Illinois General Assembly - Full Text of HB4374
Illinois General Assembly

Previous General Assemblies

Full Text of HB4374  101st General Assembly

HB4374 101ST GENERAL ASSEMBLY

  
  

 


 
101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4374

 

Introduced 1/29/2020, by Rep. Michael Halpin

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Quad Cities Regional Metropolitan Authority Act as enabling legislation for the Quad Cities Regional Metropolitan Authority Compact. Establishes the Quad Cities Regional Metropolitan Authority in the metropolitan area of Rock Island County, Illinois and Scott County, Iowa. Provides that the Authority shall facilitate an area-wide growth plan for the purpose of positively impacting the greater metropolitan area and improving the quality of life for area residents. Sets forth the powers and duties of the Authority. Provides that the Authority shall be governed by a Board of Commissioners. Contains provisions concerning use and occupation taxes. Contains other provisions. Effective immediately.


LRB101 16135 HLH 66989 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4374LRB101 16135 HLH 66989 b

1    AN ACT concerning interstate compacts.
 
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 Quad
5Cities Regional Metropolitan Authority Act.
 
6    Section 5. Purposes.
7    (a) This Act is enabling legislation for the Quad Cities
8Regional Metropolitan Authority Compact entered into by the
9states of Illinois and Iowa as authorized by the Quad Cities
10Regional Metropolitan Authority Compact Act.
11    (b) The Quad Cities Regional Metropolitan Authority shall
12engage in strategic investments that can best be conducted for
13an area-wide growth plan. The purpose of the plan is to
14positively impact the greater metropolitan area and improve the
15quality of life for area residents. The plan may include the
16following:
17        (1) riverfront development, including flood
18    mitigation;
19        (2) regional planning and economic development;
20        (3) transportation and infrastructure, including but
21    not limited to:
22            (A) intermodal facilities;
23            (B) waste disposal systems;

 

 

HB4374- 2 -LRB101 16135 HLH 66989 b

1            (C) mass transit;
2            (D) airports;
3            (E) bridges; and
4            (F) river transit and ports.
5        (4) cultural and recreational amenities, including,
6    but not limited to:
7            (A) parks;
8            (B) museums;
9            (C) trails;
10            (D) tourist and destination assets;
11            (E) zoos;
12            (F) centers for performing arts; and
13            (G) botanical centers.
14        (5) education;
15        (6) natural resources; and
16        (7) related facilities, fixtures, equipment, and
17    property necessary, appurtenant, or incidental to the
18    operations and services specified in paragraphs (1)
19    through (6).
20    The Authority shall be supportive of, and refrain from
21unnecessary and unreasonable competition with, private sector
22and public sector operations when possible.
23    (c) The establishment, maintenance, and operation of safe,
24adequate, and necessary metropolitan facilities, the creation
25of an Authority having powers necessary or desirable for the
26establishment, maintenance, and operation of the metropolitan

 

 

HB4374- 3 -LRB101 16135 HLH 66989 b

1facilities beneficial to the territory of the Authority, and
2the powers and corporate purposes and functions of the
3Authority are public and governmental in nature and essential
4to the public interest in the territory of the Authority.
 
5    Section 10. Definitions. As used in this Act, unless the
6context otherwise requires:
7    "Authority" means the Quad Cities Regional Metropolitan
8Authority created under this Act.
9    "Board" means the Board of Commissioners of the Authority.
10    "Cost", with respect to any project for a metropolitan
11facility, includes construction contract costs and the costs of
12engineering, architectural, technical, and legal services,
13preliminary reports, property valuations, estimates, plans,
14specifications, notices, acquisition of real and personal
15property, consequential damages or costs, easements,
16rights-of-way, supervision, inspection, testing, publications,
17printing and provisions for contingencies.
18    "Greater metropolitan area" means the combined area of Rock
19Island County, Illinois, and Scott County, Iowa.
20    "Metropolitan area" means Rock Island County, Illinois, as
21a separate and distinct area, or Scott County, Iowa, as a
22separate and distinct area, or each as a part of the greater
23metropolitan area.
24    "Metropolitan facility" means a structure or fixture,
25equipment, or property of any kind or nature related to the

 

 

HB4374- 4 -LRB101 16135 HLH 66989 b

1scope laid out in subsection (b) of Section 5 that the
2Authority may construct, acquire, own, lease, or operate,
3including all related facilities necessary, appurtenant, or
4incidental to the facilities.
5    "Person" means an individual, firm, partnership,
6corporation, company, association, or joint stock association,
7and includes any trustee, receiver, assignee, or personal
8representative of any of those entities.
 
