HB0107 EngrossedLRB099 03604 MGM 23612 b

1    AN ACT concerning financial regulation.
 
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
5Community Bank of Illinois Act.
 
6    Section 5. Purpose. For the purpose of encouraging and
7promoting agriculture, commerce, and industry, the State shall
8engage in the business of banking, and for that purpose shall
9maintain a system of banking owned, controlled, and operated by
10it, under the name of the Community Bank of Illinois.
 
11    Section 10. Definitions: As used in this Act:
12    "Bank" means the Community Bank of Illinois.
13    "Department" means the Department of Financial and
14Professional Regulation.
15    "Secretary" means the Secretary of Financial and
16Professional Regulation.
 
17    Section 15. Department to operate Bank; business of Bank.
18The Department shall operate, manage, and control the Community
19Bank of Illinois, locate and maintain its places of business,
20of which the principal place must be within the State, and make
21and enforce orders, rules, regulations, and bylaws for the

 

 

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1transaction of its business. The business and financial
2transactions of the Bank, in addition to other matters
3specified in this Act, may include anything that any bank or
4bank holding company lawfully may do, except as it is
5restricted by the provisions of this Act. This Section may not
6be held in any way to limit or qualify either the powers of the
7Department granted by or the functions of the Bank as defined
8in this Act. The powers of the Department and the functions of
9the Bank must be implemented through actions taken and policies
10adopted by the Department of Financial and Professional
11Regulation.
 
12    Section 20. Declaration and finding of public purpose;
13Community Bank of Illinois advisory board of directors. To
14enlist the help of private enterprise and to encourage more
15active use of the purposes of this Act, the Governor shall
16appoint an advisory board of directors to the Community Bank of
17Illinois consisting of 7 persons, at least 2 of whom must be
18officers of banks, the majority of the stock of which is owned
19by Illinois residents, and at least one of whom must be an
20officer of a State-chartered or federally chartered financial
21institution. The Governor shall appoint a chairman,
22vice-chairman, and secretary from the advisory board of
23directors. The term of a director is 4 years. The Department
24shall define the duties of the advisory board of directors.
 

 

 

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1    Section 25. Authority of the advisory board of directors to
2the Community Bank of Illinois. The advisory board of
3directors to the Community Bank of Illinois shall do all of the
4following:
5        (1) Meet regularly with the management of the Community
6    Bank of Illinois to review the Bank's operations to
7    determine whether recommendations should be made by the
8    board to the Department relating to improved management
9    performance, better customer service, and overall
10    improvement in internal methods, procedures, and operating
11    policies of the Bank.
12        (2) Make recommendations to the Department relating to
13    the establishment of additional objectives for the
14    operation of the Community Bank of Illinois.
15        (3) Make recommendations to the Department concerning
16    the appointment of officers of the Community Bank of
17    Illinois.
18        (4) Meet regularly with the Secretary to present any
19    recommendations concerning the Community Bank of Illinois.
20        (5) In addition to the foregoing and pursuant to
21    authorization from the Secretary, act on behalf of the Bank
22    with respect to the powers and functions of the Bank.
 
23    Section 30. Secretary to employ president and employees;
24compensation, operation, and maintenance expenditures limited
25to appropriations, revenue, or capital. The Secretary shall

 

 

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1appoint a president, and may appoint and employ subordinate
2officers, employees, and agents as he or she may judge
3expedient and in the interests of the State, and shall define
4the duties, designate the titles, and fix the compensation of
5all such persons. The Secretary may designate the president or
6other officers or employees as its agent in respect to the
7functions of the Bank, subject to its supervision, limitation,
8and control. The total compensation of such appointees and
9employees, together with other expenditures for the operation
10and maintenance of the Bank, shall remain within the
11appropriation, revenues, or capital lawfully available for
12those purposes.
 
13    Section 35. Removal and discharge of appointees. The
14Secretary may remove and discharge any and all persons
15appointed in the exercise of the powers granted by this Act,
16whether by the Secretary or by the president of the Bank. All
17appointments and removals contemplated by this Act must be made
18as the Secretary deems fit to promote the efficiency of the
19public service.
 
