Full Text of HB0107 99th General Assembly
HB0107eng 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning financial regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the | 5 | | Community Bank of Illinois Act. | 6 | | Section 5. Purpose. For the purpose of
encouraging and | 7 | | promoting agriculture, commerce, and industry, the State shall
| 8 | | engage in the business of banking, and for that purpose shall | 9 | | maintain a system of banking
owned, controlled, and operated by | 10 | | it, under the name of the Community Bank of Illinois. | 11 | | Section 10. Definitions: As used in this Act: | 12 | | "Bank" means the Community Bank of Illinois. | 13 | | "Department" means the Department of Financial and | 14 | | Professional Regulation. | 15 | | "Secretary" means the Secretary of Financial and | 16 | | Professional Regulation. | 17 | | Section 15. Department to operate Bank; business of Bank. | 18 | | The Department shall operate, manage, and control the Community | 19 | | Bank of Illinois, locate and maintain its
places of business, | 20 | | of which the principal place must be within the State, and make | 21 | | and enforce
orders, rules, regulations, and bylaws for the |
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| 1 | | transaction of its business. The business and
financial | 2 | | transactions of the Bank, in addition to other matters | 3 | | specified in this Act, may
include anything that any bank or | 4 | | bank holding company lawfully may do, except as it is
| 5 | | restricted by the provisions of this Act. This Section may not | 6 | | be held in any way to limit or
qualify either the powers of the | 7 | | Department granted by or the functions of the Bank as
defined | 8 | | in this Act. The powers of the Department and the functions of | 9 | | the Bank
must be implemented through actions taken and policies | 10 | | adopted by the Department of Financial and Professional | 11 | | Regulation. | 12 | | Section 20. Declaration and finding of public purpose; | 13 | | Community Bank of Illinois
advisory board of directors. To | 14 | | enlist the help of private enterprise and to encourage more
| 15 | | active use of the purposes of this Act, the Governor shall
| 16 | | appoint an advisory board of directors to the Community Bank of | 17 | | Illinois consisting of 7 persons,
at least 2 of whom must be | 18 | | officers of banks, the majority of the stock of which is owned | 19 | | by
Illinois residents, and at least one of whom must be an | 20 | | officer of a State-chartered or
federally chartered financial | 21 | | institution. The Governor shall appoint a chairman, | 22 | | vice-chairman,
and secretary from the advisory board of | 23 | | directors. The term of a director is 4 years. The
Department | 24 | | shall define the duties of the advisory board of directors. |
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| 1 | | Section 25. Authority of the advisory board of directors to | 2 | | the Community Bank of Illinois.
The advisory board of | 3 | | directors to the Community Bank of Illinois shall do all of the | 4 | | following: | 5 | | (1) Meet regularly with the management of the Community | 6 | | Bank of Illinois to review the
Bank's operations to | 7 | | determine whether recommendations should be made by the
| 8 | | board to the Department relating to improved management | 9 | | performance,
better customer service, and overall | 10 | | improvement in internal methods, procedures,
and operating | 11 | | policies of the Bank. | 12 | | (2) Make recommendations to the Department relating to | 13 | | the establishment of
additional objectives for the | 14 | | operation of the Community Bank of Illinois. | 15 | | (3) Make recommendations to the Department concerning | 16 | | the appointment of
officers of the Community Bank of | 17 | | Illinois. | 18 | | (4) Meet regularly with the Secretary to present any | 19 | | recommendations
concerning the Community Bank of Illinois. | 20 | | (5) In addition to the foregoing and pursuant to | 21 | | authorization from the Secretary, act on behalf of the Bank | 22 | | with respect to the powers and functions of
the Bank. | 23 | | Section 30. Secretary to employ president and employees; | 24 | | compensation,
operation, and maintenance expenditures limited | 25 | | to appropriations, revenue, or capital.
The Secretary shall |
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| 1 | | appoint a president, and may appoint and employ subordinate | 2 | | officers, employees, and agents as he or she may judge | 3 | | expedient and in the interests of the
State, and shall define | 4 | | the duties, designate the titles, and fix the compensation of | 5 | | all such
persons. The Secretary may designate the president or | 6 | | other officers or employees as its
agent in respect to the | 7 | | functions of the Bank, subject to its supervision, limitation, | 8 | | and control.
