State of Illinois
2017 and 2018


Introduced , by Rep. Thaddeus Jones


New Act

    Creates the Local Government Stabilization Authority Act. Authorizes the corporate authorities of Bloom Township, Bremen Township, Calumet Township, Rich Township, and Thornton Township in Cook County to establish, by ordinance, a Local Government Stabilization Authority that shall use available funds to facilitate the return of vacant, abandoned, and tax-delinquent properties to productive use, combatting community deterioration, and creating economic growth. Provides definitions. Sets forth procedure regarding the creation of an Authority and funding sources. Further provides for the following: (1) an Authority's tax-exempt status; (2) the appointment of the Board of Directors and Chairperson, their terms of office, their removal, and vacancies; (3) the responsibilities and powers of the Board of Directors; and (4) an Executive Director to administer an Authority on a day-to-day basis. Sets forth the powers of an Authority to implement the purpose of the Act, including the authority to borrow money, enter into partnerships and joint ventures, and contract for goods and services. Permits an Authority to acquire, hold, manage, and dispose of real property. Requires an Authority to prepare an annual budget and provide annual financial statements and reports to the corporate authorities. Permits the corporate authorities to dissolve an Authority and provides requirements regarding the transfer of an Authority's debts, liabilities, and obligations. Effective immediately.

LRB100 16289 AWJ 31412 b






HB4343LRB100 16289 AWJ 31412 b

1    AN ACT concerning local government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 1. Short title. This Act may be cited as the Local
5Government Stabilization Authority Act.
6    Section 5. Purpose. The purpose of this Act is to implement
7a pilot program and create Local Government Stabilization
8Authorities that shall use available resources to facilitate
9the return of vacant, abandoned, and tax-delinquent properties
10to productive use thereby combating community deterioration,
11creating economic growth, and stabilizing the housing and job
13    Section 7. Applicability. This Act applies only to Bloom
14Township, Bremen Township, Calumet Township, Rich Township,
15and Thornton Township in Cook County.
16    Section 10. Definitions. As used in this Act, except where
17otherwise specifically indicated:
18    "Authority" means a Local Government Stabilization
20    "Board of Directors" means the Board of Directors of a
21Local Government Stabilization Authority.



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1    "Chairperson" means the chairperson of a Local Government
2Stabilization Authority Board.
3    "Corporate authorities" means the board of trustees of
4Bloom Township, Bremen Township, Calumet Township, Rich
5Township, or Thornton Township.
6    "Director" means the Executive Director of a Local
7Government Stabilization Authority.
8    "Fiscal year" means the fiscal year of a Local Government
9Stabilization Authority, which begins on December 1 of each
10year and ends on the following November 30.
11    "Member" means a member of a Board of Directors.
12    "Person" means any individual, corporation, limited
13liability corporation, organization, government, governmental
14subdivision or agency, business trust, estate, trust,
15partnership, association, and any other legal entity.
16    "Real estate broker" has the meaning ascribed to it under
17the Real Estate License Act of 2000.
18    "Real property" means all land and the buildings thereon,
19all things permanently attached to land or to the buildings
20thereon, and any interest existing in, issuing out of, or
21dependent upon land or the buildings thereon.
22    Section 15. Creation; funding; assets.
23    (a) The corporate authorities may, by ordinance, establish
24a Local Government Stabilization Authority to be an agency of
25the township. All personnel, facilities, equipment, and



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1supplies within the Authority shall be governed by a Board of
2Directors as provided herein. The Board of Directors shall be
3accountable to the corporate authorities.
4    An Authority shall acquire, hold, and transfer interest in
5real property throughout the township, as approved by the Board
6of Directors for the following purposes, in a way that is
7consistent with Section 5 of this Act and the goals and
8priorities established by this Act:
9        (1) to promote redevelopment and reuse of vacant,
10    abandoned, and tax-delinquent properties; and
11        (2) to support targeted efforts to stabilize
12    neighborhoods;
13        (3) to stimulate residential, commercial and
14    industrial development; and
15        (4) to repair and renovate the homes of senior citizens
16    that have deteriorated over time.
17    (b) A Local Government Stabilization Authority shall apply
18for funding in the sum of up to $2,000,000 from the Abandoned
19Residential Property Municipality Relief Program under Section
207.31 of the Illinois Housing Development Act. The Authority may
21apply for funding from other State and federal programs, at the
22discretion of the Authority.
23    (c) Except as otherwise provided in this Act, the corporate
24authorities shall hold title to all real property controlled by
25an Authority.



