Rep. Thaddeus Jones

Filed: 3/25/2013

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 2572

2    AMENDMENT NO. ______. Amend House Bill 2572 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the Local
5Government Stabilization Authority.
 
6    Section 5. Purpose. The purpose of this Act is to implement
7a pilot program and create a Local Government Stabilization
8Authority that shall use available resources to facilitate the
9return of vacant, abandoned, and tax-delinquent properties to
10productive use thereby combating community deterioration,
11creating economic growth, and stabilizing the housing and job
12market.
13    The Authority shall acquire, hold, and transfer interest in
14real property throughout the township, as approved by the Board
15of Directors for the following purposes, in a way that is
16consistent with the goals and priorities established by this

 

 

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1Act:
2        (a) to promote redevelopment and reuse of vacant,
3    abandoned, and tax-delinquent properties; and
4        (b) to support targeted efforts to stabilize
5    neighborhoods;
6        (c) to stimulate residential, commercial and
7    industrial development; and
8        (d) to repair and renovate the homes of senior citizens
9    that have deteriorated over time.
10    This Act shall apply only to townships located in District
1128, 29, or 30.
 
12    Section 10. Definitions. The following words and terms
13shall have the meanings set forth in this Act, except where
14otherwise specifically indicated:
15    "Authority" means the Local Government Stabilization
16Authority.
17    "Board of Directors" means the Board of Directors of the
18Local Government Stabilization Authority.
19    "Chairperson" means the chairperson of the Local
20Government Stabilization Authority Board.
21    "Corporate authorities" means the board of trustees of a
22township located in District 28, 29, or 30.
23    "Director" means the Executive Director of the Local
24Government Stabilization Authority.
25    "Fiscal Year" means the fiscal year of the Local Government

 

 

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1Stabilization Authority, which shall begin on December 1st of
2each year and end on the following November 30th.
3    "Member" means a member of the Board of Directors.
4    "Person" means any individual, corporation, limited
5liability corporation, organization, government, governmental
6subdivision or agency, business trust, estate, trust,
7partnership, association, and any other legal entity.
8    "Real estate broker" has the meaning ascribed to it under
9the Real Estate License Act of 2000.
10    "Real Property" means all land and the buildings thereon,
11all things permanently attached to land or to the buildings
12thereon, and any interest existing in, issuing out of, or
13dependent upon land or the buildings thereon.
 
14    Section 15. Creation; funding; assets.
15    (a) The corporate authorities may, by ordinance, establish
16the Local Government Stabilization Authority to be an agency of
17the township. All personnel, facilities, equipment, and
18supplies within the Authority shall be governed by a Board of
19Directors as provided herein. The Board of Directors shall be
20accountable to the corporate authorities.
21    (b) The Local Government Stabilization Authority shall
22apply for funding in the sum of $2,000,000 from the Abandoned
23Residential Property Municipality Relief Program under Section
247.31 of the Illinois Housing Development Act. The Authority
25shall apply for funding from other State and federal programs,

 

 

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1at the discretion of the Authority.
2    (c) Title to Local Government Stabilization Authority
3Assets. Except as otherwise provided in this Act, the corporate
4authorities shall hold title to all Real Property controlled by
5the Authority.
 
6    Section 20. Tax-exempt status. The activities of the
7Authority pursuant to this Act are governmental functions
8carried out by an instrumentality or political subdivision of
9the State as described in Section 115 of Title 26 of the United
10States Internal Revenue Code, or any corresponding provisions
11of any future tax code. The activities of the Authority shall
12be construed as governmental functions carried out by a
13political subdivision of this State, exempt to the extent
14provided under Illinois law from taxation by this State,
15including, but not limited to, ad valorem property tax
16exemption pursuant to the Property Tax Code.
 
17    Section 25. Authority Board of Directors; appointment. The
18Authority shall be governed by a Board of Directors that shall
19be appointed by the President or Chairman of the corporate
20authority, subject to approval by the corporate authority,
21within 45 days of the adoption of an ordinance pursuant to
22subsection (a) of Section 15 of this Act. The Board of
23Directors shall be residents of the township. The Board of
24Directors shall consist of 12 members.

