Bill Text: IL HB0089 | 2021-2022 | 102nd General Assembly | Introduced


Bill Title: Creates the Community Bank of Illinois Act. Provides that the Department of Financial and Professional Regulation shall operate The Community Bank of Illinois. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary of Financial and Professional Regulation is to employ a president and employees. Contains provisions concerning the removal and discharge of appointees. Provides that State funds must be deposited in the Bank. Contains provisions concerning the nonliability of officers and sureties after deposit. Specifies the powers of the Bank. Contains provisions concerning the guaranty of deposits and the Bank's role as a clearinghouse, the authorization of loans the General Revenue Fund, bank loans to farmers, limitations on loans by the Bank, the name in which business is conducted and titles taken, civil actions, surety on appeal, audits, electronic fund transfer systems, confidentiality of bank records, the sale and leasing of acquired agricultural real estate, and the Illinois higher education savings plan. Provides that the Bank is the custodian of securities. Amends the Illinois State Auditing Act to require that the Auditor General must contract with an independent certified public accounting firm for an annual audit of The Community Bank of Illinois as provided in the Community Bank of Illinois Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2021-01-14 - Referred to Rules Committee [HB0089 Detail]

Download: Illinois-2021-HB0089-Introduced.html


102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0089

Introduced , by Rep. Mary E. Flowers

SYNOPSIS AS INTRODUCED:
New Act
30 ILCS 5/3-1 from Ch. 15, par. 303-1
735 ILCS 30/15-5-48 new

Creates the Community Bank of Illinois Act. Provides that the Department of Financial and Professional Regulation shall operate The Community Bank of Illinois. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary of Financial and Professional Regulation is to employ a president and employees. Contains provisions concerning the removal and discharge of appointees. Provides that State funds must be deposited in the Bank. Contains provisions concerning the nonliability of officers and sureties after deposit. Specifies the powers of the Bank. Contains provisions concerning the guaranty of deposits and the Bank's role as a clearinghouse, the authorization of loans the General Revenue Fund, bank loans to farmers, limitations on loans by the Bank, the name in which business is conducted and titles taken, civil actions, surety on appeal, audits, electronic fund transfer systems, confidentiality of bank records, the sale and leasing of acquired agricultural real estate, and the Illinois higher education savings plan. Provides that the Bank is the custodian of securities. Amends the Illinois State Auditing Act to require that the Auditor General must contract with an independent certified public accounting firm for an annual audit of The Community Bank of Illinois as provided in the Community Bank of Illinois Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain.
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FISCAL NOTE ACT MAY APPLY

A BILL FOR

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1 AN ACT concerning financial regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5Community Bank of Illinois Act.
6 Section 5. Purpose. For the purpose of encouraging and
7promoting agriculture, commerce, and industry, the State shall
8engage in the business of banking, and for that purpose shall
9maintain a system of banking owned, controlled, and operated
10by it, under the name of The Community Bank of Illinois.
11 Section 10. Definitions. As used in this Act:
12 "Bank" means The Community Bank of Illinois.
13 "Department" means the Department of Financial and
14Professional Regulation.
15 "Secretary" means the Secretary of Financial and
16Professional Regulation.
17 Section 15. Department to operate Bank; business of Bank.
18The Department shall operate, manage, and control The
19Community Bank of Illinois, locate and maintain its places of
20business, of which the principal place must be within the
21State, and make and enforce orders, rules, regulations, and

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1bylaws for the transaction of its business. The business and
2financial transactions of the Bank, in addition to other
3matters specified in this Act, may include anything that any
4bank or bank holding company lawfully may do, except as it is
5restricted by the provisions of this Act. This Section may not
6be held in any way to limit or qualify either the powers of the
7Department granted by or the functions of the Bank as defined
8in this Act. The powers of the Department and the functions of
9the Bank must be implemented through actions taken and
10policies adopted by the Department of Financial and
11Professional Regulation.
12 Section 20. Declaration and finding of public purpose;
13Community Bank of Illinois advisory board of directors. To
14enlist the help of private enterprise and to encourage more
15active use of the purposes of this Act, the Governor shall
16appoint an advisory board of directors to The Community Bank
17of Illinois consisting of 7 persons, at least 2 of whom must be
18officers of banks, the majority of the stock of which is owned
19by Illinois residents, and at least one of whom must be an
20officer of a State-chartered or federally chartered financial
21institution. The Governor shall appoint a chairman,
22vice-chairman, and secretary from the advisory board of
23directors. The term of a director is 4 years. The Department
24shall define the duties of the advisory board of directors.

