Illinois General Assembly - Full Text of Public Act 094-0562
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Public Act 094-0562


 

Public Act 0562 94TH GENERAL ASSEMBLY



 


 
Public Act 094-0562
 
HB1679 Enrolled LRB094 03138 MKM 33139 b

    AN ACT concerning local government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Kaskaskia Regional Port District Act is
amended by changing Section 20.2 as follows:
 
    (70 ILCS 1830/20.2)
    Sec. 20.2. Authorization to borrow moneys. The District's
Board may borrow money from any bank or other financial
institution, and may provide appropriate security for that
borrowing, if the money is repaid within 3 years one year after
the money is borrowed. "Financial institution" means any bank
subject to the Illinois Banking Act, any savings and loan
association subject to the Illinois Savings and Loan Act of
1985, any savings bank subject to the Savings Bank Act, and any
federally chartered commercial bank or savings and loan
association organized and operated in this State pursuant to
the laws of the United States.
(Source: P.A. 92-389, eff. 1-1-02.)
 
    Section 10. The Tri-City Regional Port District Act is
amended by adding Section 7.5 as follows:
 
    (70 ILCS 1860/7.5 new)
    Sec. 7.5. Authorization to borrow moneys. The District's
Board may borrow money from any bank or other financial
institution and may provide appropriate security for that
borrowing, if the money is repaid within 3 years after the
money is borrowed. "Financial institution" means any bank
subject to the Illinois Banking Act, any savings and loan
association subject to the Illinois Savings and Loan Act of
1985, any savings bank subject to the Savings Bank Act, and any
federally chartered commercial bank or savings and loan
association organized and operated in this State pursuant to
the laws of the United States.

Effective Date: 1/1/2006