Illinois Compiled Statutes 70 ILCS 510 — Quad Cities Regional Economic Development Authority Act, approved September 22, 1987.

This Act shall be known and may be cited as the "Quad Cities Regional Economic Development Authority Act"

This Act shall be known and may be cited as the "Quad Cities Regional Economic Development Authority Act". (Source: P.A. 85-713.)

The General Assembly hereby determines and declares: (a) That due to changes in national and international manufacturing and product markets, unstable international currency markets, and increased competition from certain foreign competitors, several industries employing large numbers of Illinoisans in the northwestern…

The following terms, whenever used or referred to in this Act, shall have the following meanings, except in such instances where the context may clearly indicate otherwise: (a) "Authority" means the Quad Cities Regional Economic Development Authority created by this Act. (a-5) "Authority leader" means the Executive Dir…

(a) There is hereby created a political subdivision, body politic and municipal corporation named the Quad Cities Regional Economic Development Authority

(a) There is hereby created a political subdivision, body politic and municipal corporation named the Quad Cities Regional Economic Development Authority. The territorial jurisdiction of the Authority is that geographic area within the boundaries of Jo Daviess, Carroll, Whiteside, Stephenson, Lee, Rock Island, Henry, K…

Conflicts of interest; requests for assistance; disclosure of economic interests

Conflicts of interest; requests for assistance; disclosure of economic interests. (a) No member of the Authority or officer, agent, or employee thereof other than the representatives of a professional sports team shall, in his or her own name or in the name of a nominee, be an officer, director, or hold an ownership in…

Records, reports, and notices of the Authority

Records, reports, and notices of the Authority. The secretary shall keep a record of the proceedings of the Authority. The treasurer of the Authority shall be custodian of all Authority funds, and shall be bonded in such amount as the other members of the Authority may designate. The accounts and bonds of the Authority…

All official acts of the Authority shall require the approval of at least 4 members

All official acts of the Authority shall require the approval of at least 4 members. (Source: P.A. 85-713.)

(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: (1) to enter into loans, contracts, agreements and mortgages in any matter connected with an…

Bonds and notes

Bonds and notes. (a)(1) The Authority may, with the written approval of the Governor, at any time and from time to time, issue bonds and notes for any corporate purpose, including the establishment of reserves and the payment of interest. In this Act the term "bonds" includes notes of any kind, interim certificates, re…

Legality for Investment

Legality for Investment. Any financial institution, investment company, insurance company or association, and any personal representative, guardian, trustee or other fiduciary, may legally invest any monies belonging to them or within their control in any bonds issued by the Authority. (Source: P.A. 85-713.)

Tax exemption

Tax exemption. The Authority shall not be required to pay any taxes or assessments of any kind whatsoever and its bonds, their transfer, the interest payable on them, and any income derived from them may be exempt by the election of the Authority at the time of issuance and at all times from every kind and nature of ta…

Bond and notes; exemption from taxation

Bond 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…

Additional powers and duties

Additional powers and duties. (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 the power to enter into intergovernmental agreements with the State of Illinois, the counties of Jo Daviess, Carroll, Whiteside, Stephenson, Lee,…

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 the Act, which area shall have all the privileges and rights of an Enter…

The Authority may collect fees and charges in connection with its loans, commitments and servicing and provide technical assistance in the development of the region

The Authority may collect fees and charges in connection with its loans, commitments and servicing and provide technical assistance in the development of the region. (Source: P.A. 85-713.)

Taxation

Taxation. The Authority shall have taxing powers as determined by statute. (Source: P.A. 85-713.)

(a) If the Authority issues bonds for the purpose of financing, by loan, grant, or otherwise, the construction of a NASCAR race track, then it may impose the tax authorized by this Section

(a) If the Authority issues bonds for the purpose of financing, by loan, grant, or otherwise, the construction of a NASCAR race track, then it may impose the tax authorized by this Section. (b) The Authority may impose an admission tax of $2 per person entering the grounds of the NASCAR race track upon a ticket of admi…

Civic Center

Civic Center. The Authority shall commence a study to determine the feasibility of a civic center or other public assembly hall or arena to be located within the territorial jurisdiction of the Authority. This report shall address, at a minimum, marketing analysis, site availability, competition, funding sources availa…