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1 Section 25. Authority of the advisory board of directors
2to The Community Bank of Illinois. The advisory board of
3directors to The Community Bank of Illinois shall do all of the
4following:
5 (1) Meet regularly with the management of The
6 Community Bank of Illinois to review the Bank's operations
7 to determine whether recommendations should be made by the
8 board to the Department relating to improved management
9 performance, better customer service, and overall
10 improvement in internal methods, procedures, and operating
11 policies of the Bank.
12 (2) Make recommendations to the Department relating to
13 the establishment of additional objectives for the
14 operation of The Community Bank of Illinois.
15 (3) Make recommendations to the Department concerning
16 the appointment of officers of The Community Bank of
17 Illinois.
18 (4) Meet regularly with the Secretary to present any
19 recommendations concerning The Community Bank of Illinois.
20 (5) In addition to the foregoing and pursuant to
21 authorization from the Secretary, act on behalf of the
22 Bank with respect to the powers and functions of the Bank.
23 Section 30. Secretary to employ president and employees;
24compensation, operation, and maintenance expenditures limited
25to appropriations, revenue, or capital. The Secretary shall

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1appoint a president, and may appoint and employ subordinate
2officers, employees, and agents as he or she may judge
3expedient and in the interests of the State, and shall define
4the duties, designate the titles, and fix the compensation of
5all such persons. The Secretary may designate the president or
6other officers or employees as its agent in respect to the
7functions of the Bank, subject to its supervision, limitation,
8and control. The total compensation of such appointees and
9employees, together with other expenditures for the operation
10and maintenance of the Bank, shall remain within the
11appropriation, revenues, or capital lawfully available for
12those purposes.
13 Section 35. Removal and discharge of appointees. The
14Secretary may remove and discharge any and all persons
15appointed in the exercise of the powers granted by this Act,
16whether by the Secretary or by the president of the Bank. All
17appointments and removals contemplated by this Act must be
18made as the Secretary deems fit to promote the efficiency of
19the public service.
20 Section 40. State funds must be deposited in The Community
21Bank of Illinois; income of the Bank. All State funds and funds
22of all State penal, educational, and industrial institutions
23must be deposited in The Community Bank of Illinois by the
24persons having control of those funds or must be deposited in

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1accordance with constitutional and statutory provisions. All
2income earned by the Bank for its own account on State moneys
3that are deposited in or invested with the Bank to the credit
4of the State must be credited to and become a part of the
5revenues and income of the Bank.
6 Section 45. Nonliability of officers and sureties after
7deposit. Whenever any public funds are deposited in The
8Community Bank of Illinois, the official having control of the
9public funds and the sureties on the bond of every such
10official shall be exempt from all liability by reason of loss
11of any such funds while so deposited.
12 Section 50. Guaranty of deposits; exemption from all
13taxation. All deposits in The Community Bank of Illinois are
14guaranteed by the State. Those deposits are exempt from State,
15county, and municipal taxes of any and all kinds.
16 Section 55. Bank as a clearinghouse. For banks that make
17The Community Bank of Illinois a reserve depositary, it may
18perform the functions and render the services of a
19clearinghouse, including all facilities for providing domestic
20and foreign exchange, and may rediscount paper, on those terms
21as the Department shall provide.
22 Section 60. Powers. The Community Bank of Illinois may:

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1 (1) make, purchase, guarantee, or hold loans:
2 (A) to State-chartered or federally chartered
3 lending agencies or institutions or any other
4 financial institutions;
5 (B) to holders of Bank certificates of deposit and
6 savings accounts up to 90% of the value of the
7 certificates and savings accounts offered as security;
8 (C) to actual farmers who are residents of this
9 State, if the loans are secured by recorded mortgages
10 giving the Bank a first lien on real estate in Illinois
11 in amounts not to exceed 80% of the value of the
12 security;
13 (D) that are insured or guaranteed in whole or in
14 part by the United States, its agencies, or
15 instrumentalities;
16 (E) that are eligible to be guaranteed under
17 education. Loans made pursuant to this paragraph (E)
18 may provide for interest that remains unpaid at the
19 end of any period specified in the loan to be added to
20 the principal amount of the debt and thereafter
21 accumulate interest;
22 (F) to individuals or bank holding companies for
23 the purpose of purchasing or refinancing the purchase
24 of bank stock of a bank located in the State;
25 (G) under U.S. Public Law No. 99-198 as amended
26 through December 31, 1996, to nonprofit corporations