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1    Section 20. Tax-exempt status. The activities of the
2Authority pursuant to this Act are governmental functions
3carried out by an instrumentality or political subdivision of
4the State as described in Section 115 of Title 26 of the United
5States Code, or any corresponding provisions of any future tax
6code. The activities of the Authority shall be construed as
7governmental functions carried out by a political subdivision
8of this State that are exempt to the extent provided under
9Illinois law from taxation by this State, including, but not
10limited to, ad valorem property tax exemption pursuant to the
11Property Tax Code.
12    Section 25. Authority Board of Directors; appointment. The
13Authority shall be governed by a Board of Directors that shall
14be appointed by the township supervisor, subject to approval by
15the corporate authorities, within 45 days after adoption of an
16ordinance pursuant to subsection (a) of Section 15. The Board
17of Directors shall be residents of the township. The Board of
18Directors shall consist of 12 members.
19    The township supervisor shall include in his or her
20appointments to the Board of Directors members selected from
21the following categories:
22        (1) one member who is a board member of the corporate
23    authorities to serve as an ex officio member with voting
24    rights. The ex officio member shall serve as a liaison
25    between the corporate authorities and the Board of



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1    Directors;
2        (2) one member representing the local economic
3    development community;
4        (3) one member representing the banking community; and
5        (4) one member representing a local or State realtor
6    association.
7    Section 30. Term of office. Except as otherwise provided in
8this Section, the members of the Board of Directors appointed
9under Section 25 shall be appointed for the duration of the
10pilot program under this Act.
11    Section 35. Chairperson; members of the Board of Directors.
12    (a) The Board of Directors shall annually elect a
13Chairperson from among the members. The Chairperson shall
14preside at meetings of the Board of Directors and is entitled
15to vote on all matters before the Board of Directors. A member
16may be elected to serve successive terms as Chairperson.
17    (b) The Board of Directors may appoint, from its members, a
18member to serve as the Authority secretary and such additional
19officers from its members as it may deem appropriate.
20    Section 40. Removal. A member may be removed by the
21corporate authorities prior to the expiration of the member's
22term of appointment for good cause. Good cause includes
23inefficiency, neglect of duty, malfeasance, or any cause that



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1renders the member unfit for the position or unable to perform
2the duties of the position. The corporate authorities shall
3provide written notice to that member and the Chairperson of
4the Board of the removal of that member from the Board of
5Directors. The notice shall state the specific grounds that
6constitute cause for removal. The member, in receipt of this
7notice, may request to appear before the corporate authorities
8and present reasons in support of his or her retention.
9Thereafter, the corporate authorities shall vote upon whether
10there are sufficient grounds to remove that member from office.
11The township clerk shall notify the member of the final action
12of the corporate authorities.
13    Section 45. Vacancies. Any vacancy on the Board of
14Directors caused by death, resignation, disqualification, or
15removal shall be filled by the corporate authorities as soon as
16practicable, but not to exceed 60 days following the occurrence
17of the vacancy. The vacancy shall be filled for the remainder
18of the unexpired term in the same manner as the original
20    Section 50. Meetings. The Board of Directors shall conduct
21its first meeting no later than 60 days after the appointment
22of the Board of Directors. The place, date, and time of the
23Authority meetings shall be determined at the discretion of the
24Board of Directors. All meetings of the Board of Directors



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1shall comply with the Open Meetings Act.
2    Section 55. Bylaws; policies; procedures. The Board of
3Directors shall adopt bylaws, procedures and policies
4consistent with the provisions of this Act within 120 days
5after the first meeting of the Board of Directors.
6    Section 60. Quorum and voting. A quorum shall be necessary
7for the transaction of any business by the Board of Directors.
8A majority of the members of the Board of Directors shall
9constitute a quorum. The Board of Directors shall act by a
10majority vote of the members at a meeting at which a quorum is
11present, except as otherwise provided in this Act. Presence for
12both quorum and voting at an Authority meeting shall be
13articulated by the Board of Directors in its bylaws or
14procedures in a manner consistent with the Open Meetings Act.
15    Section 65. Records of meetings. Minutes of all meetings of
16the Board of Directors and its committees shall be made and
17maintained as required by the Open Meetings Act.
18    Section 70. Board of Directors; responsibilities. The
19Board of Directors shall ensure:
20        (1) that all personnel matters are conducted free from
21    any political interference and in accordance with the
22    provisions of the Supplemental Relief Order and Consent



