Illinois Compiled Statutes
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70 ILCS 530/8
(70 ILCS 530/8)
(from Ch. 85, par. 7158)
(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, any local unit of government,
the government of the United States and any agency or instrumentality of
the United States, any body politic or any county useful for its purposes,
whether improved for the purposes of any prospective project or unimproved.
The Authority may also accept any donation of funds for its purposes from
any such source.
(c) The Authority shall have power to develop, construct and improve,
either under its own direction or through collaboration with any approved
applicant, or to acquire through purchase or otherwise any project, using
for such purpose the proceeds derived from its sale of revenue bonds, notes
or other evidences of indebtedness or governmental loans or grants and to
hold title in the name of the Authority to such projects.
(d) The Authority shall have the power to enter into intergovernmental
agreements with the State of Illinois, the counties of Grundy, LaSalle,
Bureau, Putnam or Marshall, the Illinois Finance Authority, the
Illinois Housing Development Authority, the Metropolitan Pier and Exposition Authority, the
United States government and any agency or instrumentality of the United
States, any unit of local government located within the territory of the
Authority or any other unit of government to the extent allowed by Article
VII, Section 10 of the Illinois Constitution and the Intergovernmental
(e) The Authority shall have the power to share employees with other
units of government, including agencies of the United States, agencies of
the State of Illinois and agencies or personnel of any unit of local
(f) The Authority shall have the power to exercise powers and issue
bonds as if it were a municipality so authorized in Divisions 12.1, 74,
74.1, 74.3 and 74.5 of Article 11 of the Illinois Municipal Code.
(Source: P.A. 93-205, eff. 1-1-04.)