The total compensation of such appointees and | 9 | | employees, together with other expenditures for
the operation | 10 | | and maintenance of the Bank, shall remain within the | 11 | | appropriation, revenues, or
capital lawfully available for | 12 | | those purposes. | 13 | | Section 35. Removal and discharge of appointees. The | 14 | | Secretary may
remove and discharge any and all persons | 15 | | appointed in the exercise of the powers granted by
this Act, | 16 | | whether by the Secretary or by the president of the Bank. All | 17 | | appointments and
removals contemplated by this Act must be made | 18 | | as the Secretary deems fit to promote
the efficiency of the | 19 | | public service. | 20 | | Section 40. State funds must be deposited in the Community | 21 | | Bank of Illinois; income of the
Bank. All State funds and funds | 22 | | of all State penal, educational, and industrial institutions | 23 | | must be
deposited in the Community Bank of Illinois by the | 24 | | persons having control of those funds or must be
deposited in |
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| 1 | | accordance with constitutional and statutory provisions. All | 2 | | income earned by the
Bank for its own account on State moneys | 3 | | that are deposited in or invested with the Bank to the
credit | 4 | | of the State must be credited to and become a part of the | 5 | | revenues and income of the
Bank. | 6 | | Section 45. Nonliability of officers and sureties after | 7 | | deposit. Whenever any public funds are deposited in the | 8 | | Community Bank of Illinois, the official having control of the | 9 | | public funds and the sureties on the bond of every such | 10 | | official
shall be exempt from all liability by reason of loss | 11 | | of any such funds while so deposited. | 12 | | Section 50. Guaranty of deposits; exemption from all | 13 | | taxation. All deposits in the Community Bank of Illinois are | 14 | | guaranteed by the State. Those deposits are exempt from State, | 15 | | county, and
municipal taxes of any and all kinds. | 16 | | Section 55. Bank as a clearinghouse. For banks that make | 17 | | the Community Bank of Illinois a
reserve depositary, it may | 18 | | perform the functions and render the services of a | 19 | | clearinghouse,
including all facilities for providing domestic | 20 | | and foreign exchange, and may rediscount paper, on
those terms | 21 | | as the Department shall provide. | 22 | | Section 60. Powers. The Community Bank of Illinois may: |
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| 1 | | (1) make, purchase, guarantee, or hold loans: | 2 | | (A) to State-chartered or federally chartered | 3 | | lending agencies or institutions or any
other | 4 | | financial institutions; | 5 | | (B) to holders of Bank certificates of deposit and | 6 | | savings accounts
up to 90% of the value of the | 7 | | certificates and savings accounts
offered as security; | 8 | | (C) to actual farmers who are residents of this | 9 | | State, if the loans are secured by
recorded mortgages | 10 | | giving the Bank a first lien on real estate
in Illinois | 11 | | in amounts not to exceed 80% of the value of the
| 12 | | security; | 13 | | (D) that are insured or guaranteed in whole or in | 14 | | part by the United States, its
agencies, or | 15 | | instrumentalities; | 16 | | (E) that are eligible to be guaranteed under | 17 | | education. Loans made
pursuant to this paragraph (E) | 18 | | may provide for interest that remains unpaid at the
end | 19 | | of any period specified in the loan to be added to the | 20 | | principal amount of
the debt and thereafter accumulate | 21 | | interest; | 22 | | (F) to individuals or bank holding companies for | 23 | | the purpose of purchasing or
refinancing the purchase | 24 | | of bank stock of a bank located in the State; | 25 | | (G) under U.S. Public Law No. 99-198 as
amended | 26 | | through December 31, 1996, to nonprofit corporations |
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| 1 | | for the purpose
of relending loan funds to rural | 2 | | businesses; | 3 | | (H) under Title 7, Code of Federal Regulations, | 4 | | part 1948, subpart C; part 1951,
subparts F and R; and | 5 | | part 1955, subparts A, B, and C, as amended through
| 6 | | December 31, 1996, to finance businesses and community | 7 | | development
projects in rural areas; | 8 | | (I) obtained as security pledged for or originated | 9 | | in the restructuring of any other
loan properly | 10 | | originated or participated in by the Bank; | 11 | | (J) to instrumentalities of this State; | 12 | | (K) to an investment company created for | 13 | | completing a trust preferred securities
