if it were a municipality so
authorized in Divisions 12.1, 74, 74.1, 74.3, and 74.5 of Article 11 of the
Illinois Municipal Code.
(Source: P.A. 93-968, eff. 8-20-04; 94-613, eff. 8-18-05.) |
(70 ILCS 518/50)
Sec. 50. Enterprise zones. The Authority may by ordinance designate a
portion of the territorial
jurisdiction of the Authority for certification as an Enterprise Zone under the
Illinois Enterprise Zone Act in
addition to any other enterprise zones which may be created under that Act,
which area shall have all the
privileges and rights of an Enterprise Zone pursuant to the Illinois Enterprise
Zone Act, but which shall not
be counted in determining the number of Enterprise Zones to be created in any
year pursuant to that Act.
(Source: P.A. 93-968, eff. 8-20-04.) |
(70 ILCS 518/55)
Sec. 55. Designation of depository. The Authority shall biennially
designate a national or State bank or
banks as depositories of its money. Such depositories shall be designated only
within the State and upon
condition that bonds approved as to form and surety by the Authority and at
least equal in amount to the
maximum sum expected to be on deposit at any one time shall be first given by
such depositories to the
Authority, such bonds to be conditioned for the safekeeping and prompt
repayment of such deposits.
When any of the funds of the Authority shall be deposited by the treasurer in
any such depository, the
treasurer and the sureties on his official bond shall, to such extent, be
exempt from liability for the loss of
any such deposited funds by reason of the failure, bankruptcy, or any other act
or default of such depository;
provided that the Authority may accept assignments of collateral by any
depository of its funds to secure
such deposits to the same extent and conditioned in the same manner as
assignments of collateral are
permitted by law to secure deposits of the funds of any city.
(Source: P.A. 93-968, eff. 8-20-04.) |
(70 ILCS 518/60)
Sec. 60. Taxation prohibited. The Authority shall have no right or
authority to levy any tax or special
assessment, to pledge the credit of the State or any other subdivision or
municipal corporation thereof, or to
incur any obligation enforceable upon any property, either within or without
the territory of the Authority.
(Source: P.A. 93-968, eff. 8-20-04.) |
(70 ILCS 518/65)
Sec. 65. Fees. The Authority may collect fees and charges in connection
with its loans, commitments,
and servicing and may provide technical assistance in the development of the
region.
(Source: P.A. 93-968, eff. 8-20-04.) |
(70 ILCS 518/70) Sec. 70. Reports; commitment notice.
(a) The Authority shall annually submit a report of its
finances to the Auditor General. The Authority shall annually submit a report of its activities to the Governor
and to the General Assembly.
(b) (Blank).
(c) The Authority shall provide notice to the General Assembly, the Department of Commerce and Economic Opportunity, and the Governor once the Authority enters into a commitment to support the financing of a project. The notice to the General Assembly shall be filed with the Clerk of the House of Representatives and the Secretary of the Senate, in electronic form only, in the manner that the Clerk and the Secretary shall direct. (Source: P.A. 103-517, eff. 8-11-23.) |
(70 ILCS 518/99)
Sec. 99.
(Amendatory provisions; text omitted).
(Source: P.A. 93-968, eff. 8-20-04; text omitted.) |
(70 ILCS 518/999)
Sec. 999. Effective date. This Act takes effect upon becoming law.
(Source: P.A. 93-968, eff. 8-20-04.) |