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1    Decree established in the federal civil litigation filed in
2    the Northern District of Illinois under Case No. 69 C 2145
3    and titled Shakman, et al. v. Democratic Organization, et
4    al. and all applicable laws;
5        (2) that all operations, including contractual
6    matters, are conducted free from any political
7    interference; and
8        (3) efficiency in service delivery and sound fiscal
9    management of all aspects of the Authority including the
10    collection of all revenues from all sources.
11    Section 75. Board of Directors; actions. The Board of
12Directors shall do all of the following that are consistent
13with Illinois law:
14        (1) adopt, amend, or repeal rules and policies and
15    procedures governing the Board of Directors and its actions
16    and meetings, and adopt, amend, or repeal policies and
17    procedures to implement day-to-day operation of the
18    Authority, including policies governing any staff of the
19    Authority;
20        (2) elect additional officers, including, but not
21    limited to, initial officers who shall be elected at the
22    first meeting of the Board of Directors in accordance with
23    the bylaws;
24        (3) provide for a system of accounting;
25        (4) adopt or amend the Authority's budget to submit



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1    annually to the corporate authorities for approval and
2    adoption in a time frame mandated by the corporate
3    authorities;
4        (5) adopt, amend, or repeal policies and procedures for
5    contracting and procurement, which must be consistent with
6    the provisions set forth in the local ordinances;
7        (6) commission, collect, and receive data from public,
8    private, professional, and volunteer sources to compile an
9    inventory an analysis of desirable properties for
10    acquisition;
11        (7) establish banking arrangements for the Authority
12    pursuant to Section 160 of this Act; and
13        (8) organize and reorganize the executive,
14    administrative, clerical, and other departments of the
15    Authority and fix the duties, powers, and compensation of
16    all employees, agents, and consultants of the Authority.
17    Section 80. Fiduciary duty. The members of the Board of
18Directors are under a fiduciary duty to conduct the activities
19and affairs of the Authority in the best interests of the
20residents of the township, including the safekeeping and use of
21all Authority moneys and assets. The members of the Board of
22Directors shall discharge their duties in good faith, with the
23care an ordinarily prudent person in a like position would
24exercise under similar circumstances.
25    The members of the Board of Directors shall not sell



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1property to the Authority or buy property held by the
3    Section 85. Compensation. The members of the Board of
4Directors shall receive no compensation for the performance of
5their duties. A member may engage in private or public
6employment, or in a profession or business, except to the
7extent prohibited by Illinois law or local ordinance. The
8Authority may reimburse members of the Board of Directors for
9actual and necessary expenses incurred in the discharge of
10their official duties, as provided by the Board of Directors.
11    Section 90. Executive Director. The Board of Directors may
12retain the professional services of an individual to perform
13the duties of an Executive Director on a contractual basis with
14the advice and consent of the corporate authorities. The
15Executive Director shall not be an employee of the Authority or
16of the township. The Director shall administer the Authority in
17accordance with the operating budget approved by the corporate
18authorities, general policy guidelines established by the
19Board of Directors, other applicable governmental procedures
20and policies, and this Act.
21    The Director shall be responsible for the day-to-day
22operations of the Authority, the control, management, and
23oversight of the Authority's functions, and supervision of all
24of the Authority's contractual agreements. All terms and



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1conditions of the Director's service shall be specified in a
2written contract between the Director and the Board of
3Directors. The Director may be removed by the corporate
4authorities or the Board of Directors for good cause prior to
5the expiration of the Director's contract. Good cause includes
6inefficiency, neglect of duty, malfeasance, or any cause that
7renders the Director unfit or unable to perform the scope of
8work. The Board of Directors may delegate to the Director any
9powers or duties it considers proper under terms, conditions,
10and to the extent that the Board of Directors may specify.
11    Section 95. Staffing services. The Board of Directors may
12approve contracts for staffing as requested by the Executive
13Director that are deemed necessary to carry out the duties and
14responsibilities of the Authority and in accordance with the
15policies and procedures established by the Board. Such staff
16shall be retained pursuant to contracts entered into in
17accordance with the procurement rules established by the Board.
18    Section 100. Ethics. The Board of Directors shall be
19subject to all State of Illinois ethics laws.
20    Section 105. Indemnification.
21    (a) The township shall defend and indemnify the Authority
22and the members of the Board of Directors with respect to all
23claims or judgments arising out of their activities as members