transaction | 14 | | for the benefit of a financial institution located in | 15 | | this State; and | 16 | | (L) as otherwise provided by this Act or other | 17 | | statutes; | 18 | | (2) if the Bank is participating in the loan and the | 19 | | Bank deems it is in the best
interests of the Bank to do | 20 | | so, purchase the remaining portion of the loan
from a | 21 | | participating lender that is closed by regulatory action or | 22 | | from the
receiver of the participating lender's assets; | 23 | | (3) make agricultural real estate loans in order to | 24 | | participate in the agricultural mortgage
secondary market | 25 | | program established pursuant to the federal Agricultural | 26 | | Credit Act amended through
December 31, 1996; |
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| 1 | | (4) purchase participation interests in loans made or | 2 | | held by banks, bank holding
companies, State-chartered or | 3 | | federally chartered lending agencies or institutions,
any | 4 | | other financial institutions, or any other entity that | 5 | | provides financial services and meets underwriting | 6 | | standards that are generally accepted by State or federal
| 7 | | financial regulatory agencies; | 8 | | (5) invest its funds: | 9 | | (A) in conformity with policies of the Department; | 10 | | (B) in a public venture capital corporation | 11 | | organized and doing business in this
State through the | 12 | | purchase of shares of stock; and | 13 | | (C) in Illinois alternative and venture capital | 14 | | investments and early-stage
capital funds; | 15 | | (6) buy and sell federal funds; | 16 | | (7) lease, assign, sell, exchange, transfer, convey, | 17 | | grant, pledge, or mortgage all real
and personal property, | 18 | | title to which has been acquired in any manner; | 19 | | (8) acquire real or personal property or property | 20 | | rights by purchase, lease, or, subject to
applicable law, | 21 | | the exercise of the right of eminent domain and may | 22 | | construct,
remodel, and repair buildings; | 23 | | (9) receive deposits from any source and deposit its | 24 | | funds in any bank or other
financial institution. | 25 | | (10) perform all acts and do all things necessary, | 26 | | convenient, advisable, or desirable to
carry out the powers |
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| 1 | | expressly granted or necessarily implied in this Act | 2 | | through
or by means of its president, officers, agents, or | 3 | | employees or by contracts with any
person, firm, or | 4 | | corporation; and | 5 | | (11) purchase mortgage loans on residential real | 6 | | property originated by financial
institutions. | 7 | | Section 65. Loans to General Revenue Fund authorized; | 8 | | continuing appropriation. The State
Treasurer and the Director | 9 | | of the Governor's Office of Management and Budget may, when the | 10 | | balance in the
General Revenue Fund is insufficient to meet | 11 | | legislative appropriations, execute and issue on behalf of
the | 12 | | State evidences of indebtedness on the State General Revenue | 13 | | Fund that at no time may exceed the total
principal amount of | 14 | | $10 million with principal maturity of not more than 12 months. | 15 | | As
a condition precedent to the issuance and sale of the | 16 | | evidences of indebtedness, the State
Treasurer must request and | 17 | | obtain a statement from the Director of the Governor's Office | 18 | | of Management and
Budget and the Director of Revenue certifying | 19 | | that anticipated General Revenue Fund revenues for the
balance | 20 | | of the fiscal year in which the evidences of indebtedness are | 21 | | to be issued will exceed the
principal amount and interest on | 22 | | the evidences of indebtedness to be issued. The Department may | 23 | | in turn direct the Community Bank of Illinois to make loans to | 24 | | the General Revenue Fund
by the purchase of the evidences of | 25 | | indebtedness at those rates of interest as the Department may |
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| 1 | | prescribe. After evidences of indebtedness have been issued and | 2 | | sold
pursuant to this Section, the Treasurer shall establish a | 3 | | fund for the repayment of the
principal upon maturity and the | 4 | | interest when due. The Treasurer shall place all available
| 5 | | General Revenue Fund revenues into this fund until the fund | 6 | | contains a sufficient balance for the repayment of the | 7 | | principal at maturity and interest when due, which moneys are | 8 | | hereby appropriated for this
purpose. | 9 | | Section 70. Bank loans to beginning farmers; revolving loan | 10 | | fund; requirements.