20    Section 40. State funds must be deposited in the Community
21Bank of Illinois; income of the Bank. All State funds and funds
22of all State penal, educational, and industrial institutions
23must be deposited in the Community Bank of Illinois by the
24persons having control of those funds or must be deposited in

 

 

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1accordance with constitutional and statutory provisions. All
2income earned by the Bank for its own account on State moneys
3that are deposited in or invested with the Bank to the credit
4of the State must be credited to and become a part of the
5revenues and income of the Bank.
 
6    Section 45. Nonliability of officers and sureties after
7deposit. Whenever any public funds are deposited in the
8Community Bank of Illinois, the official having control of the
9public funds and the sureties on the bond of every such
10official shall be exempt from all liability by reason of loss
11of any such funds while so deposited.
 
12    Section 50. Guaranty of deposits; exemption from all
13taxation. All deposits in the Community Bank of Illinois are
14guaranteed by the State. Those deposits are exempt from State,
15county, and municipal taxes of any and all kinds.
 
16    Section 55. Bank as a clearinghouse. For banks that make
17the Community Bank of Illinois a reserve depositary, it may
18perform the functions and render the services of a
19clearinghouse, including all facilities for providing domestic
20and foreign exchange, and may rediscount paper, on those terms
21as the Department shall provide.
 
22    Section 60. Powers. The Community Bank of Illinois may:

 

 

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1        (1) make, purchase, guarantee, or hold loans:
2            (A) to State-chartered or federally chartered
3        lending agencies or institutions or any other
4        financial institutions;
5            (B) to holders of Bank certificates of deposit and
6        savings accounts up to 90% of the value of the
7        certificates and savings accounts offered as security;
8            (C) to actual farmers who are residents of this
9        State, if the loans are secured by recorded mortgages
10        giving the Bank a first lien on real estate in Illinois
11        in amounts not to exceed 80% of the value of the
12        security;
13            (D) that are insured or guaranteed in whole or in
14        part by the United States, its agencies, or
15        instrumentalities;
16            (E) that are eligible to be guaranteed under
17        education. Loans made pursuant to this paragraph (E)
18        may provide for interest that remains unpaid at the end
19        of any period specified in the loan to be added to the
20        principal amount of the debt and thereafter accumulate
21        interest;
22            (F) to individuals or bank holding companies for
23        the purpose of purchasing or refinancing the purchase
24        of bank stock of a bank located in the State;
25            (G) under U.S. Public Law No. 99-198 as amended
26        through December 31, 1996, to nonprofit corporations

 

 

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1        for the purpose of relending loan funds to rural
2        businesses;
3            (H) under Title 7, Code of Federal Regulations,
4        part 1948, subpart C; part 1951, subparts F and R; and
5        part 1955, subparts A, B, and C, as amended through
6        December 31, 1996, to finance businesses and community
7        development projects in rural areas;
8            (I) obtained as security pledged for or originated
9        in the restructuring of any other loan properly
10        originated or participated in by the Bank;
11            (J) to instrumentalities of this State;
12            (K) to an investment company created for
13        completing a trust preferred securities transaction
14        for the benefit of a financial institution located in
15        this State; and
16            (L) as otherwise provided by this Act or other
17        statutes;
18        (2) if the Bank is participating in the loan and the
19    Bank deems it is in the best interests of the Bank to do
20    so, purchase the remaining portion of the loan from a
21    participating lender that is closed by regulatory action or
22    from the receiver of the participating lender's assets;
23        (3) make agricultural real estate loans in order to
24    participate in the agricultural mortgage secondary market
25    program established pursuant to the federal Agricultural
26    Credit Act amended through December 31, 1996;

 

 