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1with respect to all negligence claims, and claims or judgments
2arising out of the Authority's activities performed on behalf
3of the township.
4    (b) The township shall not be obligated to indemnify the
5Authority or a member for:
6        (1) Punitive damages or liability arising out of
7    conduct that is willful or wanton.
8        (2) Conduct that is outside the scope of the
9    Authority's authority.
10        (3) Any settlement or judgment in which the township
11    did not participate.
12        (4) The defense of any criminal or disciplinary
13    proceeding.
14    Section 110. General powers. The Authority has the power to
15do all things necessary or convenient to implement the
16purposes, objectives, and provisions of this Act including, but
17not limited to, the following:
18        (1) adopt, amend, and repeal bylaws for the regulation
19    of its affairs and the conduct of its business;
20        (2) acquire by purchase, donation, or other transfers
21    and to hold, lease, manage, and dispose of real property of
22    every kind and character, or any interest therein, in
23    furtherance of the public purposes of the Authority;
24        (3) pay any tax or special assessment due on real
25    property acquired or owned by the Authority;



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1        (4) acquire, accept, or retain equitable interests,
2    security interests, or other interests in any real property
3    or other fixtures by loan agreement, note, mortgage, deed
4    to secure debt, trust deed, security agreement,
5    assignment, pledge, conveyance, contract, lien, or other
6    consensual transfer in order to secure the repayment of any
7    moneys loaned or credit extended by the Authority;
8        (5) borrow money from private lenders, from
9    municipalities or counties, from the State or from federal
10    government funds, subject to the approval of the corporate
11    authorities, to further or carry out the Authority's public
12    purpose by executing leases, trust indentures, trust
13    agreements, agreements for the sale notes, loan
14    agreements, mortgages, deeds to secure debt, trust deeds,
15    security agreements, assignments, and other agreements or
16    instruments as may be necessary or desirable, in the
17    judgment of the Authority, to evidence and to provide
18    security for such borrowing;
19        (6) apply directly or indirectly to any federal, State,
20    county, or municipal government or agency, or to any other
21    source, whether public or private, for loans, grants,
22    gifts, guarantees, labor, or other aid or financial
23    assistance in furtherance of the Authority's public
24    purpose and to accept and use the same upon such terms and
25    conditions as are prescribed by such federal, state,
26    county, municipal government or agency, or other source;



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1        (7) enter into agreements with the federal government
2    or any agency thereof to use the facilities or services of
3    the federal government or any agency thereof in order to
4    further or carry out the public purposes of the Authority;
5        (8) as security for repayment of any note, or other
6    obligations of the Authority, to pledge, mortgage, convey,
7    assign, hypothecate, or otherwise encumber any property of
8    the Authority, including, but not limited to, real
9    property, fixtures, and revenues or other funds, and to
10    execute any lease, trust indenture, trust agreement,
11    agreement for the sale of the Authority's notes, or other
12    obligations, loan agreement, mortgage, deed to secure
13    debt, trust deed, security agreement, assignment, or other
14    agreement or instrument as may be necessary or desirable,
15    in the judgment of the Authority, to secure any such notes,
16    or other obligations, which instruments or agreements may
17    provide for foreclosure or forced sale of any real property
18    of the Authority upon default in any obligation of the
19    Authority, either in payment of principal, premium, if any,
20    or interest or in the performance of any term or condition
21    contained in any such agreement or instrument;
22        (9) receive and administer gifts, grants, and bequests
23    of money and real property consistent with the purpose of
24    the Authority;
25        (10) use any real property or fixtures or any interest
26    therein or to rent, license, or lease such real property to



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1    or from others or make contracts with respect to the use
2    thereof, or to sell, lease, exchange, transfer, assign,
3    pledge, or otherwise dispose of or grant options for any
4    such real property in any manner as it deems to be in the
5    best interests of the Authority and the public purpose
6    thereof;
7        (11) procure insurance or guarantees from the State or
8    federal government of the payments of any debts or parts
9    thereof incurred by the Authority, and to pay premiums in
10    connection therewith;
11        (12) procure, if required, insurance against losses in
12    connection with the real property, assets, or activities of
13    the Authority;
14        (13) enter into contracts and other instruments
15    necessary, incidental, or convenient to the performance of
16    its duties and the exercise of its powers, including, but
17    not limited to, an agreement with a party for the joint
18    exercise of powers. An agreement with a party may include
19    contracts for the performance of services by a party on
20    behalf of the Authority or by the Authority on behalf of a
21    party;
22        (14) enter into partnerships, joint ventures, and
23    other collaborative relationships with municipalities and
24    other public and private entities for the ownership,
25    management, development, and disposition of real property;
26        (15) enter into contracts and other instruments



