093_HB0858enr

 
HB0858 Enrolled                      LRB093 05732 SJM 05825 b

 1        AN ACT in relation to property taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5. The Property Tax Code  is  amended  by  adding
 5    Section 15-151 as follows:

 6        (35 ILCS 200/15-151 new)
 7        Sec.  15-151.  Joliet  Arsenal Development Authority. All
 8    property owned by the Joliet Arsenal Development Authority is
 9    exempt.  Any property owned by the Joliet Arsenal Development
10    Authority and leased to an entity that is  not  exempt  shall
11    remain exempt.  The leasehold interest of the lessee shall be
12    assessed under Section 9-195 of this Code.

13        Section  10. The Joliet Arsenal Development Authority Act
14    is amended by changing Section 40 as follows:

15        (70 ILCS 508/40)
16        Sec. 40.  Acquisition.
17        (a)  The Authority may, but need not,  acquire  title  to
18    any project with respect to which it exercises its authority.
19        (b)  The   Authority  shall  have  power  to  acquire  by
20    purchase, lease, gift, or otherwise any  property  or  rights
21    therein from any person, the State of Illinois, any municipal
22    corporation,  any local unit of government, the government of
23    the United States,  any  agency  or  instrumentality  of  the
24    United States, any body politic, or any county useful for its
25    purposes,   whether   improved   for   the  purposes  of  any
26    prospective project or unimproved.  The  Authority  may  also
27    accept  any  donation  of  funds for its purposes from any of
28    those sources.
29        (c)  The  Authority  shall   have   power   to   develop,
 
HB0858 Enrolled             -2-      LRB093 05732 SJM 05825 b
 1    construct,  and  improve,  either  under its own direction or
 2    through collaboration with  any  approved  applicant,  or  to
 3    acquire  through purchase or otherwise any project, using for
 4    that purpose the proceeds derived from its  sale  of  revenue
 5    bonds,   notes,   or   other  evidences  of  indebtedness  or
 6    governmental loans or grants, and to hold title in  the  name
 7    of the Authority to those projects.
 8        (d)  The  Authority  shall  have  the power to enter into
 9    intergovernmental agreements with the State of Illinois,  the
10    county  of  Will, the Illinois Development Finance Authority,
11    the Illinois Education Facilities Authority, the Metropolitan
12    Pier and Exposition Authority, the United States  government,
13    any  agency or instrumentality of the United States, any unit
14    of local government  located  within  the  territory  of  the
15    Authority,  or  any  other  unit  of government to the extent
16    allowed  by  Article  VII,  Section  10   of   the   Illinois
17    Constitution and the Intergovernmental Cooperation Act.
18        (e)  The   Authority   shall  have  the  power  to  share
19    employees with other units of government, including  agencies
20    of  the United States, agencies of the State of Illinois, and
21    agencies or personnel of any unit of local government.
22        (f)  Subject to subsection (i) of Section 35 of this Act,
23    the Authority shall have the power  to  exercise  powers  and
24    issue   revenue  bonds  as  if  it  were  a  municipality  so
25    authorized in Divisions 12.1, 74, 74.1,  74.3,  and  74.5  of
26    Article 11 of the Illinois Municipal Code.
27        (g)  All property owned by the Joliet Arsenal Development
28    Authority  is  exempt from property taxes. Any property owned
29    by the Joliet Arsenal Development Authority and leased to  an
30    entity that is not exempt shall remain exempt.  The leasehold
31    interest  of the lessee shall be assessed under Section 9-195
32    of the Property Tax Code.
33    (Source: P.A. 89-333, eff. 8-17-95.)
 
HB0858 Enrolled             -3-      LRB093 05732 SJM 05825 b
 1        Section 99.  Effective date.  This Act takes effect  upon
 2    becoming law.