(70 ILCS 532/5) Sec. 5. Short title. This Act may be cited as the
Western Illinois
Economic Development Authority Act. (Source: P.A. 93‑874, eff.
8‑6‑04.) |
(70 ILCS 532/10) Sec. 10. Findings. The
General Assembly determines and declares the
following:
(1) that labor surplus areas currently exist in
western 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 commercial and service
businesses and industrial and manufacturing plants within the western
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.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/15) Sec. 15. Definitions. In this Act:
"Authority" means the Western Illinois Economic
Development 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.
"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
Western 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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"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.
"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.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/20) Sec. 20. Creation. (a) There is created a political subdivision,
body politic, and municipal corporation named the Western Illinois
Economic Development Authority. The territorial jurisdiction of the
Authority is that geographic area within the boundaries of the following
counties: Warren, Henderson, Hancock, McDonough, Fulton, Mason, Cass,
Schuyler, Brown, Adams, Scott, Morgan, and Pike 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 21 members as
follows:
(1) Ex officio members. The Director of Commerce
and | ||
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(2) Public members. Six members shall be
appointed by | ||
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(c) 11 members shall constitute a
quorum.
(d) The chairman of the Authority shall be
elected annually by the Board and must be a public member that resides
within the territorial jurisdiction of the
Authority.
(e) The terms of all initial members of the
Authority shall begin 30 days after the effective date of this Act. Of the
6 original public members appointed by the Governor, 2 shall serve until
the third Monday in January, 2005; 1 shall serve until the third Monday in
January, 2006; 1 shall serve until the third Monday in January, 2007; 1
shall serve until the third Monday in January, 2008; and 1 shall serve
until the third Monday in January, 2009. The initial terms of the original
public members appointed by the county board chairmen shall be determined
by lot, according to the following schedule: (i) 3 shall serve until the
third Monday in January, 2005, (ii) 3 shall serve until the third Monday
in January, 2006, (iii) 3 shall serve until the third Monday in January,
2007, (iv) 2 shall serve until the third Monday in January, 2008, and (v)
2 shall serve until the third Monday in January, 2009. All successors to
these original public members shall be appointed by the original
appointing authority and all appointments made by the Governor shall be
made with the advice and consent of the Senate, pursuant to subsection
(b), and shall hold office for a term of 6 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
public members shall be filled for the remainder of the term. In case of
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.
(f) The Governor may remove any public member of
the Authority in case of incompetence, neglect of duty, or malfeasance in
office. The chairman of a 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
Department of Commerce and Community Affairs shall pay the compensation of
the Executive Director from appropriations received for that purpose. 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 Western
Illinois Economic Development Authority deems it
advisable.
(Source: P.A.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/25) Sec. 25. Duty. All official acts of the Authority shall require
the approval of at least 11 members. It shall be the duty of the Authority
to promote development within the geographic confines of Warren,
Henderson, Hancock, McDonough, Fulton, Mason, Cass, Schuyler, Brown,
Adams, Scott, Morgan, and Pike counties. 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 those counties.
(Source: P.A.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/30) 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,
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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 designate the fiscal year for the
Authority;
(7) to accept and expend
appropriations;
(8) to acquire, own, lease, sell, or otherwise
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(9) to engage in any activity or operation which
is | ||
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(10) to acquire, own, construct, lease, operate,
and | ||
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(11) subject to any applicable condition imposed
by | ||
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(12) 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: (i)
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 and (ii) the corporate authorities of the
municipality do not, or the county board does not, adopt a resolution
disapproving the project within 45 days after receipt of the
notice.
(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.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/35) Sec. 35. Tax avoidance. Notwithstanding any other provision of law, the
Authority shall not enter into any agreement providing for the purchase
and lease of tangible personal property which results in the avoidance of
taxation under the Retailers' Occupation Tax Act, the Use Tax Act, the
Service Use Tax Act, or the Service Occupation Tax Act, without the prior
written consent of the Governor. (Source: P.A. 93‑874, eff.
8‑6‑04.) |
(70 ILCS 532/40) Sec. 40. 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 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.
(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.
(i) Not less than 30 days prior to the
commitment to issue bonds, notes, or other evidences of indebtedness for
the purpose of developing, constructing, acquiring, or improving housing
or residential projects, as defined in this Act, the Authority shall
provide notice to the Executive Director of the Illinois Housing
Development Authority. Within 30 days after the notice is provided, the
Illinois Housing Development Authority shall, in writing, either express
interest in financing the project or notify the Authority that it is not
interested in providing financing and that the Authority may finance the
project or seek alternative financing. (Source: P.A. 93‑874, eff.
8‑6‑04.) |
(70 ILCS 532/45) Sec. 45. 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, exempt 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.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/50) Sec. 50. 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 Warren, Henderson, Hancock, McDonough, Fulton, Mason, Cass, Schuyler,
Brown, Adams, Scott, Morgan, or Pike, 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.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/55) Sec. 55. 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. 93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/60) Sec. 60. 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 safe keeping 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.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/65) Sec. 65. 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. 93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/70) Sec. 70. 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.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/75) Sec. 75. Reports. 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.
(Source: P.A.
93‑874, eff. 8‑6‑04.) |
(70 ILCS 532/95) Sec. 95. (Amendatory provisions; text omitted). (Source: P.A. 93‑874, eff. 8‑6‑04; text
omitted.) |
(70 ILCS 532/999) Sec. 999. Effective date. This Act takes effect upon becoming
law.
(Source: P.A.
93‑874, eff. 8‑6‑04.) |