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1 for the purpose of relending loan funds to rural
2 businesses;
3 (H) under Title 7, Code of Federal Regulations,
4 part 1948, subpart C; part 1951, subparts F and R; and
5 part 1955, subparts A, B, and C, as amended through
6 December 31, 1996, to finance businesses and community
7 development projects in rural areas;
8 (I) obtained as security pledged for or originated
9 in the restructuring of any other loan properly
10 originated or participated in by the Bank;
11 (J) to instrumentalities of this State;
12 (K) to an investment company created for
13 completing a trust preferred securities transaction
14 for the benefit of a financial institution located in
15 this State; and
16 (L) as otherwise provided by this Act or other
17 statutes;
18 (2) if the Bank is participating in the loan and the
19 Bank deems it is in the best interests of the Bank to do
20 so, purchase the remaining portion of the loan from a
21 participating lender that is closed by regulatory action
22 or from the receiver of the participating lender's assets;
23 (3) make agricultural real estate loans in order to
24 participate in the agricultural mortgage secondary market
25 program established pursuant to the federal Agricultural
26 Credit Act amended through December 31, 1996;

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1 (4) purchase participation interests in loans made or
2 held by banks, bank holding companies, State-chartered or
3 federally chartered lending agencies or institutions, any
4 other financial institutions, or any other entity that
5 provides financial services and meets underwriting
6 standards that are generally accepted by State or federal
7 financial regulatory agencies;
8 (5) invest its funds:
9 (A) in conformity with policies of the Department;
10 (B) in a public venture capital corporation
11 organized and doing business in this State through the
12 purchase of shares of stock; and
13 (C) in Illinois alternative and venture capital
14 investments and early-stage capital funds;
15 (6) buy and sell federal funds;
16 (7) lease, assign, sell, exchange, transfer, convey,
17 grant, pledge, or mortgage all real and personal property,
18 title to which has been acquired in any manner;
19 (8) acquire real or personal property or property
20 rights by purchase, lease, or, subject to applicable law,
21 the exercise of the right of eminent domain and may
22 construct, remodel, and repair buildings;
23 (9) receive deposits from any source and deposit its
24 funds in any bank or other financial institution.
25 (10) perform all acts and do all things necessary,
26 convenient, advisable, or desirable to carry out the

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1 powers expressly granted or necessarily implied in this
2 Act through or by means of its president, officers,
3 agents, or employees or by contracts with any person,
4 firm, or corporation; and
5 (11) purchase mortgage loans on residential real
6 property originated by financial institutions.
7 Section 65. Loans to General Revenue Fund authorized;
8continuing appropriation. The State Treasurer and the
9Director of the Governor's Office of Management and Budget
10may, when the balance in the General Revenue Fund is
11insufficient to meet legislative appropriations, execute and
12issue on behalf of the State evidences of indebtedness on the
13State General Revenue Fund that at no time may exceed the total
14principal amount of $10,000,000 with principal maturity of not
15more than 12 months. As a condition precedent to the issuance
16and sale of the evidences of indebtedness, the State Treasurer
17must request and obtain a statement from the Director of the
18Governor's Office of Management and Budget and the Director of
19Revenue certifying that anticipated General Revenue Fund
20revenues for the balance of the fiscal year in which the
21evidences of indebtedness are to be issued will exceed the
22principal amount and interest on the evidences of indebtedness
23to be issued. The Department may in turn direct The Community
24Bank of Illinois to make loans to the General Revenue Fund by
25the purchase of the evidences of indebtedness at those rates

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1of interest as the Department may prescribe. After evidences
2of indebtedness have been issued and sold pursuant to this
3Section, the Treasurer shall establish a fund for the
4repayment of the principal upon maturity and the interest when
5due. The Treasurer shall place all available General Revenue
6Fund revenues into this fund until the fund contains a
7sufficient balance for the repayment of the principal at
8maturity and interest when due, which moneys are hereby
9appropriated for this purpose.
10 Section 70. Bank loans to beginning farmers; revolving
11loan fund; requirements.
12 (a) A revolving loan fund must be maintained in The
13Community Bank of Illinois for the purpose of making or
14participating in loans to Illinois beginning farmers for the
15purchase of agricultural real estate, equipment, and
16livestock. All moneys transferred into the fund, interest upon
17moneys in the fund, and payments to the fund of principal and
18interest on loans made from the fund are appropriated for the
19purpose of providing loans and to supplement the interest rate
20on loans to beginning farmers made by this Act under
21applicable law and in accordance with this Section.
22 (b) The revolving loan fund and loans made from the fund
23must be administered and supervised by the Bank. The Bank may
24deduct a service fee for administering the fund from interest
25payments received on loans. An application for a loan from the

