Bill Text: IL HB0454 | 2017-2018 | 100th General Assembly | Engrossed


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) 2017-04-25 - Placed on Calendar Order of 3rd Reading - Standard Debate [HB0454 Detail]

Download: Illinois-2017-HB0454-Engrossed.html



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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 by
10it, 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 Community
19Bank of Illinois, locate and maintain its places of business,
20of which the principal place must be within the State, and make
21and enforce orders, rules, regulations, and bylaws for the

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1transaction of its business. The business and financial
2transactions of the Bank, in addition to other matters
3specified in this Act, may include anything that any bank or
4bank 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 policies
10adopted by the Department of Financial and Professional
11Regulation.
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 of
17Illinois 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 to
2The 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 Community
6 Bank of Illinois to review the Bank's operations to
7 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 Bank
22 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 made
18as the Secretary deems fit to promote the efficiency of the
19public 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 end
19 of any period specified in the loan to be added to the
20 principal amount of the debt and thereafter accumulate
21 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 or
22 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 powers

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

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

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

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

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

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

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

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

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

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

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

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1Meigs Field. The audit shall include, but not be limited to, an
2examination of revenues, expenses, and transfers of funds;
3purchasing and contracting policies and practices; staffing
4levels; and hiring practices and procedures. When completed,
5the audit required by this paragraph shall be distributed in
6accordance with Section 3-14.
7 The Auditor General shall conduct a financial and
8compliance and program audit of distributions from the
9Municipal Economic Development Fund during the immediately
10preceding calendar year pursuant to Section 8-403.1 of the
11Public Utilities Act at no cost to the city, village, or
12incorporated town that received the distributions.
13 The Auditor General must conduct an audit of the Health
14Facilities and Services Review Board pursuant to Section 19.5
15of the Illinois Health Facilities Planning Act.
16 The Auditor General of the State of Illinois shall annually
17conduct or cause to be conducted a financial and compliance
18audit of the books and records of any county water commission
19organized pursuant to the Water Commission Act of 1985 and
20shall file a copy of the report of that audit with the Governor
21and the Legislative Audit Commission. The filed audit shall be
22open to the public for inspection. The cost of the audit shall
23be charged to the county water commission in accordance with
24Section 6z-27 of the State Finance Act. The county water
25commission shall make available to the Auditor General its
26books and records and any other documentation, whether in the

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1possession of its trustees or other parties, necessary to
2conduct the audit required. These audit requirements apply only
3through July 1, 2007.
4 The Auditor General must conduct audits of the Rend Lake
5Conservancy District as provided in Section 25.5 of the River
6Conservancy Districts Act.
7 The Auditor General must conduct financial audits of the
8Southeastern Illinois Economic Development Authority as
9provided in Section 70 of the Southeastern Illinois Economic
10Development Authority Act.
11 The Auditor General shall conduct a compliance audit in
12accordance with subsections (d) and (f) of Section 30 of the
13Innovation Development and Economy Act.
14 The Auditor General must contract with an independent
15certified public accounting firm for an annual audit of The
16Community Bank of Illinois as provided in Section 90 of the
17Community Bank of Illinois Act.
18(Source: P.A. 95-331, eff. 8-21-07; 96-31, eff. 6-30-09;
1996-939, eff. 6-24-10.)
20 Section 905. The Eminent Domain Act is amended by changing
21Section 15-5-46 as follows:
22 (735 ILCS 30/15-5-46)
23 Sec. 15-5-46. Eminent domain powers in new Acts. The
24following provisions of law may include express grants of the

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1power to acquire property by condemnation or eminent domain:
2Community Bank of Illinois Act; The Community Bank of Illinois;
3for purposes of the Act.
4 (Reserved).
5(Source: P.A. 96-1522, eff. 2-14-11; 97-813, eff. 7-13-12.)
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