 

 

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1    Candidates for the Board of Directors appointed by the
2corporate authorities shall be selected from the following
3categories:
4        (1) One corporate authority board member to serve as an
5    Ex-Officio Member with voting rights. The Ex-Officio
6    Member shall serve as a liaison between the corporate
7    authority and the Board of Directors;
8        (2) One representatives recommended by the village
9    President;
10        (3) One representative from the local economic
11    development community;
12        (4) One representative from the banking community; and
13        (5) One representative from a local or State Realtor
14    Association.
 
15    Section 30. Term of office. Except as otherwise provided in
16this Section, the members of the Board of Directors appointed
17under Section 25 shall be appointed for the duration of the
18pilot program under this Act.
 
19    Section 35. Chairperson; members of the Board of Directors.
20    (a) The Board of Directors shall select the initial
21Chairperson of the Board from among the initial members. The
22Chairperson shall serve a one-year term as Chairperson and,
23thereafter, the Board of Directors shall annually elect a
24Chairperson from among the members.

 

 

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1        (1) The Chairperson shall preside at meetings of the
2    Board of Directors and is entitled to vote on all matters
3    before the Board of Directors.
4        (2) A Member may be elected to serve successive terms
5    as Chairperson.
6    (b) The Board of Directors may appoint, from its Members, a
7Member to serve as the Local Government Stabilization Authority
8secretary and appoint additional officers from its Members as
9it may deem appropriate.
 
10    Section 40. Removal. A Member may be removed by the
11corporate authorities prior to the expiration of the Member's
12term of appointment for good cause. Good cause includes
13inefficiency, neglect of duty, malfeasance, or any cause which
14renders the member unfit for the position or unable to perform
15the duties of the position. The corporate authorities shall
16provide written notice to that Member and the Chairperson of
17the Board of the removal of that Member from the Board of
18Directors. The notice shall state the specific grounds which
19constitute cause for removal. The Member, in receipt of this
20notice, may request to appear before the corporate authorities
21and present reasons in support of his or her retention.
22Thereafter, the corporate authorities shall vote upon whether
23there are sufficient grounds to remove that Member from office.
24The chairperson of the corporate authorities shall notify the
25Member of the final action of the corporate authorities.
 

 

 

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1    Section 45. Vacancies. Any vacancy on the Board of
2Directors caused by death, resignation, disqualification, or
3removal shall be filled by the corporate authorities as soon as
4practicable, but not to exceed 60 days following the occurrence
5of the vacancy. The vacancy shall be filled for the remainder
6of the unexpired term in the same manner as the original
7appointment.
 
8    Section 50. Meetings. The Board of Directors shall conduct
9its first meeting no later than 60 days after the appointment
10of the Board of Directors. The place, date, and time of the
11Local Government Stabilization Authority meetings shall be
12determined at the discretion of the Board of Directors. All
13meetings of the Board of Directors shall comply with the
14Illinois Open Meetings Act.
 
15    Section 55. Bylaws; policies; procedures. The Board of
16Directors shall adopt bylaws, procedures and policies
17consistent with the provisions of this Act within 120 days
18after the first meeting of the Board of Directors.
 
19    Section 60. Quorum and voting. A quorum shall be necessary
20for the transaction of any business by the Board of Directors.
21A majority of the Members of the Board of Directors shall
22constitute a quorum. The Board of Directors shall act by a

 

 

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1majority vote of the Members at a meeting at which a quorum is
2present, except as otherwise provided in this Act. Presence for
3both quorum and voting at a Local Government Stabilization
4Authority meeting shall be articulated by the Board of
5Directors in its bylaws or procedures in a manner consistent
6with the Open Meetings Act.
 
7    Section 65. Records of meetings. Minutes of all meetings of
8the Board of Directors and its Committees shall be made and
9maintained as required by the Open Meetings Act.
 
10    Section 70. Board of Directors; responsibilities. The
11Board of Directors shall ensure:
12    (a) that all personnel matters are conducted free from any
13political interference and in accordance with the provisions of
14the Supplemental Relief Order and Consent Decree established in
15the federal civil litigation filed in the Northern District of
16Illinois under Case No. 69 C 2145 and titled Shakman, et al. v.
17Democratic Organization, et al. and all applicable laws;
18    (b) that all operations, including contractual matters,
19are conducted free from any political interference; and
20    (c) efficiency in service delivery and sound fiscal
21management of all aspects of the Local Government Stabilization
22Authority including the collection of all revenues from all
23sources.
 