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1fund must be made to the Bank and, upon approval, a loan must
2be made from the fund in accordance with this Section.
3 (c) A loan made from the fund may not exceed 80% of the
4appraised value of the agricultural collateral, with the
5actual percentage to be determined by the Bank. The Bank may do
6all things and acts and may establish additional terms and
7conditions necessary to make a loan under this Section. A loan
8made from the fund must have a first security interest.
9 (d) A loan made from the fund must have the interest rate
10fixed at 1% below the Bank's then current base rate for the
11first 5 years with a maximum rate of 6% per year and variable
12at 1% below the Bank's then current base rate for the second 5
13years. During the second 5 years, the variable rate must be
14adjusted annually on the anniversary date. The rate during the
15remaining term of the loan floats at the Bank's base rate as in
16effect from time to time.
17 (e) The maximum term of a real estate loan is 25 years. The
18maximum term of a farm equipment or livestock loan is 7 years.
19 (f) The Department shall contract with a certified public
20accounting firm to audit the fund as necessary. The cost of the
21audit, and any other actual costs incurred by the Bank on
22behalf of the fund, must be paid for by the fund.
23 (g) The Bank shall adopt rules necessary to implement this
24Section.
25 Section 75. Name in which business conducted and titles

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1taken; execution of instruments. All business of the Bank
2must be conducted under the name of "The Community Bank of
3Illinois". Title to property pertaining to the operation of
4the Bank must be obtained and conveyed in the name of "The
5State of Illinois, doing business as The Community Bank of
6Illinois". Instruments must be executed in the name of the
7State. Within the scope of authority granted by the
8Department, the president may execute instruments on behalf of
9the Bank, including any instrument granting, conveying, or
10otherwise affecting any interest in or lien upon real or
11personal property. Other officers or employees of, and legal
12counsel to, the Bank may execute instruments on behalf of the
13Bank when authorized by the Department.
14 Section 80. Civil actions. Civil actions may be brought
15against the State on account of claims for relief claimed to
16have arisen out of transactions connected with the operation
17of The Community Bank of Illinois upon condition that the
18provisions of this Section are complied with. In such actions,
19the State must be designated as "The State of Illinois, doing
20business as The Community Bank of Illinois". The actions may
21be brought in the same manner and are subject to the same
22provisions of law as other civil actions.
23 Section 85. Surety on appeal, attachment, claim and
24delivery, and other cases in which undertaking required.

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1Provisions of law requiring that a surety or sureties be given
2on undertakings in actions on appeal, attachment, claim and
3delivery, and other cases in which an undertaking is required,
4are not applicable to the State of Illinois, doing business as
5The Community Bank of Illinois, as the party seeking relief.
6It is required to give its own undertaking without surety and
7to reimburse the adverse party when required by law.
8 Section 90. Examinations and audit reports. The Auditor
9General shall contract with an independent certified public
10accounting firm for an annual audit of The Community Bank of
11Illinois in accordance with generally accepted government
12auditing standards. The Auditor General shall audit annually
13or contract for an annual audit of the separate programs and
14funds administered by The Community Bank of Illinois. On
15request of the Auditor General, the Department shall assist
16the Auditor General in the auditing firm selection process,
17but the selection of the auditing firm is the Auditor
18General's responsibility. The auditor selected shall prepare
19an audit report that includes financial statements presented
20in accordance with the audit and accounting guide for banks
21and savings institutions issued by the American Institute of
22Certified Public Accountants. The auditor also shall prepare
23audited financial statements for inclusion in the
24comprehensive annual financial report for the State. The State
25auditor may conduct performance audits of The Community Bank

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1of Illinois, including the separate programs and funds
2administered by the Bank. The Auditor General shall report the
3results of the audit to the Department and to the General
4Assembly. The Community Bank of Illinois or its separate
5programs and funds shall pay the costs of the audit. The
6Department shall examine The Community Bank of Illinois at
7least once each 24 months and conduct any investigation of the
8Bank that may be necessary. The Secretary shall report the
9examination results, and the results of any necessary
10investigation, to the Department as soon as practicable and to
11the legislative assembly. The Department shall charge a fee
12for any examination or investigation at an hourly rate to be
13set by the Secretary, sufficient to cover all reasonable
14expenses of the Department associated with the examinations
15and investigations provided for by this Section.
16 Section 95. Electronic fund transfer systems. The
17Community Bank of Illinois may establish, by rule adopted by
18the Department, a system to provide fund transfer services to
19its customers and to the customers of State-chartered and
20federally chartered banks located within the State of
21Illinois, and to other financial institutions otherwise
22authorized to utilize the services of electronic fund transfer
23systems. The Bank may acquire such equipment as is necessary
24to establish electronic fund transfer systems and may impose
25reasonable charges for services rendered to other banks under

