Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 510/6

(70 ILCS 510/6) (from Ch. 85, par. 6206)

Sec. 6. Records, reports, and notices of the Authority.

The secretary shall
keep a record of the proceedings of the Authority.  The treasurer of the
Authority shall be custodian of all Authority funds, and shall be bonded in
such amount as the other members of the Authority may designate.  The
accounts and bonds of the Authority shall be set up and maintained in a
manner approved by the Auditor General, and the Authority shall file with
the Auditor General a certified annual report within 120 days after the
close of its fiscal year.  The Authority shall also file with the Governor,
the Secretary of the Senate, the Clerk of the House of Representatives, and
the Commission on Government Forecasting and Accountability, by March 1 of each year, a
written report covering its activities and any activities of any
instrumentality corporation established pursuant to this Act for the
previous fiscal year.  In its report to be filed by March 1, 1988, the
Authority shall present an economic development strategy for the Quad
Cities region for the year beginning July 1, 1988 and for the 4 years next
ensuing.  In each annual report thereafter, the Authority shall make
modifications in such economic development strategy for the 4 years
beginning on the next ensuing July 1, to reflect changes in economic
conditions or other factors, including the policies of the Authority and
the State of Illinois.  It also shall present an economic development
strategy for the fifth year beginning after the next ensuing July 1.  The
strategy shall recommend specific legislative and administrative action by
the State, the Authority, units of local government or other governmental
agencies.  Such recommendations may include, but are not limited to, new
programs, modifications to existing programs, credit enhancements for bonds
issued by the Authority, and amendments to this Act.  When filed, such
report shall be a public record and
open for inspection at the offices of the Authority during normal business hours.

The Authority is subject to the Open Meetings Act and the Freedom of Information Act. Documents subject to the Freedom of Information Act include, but are not limited to, expenses,
payroll, origination bonuses, and other financial details of the Authority.

A contract or agreement entered into by the Authority must be posted on the Authority's website. The Authority shall provide a detailed report of the Authority's financial information on the Authority's website, including, but not limited to, a statement of profits and losses, balance sheet, and income statement of the Authority.

The Authority shall provide notice to the General Assembly, the Department of Commerce and Economic Opportunity, and the Governor once the Authority enters into a commitment to support the financing of a project. The notice to the General Assembly shall be filed with the Clerk of the House of Representatives and the Secretary of the Senate, in electronic form only, in the manner that the Clerk and the Secretary shall direct.

(Source: P.A. 103-517, eff. 8-11-23.)