Bill Title: Creates the Local Government Stabilization Authority Act. Authorizes the corporate authorities of Bloom Township, Bremen Township, Calumet Township, Rich Township, and Thornton Township in Cook County to establish, by ordinance, a Local Government Stabilization Authority that shall use available funds to facilitate the return of vacant, abandoned, and tax-delinquent properties to productive use, combatting community deterioration, and creating economic growth. Provides definitions. Sets forth procedure regarding the creation of an Authority and funding sources. Further provides for the following: (1) an Authority's tax-exempt status; (2) the appointment of the Board of Directors and Chairperson, their terms of office, their removal, and vacancies; (3) the responsibilities and powers of the Board of Directors; and (4) an Executive Director to administer an Authority on a day-to-day basis. Sets forth the powers of an Authority to implement the purpose of the Act, including the authority to borrow money, enter into partnerships and joint ventures, and contract for goods and services. Permits an Authority to acquire, hold, manage, and dispose of real property. Requires an Authority to prepare an annual budget and provide annual financial statements and reports to the corporate authorities. Permits the corporate authorities to dissolve an Authority and provides requirements regarding the transfer of an Authority's debts, liabilities, and obligations. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB0729 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2017-01-25	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB0729

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB0729 currently on file.

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