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1this Act as may be established by the Department.
2 Section 100. Confidentiality of Bank records. The
3following records of The Community Bank of Illinois are
4confidential:
5 (1) Commercial or financial information of a customer,
6 whether obtained directly or indirectly, except for
7 routine credit inquiries or unless required by due legal
8 process. As used in this item (1), "customer" means any
9 person who has transacted or is transacting business with,
10 or has used or is using the services of, The Community Bank
11 of Illinois, or for whom The Community Bank of Illinois
12 has acted as a fiduciary with respect to trust property.
13 (2) Internal or inter-agency memorandums or letters
14 that would not be available by law to a party other than in
15 litigation with the Bank.
16 (3) Information contained in or related to
17 examination, operating, or condition reports prepared by,
18 on behalf of, or for the use of a State or federal agency
19 responsible for the regulation or supervision of any Bank
20 activity.
21 (4) Information obtained from the Department that
22 would not be available from that agency under applicable
23 law.
24 (5) The report by a Bank officer or member of the
25 Bank's advisory board of directors concerning personal

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1 financial statements.
2 Section 105. Custodian of securities. Notwithstanding any
3other provision of law to the contrary, The Community Bank of
4Illinois shall replace the Treasurer as the custodian of all
5securities that are required to be deposited with the State
6except that the Treasurer is the custodian of all securities
7resulting from the investment of funds by the Treasurer, or
8except as otherwise required by this Section and by law.
9 Section 110. Sale and leasing of acquired agricultural
10real estate. The sale and leasing of agricultural real estate
11with an appraised value of $10,000 or more acquired by The
12Community Bank of Illinois through foreclosure or deed in lieu
13of foreclosure must be done in accordance with law and
14policies adopted by the Department. The sale and leasing of
15agricultural real estate with an appraised value of less than
16$10,000, acquired by The Community Bank of Illinois through
17foreclosure or deed in lieu of foreclosure, may be done in a
18manner as the Bank determines is appropriate given the
19circumstances. In the case of a lease by the party holding the
20right of redemption, that party has the right to purchase at
21any time.
22 Section 115. Illinois higher education savings plan;
23administration; rules; continuing appropriation. The

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1Community Bank of Illinois shall adopt rules to administer,
2manage, promote, and market a Illinois higher education
3savings plan. The Bank shall ensure that the Illinois higher
4education savings plan is maintained in compliance with
5Internal Revenue Service standards for qualified State tuition
6programs. The Bank, as trustee of the Illinois higher
7education savings plan, may impose an annual administrative
8fee to recover expenses incurred in connection with operation
9of the plan or for other programs deemed to promote attendance
10at an institution of higher education. Administrative fees
11received by the Bank are appropriated on a continuing basis to
12be used as provided in this Section. Contributions made during
13the taxable year to a higher education savings plan
14administered by the Bank, pursuant to the provisions of the
15plan, are eligible for an income tax deduction as provided by
16law. Information related to contributions is confidential
17except as is needed by the Director of Revenue for determining
18compliance with the income tax deduction as provided by law.
19 Section 900. The Illinois State Auditing Act is amended by
20changing Section 3-1 as follows:
21 (30 ILCS 5/3-1) (from Ch. 15, par. 303-1)
22 Sec. 3-1. Jurisdiction of Auditor General. The Auditor
23General has jurisdiction over all State agencies to make post
24audits and investigations authorized by or under this Act or

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1the Constitution.
2 The Auditor General has jurisdiction over local government
3agencies and private agencies only:
4 (a) to make such post audits authorized by or under
5 this Act as are necessary and incidental to a post audit of
6 a State agency or of a program administered by a State
7 agency involving public funds of the State, but this
8 jurisdiction does not include any authority to review
9 local governmental agencies in the obligation, receipt,
10 expenditure or use of public funds of the State that are
11 granted without limitation or condition imposed by law,
12 other than the general limitation that such funds be used
13 for public purposes;
14 (b) to make investigations authorized by or under this
15 Act or the Constitution; and
16 (c) to make audits of the records of local government
17 agencies to verify actual costs of state-mandated programs
18 when directed to do so by the Legislative Audit Commission
19 at the request of the State Board of Appeals under the
20 State Mandates Act.
21 In addition to the foregoing, the Auditor General may
22conduct an audit of the Metropolitan Pier and Exposition
23Authority, the Regional Transportation Authority, the Suburban
24Bus Division, the Commuter Rail Division and the Chicago
25Transit Authority and any other subsidized carrier when
26authorized by the Legislative Audit Commission. Such audit may