| 11 | | (a) A revolving loan fund must be maintained in the | 12 | | Community Bank of Illinois for the
purpose of making or | 13 | | participating in loans to Illinois beginning farmers for the
| 14 | | purchase of agricultural real estate, equipment, and | 15 | | livestock. All moneys
transferred into the fund, interest upon | 16 | | moneys in the fund, and payments to the
fund of principal and | 17 | | interest on loans made from the fund are appropriated for the
| 18 | | purpose of providing loans and to supplement the interest rate | 19 | | on loans to beginning
farmers made by the Community Bank of | 20 | | Illinois Act under applicable law and in accordance with this | 21 | | Section. | 22 | | (b) The revolving loan fund and loans made from the fund | 23 | | must be administered and
supervised by the Bank. The Bank may | 24 | | deduct a service fee for
administering the fund from interest | 25 | | payments received on loans. An application for
a loan from the |
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| 1 | | fund must be made to the Bank and, upon approval, a loan must | 2 | | be
made from the fund in accordance with this Section. | 3 | | (c) A loan made from the fund may not exceed 80% of the | 4 | | appraised value of
the agricultural collateral, with the actual | 5 | | percentage to be determined by the Bank.
The Bank may do all | 6 | | things and acts and may establish additional terms and
| 7 | | conditions necessary to make a loan under this Section. A loan | 8 | | made from the fund
must have a first security interest. | 9 | | (d) A loan made from the fund must have the interest rate | 10 | | fixed at 1% below
the Bank's then current base rate for the | 11 | | first 5 years with a maximum rate of 6% per year and variable | 12 | | at 1% below the Bank's then current base
rate for the second 5 | 13 | | years. During the second 5 years, the variable rate must
be | 14 | | adjusted annually on the anniversary date. The rate during the | 15 | | remaining term of
the loan floats at the Bank's base rate as in | 16 | | effect from time to time. | 17 | | (e) The maximum term of a real estate loan is 25 years. The | 18 | | maximum term of
a farm equipment or livestock loan is 7 years. | 19 | | (f) The Department shall contract with a certified public | 20 | | accounting firm to
audit the fund as necessary. The cost of the | 21 | | audit, and any other actual costs
incurred by the Bank on | 22 | | behalf of the fund, must be paid for by the fund. | 23 | | (g) The Bank shall adopt rules necessary to implement this | 24 | | Section. | 25 | | Section 75. Name in which business conducted and titles |
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| 1 | | taken; execution of
instruments. All business of the Bank must | 2 | | be conducted under the name of "The Community Bank of | 3 | | Illinois". Title to property pertaining to the operation of the | 4 | | Bank must be obtained and
conveyed in the name of "The State of | 5 | | Illinois, doing business as The Community Bank of Illinois | 6 | | Act". Instruments must be executed in the name of the State. | 7 | | Within the
scope of authority granted by the Department, the | 8 | | president may execute instruments
on behalf of the Bank, | 9 | | including any instrument granting, conveying, or otherwise | 10 | | affecting any
interest in or lien upon real or personal | 11 | | property. Other officers or employees of, and legal
counsel to, | 12 | | the Bank may execute instruments on behalf of the Bank when | 13 | | authorized by the
Department. | 14 | | Section 80. Civil actions. Civil actions may be brought | 15 | | against the State on account of claims for relief
claimed to | 16 | | have arisen out of transactions connected with the operation of | 17 | | the Community Bank of Illinois upon condition that the | 18 | | provisions of this Section are complied with. In such actions, | 19 | | the
State must be designated as "The State of Illinois, doing | 20 | | business as The Community Bank of Illinois". The actions may be | 21 | | brought in the same manner and are subject to the same
| 22 | | provisions of law as other civil actions. | 23 | | Section 85. Surety on appeal, attachment, claim and | 24 | | delivery, and other cases in
which undertaking required. |
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| 1 | | Provisions of law
requiring that a surety or sureties be given | 2 | | on undertakings in actions on appeal, attachment,
claim and | 3 | | delivery, and other cases in which an undertaking is required, | 4 | | are not applicable to the
State of Illinois, doing business as | 5 | | the Community Bank of Illinois, as the party seeking relief. It | 6 | | is required to give its own undertaking without surety and to | 7 | | reimburse the adverse party
when required by law. | 8 | | Section 90. Examinations and audit reports. The Auditor | 9 | | General shall contract with an
independent certified public | 10 | | accounting firm for an annual audit of the Community Bank of | 11 | | Illinois in
accordance with generally accepted government | 12 | | auditing standards. The Auditor General shall audit
annually or | 13 | | contract for an annual audit of the separate programs and funds | 14 | | administered by the
Community Bank of Illinois. On request of | 15 | | the Auditor General, the Department shall assist the
Auditor | 16 | | General in the auditing firm selection process, but the | 17 | | selection of the auditing firm is the
Auditor General's | 18 | | responsibility. The auditor selected shall prepare an audit | 19 | | report that includes
financial statements presented in | 20 | | accordance with the audit and accounting guide for banks and
| 21 | | savings institutions issued by the American Institute of | 22 | | Certified Public Accountants. The auditor
also shall prepare | 23 | | audited financial statements for inclusion in the | 24 | | comprehensive annual
financial report for the State. The State | 25 | | auditor may conduct performance audits of the Community Bank of |
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| 1 | | Illinois Act, including the separate programs and funds | 2 | | administered by the Bank. The Auditor General
shall report the | 3 | | results of the audit to the Department and to the General | 4 | | Assembly.