9    Section 15. Board of commissioners; appointment.
10    (a) The Authority established under this Act shall be
11governed by a board of commissioners. Illinois members shall be
12appointed as provided in subsection (b). The appointment of the
13commissioners shall be made in writing and shall indicate the
14legal residence of each appointee.
15    (b) Four residents of Rock Island County shall be appointed
16to the board of the Authority as provided in this subsection.
17One member shall reside in the City of Moline and shall be
18appointed by the Mayor of the City of Moline with the advice
19and consent of the city council of the City of Moline; one
20member shall reside in the City of Rock Island and shall be
21appointed by the Mayor of the City of Rock Island with the
22advice and consent of the city council of Rock Island; one
23member shall reside in the City of East Moline and shall be
24appointed by the Mayor of the City of East Moline with the
25advice and consent of the city council of East Moline. The

 

 

HB4374- 5 -LRB101 16135 HLH 66989 b

1Chairman of the Rock Island County Board, with the advice and
2consent of the county board, shall shall appoint one resident
3of Rock Island County to serve on the board; that resident
4shall reside outside of the cities of Moline, Rock Island, and
5East Moline.
6    (c) The membership of the board of commissioners shall be
7gender balanced if possible. The appointing authorities shall
8strive for gender balance on the board and shall comply with
9similar laws of the state of Iowa as determined by the
10appointing authorities. The appointing authorities shall also
11provide representation for racial groups residing in the
12metropolitan area based on the ratio of the racial population
13to the population as a whole. All projects approved by the
14board shall strive for balanced investment in both metropolitan
15areas.
 
16    Section 20. Terms of office.
17    (a) All initial appointments of commissioners shall be made
18within 30 days after the establishment of the Authority. The
19Authority is considered established when similar laws are
20enacted in the State of Iowa and State of Illinois. Each
21appointment shall be in writing and a certificate of
22appointment signed by the appointing officer shall be filed and
23made a matter of record in the office of the county recorder.
24Except as otherwise provided, commissioners shall be appointed
25for a term of 4 years and shall qualify within 10 days after

 

 

HB4374- 6 -LRB101 16135 HLH 66989 b

1appointment by acceptance and the taking of an oath or
2affirmation to faithfully perform the duties of office. Members
3initially appointed to the board of commissioners shall serve
4from the date of their appointment until June 30 of the second
5or fourth year after the date of their appointment and shall
6draw lots to determine the terms for which each shall be
7appointed. Lots shall be drawn so that no less than 2 and no
8more than 3 commissioners from each metropolitan area shall
9serve in each of the 2 classes. Thereafter, commissioners shall
10be appointed for terms of 4 years beginning on July 1 of the
11year of appointment.
12    (b) Within 45 days after any vacancy occurs on the board by
13death, resignation, change of residence to outside the
14metropolitan area, or any other cause, a successor shall be
15appointed, in the same manner as the commissioner whose office
16became vacant, for the unexpired remainder of the term.
17Commissioners and officers of the board shall serve until a
18successor is appointed and qualifies. A current city or county
19elected official in ineligible to serve as commissioner. A
20former city or county elected officer is ineligible to serve as
21a commissioner for 2 years after leaving elective office.
22    (c) All appointed members are forbidden to serve longer
23than 8 consecutive years on the board. Members may be
24reappointed to the board after 2 years off the board.
25    (d) A city council may vote to remove an appointed member
26to the board under their jurisdiction for any reason so long as

 

 

HB4374- 7 -LRB101 16135 HLH 66989 b

1the council votes in the affirmative of removal with a majority
2vote of all eligible members. A vote of no, abstention, or
3absent members counts against the measure.
 
4    Section 25. Organization; officers; meetings;
5compensation.
6    (a) The board of commissioners may exercise all of the
7legislative and executive powers granted under this Act. Within
830 days after the appointment of the initial commissioners, the
9board shall meet and elect a chairperson from among its members
10for a term of one year. The chairperson's position shall
11alternate annually between a commissioner from one state and a
12commissioner from the other state. The board shall also select
13a vice-chair, secretary, treasurer, and other officers or
14employees as necessary for the accomplishment of its corporate
15objectives, none of whom need be a commissioner. The board, at
16its first meeting, shall define by ordinance the first and
17subsequent fiscal years of the Authority and shall adopt a
18corporate seal and bylaws that shall determine the times for
19the annual election of officers and for other regular and
20special meetings of the board. The bylaws shall contain the
21rules for the transaction of other business of the Authority
22and for amending the bylaws.
23    (b) Each commissioner of the Authority shall devote the
24amount of time to the duties of office as the faithful
25discharge of the duties may require. The board shall reimburse

