Illinois General Assembly - Bill Status for SB1340

Creates the Live Music Illinois Act. Creates the Live Music Illinois Board. Provides that the Board shall consist of 5 members. Specifies the Board's powers and duties. Establishes the Live Music Illinois Fund as a special fund in the State treasury. Requires monthly transfers from the GRF to the Fund in the amount of $208,334 until $12,500,000 has been transferred. Provides that moneys in the Fund shall be used by the Board to issue grants to units of local government and community groups for musical performances by eligible musicians and musical ensembles. Provides that moneys in the Fund shall also be used to issue grants to eligible musicians and musical ensembles for musical performances. Provides that the musical performances must be free and open to the public. Imposes conditions on any rulemaking authority. Amends the State Finance Act to create the Fund. Effective July 1, 2009.

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