 

 

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1    Section 75. Board of Directors; actions. The Board of
2Directors shall do all of the following that is consistent with
3Illinois law:
4    (a) adopt, amend, or repeal rules and policies and
5procedures governing the Board of Directors and its actions and
6meetings, and adopt, amend, or repeal policies and procedures
7to implement day-to-day operation of the Local Government
8Stabilization Authority, including policies governing any
9staff of the Local Government Stabilization Authority;
10    (b) elect additional officers, including, but not limited
11to, initial officers who shall be elected at the first meeting
12of the Board of Directors in accordance with the bylaws;
13    (c) provide for a system of accounting;
14    (d) adopt or amend the Authority's budget to submit
15annually to the corporate authorities for approval and adoption
16in a time frame mandated by the corporate authorities;
17    (e) adopt, amend, or repeal policies and procedures for
18contracting and procurement which must be consistent with the
19provisions set forth in the local Code;
20    (f) commission, collect, and receive data from public,
21private, professional, and volunteer sources to compile an
22inventory an analysis of desirable properties for acquisition;
23    (g) establish banking arrangements for the Authority
24pursuant to Section 160 of this Act;
25    (h) organize and reorganize the executive, administrative,
26clerical, and other departments of the Authority and fix the

 

 

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1duties, powers, and compensation of all employees, agents, and
2consultants of the Authority.
 
3    Section 80. Fiduciary duty. The Members of the Board of
4Directors are under a fiduciary duty to conduct the activities
5and affairs of the Authority in the best interests of the
6residents of the township, including the safekeeping and use of
7all Local Government Stabilization Authority moneys and
8assets. The members of the Board of Directors shall discharge
9their duties in good faith, with the care an ordinarily prudent
10person in a like position would exercise under similar
11circumstances.
 
12    Section 85. Compensation. The Members of the Board of
13Directors shall receive no compensation for the performance of
14their duties. A Member may engage in private or public
15employment, or in a profession or business, except to the
16extent prohibited by Illinois law or local ordinance. The
17Authority may reimburse members of the Board of Directors for
18actual and necessary expenses incurred in the discharge of
19their official duties, as provided by the Board of Directors.
 
20    Section 90. Executive Director. The Board of Directors may
21retain the professional services of an individual to perform
22the duties of an Executive Director on a contractual basis with
23the advice and consent of the corporate authorities. The

 

 

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1Executive Director shall not be an employee of the Authority or
2of the township. The Director shall administer the Authority in
3accordance with the operating budget approved by the corporate
4authorities, general policy guidelines established by the
5Board of Directors, other applicable governmental procedures
6and policies, and this Act.
7    The Director shall be responsible for the day-to-day
8operations of the Authority, the control, management, and
9oversight of the Authority's functions, and supervision of all
10of the Authority's contractual agreements. All terms and
11conditions of the Director's service shall be specified in a
12written contract between the Director and the Board of
13Directors. The Director may be removed by the corporate
14authorities or the Board of Directors for good cause prior to
15the expiration of the Director's contract. Good cause includes
16inefficiency, neglect of duty, malfeasance, or any cause which
17renders the Director unfit or unable to perform the scope of
18work. The Board of Directors may delegate to the Director any
19powers or duties it considers proper under terms, conditions,
20and to the extent that the Board of Directors may specify.
 
21    Section 95. Staffing services. The Board of Directors may
22approve contracts for staffing as requested by the Executive
23Director that are deemed necessary to carry out the duties and
24responsibilities of the Authority and in accordance with the
25policies and procedures established by the Board. Such staff

 

 

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1shall be retained pursuant to contracts entered into in
2accordance with the procurement rules established by the Board.
 
3    Section 100. Ethics. The Board of Directors shall be
4subject to the all State of Illinois ethics laws.
 
5    Section 105. Indemnification.
6    (a) The township shall defend and indemnify the Authority
7and the Members Board of Directors with respect to all claims
8or judgments arising out of their activities as Members with
9respect to all negligence claims, and claims or judgments
10arising out of the Authority's activities performed on behalf
11of the township.
12    (b) The township shall not be obligated to indemnify the
13Authority or a Member for:
14        (1) Punitive damages or liability arising out of
15    conduct that is willful or wanton.
16        (2) Conduct that is outside the scope of the
17    Authority's authority.
18        (3) Any settlement or judgment in which the township
19    did not participate.
20        (4) The defense of any criminal or disciplinary
21    proceeding.
 
