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HB1679 Engrossed |
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LRB094 03138 MKM 33139 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Kaskaskia Regional Port District Act is |
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| amended by changing Section 20.2 as follows:
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| (70 ILCS 1830/20.2)
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| Sec. 20.2. Authorization to borrow moneys. The District's |
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| Board may borrow
money from any bank or other financial |
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| institution, and may provide appropriate
security for that |
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| borrowing, if the money is repaid within 3 years
one year after |
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| the
money is borrowed. "Financial institution" means any bank |
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| subject to the
Illinois Banking Act, any savings and loan |
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| association subject to the Illinois
Savings and Loan Act of |
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| 1985, any savings bank subject to the Savings Bank Act,
and any |
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| federally chartered commercial bank or savings and loan |
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| association
organized and operated in this State pursuant to |
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| the laws of the United States.
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| (Source: P.A. 92-389, eff. 1-1-02.)
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| Section 10. The Tri-City Regional Port District Act is |
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| amended by adding Section 7.5 as follows:
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| (70 ILCS 1860/7.5 new) |
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| Sec. 7.5. Authorization to borrow moneys. The District's |
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| Board may borrow money from any bank or other financial |
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| institution and may provide appropriate security for that |
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| borrowing, if the money is repaid within 3 years after the |
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| money is borrowed. "Financial institution" means any bank |
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| subject to the Illinois Banking Act, any savings and loan |
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| association subject to the Illinois Savings and Loan Act of |
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| 1985, any savings bank subject to the Savings Bank Act, and any |
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| federally chartered commercial bank or savings and loan |