70 ILCS 525/2001
Short title
Short title. This Article may be cited as the Tri-County River Valley Development Authority Law. (Source: P.A. 86-1489.)
Illinois Compiled Statutes 70 ILCS 525 — Tri-County River Valley Development Authority Law.
Illinois · statute · 70 ILCS 525 · 16 active provisions
70 ILCS 525/2002
Findings
Findings. The General Assembly hereby determines and declares: (a) That labor surplus areas currently exist in the State's Tri-County River Valley area. (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 r…
70 ILCS 525/2003
Definitions
Definitions. The following terms, whenever used or referred to in this Article, shall have the following meanings, except in such instances where the context may clearly indicate otherwise: (a) "Authority" means the Tri-County River Valley Development Authority created by this Article. (a-5) "Authority leader" means th…
70 ILCS 525/2004
Establishment
Establishment. (a) There is hereby created a political subdivision, body politic and municipal corporation named the Tri-County River Valley Development Authority. The territorial jurisdiction of the Authority is that geographic area within the boundaries of McLean, Peoria, Tazewell, and Woodford counties in the State…
70 ILCS 525/2005
Duty
Duty. All official acts of the Authority shall require the approval of at least 6 members. It shall be the duty of the Authority to promote development within the geographic confines of Peoria, Tazewell and Woodford counties. The Authority shall use the powers herein conferred upon it to assist in the development, cons…
70 ILCS 525/2005.1
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 525/2005.2
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 525/2006
Powers
Powers. (a) The Authority possesses all the powers of a body corporate necessary and convenient to accomplish the purposes of this Article, 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 conne…
70 ILCS 525/2007
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 $250,000,000 for the purpose of developing, constructing, acquiring or improving projects, including those estab…
70 ILCS 525/2007.1
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 525/2008
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 corporation…
70 ILCS 525/2009
Bridges
Bridges. (a) 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 t…
70 ILCS 525/2010
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 525/2011
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. (Sourc…
70 ILCS 525/2012
Fees
Fees. 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. 86-1489.)
70 ILCS 525/2013
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 General Assembly. The Authority shall provide notice to the General Assembly, the Department of Commerce and Economic Opport…