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1    necessary, incidental, or convenient to the performance of
2    its duties and the exercise of its powers, including, but
3    not limited to, agreements with a party regarding the
4    disposition of Authority properties located within its
5    boundaries;
6        (16) finance, by loan, grant, lease, or otherwise,
7    refinance, construct, erect, assemble, purchase, acquire,
8    own, repair, remodel, rehabilitate, modify, maintain,
9    extend, improve, install, sell, equip, expand, add to,
10    operate, or manage real property or rights or interests in
11    real property, and to pay the costs of any such project
12    from the proceeds of revenue bonds, loans by persons,
13    corporations, partnerships, whether limited or general, or
14    other entities, all of which the Authority is authorized to
15    receive, accept, and use;
16        (17) fix, charge, and collect rents, fees, licenses and
17    charges for the use of real property of the Authority and
18    for services provided by the Authority;
19        (18) grant or acquire a license, easement, lease (as
20    lessor or lessee), or option with respect to real property
21    of the Authority;
22        (19) enter into contracts with nonprofit community
23    land trusts, including, but not limited to, long-term lease
24    contracts;
25        (20) contract for goods and services and engage
26    personnel as necessary, to be paid from the funds of the



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1    Authority. The Board shall determine the qualifications,
2    duties, and compensation of those it contracts with and
3    employs;
4        (21) organize and reorganize the executive,
5    administrative, clerical, and other departments of the
6    Authority and to fix the duties, powers, and compensation
7    of all employees, agents, and consultants of the Authority;
8        (22) remediate environmental contamination on any real
9    property held by the Authority;
10        (23) acquire, hold, and manage property pursuant to
11    this Act;
12        (24) dispose of property pursuant to this Act;
13        (25) adopt rules regarding the procurement of
14    contracts and services of local real estate brokers and
15    construction crews pursuant to Section 160 of this Act;
16        (26) submit a redevelopment plan to a municipality with
17    a redevelopment project area and comply with any
18    requirements of the municipality with regard to that plan;
19    and
20        (27) do all other things necessary or convenient to
21    achieve the objectives and purposes of the Authority or
22    other laws that relate to the purposes and responsibilities
23    of the Authority.
24    To the extent that any power or duty of the Authority
25created under this Act conflicts with the powers or duties of a
26county or township official, the powers or duties of that



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1county or township official shall prevail.
2    Section 115. No waiver of governmental immunity. Nothing in
3this Act is intended, nor shall be construed, as a waiver by
4the township enacting an ordinance that creates an Authority
5under this Act of any governmental immunity provided under any
6applicable law.
7    Section 120. Non-discrimination. The Authority shall
8comply with all applicable laws prohibiting discrimination.
9    Section 125. Acquisition of real property.
10    (a) The Authority shall procure the services of local real
11estate brokers pursuant to Section 160 of this Act to assist in
12the acquisition of real property under this Section.
13    (b) The Authority may acquire real property or rights or
14interests in real property by gift, bequest, transfer,
15exchange, foreclosure, purchase, purchase contracts, lease
16purchase agreements, installment sales contracts, land
17contracts, tax sale, scavenger sale, or otherwise, on terms and
18conditions and in a manner the Authority considers proper.
19    (c) The Authority may acquire any property conveyed to it
20by this State, a foreclosing governmental unit, a unit of local
21government, an intergovernmental entity created under the laws
22of this State, or any other public or private person,
23including, but not limited to, property without clear title.



