70 ILCS 506/1
Short title
Short title. This Act may be cited as the Eastern Illinois Economic Development Authority Act. (Source: P.A. 94-203, eff. 7-13-05.)
Illinois Compiled Statutes 70 ILCS 506 — Eastern Illinois Economic Development Authority Act.
Illinois · statute · 70 ILCS 506 · 17 active provisions
70 ILCS 506/5
Findings
Findings. The General Assembly determines and declares the following: (1) that labor surplus areas currently exist in eastern 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…
70 ILCS 506/10
Definitions
Definitions. In this Act: "Authority" means the Eastern 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…
70 ILCS 506/15
Creation
Creation. (a) There is created a political subdivision, body politic, and municipal corporation named the Eastern Illinois Economic Development Authority. The territorial jurisdiction of the Authority is that geographic area within the boundaries of the following counties: Ford, Iroquois, Piatt, Champaign, Vermilion, D…
70 ILCS 506/20
Duty
Duty. All official acts of the Authority shall require the approval of at least 8 members. It shall be the duty of the Authority to promote development within the geographic confines of Ford, Iroquois, Piatt, Champaign, Vermilion, Douglas, Moultrie, Shelby, Coles, and Edgar counties. The Authority shall use the powers…
70 ILCS 506/21
Requests for assistance; disclosure of economic interests
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 res…
70 ILCS 506/22
Open meetings; record disclosure
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 agreeme…
70 ILCS 506/25
Powers
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 mortgages in any matter c…
70 ILCS 506/30
Tax avoidance
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 Occu…
70 ILCS 506/35
Bonds
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 $500,000,000 for the following purposes: (i) development, construction, acquisition, or improvement of projects,…
70 ILCS 506/40
Bonds and notes; exemption from taxation
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 issue…
70 ILCS 506/45
Acquisition
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 corporatio…
70 ILCS 506/55
Designation of depository
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 ex…
70 ILCS 506/60
Taxation prohibited
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. (Sour…
70 ILCS 506/65
Fees
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. 94-203, eff. 7-13-05.)
70 ILCS 506/70
Reports; commitment notice
Reports; commitment notice. 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. The Authority shall provide notice to the General Assembly, the Department of Commerce and Economic…
70 ILCS 506/999
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 94-203, eff. 7-13-05.)