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92_SB0355 LRB9207503MWdv 1 AN ACT concerning local government. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Southwestern Illinois Development 5 Authority Act is amended by changing Section 11.1 as follows: 6 (70 ILCS 520/11.1) (from Ch. 85, par. 6161.1) 7 Sec. 11.1. (a) No member of the Authority or officer, 8 agent, or employee of the Authority shall, in his or her own 9 name or in the name of a nominee,
be an officer or director10 of orhold an ownership of more than 7.5% in any person, 11 association, trust, corporation, partnership, or other entity 12 that is, in its own name or in the name of a nominee, a party 13 to a contract or agreement upon which the member, officer, 14 agent, or employee may be called upon to act or vote. 15 (b) With respect to any direct or any indirect interest, 16 other than an interest prohibited in subsection (a), in a 17 contract or agreement upon which the member, officer, agent, 18 or employee may be called upon to act or vote, the member, 19 officer, agent, or employee shall disclose that interest to 20 the secretary of the Authority before the taking of final 21 action by the Authority concerning that contract or agreement 22 and shall also disclose the nature and extent of that 23 interest and his or her acquisition of that interest, which 24 disclosures shall be publicly acknowledged by the Authority 25 and entered upon the minutes of the Authority. If a member 26 of the Authority or an officer, agent, or employee of the 27 Authority holds such an interest, then he or she shall 28 refrain from any further official involvement in regard to 29 the contract or agreement, from voting on any matter 30 pertaining to the contract or agreement, and from 31 communicating with other members of the Authority or its -2- LRB9207503MWdv 1 officers, agents, and employees concerning the contract or 2 agreement. Notwithstanding any other provision of law, any 3 contract or agreement entered into in conformity with this 4 subsection (b) shall not be void or invalid by reason of an 5 interest described in this subsection, nor shall any person 6 so disclosing the interest and refraining from further 7 official involvement as provided in this subsection be guilty 8 of an offense, be removed from office, or be subject to any 9 other penalty on account of that interest. 10 (c) Any contract or agreement made in violation of 11 subsection (a) or (b) is void and gives rise to no action 12 against the Authority. 13 (Source: P.A. 86-1455.) 14 Section 99. Effective date. This Act takes effect upon 15 becoming law.
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