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1    (d) All deeds, mortgages, contracts, leases, purchases, or
2other agreements regarding property of the Authority,
3including agreements to acquire or dispose of real property,
4shall be approved by and executed by the Authority, in the name
5of the township.
6    (e) The Authority shall have the right to purchase
7properties in the name of the township at tax sales conducted
8in accordance with the Property Tax Code. The Authority may
9tender a bid at a tax sale that is a credit bid, consisting of
10the obligation of the Authority to satisfy the component parts
11of the bid by payments to the respective political
13    (f) The Authority has the right to make offers to purchase
14properties that are subject to a listing agreement; an offer or
15purchase of a property by the Authority that is subject to a
16listing agreement does not extinguish any legal rights existing
17under the listing agreement.
18    Section 130. Holding and managing property. The Authority
19may control, manage, maintain, operate, repair, lease as
20lessor, license, secure, prevent the waste or deterioration of,
21demolish, and take all other actions necessary to preserve the
22value of the real property it controls on behalf of the
23township. The Authority shall maintain all real property held
24by the Authority in accordance with applicable laws and codes.
25Real property shall be inventoried and classified by the



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1Authority according to suitability for use. The inventory shall
2be maintained as a public record and shall be filed
3electronically and in the principal office of the Authority.
4    Section 135. Property disposition. On terms and
5conditions, and in a manner and for an amount of consideration
6that the Authority considers proper, fair, and reasonable,
7including for no monetary consideration if appropriate, the
8Authority may convey, sell, transfer, exchange, lease as
9lessor, or otherwise dispose of real property or rights or
10interests in real property that the Authority controls and in
11which the township holds a legal interest to any public or
12private person. The transfer and use of property under this
13Section and the exercise by the Authority of powers and duties
14under this Act shall be considered a necessary public purpose
15and for the benefit of the public.
16    Section 140. Criteria for conveyance. Real property shall
17be conveyed by the Authority in accordance with this Act and
18according to criteria determined in the discretion of the Board
19and contained in the policies and procedures adopted by the
20Board. The Board may adopt policies and procedures that set
21forth priorities for a transferee's use of real property
22conveyed by the Authority, including, but not limited to,
23affordable housing.



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1    Section 145. Transactions. Transactions shall be
2structured in a manner that permits the Authority to enforce
3contractual agreements, real covenants, and the provisions of
4any subordinate financing held by the Authority pertaining to
5development and use of the real property.
6    Section 150. Disposition of proceeds. Any proceeds from the
7sale or transfer of real property by the Authority shall be
8retained, expended, or transferred by the Authority as
9determined by the Board in the best interests of the Authority
10and in accordance with applicable laws and agreements.
11    Section 155. Intergovernmental agreements.
12    (a) The Board of Directors may negotiate and propose
13agreements necessary, incidental, or convenient to the
14performance of its duties and the exercise of its powers with
15any unit of local government subject to the approval of the
16corporate authorities. An agreement may include, but is not
17limited to, contracts for the joint exercise of powers,
18contracts for the ownership, management, development, and
19disposition of real property, or contracts for the performance
20of services by a local unit of government on behalf of the
21Authority or by the Authority on behalf of a local unit of
23    (b) The parties to the intergovernmental agreements shall
24agree that no party to an intergovernmental agreement shall be



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1responsible, in whole or in part, for the acts of the
2employees, agents, and servants of any other party, whether
3acting separately or in conjunction with the implementation of
4an agreement. The parties shall only be bound and obligated
5under an agreement as expressly agreed to by each party.
6    (c) All agreements shall in all respects be interpreted,
7enforced, and governed under the laws of the State of Illinois
8without regard to the doctrines of conflict of laws. The
9language of all parts of an agreement shall in all cases be
10construed as a whole according to its plain and fair meaning,
11and not construed strictly for or against any party.
12    (d) All agreements with municipalities shall include
13language that the municipality consents to participation in the
14pilot program under this Act.
15    Section 160. Procurement.
16    (a) The Authority shall adopt rules regarding the
17procurement of contracts and services of local real estate
18brokers and construction crews.
19    (b) The Authority shall contract for the services of 15
20real estate brokers to sell or list homes after they are
21repaired under this Act. Bidding shall occur at an open meeting
22convened by the Authority in accordance with the Open Meetings
23Act. A real estate broker shall possess a real estate broker's
24license and shall be in good standing with the Department of
25Financial and Professional Regulation.



