Illinois General Assembly - Bill Status for HB4532

Creates the Southern Illinois Economic Development Authority Act. Creates the Southern Illinois Economic Development Authority in Clay, Effingham, Fayette, Franklin, Jefferson, Marion, Washington, and Williamson counties in order to promote economic development within those counties. Contains provisions concerning the powers and duties of the Authority. Allows the Authority to acquire, own, sell, lease, or otherwise dispose of interests in real property and to issue bonds, notes, or other evidences of indebtedness for certain purposes. Provides that the Authority shall be governed by a 19-member board. Contains other provisions. Effective immediately.

Deletes everything. Reinserts the provisions of the bill as introduced. Creates the Southeastern Illinois Economic Development Authority in Fayette, Cumberland, Clark, Effingham, Jasper, Crawford, Marion, Clay, Richland, Lawrence, Jefferson, Wayne, Edwards, Wabash, Hamilton, and White counties (rather than Clay, Effingham, Fayette, Franklin, Jefferson, Marion, Washington, and Williamson counties). Provides that the Authority shall be governed by a 10-member board (rather than a 19-member board) and makes corresponding changes. Provides that the Governor shall appoint 9 (rather than 10) public members. Deletes a provision requiring that the chairman of the county board of each county within the territorial jurisdiction of the Authority shall appoint one member. Provides that each member of the Authority shall hold office for a term of 3 years (rather than 6 years). Deletes a provision requiring the Department of Commerce and Economic Opportunity to pay the compensation of the executive director from appropriations received for that purpose. Limits the aggregate amount of bonds that may be issued by the Authority to $25,000,000. Deletes a provision prohibiting the Authority from issuing any bonds relating to the financing of a project located within the planning and subdivision control jurisdiction of any municipality unless the corporate authorities of the municipality do not, or the county board does not, adopt a resolution disapproving the project within 45 days after receipt of the notice. Requires the Auditor General to conduct a financial audit of the Authority every 5 years. Amends the Illinois State Auditing Act to give the Auditor General jurisdiction to conduct financial audits of the Authority. Effective immediately.

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