Illinois General Assembly - Bill Status for HB2572

Creates the Local Government Stabilization Authority Act. Authorizes the corporate authorities of a county, municipality, or township to create, 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, combating community deterioration and creating economic growth. Provides definitions. Sets forth procedure regarding the creation of the Authority and funding sources. Further provides for: (1) the 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 the Authority on a day-to-day basis. Sets forth the powers of the 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 the Authority to acquire, hold, manage, and dispose of real property. Requires the Authority to prepare an annual budget and provide annual financial statements and reports to the corporate authorities. Permits the corporate authorities to dissolve the Authority and provides requirements regarding the Authority's debts, liabilities, and obligations. Effective immediately.

×