The Community Bank of Illinois or its separate | 5 | | programs and funds shall pay the costs of the audit.
The | 6 | | Department shall examine the Community Bank of Illinois at | 7 | | least once each 24 months and conduct any investigation of the | 8 | | Bank
that may be necessary. The Secretary shall report the | 9 | | examination results, and the results
of any necessary | 10 | | investigation, to the Department as soon as practicable and to | 11 | | the
legislative assembly. The Department shall charge a fee for | 12 | | any
examination or investigation at an hourly rate to be set by | 13 | | the Secretary, sufficient to cover
all reasonable expenses of | 14 | | the Department associated with the examinations and | 15 | | investigations
provided for by this Section.
| 16 | | Section 95. Electronic fund transfer systems. The | 17 | | Community Bank of Illinois may establish,
by rule adopted by | 18 | | the Department, a system to provide
fund transfer services to | 19 | | its customers and to the customers of State-chartered and | 20 | | federally
chartered banks located within the State of Illinois, | 21 | | and to other financial institutions
otherwise authorized to | 22 | | utilize the services of electronic fund transfer systems. The | 23 | | Bank may acquire such
equipment as is necessary to establish | 24 | | electronic fund transfer systems and may impose
reasonable | 25 | | charges for services rendered to other banks under this Act as |
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| 1 | | may be established by
the Department. | 2 | | Section 100. Confidentiality of Bank records. The | 3 | | following records of the Community Bank of Illinois are | 4 | | confidential: | 5 | | (1) Commercial or financial information of a customer, | 6 | | whether obtained directly or
indirectly, except for | 7 | | routine credit inquiries or unless required by due legal | 8 | | process.
As used in this item (1), "customer" means any | 9 | | person who has transacted or is
transacting business with, | 10 | | or has used or is using the services of, the Community Bank | 11 | | of Illinois, or for whom the Community Bank of Illinois has | 12 | | acted as a fiduciary with respect
to trust property. | 13 | | (2) Internal or inter-agency memorandums or letters | 14 | | that would not be available by law
to a party other than in | 15 | | litigation with the Bank. | 16 | | (3) Information contained in or related to | 17 | | examination, operating, or condition reports
prepared by, | 18 | | on behalf of, or for the use of a State or federal agency | 19 | | responsible for
the regulation or supervision of any Bank | 20 | | activity. | 21 | | (4) Information obtained from the Department that | 22 | | would
not be available from that agency under applicable | 23 | | law. | 24 | | (5) The report by a Bank officer or member of the | 25 | | Bank's advisory board of directors
concerning personal |
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| 1 | | financial statements. | 2 | | Section 105. Community Bank of Illinois; custodian of | 3 | | securities. Notwithstanding any other
provision of law to the | 4 | | contrary, the Community Bank of Illinois shall replace the | 5 | | Treasurer as the
custodian of all securities that are required | 6 | | to be deposited with the State except that the Treasurer is the | 7 | | custodian of all securities resulting from the investment of | 8 | | funds by the Treasurer, or except as otherwise required by this | 9 | | Section and by law. | 10 | | Section 110. Sale and leasing of acquired agricultural real | 11 | | estate. The sale and leasing
of agricultural real estate with | 12 | | an appraised value of $10,000 or more acquired by the
Community | 13 | | Bank of Illinois through foreclosure or deed in lieu of | 14 | | foreclosure must be done in
accordance with law and policies | 15 | | adopted by the Department. The
sale and leasing of agricultural | 16 | | real estate with an appraised value of less than $10,000, | 17 | | acquired by the Community Bank of Illinois through foreclosure | 18 | | or deed in lieu of foreclosure,
may be done in a manner as the | 19 | | Bank determines is appropriate given the circumstances. In the
| 20 | | case of a lease by the party holding the right of redemption, | 21 | | that party has the right to purchase