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1        (4) purchase participation interests in loans made or
2    held by banks, bank holding companies, State-chartered or
3    federally chartered lending agencies or institutions, any
4    other financial institutions, or any other entity that
5    provides financial services and meets underwriting
6    standards that are generally accepted by State or federal
7    financial regulatory agencies;
8        (5) invest its funds:
9            (A) in conformity with policies of the Department;
10            (B) in a public venture capital corporation
11        organized and doing business in this State through the
12        purchase of shares of stock; and
13            (C) in Illinois alternative and venture capital
14        investments and early-stage capital funds;
15        (6) buy and sell federal funds;
16        (7) lease, assign, sell, exchange, transfer, convey,
17    grant, pledge, or mortgage all real and personal property,
18    title to which has been acquired in any manner;
19        (8) acquire real or personal property or property
20    rights by purchase, lease, or, subject to applicable law,
21    the exercise of the right of eminent domain and may
22    construct, remodel, and repair buildings;
23        (9) receive deposits from any source and deposit its
24    funds in any bank or other financial institution.
25        (10) perform all acts and do all things necessary,
26    convenient, advisable, or desirable to carry out the powers

 

 

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1    expressly granted or necessarily implied in this Act
2    through or by means of its president, officers, agents, or
3    employees or by contracts with any person, firm, or
4    corporation; and
5        (11) purchase mortgage loans on residential real
6    property originated by financial institutions.
 
7    Section 65. Loans to General Revenue Fund authorized;
8continuing appropriation. The State Treasurer and the Director
9of the Governor's Office of Management and Budget may, when the
10balance in the General Revenue Fund is insufficient to meet
11legislative appropriations, execute and issue on behalf of the
12State evidences of indebtedness on the State General Revenue
13Fund that at no time may exceed the total principal amount of
14$10 million with principal maturity of not more than 12 months.
15As a condition precedent to the issuance and sale of the
16evidences of indebtedness, the State Treasurer must request and
17obtain a statement from the Director of the Governor's Office
18of Management and Budget and the Director of Revenue certifying
19that anticipated General Revenue Fund revenues for the balance
20of the fiscal year in which the evidences of indebtedness are
21to be issued will exceed the principal amount and interest on
22the evidences of indebtedness to be issued. The Department may
23in turn direct the Community Bank of Illinois to make loans to
24the General Revenue Fund by the purchase of the evidences of
25indebtedness at those rates of interest as the Department may

 

 

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1prescribe. After evidences of indebtedness have been issued and
2sold pursuant to this Section, the Treasurer shall establish a
3fund for the repayment of the principal upon maturity and the
4interest when due. The Treasurer shall place all available
5General Revenue Fund revenues into this fund until the fund
6contains a sufficient balance for the repayment of the
7principal at maturity and interest when due, which moneys are
8hereby appropriated for this purpose.
 
9    Section 70. Bank loans to beginning farmers; revolving loan
10fund; requirements.
11    (a) A revolving loan fund must be maintained in the
12Community Bank of Illinois for the purpose of making or
13participating in loans to Illinois beginning farmers for the
14purchase of agricultural real estate, equipment, and
15livestock. All moneys transferred into the fund, interest upon
16moneys in the fund, and payments to the fund of principal and
17interest on loans made from the fund are appropriated for the
18purpose of providing loans and to supplement the interest rate
19on loans to beginning farmers made by the Community Bank of
20Illinois Act under applicable law and in accordance with this
21Section.
22    (b) The revolving loan fund and loans made from the fund
23must be administered and supervised by the Bank. The Bank may
24deduct a service fee for administering the fund from interest
25payments received on loans. An application for a loan from the

 

 

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1fund must be made to the Bank and, upon approval, a loan must
2be made from the fund in accordance with this Section.
3    (c) A loan made from the fund may not exceed 80% of the
4appraised value of the agricultural collateral, with the actual
5percentage to be determined by the Bank. The Bank may do all
6things and acts and may establish additional terms and
7conditions necessary to make a loan under this Section. A loan
8made from the fund must have a first security interest.
9    (d) A loan made from the fund must have the interest rate
10fixed at 1% below the Bank's then current base rate for the
11first 5 years with a maximum rate of 6% per year and variable
12at 1% below the Bank's then current base rate for the second 5
13years. During the second 5 years, the variable rate must be
14adjusted annually on the anniversary date. The rate during the
15remaining term of the loan floats at the Bank's base rate as in
16effect from time to time.
17    (e) The maximum term of a real estate loan is 25 years. The
18maximum term of a farm equipment or livestock loan is 7 years.
19    (f) The Department shall contract with a certified public
20accounting firm to audit the fund as necessary. The cost of the
21audit, and any other actual costs incurred by the Bank on
22behalf of the fund, must be paid for by the fund.
23    (g) The Bank shall adopt rules necessary to implement this
24Section.
 