 

 

HB4374- 8 -LRB101 16135 HLH 66989 b

1a commissioner for actual and necessary expenses incurred in
2the performance of official duties as approved by the board. A
3commissioner shall not receive a salary or per diem for the
4performance of official duties.
5    (c) Each commissioner shall comply with restrictions
6relating to conflicts of interest or the acceptance of gifts as
7provided in the Public Officer Prohibited Activities Act or in
8similar laws of the state of Iowa as determined by the board.
9    (d) The commissioners shall conduct their meetings as
10public meetings with appropriate notice pursuant to the Open
11Meetings Act or to similar laws of the state of Iowa as
12determined by the board.
13    (e) The board shall keep and maintain its records as public
14records pursuant to the Local Records Act.
 
15    Section 30. Powers and duties. The Authority constitutes a
16municipal corporation and body politic separate from any other
17municipal, State, or other public or governmental agency. The
18Authority has the following express powers, subject to any
19restrictions or limitations contained in this Act, and all
20other powers incidental, necessary, convenient, or desirable
21to carry out and effectuate the express powers to:
22        (1) sue and be sued;
23        (2) locate, acquire, own, establish, operate, and
24    maintain one or more metropolitan facilities upon any land
25    or body of water within its corporate limits, and

 

 

HB4374- 9 -LRB101 16135 HLH 66989 b

1    construct, develop, expand, extend, and improve any
2    metropolitan facility;
3        (3) acquire, within the corporate limits of the
4    Authority, rights in fee simple in and over land or water,
5    easements upon, over, or across land or water, leasehold
6    interests in land or water, and tangible and intangible
7    personal property, used or useful for the location,
8    establishment, maintenance, development, expansion,
9    extension, or improvement of one or more metropolitan
10    facilities; the acquisition may be by dedication,
11    purchase, gift, agreement, lease, or by condemnation if
12    within the corporate limits of the Authority; the Authority
13    may acquire land in fee simple subject to a mortgage and as
14    part of the purchase price may assume the payment of the
15    indebtedness secured by the mortgage; land may be acquired,
16    possessed, and used for its purposes by the Authority under
17    a written contract for a deed conveying merchantable title,
18    providing that the deed shall be placed in escrow and be
19    delivered upon payment of the purchase price, and
20    containing other terms reasonably incident to the
21    contract; personal property may be purchased under an
22    installment contract or lease-purchase contract;
23        (4) operate, maintain, manage, lease (with or without a
24    lease-purchase option), sublease, and make and enter into
25    contracts for the use, operation, or management of a
26    metropolitan facility and enact regulations for the

 

 

HB4374- 10 -LRB101 16135 HLH 66989 b

1    operation, management, or use of a metropolitan facility;
2        (5) fix, charge, and collect reasonable rents, tolls,
3    fees, and charges for the use of a metropolitan facility or
4    any part of a metropolitan facility; rents, tolls, fees, or
5    charges fixed and collected for the use of a metropolitan
6    facility shall be used for the construction,
7    reconstruction, repair, maintenance, or operation of that
8    metropolitan facility or the construction, reconstruction,
9    repair, maintenance, or operation of similar metropolitan
10    facilities;
11        (6) establish and maintain streets and approaches on
12    property of the Authority;
13        (7) remove and relocate hazards or structures on
14    property of the Authority;
15        (8) restrict and reduce the height of objects or
16    buildings on property of the Authority;
17        (9) accept grants, contributions, or loans from, and
18    enter into contracts, leases, or other transactions with, a
19    city, county, State, or federal government;
20        (10) employ, or enter into contracts for the employment
21    of, any person for professional services that are necessary
22    or desirable for the accomplishment of the corporate
23    objectives of the Authority or the proper administration,
24    management, protection, or control of its property;
25        (11) regulate traffic, speed, movement, and mooring of
26    vessels on property of the Authority;

 

 