22    Section 110. General powers. The Authority has the power to
23do all things necessary or convenient to implement the

 

 

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1purposes, objectives, and provisions of this Act including, but
2not limited to, the following:
3    (a) adopt, amend, and repeal bylaws for the regulation of
4its affairs and the conduct of its business;
5    (b) acquire by purchase, donation, or other transfers and
6to hold, lease, manage, and dispose of Real Property of every
7kind and character, or any interest therein, in furtherance of
8the public purposes of the Authority;
9    (c) discharge and extinguish Real Property taxes owed to
10the township, or to a Party, pursuant to an agreement with such
11Party, that encumber Real Property owned by the these entities
12through the Authority, as permitted by the Property Tax Code or
13other applicable law;
14    (d) pay any tax or special assessment due on Real Property
15acquired or owned by the Authority;
16    (e) acquire, accept, or retain equitable interests,
17security interests, or other interests in any Real Property or
18other fixtures by loan agreement, note, mortgage, deed to
19secure debt, trust deed, security agreement, assignment,
20pledge, conveyance, contract, lien, or other consensual
21transfer in order to secure the repayment of any moneys loaned
22or credit extended by the Authority;
23    (f) borrow money from private lenders, from municipalities
24or counties, from the State or from federal government funds,
25subject to the approval of the corporate authorities, to
26further or carry out the Authority's public purpose by

 

 

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1executing leases, trust indentures, trust agreements,
2agreements for the sale notes, loan agreements, mortgages,
3deeds to secure debt, trust deeds, security agreements,
4assignments, and other agreements or instruments as may be
5necessary or desirable, in the judgment of the Authority, to
6evidence and to provide security for such borrowing;
7    (g) apply directly or indirectly to any federal, state,
8county, or municipal government or agency or to any other
9source, whether public or private, for loans, grants, gifts,
10guarantees, labor, or other aid or financial assistance in
11furtherance of the Authority's public purpose and to accept and
12use the same upon such terms and conditions as are prescribed
13by such federal, state, county, or municipal government or
14agency or other source;
15    (h) enter into agreements with the federal government or
16any agency thereof to use the facilities or services of the
17federal government or any agency thereof in order to further or
18carry out the public purposes of the Authority;
19    (i) as security for repayment of any note, or other
20obligations of the Authority, to pledge, mortgage, convey,
21assign, hypothecate, or otherwise encumber any property of the
22Authority, including, but not limited to, Real Property,
23fixtures, and revenues or other funds, and to execute any
24lease, trust indenture, trust agreement, agreement for the sale
25of the Authority's notes, or other obligations, loan agreement,
26mortgage, deed to secure debt, trust deed, security agreement,

 

 

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1assignment, or other agreement or instrument as may be
2necessary or desirable, in the judgment of the Authority, to
3secure any such notes, or other obligations, which instruments
4or agreements may provide for foreclosure or forced sale of any
5Real Property of the Authority upon default in any obligation
6of the Authority, either in payment of principal, premium, if
7any, or interest or in the performance of any term or condition
8contained in any such agreement or instrument;
9    (j) receive and administer gifts, grants, and bequests of
10money and Real Property consistent with the purpose of the
11Authority;
12    (k) use any Real Property or fixtures or any interest
13therein or to rent, license or lease such Real Property to or
14from others or make contracts with respect to the use thereof,
15or to sell, lease, exchange, transfer, assign, pledge, or
16otherwise dispose of or grant options for any such Real
17Property in any manner as it deems to be in the best interests
18of the Authority and the public purpose thereof;
19    (l) procure insurance or guarantees from the State
20Legislature or federal government of the payments of any debts
21or parts thereof incurred by the Authority, and to pay premiums
22in connection therewith;
23    (m) procure, if required, insurance against losses in
24connection with the Real Property, assets, or activities of the
25Authority;
26    (n) enter into contracts and other instruments necessary,

 

 