25    Section 75. Name in which business conducted and titles

 

 

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1taken; execution of instruments. All business of the Bank must
2be conducted under the name of "The Community Bank of
3Illinois". Title to property pertaining to the operation of the
4Bank must be obtained and conveyed in the name of "The State of
5Illinois, doing business as The Community Bank of Illinois
6Act". Instruments must be executed in the name of the State.
7Within the scope of authority granted by the Department, the
8president may execute instruments on behalf of the Bank,
9including any instrument granting, conveying, or otherwise
10affecting any interest in or lien upon real or personal
11property. Other officers or employees of, and legal counsel to,
12the Bank may execute instruments on behalf of the Bank when
13authorized by the Department.
 
14    Section 80. Civil actions. Civil actions may be brought
15against the State on account of claims for relief claimed to
16have arisen out of transactions connected with the operation of
17the Community Bank of Illinois upon condition that the
18provisions of this Section are complied with. In such actions,
19the State must be designated as "The State of Illinois, doing
20business as The Community Bank of Illinois". The actions may be
21brought in the same manner and are subject to the same
22provisions of law as other civil actions.
 
23    Section 85. Surety on appeal, attachment, claim and
24delivery, and other cases in which undertaking required.

 

 

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1Provisions of law requiring that a surety or sureties be given
2on undertakings in actions on appeal, attachment, claim and
3delivery, and other cases in which an undertaking is required,
4are not applicable to the State of Illinois, doing business as
5the Community Bank of Illinois, as the party seeking relief. It
6is required to give its own undertaking without surety and to
7reimburse the adverse party when required by law.
 
8    Section 90. Examinations and audit reports. The Auditor
9General shall contract with an independent certified public
10accounting firm for an annual audit of the Community Bank of
11Illinois in accordance with generally accepted government
12auditing standards. The Auditor General shall audit annually or
13contract for an annual audit of the separate programs and funds
14administered by the Community Bank of Illinois. On request of
15the Auditor General, the Department shall assist the Auditor
16General in the auditing firm selection process, but the
17selection of the auditing firm is the Auditor General's
18responsibility. The auditor selected shall prepare an audit
19report that includes financial statements presented in
20accordance with the audit and accounting guide for banks and
21savings institutions issued by the American Institute of
22Certified Public Accountants. The auditor also shall prepare
23audited financial statements for inclusion in the
24comprehensive annual financial report for the State. The State
25auditor may conduct performance audits of the Community Bank of

 

 

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1Illinois Act, including the separate programs and funds
2administered by the Bank. The Auditor General shall report the
3results of the audit to the Department and to the General
4Assembly. The Community Bank of Illinois or its separate
5programs and funds shall pay the costs of the audit. The
6Department shall examine the Community Bank of Illinois at
7least once each 24 months and conduct any investigation of the
8Bank that may be necessary. The Secretary shall report the
9examination results, and the results of any necessary
10investigation, to the Department as soon as practicable and to
11the legislative assembly. The Department shall charge a fee for
12any examination or investigation at an hourly rate to be set by
13the Secretary, sufficient to cover all reasonable expenses of
14the Department associated with the examinations and
15investigations provided for by this Section.
 
16    Section 95. Electronic fund transfer systems. The
17Community Bank of Illinois may establish, by rule adopted by
18the Department, a system to provide fund transfer services to
19its customers and to the customers of State-chartered and
20federally chartered banks located within the State of Illinois,
21and to other financial institutions otherwise authorized to
22utilize the services of electronic fund transfer systems. The
23Bank may acquire such equipment as is necessary to establish
24electronic fund transfer systems and may impose reasonable
25charges for services rendered to other banks under this Act as

 

 

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1may be established by the Department.
 