HB4374- 11 -LRB101 16135 HLH 66989 b

1        (12) regulate traffic, speed, movement, and parking of
2    motor vehicles upon property of the Authority and employ
3    parking meters, signs, and other devices in the regulation
4    of the motor vehicles;
5        (13) contract for police and fire protection;
6        (14) establish, by ordinance of the Board, all
7    regulations for the execution of the powers specified in
8    this Act, for the government of the Authority, and for the
9    protection of any metropolitan facility within the
10    jurisdiction of the Authority or deemed necessary or
11    desirable to effect its corporate objectives; an ordinance
12    may provide for the revocation, cancellation, or
13    suspension of an existing privilege or franchise as a
14    penalty for a second or subsequent violation by the holder
15    or franchisee of a regulation pertaining to the enjoyment,
16    use, or exercise of the privilege or franchise; the use of
17    a metropolitan facility of the Authority shall be subject
18    to the reasonable regulation and control of the Authority
19    and shall be upon reasonable terms and conditions
20    established by the Board;
21        (15) establish a general operating fund and other funds
22    as necessary; and
23        (16) do all acts and things necessary or convenient for
24    the promotion of its business and the general welfare of
25    the Authority in order to carry out the powers granted to
26    it by this Act or any other laws; the Authority has no

 

 

HB4374- 12 -LRB101 16135 HLH 66989 b

1    power to pledge the taxing power of this State or any
2    political subdivision or agency of this State.
 
3    Section 35. Rules and ordinances. Rules adopted under
4Section 40 shall be contained in an ordinance that shall be
5placed on file in the office of the Authority in typewritten or
6printed form for public inspection not less than 15 days before
7adoption. The ordinance may impose fines of not more than $100
8as the board deems appropriate upon conviction or guilty plea
9for each violation and may provide that, in case of a
10continuing violation, each day during which a violation occurs
11or continues constitutes a separate offense.
 
12    Section 40. Procedures. Actions by the Board of a
13legislative character, including the adoption of rules and
14referenda, shall be in the form of an ordinance, and after
15adoption the ordinance shall be filed with the secretary and
16shall be made a matter of public record in the office of the
17Authority. Other actions by the Board shall be by resolution,
18motion, or in other appropriate form. Executive or ministerial
19duties may be delegated to one or more commissioners or to an
20authorized officer, employee, agent, or other representative
21of the Authority. Six commissioners, 3 members from each state
22within the greater metropolitan area, constitute a quorum to
23conduct business, and an affirmative vote of a majority of the
24commissioners from each metropolitan area is required to adopt

 

 

HB4374- 13 -LRB101 16135 HLH 66989 b

1or approve an action of the Board. The enacting clause of any
2ordinance shall be substantially as follows: "Be it ordained by
3the Board of Commissioners of the Quad Cities Regional
4Metropolitan Authority".
 
5    Section 45. Official records; bond for officers and
6employees.
7    (a) The Board shall provide for the safekeeping of its
8permanent records and for the recording of the corporate action
9of the Authority. The Board shall keep a true and accurate
10account of its receipts, and an annual audit shall be made of
11its books, records, and accounts by State or private auditors.
12    (b) All officers and employees authorized to receive or
13retain the custody of moneys or to sign vouchers, checks,
14warrants, or evidences of indebtedness binding upon the
15Authority shall furnish a surety bond for the faithful
16performance of their duties and the faithful accounting of all
17moneys that may come into their custody in an amount to be
18fixed and in a form to be approved by the Board.
 
19    Section 50. Change of name. The Board may change the name
20of the Authority by ordinance. A certified copy of the
21ordinance shall be filed with the appropriate State office and
22the county recorder or equivalent county officer of each county
23in which the Authority or part of the Authority is located. The
24name change shall be effective on the date of the filing.
 

 

 

HB4374- 14 -LRB101 16135 HLH 66989 b

1    Section 55. Budget and appropriation.
2    (a) Annually, the board shall prepare and adopt a budget
3and provide appropriations as provided in this Section.
4    (b) The budget shall show (i) the amount required for each
5class of proposed expenditures, (ii) a comparison of the
6amounts proposed to be expended with the amounts expended for
7like purposes for the 2 preceding years, if available, and
8(iii) the sources of revenue.
9    (c) Not less than 20 days before the date that a budget
10must be certified as determined by the board and not less than
1110 days before the date set for the hearing under subsection
12(d), the board shall file the budget with the treasurer of the
13Authority. The treasurer shall post a copy of the budget in the
14Authority offices for public inspection and comment.
15    (d) The board shall set a time and place for a public
16hearing on the budget before the final certification date and
17shall publish notice of the hearing not less than 10 nor more
18than 20 days before the hearing in one or more newspapers
19serving the greater metropolitan area. Proof of publication
20shall be filed with and preserved by the treasurer.
21    (e) At the hearing, any resident or taxpayer of the greater
22metropolitan area may present to the board objections to or
23arguments in favor of any part of the budget.
24    (f) After the hearing, the board shall adopt a budget by
25resolution and shall direct the treasurer to properly certify

