70 ILCS 531/1
Short title
Short title. This Act may be cited as the Illinois Urban Development Authority Act. (Source: P.A. 96-234, eff. 1-1-10.)
Illinois Compiled Statutes 70 ILCS 531 — Illinois Urban Development Authority Act.
Illinois · statute · 70 ILCS 531 · 16 active provisions
Provisions
70 ILCS 531/2
Findings
Findings. The General Assembly hereby determines and declares that: (1) the economic burdens resulting from involuntary unemployment fall in part upon the State in the form of increased need for public assistance, reduced tax revenues, and increased resources devoted to crime prevention and incarceration and that the u…
70 ILCS 531/3
Definitions
Definitions. 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: "Authority" means the Illinois Urban Development Authority created by this Act. "Authority leader" means the Executive Director, Assis…
70 ILCS 531/4
Illinois Urban Development Authority
Illinois Urban Development Authority. There is hereby created a political subdivision, body politic and corporate by the name of Illinois Urban Development Authority. The exercise by the Authority of the powers conferred by law shall be an essential public function. The governing powers of the Authority shall be vested…
70 ILCS 531/5
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 shall, in the member's own name or in the name of a nominee, be an officer, director, or hold an ownership interest in any person, association, trust, corporation, part…
70 ILCS 531/6
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…
70 ILCS 531/7
Approval of official acts
Approval of official acts. All official acts of the Authority shall require the approval of at least 6 members. (Source: P.A. 96-234, eff. 1-1-10.)
70 ILCS 531/8
Powers of the Authority
Powers of the Authority. (a) The Authority possesses all the powers of a body corporate necessary and convenient to accomplish the purposes of this Act, including, without limitation, except as defined in Section 9.1 of the Act, the following: (1) To enter into loans, contracts, agreements, and mortgages in any matter…
70 ILCS 531/9
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 $500,000,000 for the purpose of developing, constructing, acquiring, or improving projects, including those established by business entities locating or…
70 ILCS 531/9.1
Limitation
Limitation. (a) The Authority may issue its bonds or notes (including refunding bond or notes) only if the financed project is situated within the territorial jurisdiction of a municipality with a municipal poverty rate greater than 3% in excess of the statewide average. (b) If a project is situated in 2 or more munici…
70 ILCS 531/10
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 moneys belonging to them or within their control in any bonds issued by the Authority. (Source: P.A. 96-234, eff. 1-1-1…
70 ILCS 531/11
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 shall be exempt at the time of issuance and at all times from every kind and nature of taxation by this State or by any…
70 ILCS 531/12
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 United States government and any agency or instrumentality o…
70 ILCS 531/13
Fees and charges
Fees and charges. 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. 96-234, eff. 1-1-10.)
70 ILCS 531/14
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 531/90
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 96-234, eff. 1-1-10; text omitted.)