Illinois Compiled Statutes 70 ILCS 520 — Southwestern Illinois Development Authority Act.

This Act shall be known and may be cited as the "Southwestern Illinois Development Authority Act"

This Act shall be known and may be cited as the "Southwestern Illinois Development Authority Act". (Source: P.A. 85-591.)

The General Assembly hereby determines and declares: (a) That labor surplus areas currently exist in the southwestern part of the State; (b) 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 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 Southwestern Illinois Development Authority created by this Act. (a-5) "Authority leader" means the Executive Director, A…

(a) There is hereby created a political subdivision, body politic and municipal corporation named the Southwestern Illinois Development Authority

(a) There is hereby created a political subdivision, body politic and municipal corporation named the Southwestern Illinois Development Authority. The territorial jurisdiction of the Authority is that geographic area within the boundaries of Madison, St. Clair, Bond, Clinton, and Monroe counties in the State of Illinoi…

All official acts of the Authority shall require the approval of at least 8 voting members

All official acts of the Authority shall require the approval of at least 8 voting members. It shall be the duty of the Authority to promote development within the geographic confines of Madison, Bond, Clinton, St. Clair, and Monroe counties. The Authority shall use the powers herein conferred upon it to assist in the…

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…

(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…

Commitment notice

Commitment notice. The Authority shall provide notice to the General Assembly, the Department of Commerce and Economic Opportunity, and the Governor once the Authority enters into a commitment to support the financing of a project. The notice to the General Assembly shall be filed with the Clerk of the House of Represe…

(a) The Authority, with the written approval of the Governor, shall have the continuing power to issue bonds, notes, or other evidences of indebtedness for the purpose of developing, constructing, acquiring or improving projects, including without limitation those established by business entities locating or expanding…

Any unit of local government which is authorized to issue, sell and deliver its local government securities under any provision of the Illinois Constitution or laws of this State may issue, sell, and deliver such local government securities to the Authority as provided by this Act, provided that and notwithstanding any…

(a) Any unit of local government which receives funds from the Department of Revenue, including without limitation funds received pursuant to Sections 8-11-1, 8-11-1

(a) Any unit of local government which receives funds from the Department of Revenue, including without limitation funds received pursuant to Sections 8-11-1, 8-11-1.4 or 8-11-5 of the Illinois Municipal Code, the Home Rule County Retailers' Occupation Tax Act or the Home Rule County Service Occupation Tax Act, Section…

The Authority may issue a single bond issue pursuant to this Act for a group of industrial projects, a group of housing projects, a group of residential projects, a group of commercial projects, a group of local government projects, or any combination thereof. A bond issue for multiple projects as provided in this Sect…

Tax exemption of bonds

Tax exemption of bonds. The issuance of bonds under this Act is deemed an essential public and governmental purpose. Interest on the bonds issued under this Act after the effective date of this amendatory Act of 1996 is exempt from taxation within this State. For purposes of Section 250 of the Illinois Income Tax Act,…

(a) The Authority may, but need not, acquire title to any project with respect to which it exercises its authority

(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 u…

Eminent domain

Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act. (Source: P.A. 94-1055, eff. 1-1-07.)

In addition to the power and authority heretofore conferred upon the Authority, the Authority, in its own name, shall have full power and authority: to acquire and thereafter operate and maintain any existing vehicular toll bridge across any waters which form a common boundary between any city within the territory of t…

Enterprise Zone

Enterprise Zone. 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…

The Authority shall biennially designate a national or State bank or banks as depositories of its money

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…

(a) No member of the Authority or officer, agent, or employee of the Authority shall, in his or her own name or in the name of a nominee, be an officer or director of or hold an ownership of more than 7.5% in any person, association, trust, corporation, partnership, or other entity that is, in its own name or in the na…

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. 85-591.)

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. 85-591.)