92nd General Assembly
Summary of HB1738
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House Sponsors:

Short description: 
HWY CD-CONVEYANCE-TOLL AUTH                                                

Synopsis of Bill as introduced:
        Amends  the  Illinois  Highway  Code.  Provides  that  when   the      
   Department  of  Transportation  conveys  to  the  Illinois  State Toll      
   Highway Authority an  interest  in  land,  rights  or  other  property      
   acquired  in  connection  with  a  federal-aid  project that ceases to      
   exist, the Department must receive  compensation  equal  to  the  fair      
   market value of the interest conveyed (instead of no compensation), to      
   be deposited into the Road Fund.                                            
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 1738 would not change the amount of authorization for any         
          type of State-issued or State-supported bond, and, therefore,        
          would not affect the level of State indebtedness.                    
          FISCAL NOTE (Illinois State Toll Highway Authority)                  
          It is the understanding of the Authority that the cost of            
          properties acquired by IDOT associated with potential Tollway        
          Authority projects is $51 million. Until these parcels have          
          been appraised for their current fair market value, there is         
          no way of determining the true fiscal impact of HB 1738.             
          FISCAL NOTE (Department of Transportation)                           
          The Department paid a total of $51 million for the parcels re-       
          maining to be transferred to the Toll Highway Authority. It can      
          be assumed that the current fair market value will likely be         
          greater than $51 million, but until appraisals are completed         
          the fair market value is indeterminate.                              
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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