 

 

HB4374- 15 -LRB101 16135 HLH 66989 b

1and file the budget.
2    (g) The board shall appropriate, by resolution, the amounts
3deemed necessary for the ensuing fiscal year. All revenue from
4taxes, fees, tolls, rents, charges, bonds, or any other source
5shall be appropriated and used for the specific metropolitan
6facility project for which it was collected or similar
7metropolitan facility projects. Increases or decreases in
8these appropriations do not require a budget amendment, but may
9be provided by resolution at a regular meeting of the board.
 
10    Section 60. Local occupation and use taxes.
11    (a) If the Authority secures a majority vote in both
12jurisdictions, the Department of Revenue shall impose the tax
13structure approved in the referendum, within the metropolitan
14area located in this State.
15    (b) The Department of Revenue shall, upon collecting any
16taxes as provided in this Section, pay such taxes over to the
17State Treasurer as trustee for the Authority. Such taxes shall
18be held in a trust fund outside the State Treasury, to be known
19as the Quad Cities Regional Metropolitan Authority Tax Fund. On
20or before the 25th day of each calendar month, the Department
21of Revenue shall prepare and certify to the Comptroller of the
22State of Illinois the amount to be paid to the Authority, which
23shall be the then balance in the fund, less any amount
24determined by the Department to be necessary for the payment of
25refunds. Within 10 days after receipt by the Comptroller of

 

 

HB4374- 16 -LRB101 16135 HLH 66989 b

1such certification of the amount to be paid to the Authority,
2the Comptroller shall cause an order to be drawn for such
3payment for such amount in accordance with the direction in
4such certification.
5    (c) The proceeds of the tax imposed under this Section
6shall be credited to the general operating fund of the
7Authority. When the referendum authorizing the imposition of
8the tax is adopted and an ordinance or resolution is adopted
9and a certified copy of the ordinance or resolution filed with
10the Department of Revenue, the Department shall proceed to
11administer and enforce this Section as of the first day of the
12fourth month following the filing of the ordinance or
13resolution with the Department. For any subsequent periods, an
14ordinance or resolution imposing, suspending, or discontinuing
15the tax under this Section shall be adopted and a certified
16copy of the ordinance or resolution filed with the Department
17of Revenue on or before the first day of October, whereupon the
18Department shall proceed to administer and enforce this Section
19as of the first day of January next following that adoption and
20filing.
 
21    Section 65. Existing jurisdictions. Existing
22jurisdictions, including those involving airports, mass
23transit, river bridges, waste disposal systems, schools, and
24intermodal water ports within their jurisdictional boundaries,
25are protected from incorporation by the Authority and shall not

 

 

HB4374- 17 -LRB101 16135 HLH 66989 b

1be incorporated in the Authority except by their respective
2governing bodies. However, an existing jurisdiction may
3negotiate with the Authority to take over its entire powers,
4income, levy, and debts. The Authority may assume the powers,
5income, levy, and debts for any type of facility authorized by
6this Act.
 
7    Section 70. Cooperation with other governments. The
8Authority may apply for and receive a grant or loan of moneys
9or other financial aid from the State or federal government or
10from any State or federal agency, department, bureau, or board
11necessary or useful for the undertaking, performance, or
12execution of any of its corporate objectives or purposes. The
13Authority may undertake the acquisition, establishment,
14construction, development, expansion, extension, or
15improvement of metropolitan facilities within its corporate
16limits or within or upon any body of water within its corporate
17limits aided by, in cooperation with, or as a joint enterprise
18with the State or federal government or with the aid of, in
19cooperation with, or as a joint project with the State and
20federal governments. The Authority shall assure, in compliance
21with any State or federal requirements or directives, that the
22proceeds of a State or federal grant, loan, or other financial
23assistance for the provision of facilities or services are used
24for the express purpose of the financial assistance and to the
25specific benefit of service areas or persons as designated by

 

 

HB4374- 18 -LRB101 16135 HLH 66989 b

1the local, State, or federal funding provider.
 