at any time. | 22 | | Section 115. Illinois higher education savings plan; | 23 | | administration; rules;
continuing appropriation. The |
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| 1 | | Community Bank of Illinois shall adopt rules to administer, | 2 | | manage,
promote, and market a Illinois higher education savings | 3 | | plan. The Bank shall ensure that
the Illinois higher education | 4 | | savings plan is maintained in compliance with Internal
Revenue | 5 | | Service standards for qualified State tuition programs. The | 6 | | Bank, as trustee of the Illinois higher education savings plan, | 7 | | may impose an annual administrative fee to recover
expenses | 8 | | incurred in connection with operation of the plan or for other | 9 | | programs deemed to
promote attendance at an institution of | 10 | | higher education. Administrative fees received by the
Bank are | 11 | | appropriated on a continuing basis to be used as provided in | 12 | | this Section. Contributions
made during the taxable year to a | 13 | | higher education savings plan administered by the Bank,
| 14 | | pursuant to the provisions of the plan, are eligible for an | 15 | | income tax deduction as provided by law. Information related to | 16 | | contributions is confidential except as is needed by the | 17 | | Director of Revenue for determining compliance with the income | 18 | | tax deduction as provided by law. | 19 | | Section 900. The Illinois State Auditing Act is amended by | 20 | | changing Section 3-1 as follows:
| 21 | | (30 ILCS 5/3-1) (from Ch. 15, par. 303-1)
| 22 | | Sec. 3-1. Jurisdiction of Auditor General. The Auditor | 23 | | General has
jurisdiction over all State agencies to make post | 24 | | audits and investigations
authorized by or under this Act or |
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| 1 | | the Constitution.
| 2 | | The Auditor General has jurisdiction over local government | 3 | | agencies
and private agencies only:
| 4 | | (a) to make such post audits authorized by or under | 5 | | this Act as are
necessary and incidental to a post audit of | 6 | | a State agency or of a
program administered by a State | 7 | | agency involving public funds of the
State, but this | 8 | | jurisdiction does not include any authority to review
local | 9 | | governmental agencies in the obligation, receipt, | 10 | | expenditure or
use of public funds of the State that are | 11 | | granted without limitation or
condition imposed by law, | 12 | | other than the general limitation that such
funds be used | 13 | | for public purposes;
| 14 | | (b) to make investigations authorized by or under this | 15 | | Act or the
Constitution; and
| 16 | | (c) to make audits of the records of local government | 17 | | agencies to verify
actual costs of state-mandated programs | 18 | | when directed to do so by the
Legislative Audit Commission | 19 | | at the request of the State Board of Appeals
under the | 20 | | State Mandates Act.
| 21 | | In addition to the foregoing, the Auditor General may | 22 | | conduct an
audit of the Metropolitan Pier and Exposition | 23 | | Authority, the
Regional Transportation Authority, the Suburban | 24 | | Bus Division, the Commuter
Rail Division and the Chicago | 25 | | Transit Authority and any other subsidized
carrier when | 26 | | authorized by the Legislative Audit Commission. Such audit
may |
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| 1 | | be a financial, management or program audit, or any combination | 2 | | thereof.
| 3 | | The audit shall determine whether they are operating in | 4 | | accordance with
all applicable laws and regulations. Subject to | 5 | | the limitations of this
Act, the Legislative Audit Commission | 6 | | may by resolution specify additional
determinations to be | 7 | | included in the scope of the audit.
| 8 | | In addition to the foregoing, the Auditor General must also | 9 | | conduct a
financial audit of
the Illinois Sports Facilities | 10 | | Authority's expenditures of public funds in
connection with the | 11 | | reconstruction, renovation, remodeling, extension, or
| 12 | | improvement of all or substantially all of any existing | 13 | | "facility", as that
term is defined in the Illinois Sports | 14 | | Facilities Authority Act.