2    Section 100. Confidentiality of Bank records. The
3following records of the Community Bank of Illinois are
4confidential:
5        (1) Commercial or financial information of a customer,
6    whether obtained directly or indirectly, except for
7    routine credit inquiries or unless required by due legal
8    process. As used in this item (1), "customer" means any
9    person who has transacted or is transacting business with,
10    or has used or is using the services of, the Community Bank
11    of Illinois, or for whom the Community Bank of Illinois has
12    acted as a fiduciary with respect to trust property.
13        (2) Internal or inter-agency memorandums or letters
14    that would not be available by law to a party other than in
15    litigation with the Bank.
16        (3) Information contained in or related to
17    examination, operating, or condition reports prepared by,
18    on behalf of, or for the use of a State or federal agency
19    responsible for the regulation or supervision of any Bank
20    activity.
21        (4) Information obtained from the Department that
22    would not be available from that agency under applicable
23    law.
24        (5) The report by a Bank officer or member of the
25    Bank's advisory board of directors concerning personal

 

 

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1    financial statements.
 
2    Section 105. Community Bank of Illinois; custodian of
3securities. Notwithstanding any other provision of law to the
4contrary, the Community Bank of Illinois shall replace the
5Treasurer as the custodian of all securities that are required
6to be deposited with the State except that the Treasurer is the
7custodian of all securities resulting from the investment of
8funds by the Treasurer, or except as otherwise required by this
9Section and by law.
 
10    Section 110. Sale and leasing of acquired agricultural real
11estate. The sale and leasing of agricultural real estate with
12an appraised value of $10,000 or more acquired by the Community
13Bank of Illinois through foreclosure or deed in lieu of
14foreclosure must be done in accordance with law and policies
15adopted by the Department. The sale and leasing of agricultural
16real estate with an appraised value of less than $10,000,
17acquired by the Community Bank of Illinois through foreclosure
18or deed in lieu of foreclosure, may be done in a manner as the
19Bank determines is appropriate given the circumstances. In the
20case of a lease by the party holding the right of redemption,
21that party has the right to purchase at any time.
 
22    Section 115. Illinois higher education savings plan;
23administration; rules; continuing appropriation. The

 

 

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1Community Bank of Illinois shall adopt rules to administer,
2manage, promote, and market a Illinois higher education savings
3plan. The Bank shall ensure that the Illinois higher education
4savings plan is maintained in compliance with Internal Revenue
5Service standards for qualified State tuition programs. The
6Bank, as trustee of the Illinois higher education savings plan,
7may impose an annual administrative fee to recover expenses
8incurred in connection with operation of the plan or for other
9programs deemed to promote attendance at an institution of
10higher education. Administrative fees received by the Bank are
11appropriated on a continuing basis to be used as provided in
12this Section. Contributions made during the taxable year to a
13higher education savings plan administered by the Bank,
14pursuant to the provisions of the plan, are eligible for an
15income tax deduction as provided by law. Information related to
16contributions is confidential except as is needed by the
17Director of Revenue for determining compliance with the income
18tax deduction as provided by law.
 
19    Section 900. The Illinois State Auditing Act is amended by
20changing Section 3-1 as follows:
 
21    (30 ILCS 5/3-1)  (from Ch. 15, par. 303-1)
22    Sec. 3-1. Jurisdiction of Auditor General. The Auditor
23General has jurisdiction over all State agencies to make post
24audits and investigations authorized by or under this Act or

 

 

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1the Constitution.
2    The Auditor General has jurisdiction over local government
3agencies and private agencies only:
4        (a) to make such post audits authorized by or under
5    this Act as are necessary and incidental to a post audit of
6    a State agency or of a program administered by a State
7    agency involving public funds of the State, but this
8    jurisdiction does not include any authority to review local
9    governmental agencies in the obligation, receipt,
10    expenditure or use of public funds of the State that are
11    granted without limitation or condition imposed by law,
12    other than the general limitation that such funds be used
13    for public purposes;
14        (b) to make investigations authorized by or under this
15    Act or the Constitution; and
16        (c) to make audits of the records of local government
17    agencies to verify actual costs of state-mandated programs
18    when directed to do so by the Legislative Audit Commission
19    at the request of the State Board of Appeals under the
20    State Mandates Act.
21    In addition to the foregoing, the Auditor General may
22conduct an audit of the Metropolitan Pier and Exposition
23Authority, the Regional Transportation Authority, the Suburban
24Bus Division, the Commuter Rail Division and the Chicago
25Transit Authority and any other subsidized carrier when
26authorized by the Legislative Audit Commission. Such audit may