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1incidental, or convenient to the performance of its duties and
2the exercise of its powers, including, but not limited to, an
3agreement with a Party for the joint exercise of powers. An
4agreement with a Party may include contracts for the
5performance of services by a Party on behalf of the Local
6Government Stabilization Authority or by the Authority on
7behalf of a Party;
8    (o) enter into partnerships, joint ventures, and other
9collaborative relationships with municipalities and other
10public and private entities for the ownership, management,
11development, and disposition of Real Property;
12    (p) to enter into contracts and other instruments
13necessary, incidental, or convenient to the performance of its
14duties and the exercise of its powers, including, but not
15limited to, agreements with a Party regarding the disposition
16of Authority properties located within their boundaries;
17    (q) finance, by loan, grant, lease, or otherwise,
18refinance, construct, erect, assemble, purchase, acquire, own,
19repair, remodel, rehabilitate, modify, maintain, extend,
20improve, install, sell, equip, expand, add to, operate, or
21manage Real Property or rights or interests in Real Property,
22and to pay the costs of any such project from the proceeds of
23revenue bonds, loans by persons, corporations, partnerships,
24whether limited or general, or other entities, all of which the
25Authority is authorized to receive, accept, and use;
26    (r) fix, charge, and collect rents, fees, licenses and

 

 

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1charges for the use of Real Property of the Authority and for
2services provided by the Local Government Stabilization
3Authority;
4    (s) grant or acquire a license, easement, lease (as lessor
5or lessee), or option with respect to Real Property of the
6Authority;
7    (t) enter into contracts with nonprofit community land
8trusts, including, but not limited to, long-term lease
9contracts;
10    (u) contract for goods and services and engage personnel as
11necessary, to be paid from the funds of the Authority. The
12Board shall determine the qualifications, duties, and
13compensation of those it contracts with and employs;
14    (v) organize and reorganize the executive, administrative,
15clerical, and other departments of the Local Government
16Stabilization Authority and to fix the duties, powers, and
17compensation of all employees, agents, and consultants of the
18Authority;
19    (w) remediate environmental contamination on any Real
20Property held by the Authority;
21    (x) acquire, hold, and manage property pursuant to this
22Act;
23    (y) dispose of property pursuant to this Act;
24    (z) promulgate rules regarding the procurement of
25contracts and services of local real estate brokers and
26construction crews pursuant to Section 160 of this Act;

 

 

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1    (aa) submit a redevelopment plan to a municipality with a
2redevelopment project area and comply with any requirements of
3the municipality with regard to that plan;
4    (bb) to do all other things necessary or convenient to
5achieve the objectives and purposes of the Authority or other
6laws that relate to the purposes and responsibilities of the
7Authority.
 
8    Section 115. No waiver of governmental immunity. Nothing in
9this Act is intended, nor shall be construed, as a waiver by
10the township enacting an ordinance that creates a Local
11Government Stabilization Authority under this Act of any
12governmental immunity provided under any applicable law.
 
13    Section 120. Non-discrimination. The Authority shall
14comply with all applicable laws prohibiting discrimination.
 
15    Section 125. Acquisition of real property.
16    (a) The Authority shall procure the services of local real
17estate brokers pursuant to Section 160 of this Act to assist in
18the acquisition of real property under this Section.
19    (b) The Authority may acquire real property or rights or
20interests in real property by gift, bequest, transfer,
21exchange, foreclosure, purchase, purchase contracts, lease
22purchase agreements, installment sales contracts, land
23contracts, tax sale, scavenger sale or otherwise, on terms and

 

 

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1conditions and in a manner the Authority considers proper.
2    (c) The Authority may acquire any property conveyed to it
3by this State, a foreclosing governmental unit, a unit of local
4government, an intergovernmental entity created under the laws
5of this State, or any other public or private person,
6including, but not limited to, property without clear title.
7    (d) All deeds, mortgages, contracts, leases, purchases, or
8other agreements regarding property of the Authority,
9including agreements to acquire or dispose of real property,
10shall be approved by and executed by the Authority, in the name
11of the township.
12    (e) The Authority shall have the right to purchase
13properties in the name of the township at tax sales conducted
14in accordance with the Property Tax Code. The Authority may
15tender a bid at a tax sale that is a credit bid, consisting of
16the obligation of the Authority to satisfy the component parts
17of the bid by payments to the respective political
18subdivisions.
19    (f) The Authority shall have the right to make offers to
20purchase properties that are subject to a listing agreement;
21said offer or purchase of a property by the Authority that is
22subject to a listing agreement shall not extinguish any legal
23rights existing under the listing agreement.
 
24    Section 130. Holding and managing property. The Authority
25may control, manage, maintain, operate, repair, lease as

 

 

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1lessor, license, secure, prevent the waste or deterioration of,
2demolish, and take all other actions necessary to preserve the
3value of the Real Property it controls on behalf of the
4township. The Authority shall maintain all Real Property held
5by the Local Government Stabilization Authority in accordance
6with applicable laws and codes. Real Property shall be
7inventoried and classified by the Authority according to
8suitability for use. The inventory shall be maintained as a
9public record and shall be filed electronically and in the
10principal office of the Authority.
 
