70 ILCS 516/1
Short title
Short title. This Act may be cited as the Riverdale Development Authority Act. (Source: P.A. 94-1093, eff. 1-26-07.)
Illinois Compiled Statutes 70 ILCS 516 — Riverdale Development Authority Act.
Illinois · statute · 70 ILCS 516 · 15 active provisions
Provisions
70 ILCS 516/5
Purpose
Purpose. The purpose of this Act is to facilitate and promote the redevelopment of vacant and underutilized brownfield property located adjacent to and between CSX's Barr Yard and IHB's Blue Island Yard, and to enhance the economic benefits generated by the former uses of the property with development that will attract…
70 ILCS 516/10
Definitions
Definitions. In this Act words and phrases have the meanings set forth in this Section. "Authority" means the Riverdale Development Authority created by this Act. "Authority leader" means the Executive Director, Assistant Executive Director, or any other person serving in a management, administrative, or leadership rol…
70 ILCS 516/15
Creation of Authority; Board members; officers
Creation of Authority; Board members; officers. (a) The Riverdale Development Authority is created as a political subdivision, body politic, and municipal corporation. (b) The jurisdiction of the Authority shall extend over the approximately 1,200 acres (1.87 sq. miles), more or less, of largely industrial, commercial…
70 ILCS 516/20
Responsibilities of the Authority
Responsibilities of the Authority. It is the duty of the Authority to promote development within its territorial jurisdiction. The Authority shall use the powers conferred on it by this Act to assist in the planning, development, acquisition, construction and marketing of residential, industrial, commercial, or freight…
70 ILCS 516/21
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 516/22
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 516/25
Powers
Powers. The Authority possesses all powers of a body corporate necessary and convenient to accomplish the purpose of this Act, including without limitation the following: (a) to enter into loans, contracts, agreements, and mortgages in any matter connected with any of its corporate purposes and to invest its funds; (b)…
70 ILCS 516/30
Limitations
Limitations. If any of the Authority's powers are exercised within the jurisdiction limits of any municipality, then all of the ordinances of that municipality remain in full force and effect and are controlling. The Authority shall not issue any revenue bonds relating to the financing of a project located within the p…
70 ILCS 516/35
Revenue Bonds
Revenue Bonds. (a) The Authority shall have the continuing power to issue revenue bonds, notes, or other evidences of indebtedness in an aggregate amount not to exceed $200,000,000 for the purpose of developing, constructing, acquiring, or improving projects, including those established by business entities locating or…
70 ILCS 516/40
Designation of depository
Designation of depository. The Authority shall biennially designate a national or State bank or banks as depositories of its money. Those 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 e…
70 ILCS 516/45
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 Econ…
70 ILCS 516/50
Abolition of the Authority
Abolition of the Authority. The Authority is abolished upon the last to occur of the following: (1) the expiration of the 15-year period that begins on the effective date of this Act; or (2) one year after the date that all revenue bonds, notes, and other evidences of indebtedness of the Authority have been fully paid…
70 ILCS 516/900
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 94-1093, eff. 1-26-07; text omitted.)
70 ILCS 516/999
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 94-1093, eff. 1-26-07.)