2    Section 75. Transfer of existing facilities.
3    (a) Any county, city, commission, authority, or person may
4sell, lease, lend, grant, or convey to the Authority a
5facility, any part of a facility, or any interest in real or
6personal property that may be used by the Authority in the
7construction, improvement, maintenance, leasing, or operation
8of any metropolitan facilities. Any county, city, commission,
9authority, or person may transfer and assign over to the
10Authority a contract that was awarded by the county, city,
11commission, authority, or person for the construction of
12facilities not begun or, if begun, not completed.
13    (b) A proposed action of the Board, and a proposed
14agreement to acquire, shall be approved by the governing body
15of the owner of the facilities. If the governing body of a
16county, city, commission, or authority desires to sell, lease,
17lend, grant, or convey to the Authority a facility or any part
18of a facility, the governing body shall adopt a resolution
19signifying its intention to do so and shall publish the
20resolution at least one time in a newspaper of general
21circulation in the county and in a newspaper or newspapers, if
22necessary, of general circulation in the area served by the
23county, city, commission, or authority giving notice of a
24hearing to be held on the question of the sale, lease, loan,
25grant, or conveyance. The resolution shall be published at

 

 

HB4374- 19 -LRB101 16135 HLH 66989 b

1least 14 days before the date of hearing. After the hearing and
2if in the public interest, the county, city, commission, or
3authority shall enact an ordinance authorizing the sale, lease,
4loan, grant, or conveyance.
5    (c) An owner transferring an existing facility to the
6Authority under this Section shall notify the Board of and make
7provision in the transfer documents for, where necessary,
8existing rights, liens, securities, and rights of reentry
9belong to the State or federal government.
10    (d) This Section, without reference to any other law, shall
11be deemed complete authority for the acquisition by agreement
12of a facility as provided in subsection (a), and no proceedings
13or other action shall be required except as prescribed in this
14Act.
 
15    Section 80. Moneys of the Authority. Moneys of the
16Authority shall be paid to the treasurer of the Authority. The
17treasurer shall not commingle the moneys with any other moneys,
18but shall deposit them in a separate account or accounts.
19Moneys in the accounts shall be paid out on the check of the
20treasurer on the requisition of the chairperson of the
21Authority or of another person authorized by the Authority to
22make the requisition. The Authority may deposit any of its
23rates, fees, rents, or other charges, receipts, or income with
24any bank or trust company that is federally insured.
 

 

 

HB4374- 20 -LRB101 16135 HLH 66989 b

1    Section 85. Contracts. All contracts entered into by the
2Authority for the construction, reconstruction, and
3improvement of metropolitan facilities shall be entered into
4pursuant to and shall comply with applicable State laws.
5However, if the Authority determines an emergency exists, it
6may enter into contracts obligating the Authority for not more
7than $100,000 per emergency without regard to the requirements
8of applicable State laws, and the Authority may proceed with
9the necessary action as expeditiously as possible to the extent
10necessary to resolve the emergency.
 
11    Section 90. Exemption from taxation. Since the Authority is
12performing essential governmental functions, the Authority is
13not required to pay any taxes or assessments of any kind or
14nature upon any property required or used by it for its
15purposes or any rates, fees, rents, receipts, or incomes at any
16time received by it. The bonds issued by the Authority, their
17transfer, and the income from the bonds are not taxable income
18for the purposes of the individual and corporate income tax
19under Illinois law and shall not be taxed by any political
20subdivision of this State. For purposes of Section 250 of the
21Illinois Income Tax Act, the exemption of the income from bonds
22issued by the Authority shall terminate after all of the bonds
23have been paid. The amount of such income that shall be added
24and then subtracted on the Illinois income tax return of a
25taxpayer, pursuant to Section 203 of the Illinois Income Tax

 

 

HB4374- 21 -LRB101 16135 HLH 66989 b

1Act, from federal adjusted gross income or federal taxable
2income in computing Illinois base income shall be the interest
3net of any bond premium amortization.
 
4    Section 95. Dissolution.
5    (a) The Authority shall be dissolved by a unanimous vote of
6the Board.
7    (b) The Authority shall provide by ordinance for the
8disposal of any remaining property, the proceeds of which shall
9first be applied against any outstanding obligation of the
10Authority. The remaining balance shall be divided between the
11counties included in the Authority and credited to the general
12fund of the respective counties.
 
13    Section 100. Supremacy of compact. The provisions of this
14Act are subject to the provisions of the compact entered into
15under the Quad Cities Regional Metropolitan Authority Compact
16Act.
 
17    Section 999. Effective date. This Act takes effect upon
18becoming law.