11    Section 135. Property disposition. On terms and
12conditions, and in a manner and for an amount of consideration
13that the Authority considers proper, fair, and reasonable,
14including for no monetary consideration if appropriate, the
15Authority may convey, sell, transfer, exchange, lease as
16lessor, or otherwise dispose of Real Property or rights or
17interests in Real Property that the Authority controls and the
18township holds a legal interest to any public or private
19person. The transfer and use of property under this Section and
20the exercise by the Authority of powers and duties under this
21Act shall be considered a necessary public purpose and for the
22benefit of the public.
 
23    Section 140. Criteria for conveyance. Real Property shall
24be conveyed by the Authority in accordance with this Act and

 

 

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1according to criteria determined in the discretion of the Board
2and contained in the policies and procedures adopted by the
3Board. The Board may adopt policies and procedures that set
4forth priorities for a transferee's use of Real Property
5conveyed by the Authority, including, but not limited to,
6affordable housing.
 
7    Section 145. Transactions. Transactions shall be
8structured in a manner that permits the Authority to enforce
9contractual agreements, real covenants, and the provisions of
10any subordinate financing held by the Authority pertaining to
11development and use of the Real Property.
 
12    Section 150. Disposition of proceeds. Any proceeds from the
13sale or transfer of Real Property by the Authority shall be
14retained, expended, or transferred by the Authority as
15determined by the Board in the best interests of the Authority
16and in accordance with applicable laws and agreements.
 
17    Section 155. Intergovernmental agreements.
18    (a) The Board of Directors may negotiate and propose
19agreements necessary, incidental, or convenient to the
20performance of its duties and the exercise of its powers with
21any unit of local government subject to the approval of the
22corporate authorities. An agreement may include, but is not be
23limited to, contracts for the joint exercise of powers,

 

 

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1contracts for the ownership, management, development, and
2disposition of Real Property, or contracts for the performance
3of services by a local unit of government on behalf of the
4Local Government Stabilization Authority or by the Local
5Government Stabilization Authority on behalf of a local unit of
6government.
7    (b) The parties to the intergovernmental agreements shall
8agree that no party to an intergovernmental agreement shall be
9responsible, in whole or in part, for the acts of the
10employees, agents, and servants of any other party, whether
11acting separately or in conjunction with the implementation of
12an agreement. The parties shall only be bound and obligated
13under an agreement as expressly agreed to by each party.
14    (c) All agreements shall in all respects be interpreted,
15enforced, and governed under the laws of the State of Illinois
16without regard to the doctrines of conflict of laws. The
17language of all parts of an agreement shall in all cases be
18construed as a whole according to its plain and fair meaning,
19and not construed strictly for or against any Party.
20    (d) All agreements with municipalities shall include
21language that the municipality consents to participation in the
22pilot program under this Act.
 
23    Section 160. Procurement. The Authority shall promulgate
24rules regarding the procurement of contracts and services of
25local real estate brokers and construction crews.

 

 

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1    (a) Real estate brokers. The Authority shall contract the
2services of 15 real estate brokers to sell or list homes after
3they are repaired under this Act. Bidding shall occur at an
4open meeting convened by the Authority in accordance with the
5Open Meetings Act. A real estate broker shall possess a real
6estate license and shall be in good standing with the Realtor's
7Association and the State.
8    For purposes of this Section, "local" means having a
9principal place of business within the boundaries of the
10District.
11    (b) Construction crews. The Authority shall contract the
12services of construction crews composed of students from
13construction programs with an accredited community college or
14institute of higher education located within the boundaries of
15the township.
 
16    Section 165. Records. The Authority shall keep and maintain
17at the principal office of the Authority all documents and
18records of the Authority. The records of the Authority, which
19shall be available to the public, shall include, but not be
20limited to, a copy of this Act, a copy of the ordinance
21creating the Authority, the Authority's bylaws, and any
22agreements and amendments, as applicable. The records and
23documents shall be maintained and shall be delivered to any
24successor entity.
 

