Public Act 93-0421

HB0858 Enrolled                      LRB093 05732 SJM 05825 b

    AN ACT in relation to property taxes.

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

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

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

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

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