| 15 | | The Auditor General may also conduct an audit, when | 16 | | authorized by
the Legislative Audit Commission, of any hospital | 17 | | which receives 10% or
more of its gross revenues from payments | 18 | | from the State of Illinois,
Department of Healthcare and Family | 19 | | Services (formerly Department of Public Aid), Medical | 20 | | Assistance Program.
| 21 | | The Auditor General is authorized to conduct financial and | 22 | | compliance
audits of the Illinois Distance Learning Foundation | 23 | | and the Illinois
Conservation Foundation.
| 24 | | As soon as practical after the effective date of this | 25 | | amendatory Act of
1995, the Auditor General shall conduct a | 26 | | compliance and management audit of
the City of
Chicago and any |
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| 1 | | other entity with regard to the operation of Chicago O'Hare
| 2 | | International Airport, Chicago Midway Airport and Merrill C. | 3 | | Meigs Field. The
audit shall include, but not be limited to, an | 4 | | examination of revenues,
expenses, and transfers of funds; | 5 | | purchasing and contracting policies and
practices; staffing | 6 | | levels; and hiring practices and procedures. When
completed, | 7 | | the audit required by this paragraph shall be distributed in
| 8 | | accordance with Section 3-14.
| 9 | | The Auditor General shall conduct a financial and | 10 | | compliance and program
audit of distributions from the | 11 | | Municipal Economic Development Fund
during the immediately | 12 | | preceding calendar year pursuant to Section 8-403.1 of
the | 13 | | Public Utilities Act at no cost to the city, village, or | 14 | | incorporated town
that received the distributions.
| 15 | | The Auditor General must conduct an audit of the Health | 16 | | Facilities and Services Review Board pursuant to Section 19.5 | 17 | | of the Illinois Health Facilities Planning
Act.
| 18 | | The Auditor General of the State of Illinois shall annually | 19 | | conduct or
cause to be conducted a financial and compliance | 20 | | audit of the books and records
of any county water commission | 21 | | organized pursuant to the Water Commission Act
of 1985 and | 22 | | shall file a copy of the report of that audit with the Governor | 23 | | and
the Legislative Audit Commission. The filed audit shall be | 24 | | open to the public
for inspection. The cost of the audit shall | 25 | | be charged to the county water
commission in accordance with | 26 | | Section 6z-27 of the State Finance Act. The
county water |
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| 1 | | commission shall make available to the Auditor General its | 2 | | books
and records and any other documentation, whether in the | 3 | | possession of its
trustees or other parties, necessary to | 4 | | conduct the audit required. These
audit requirements apply only | 5 | | through July 1, 2007.
| 6 | | The Auditor General must conduct audits of the Rend Lake | 7 | | Conservancy
District as provided in Section 25.5 of the River | 8 | | Conservancy Districts Act.
| 9 | | The Auditor General must conduct financial audits of the | 10 | | Southeastern Illinois Economic Development Authority as | 11 | | provided in Section 70 of the Southeastern Illinois Economic | 12 | | Development Authority Act.
| 13 | | The Auditor General shall conduct a compliance audit in | 14 | | accordance with subsections (d) and (f) of Section 30 of the | 15 | | Innovation Development and Economy Act. | 16 | | The Auditor General must contract with an independent | 17 | | certified public accounting firm for an annual audit of the | 18 | | Community Bank of Illinois as provided in Section 90 of the | 19 | | Community Bank of Illinois Act. | 20 | | (Source: P.A. 95-331, eff. 8-21-07; 96-31, eff. 6-30-09; | 21 | | 96-939, eff. 6-24-10.)
| 22 | | Section 905. The Eminent Domain Act is amended by changing | 23 | | Section 15-5-46 as follows: | 24 | | (735 ILCS 30/15-5-46) |
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| 1 | | Sec. 15-5-46. Eminent domain powers in new Acts. The | 2 | | following provisions of law may include express grants of the | 3 | | power to acquire property by condemnation or eminent domain: | 4 | | Community Bank of Illinois Act; Community Bank of Illinois; for | 5 | | purposes of the Act. | 6 | | (Reserved).
| 7 | | (Source: P.A. 96-1522, eff. 2-14-11; 97-813, eff. 7-13-12.)
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