25 AVE RR RELOCTN-DEVLPMT AUTH
Synopsis of Bill as introduced:
Creates the 25th Avenue Railroad Relocation and Development
Authority Act. Creates a body politic and corporate known as the 25th
Avenue Railroad Relocation and Development Authority to provide for
the relocation and redevelopment of 25th Avenue and a railroad right--
of-way in a designated portion of the villages of Ballwood and Melrose
Park. Provides that nothing in the Act prohibits the Authority from
entering into agreements to establish intergovernmental tax increment
finance districts. Provides that the Authority shall be governed by a
5-member board, whose members shall receive no salary but shall be
reimbursed for expenses. Provides for the appointment and tenure of
the board's members. Effective immediately.
SENATE AMENDMENT NO. 1.
Deletes language providing that the Act does not prohibit the
Authority from entering into agreements to establish intergovern-
mental tax increment finance districts. Provides that the Authority
has the power to acquire, sell, transfer, and exchange property, to
accept grants, loans, and appropriations, and to borrow money and
issue bonds. Provides that the Authority shall have no taxing powers.
Establishes the organization of the Authority and grants it additional
powers. Provides that the provisions of the Act are severable under
the Statute on Statutes.
Last action on Bill: PUBLIC ACT.............................. 91-0562
Last action date: 99-08-14
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
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