 

 

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1    Section 170. Financial statements and quarterly reports.
2    (a) The Authority shall prepare, at the Authority's
3expense, audited financial statements, including a balance
4sheet, statement of revenue and expense, statement of cash
5flows, and changes in fund balance, on an annual basis. This
6financial statements shall be prepared in accordance with
7generally accepted accounting principles and accompanied by a
8written opinion of an independent certified public accounting
9firm.
10    (b) The Authority shall submit reports under this Section
11to the Illinois Housing Development Authority. The reports
12shall include: (1) the number of foreclosed properties in the
13township; (2) the number of properties acquired pursuant to the
14pilot program under this Act; (3) the number of projects
15completed to date under the pilot program; and (4) financial
16details regarding the cost of the projects, the amount a
17project sold for, and whether there exists a net gain or loss
18for the Authority.
 
19    Section 175. Annual budget.
20    (a) The Authority shall prepare an annual budget in a
21manner and under a time frame mandated by the corporate
22authorities.
23    (b) The obligations and expenditures of the Board of
24Directors shall conform to the any applicable local
25appropriation ordinance, provided that the corporate

 

 

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1authorities retain the authority to impose additional
2limitations. Any commitment, contract or other obligation
3entered into by the Board in derogation of this Section shall
4be voidable by the corporate authorities and the Illinois
5Housing Development Authority.
 
6    Section 180. Deposits and investments. The Authority shall
7deposit funds of the Authority in a special fund to be held by
8the Treasurer of the township, designated as the "Local
9Government Stabilization Authority Fund" and expended
10exclusively for the operation of the Authority.
 
11    Section 185. Disbursements. Expenditures of funds from the
12Local Government Stabilization Authority Fund shall be in
13accordance with guidelines established by the Board of
14Directors.
 
15    Section 190. Performance objectives. Each Fiscal Year, the
16Director, or other individual designated by the Board of
17Directors, shall prepare, for review and approval by the Board
18of Directors, objectives for the Authority's performance.
 
19    Section 195. Annual report.
20    (a) The Board of Directors shall submit to the corporate
21authorities, within 6 months after the end of each Fiscal Year,
22a report that shall set forth a complete and detailed operating

 

 

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1and financial statement of the Authority during such Fiscal
2Year.
3    (b) Included in the report shall be any recommendations for
4additional legislation or other action that may be necessary to
5carry out the mission, purpose, and intent of the Authority.
 
6    Section 200. Management of funds. The Director, or other
7individual designated by the Board of Directors, is authorized
8to make deposits and withdraw funds from the Local Government
9Stabilization Authority Fund for the management of sales
10proceeds, revenue, and other Authority funds as authorized by
11the Board of Directors. Standard accounting procedures shall be
12used in the management of accounts and approved by the
13corporate authorities.
 
14    Section 205. Authorized expenditures. The Authority shall
15in its sole discretion and within its budget, expend funds as
16necessary to carry out the powers, duties, functions, and
17responsibilities of a Local Government Stabilization Authority
18under this Act.
 
19    Section 210. Dissolution of assets. Upon determining that
20the purposes of the Authority have been completed and that
21there is no longer a need for the Authority's continued
22existence, the corporate authorities may repeal the enacting
23ordinance and dissolve the Authority provided, however, that

 

 

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1the effective date of a repeal shall provide sufficient time
2for the Authority to carry out the provisions set forth in
3Section 190.
4    As soon as possible after notice of the repeal of this Act
5or the repeal of a local enacting ordinance, the Authority
6shall finish its affairs as follows:
7    (a) all of the Authority's debts, liabilities, and
8obligations to its creditors and all expenses incurred in
9connection with the termination of the Authority and
10distribution of its assets shall be paid first; and
11    (b) the remaining Real Property and personal property owned
12by the Authority, if any, shall be distributed to any successor
13entity, subject to approval by the corporate authorities. In
14the event that no successor entity exists, the remaining Real
15Property and personal property, and other assets of the
16Authority, shall become assets of the corporate authorities,
17unless provided otherwise in any applicable agreements.
 
18    Section 215. Interpretation. All powers granted to the
19Local Government Stabilization Authority under this Act shall
20be interpreted broadly to effectuate the intent and purposes of
21this Act and not to serve as a limitation of powers.
 
22    Section 220. Severability. The invalidity of any clause,
23sentence, paragraph, subdivision, section, or portion thereof,
24shall not affect the validity of the remaining provisions of

 

 

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1this Act.
 
2    Section 999. Effective date. This Act takes effect upon
3becoming law.".