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1    As used in this Section, "local" means having a principal
2place of business within the boundaries of Bloom Township,
3Bremen Township, Calumet Township, Rich Township, or Thornton
4Township in Cook County.
5    (c) The Authority shall contract for the services of
6construction crews composed of students from construction
7programs with an accredited community college or institute of
8higher education located within the boundaries of the township.
9    Section 165. Records. The Authority shall keep and maintain
10at the principal office of the Authority all documents and
11records of the Authority. The records of the Authority, which
12shall be available to the public, shall include, but not be
13limited to, a copy of this Act, a copy of the ordinance
14creating the Authority, the Authority's bylaws, and any
15agreements and amendments, as applicable. The records and
16documents shall be maintained and shall be delivered to any
17successor entity.
18    Section 170. Financial statements and quarterly reports.
19    (a) The Authority shall prepare, at the Authority's
20expense, audited financial statements, including a balance
21sheet, statement of revenue and expense, statement of cash
22flows, and changes in fund balance, on an annual basis. These
23financial statements shall be prepared in accordance with
24generally accepted accounting principles and accompanied by a



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1written opinion of an independent certified public accounting
3    (b) The Authority shall submit reports under this Section
4to the Illinois Housing Development Authority. The reports
5shall include: (1) the number of foreclosed properties in the
6township; (2) the number of properties acquired pursuant to the
7pilot program under this Act; (3) the number of projects
8completed to date under the pilot program; and (4) financial
9details regarding the cost of the projects, the amount a
10project sold for, and whether there exists a net gain or loss
11for the Authority.
12    Section 175. Annual budget.
13    (a) The Authority shall prepare an annual budget in a
14manner and under a time frame mandated by the corporate
16    (b) The obligations and expenditures of the Board of
17Directors shall conform to the any applicable local
18appropriation ordinance, provided that the corporate
19authorities retain the authority to impose additional
20limitations. Any commitment, contract, or other obligation
21entered into by the Board in derogation of this Section shall
22be voidable by the corporate authorities and the Illinois
23Housing Development Authority.
24    Section 180. Deposits and investments. The Authority shall



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1deposit funds of the Authority in a special fund to be held by
2the treasurer of the township, designated as the Local
3Government Stabilization Authority Fund and expended
4exclusively for the operation of the Authority.
5    Section 185. Disbursements. Expenditures of funds from the
6Local Government Stabilization Authority Fund shall be in
7accordance with guidelines established by the Board of
9    Section 190. Performance objectives. Each fiscal year, the
10Director, or other individual designated by the Board of
11Directors, shall prepare, for review and approval by the Board
12of Directors, objectives for the Authority's performance.
13    Section 195. Annual report.
14    (a) The Board of Directors shall submit to the corporate
15authorities, within 6 months after the end of each fiscal year,
16a report that shall set forth a complete and detailed operating
17and financial statement of the Authority during such fiscal
19    (b) Included in the report shall be any recommendations for
20additional legislation or other action that may be necessary to
21carry out the mission, purpose, and intent of the Authority.
22    Section 200. Management of funds. The Director, or other



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1individual designated by the Board of Directors, is authorized
2to make deposits and withdraw funds from the Local Government
3Stabilization Authority Fund for the management of sales
4proceeds, revenue, and other Authority funds as authorized by
5the Board of Directors. Standard accounting procedures shall be
6used in the management of accounts and approved by the
7corporate authorities.
8    Section 205. Authorized expenditures. The Authority shall,
9in its sole discretion and within its budget, expend funds as
10necessary to carry out the powers, duties, functions, and
11responsibilities of an Authority under this Act.
12    Section 210. Dissolution of assets. Upon determining that
13the purposes of the Authority have been completed and that
14there is no longer a need for the Authority's continued
15existence, the corporate authorities may repeal the enacting
16ordinance and dissolve the Authority; however, the effective
17date of a repeal shall provide sufficient time for the
18Authority to carry out the provisions set forth in Section 190.
19    As soon as possible after notice of the repeal of this Act
20or the repeal of a local enacting ordinance, the Authority
21shall finish its affairs as follows:
22        (1) all of the Authority's debts, liabilities, and
23    obligations to its creditors and all expenses incurred in
24    connection with the termination of the Authority and



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1    distribution of its assets shall be paid first; and
2        (2) the remaining real property and personal property
3    owned by the Authority, if any, shall be distributed to any
4    successor entity, subject to approval by the corporate
5    authorities. In the event that no successor entity exists,
6    the remaining real property and personal property, and
7    other assets of the Authority, shall become assets of the
8    corporate authorities, unless provided otherwise in any
9    applicable agreements.
10    Section 215. Interpretation. All powers granted to the
11Authority under this Act shall be interpreted broadly to
12effectuate the intent and purposes of this Act and not to serve
13as a limitation of powers.
14    Section 220. Severability. The provisions of this Act are
15severable under Section 1.31 of the Statute on Statutes.
16    Section 999. Effective date. This Act takes effect upon
17becoming law.