HB7309 93RD GENERAL ASSEMBLY

LRB093 22688 MKM 52344 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB7309

Introduced 06/30/04, by Rep. Jack D. Franks

SYNOPSIS AS INTRODUCED:

65 ILCS 5/8-12-1.5 new

Amends the Financially Distressed City Law of the Illinois Municipal Code. Dissolves all Authorities created under that Law and transfers all the powers, duties, and functions of a dissolved Authority to the Department of Revenue. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Financially Distressed City Law of the Illinois Municipal Code is amended by adding Section 8-12-1.5 as follows:

(65 ILCS 5/8-12-1.5 new)

Sec. 8-12-1.5. Dissolution. Notwithstanding any provision of law to the contrary, upon the effective date of this amendatory Act of the 93rd General Assembly any Authority created under this Law is dissolved by operation of law and no further Authorities shall be created under this Law. All powers, functions, and duties of an Authority dissolved under this amendatory Act of the 93rd General Assembly are transferred to the Department of Revenue.

Section 99. Effective date. This Act takes effect upon becoming law.