 

 

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1be a financial, management or program audit, or any combination
2thereof.
3    The audit shall determine whether they are operating in
4accordance with all applicable laws and regulations. Subject to
5the limitations of this Act, the Legislative Audit Commission
6may by resolution specify additional determinations to be
7included in the scope of the audit.
8    In addition to the foregoing, the Auditor General must also
9conduct a financial audit of the Illinois Sports Facilities
10Authority's expenditures of public funds in connection with the
11reconstruction, renovation, remodeling, extension, or
12improvement of all or substantially all of any existing
13"facility", as that term is defined in the Illinois Sports
14Facilities Authority Act.
15    The Auditor General may also conduct an audit, when
16authorized by the Legislative Audit Commission, of any hospital
17which receives 10% or more of its gross revenues from payments
18from the State of Illinois, Department of Healthcare and Family
19Services (formerly Department of Public Aid), Medical
20Assistance Program.
21    The Auditor General is authorized to conduct financial and
22compliance audits of the Illinois Distance Learning Foundation
23and the Illinois Conservation Foundation.
24    As soon as practical after the effective date of this
25amendatory Act of 1995, the Auditor General shall conduct a
26compliance and management audit of the City of Chicago and any

 

 

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1other entity with regard to the operation of Chicago O'Hare
2International Airport, Chicago Midway Airport and Merrill C.
3Meigs Field. The audit shall include, but not be limited to, an
4examination of revenues, expenses, and transfers of funds;
5purchasing and contracting policies and practices; staffing
6levels; and hiring practices and procedures. When completed,
7the audit required by this paragraph shall be distributed in
8accordance with Section 3-14.
9    The Auditor General shall conduct a financial and
10compliance and program audit of distributions from the
11Municipal Economic Development Fund during the immediately
12preceding calendar year pursuant to Section 8-403.1 of the
13Public Utilities Act at no cost to the city, village, or
14incorporated town that received the distributions.
15    The Auditor General must conduct an audit of the Health
16Facilities and Services Review Board pursuant to Section 19.5
17of the Illinois Health Facilities Planning Act.
18    The Auditor General of the State of Illinois shall annually
19conduct or cause to be conducted a financial and compliance
20audit of the books and records of any county water commission
21organized pursuant to the Water Commission Act of 1985 and
22shall file a copy of the report of that audit with the Governor
23and the Legislative Audit Commission. The filed audit shall be
24open to the public for inspection. The cost of the audit shall
25be charged to the county water commission in accordance with
26Section 6z-27 of the State Finance Act. The county water

 

 

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1commission shall make available to the Auditor General its
2books and records and any other documentation, whether in the
3possession of its trustees or other parties, necessary to
4conduct the audit required. These audit requirements apply only
5through July 1, 2007.
6    The Auditor General must conduct audits of the Rend Lake
7Conservancy District as provided in Section 25.5 of the River
8Conservancy Districts Act.
9    The Auditor General must conduct financial audits of the
10Southeastern Illinois Economic Development Authority as
11provided in Section 70 of the Southeastern Illinois Economic
12Development Authority Act.
13    The Auditor General shall conduct a compliance audit in
14accordance with subsections (d) and (f) of Section 30 of the
15Innovation Development and Economy Act.
16    The Auditor General must contract with an independent
17certified public accounting firm for an annual audit of the
18Community Bank of Illinois as provided in Section 90 of the
19Community Bank of Illinois Act.
20(Source: P.A. 95-331, eff. 8-21-07; 96-31, eff. 6-30-09;
2196-939, eff. 6-24-10.)
 
22    Section 905. The Eminent Domain Act is amended by changing
23Section 15-5-46 as follows:
 
24    (735 ILCS 30/15-5-46)

 

 

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1    Sec. 15-5-46. Eminent domain powers in new Acts. The
2following provisions of law may include express grants of the
3power to acquire property by condemnation or eminent domain:
 
4Community Bank of Illinois Act; Community Bank of Illinois; for
5purposes of the Act.
6    (Reserved).
7(Source: P.A. 96-1522, eff. 2-14-11; 97-813, eff. 7-13-12.)