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1be a financial, management or program audit, or any
2combination thereof.
3 The audit shall determine whether they are operating in
4accordance with all applicable laws and regulations. Subject
5to the limitations of this Act, the Legislative Audit
6Commission may by resolution specify additional determinations
7to be included in the scope of the audit.
8 In addition to the foregoing, the Auditor General must
9also conduct a financial audit of the Illinois Sports
10Facilities Authority's expenditures of public funds in
11connection with the reconstruction, renovation, remodeling,
12extension, or improvement of all or substantially all of any
13existing "facility", as that term is defined in the Illinois
14Sports Facilities Authority Act.
15 The Auditor General may also conduct an audit, when
16authorized by the Legislative Audit Commission, of any
17hospital which receives 10% or more of its gross revenues from
18payments from the State of Illinois, Department of Healthcare
19and Family Services (formerly Department of Public Aid),
20Medical Assistance Program.
21 The Auditor General is authorized to conduct financial and
22compliance audits of the Illinois Distance Learning Foundation
23and the Illinois Conservation Foundation.
24 As soon as practical after the effective date of this
25amendatory Act of 1995, the Auditor General shall conduct a
26compliance and management audit of the City of Chicago and any

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1other entity with regard to the operation of Chicago O'Hare
2International Airport, Chicago Midway Airport and Merrill C.
3Meigs Field. The audit shall include, but not be limited to, an
4examination of revenues, expenses, and transfers of funds;
5purchasing and contracting policies and practices; staffing
6levels; and hiring practices and procedures. When completed,
7the audit required by this paragraph shall be distributed in
8accordance with Section 3-14.
9 The Auditor General shall conduct a financial and
10compliance and program audit of distributions from the
11Municipal Economic Development Fund during the immediately
12preceding calendar year pursuant to Section 8-403.1 of the
13Public Utilities Act at no cost to the city, village, or
14incorporated town that received the distributions.
15 The Auditor General must conduct an audit of the Health
16Facilities and Services Review Board pursuant to Section 19.5
17of the Illinois Health Facilities Planning Act.
18 The Auditor General of the State of Illinois shall
19annually conduct or cause to be conducted a financial and
20compliance audit of the books and records of any county water
21commission organized pursuant to the Water Commission Act of
221985 and shall file a copy of the report of that audit with the
23Governor and the Legislative Audit Commission. The filed audit
24shall be open to the public for inspection. The cost of the
25audit shall be charged to the county water commission in
26accordance with Section 6z-27 of the State Finance Act. The

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1county water commission shall make available to the Auditor
2General its books and records and any other documentation,
3whether in the possession of its trustees or other parties,
4necessary to conduct the audit required. These audit
5requirements apply only through July 1, 2007.
6 The Auditor General must conduct audits of the Rend Lake
7Conservancy District as provided in Section 25.5 of the River
8Conservancy Districts Act.
9 The Auditor General must conduct financial audits of the
10Southeastern Illinois Economic Development Authority as
11provided in Section 70 of the Southeastern Illinois Economic
12Development Authority Act.
13 The Auditor General shall conduct a compliance audit in
14accordance with subsections (d) and (f) of Section 30 of the
15Innovation Development and Economy Act.
16 The Auditor General must contract with an independent
17certified public accounting firm for an annual audit of The
18Community Bank of Illinois as provided in Section 90 of the
19Community Bank of Illinois Act.
20(Source: P.A. 95-331, eff. 8-21-07; 96-31, eff. 6-30-09;
2196-939, eff. 6-24-10.)
22 Section 905. The Eminent Domain Act is amended by adding
23Section 15-5-48 as follows:
24 (735 ILCS 30/15-5-48 new)

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1 Sec. 15-5-48. Eminent domain powers in new Acts. The
2following provisions of law may include express grants of the
3power to acquire property by condemnation or eminent domain:
4 Community Bank of Illinois Act; The Community Bank of
5 Illinois; for purposes of the Act.
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