State of Illinois
92nd General Assembly
Legislation

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92_SB0355

 
                                               LRB9207503MWdv

 1        AN ACT concerning local government.

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

 4        Section   5.   The  Southwestern   Illinois   Development
 5    Authority Act is amended by changing Section 11.1 as follows:

 6        (70 ILCS 520/11.1) (from Ch. 85, par. 6161.1)
 7        Sec.  11.1.   (a)  No member of the Authority or officer,
 8    agent, or employee of the Authority shall, in his or her  own
 9    name  or  in the name of a nominee, be an officer or director
10    of or hold an ownership of more  than  7.5%  in  any  person,
11    association, trust, corporation, partnership, or other entity
12    that is, in its own name or in the name of a nominee, a party
13    to  a  contract  or agreement upon which the member, officer,
14    agent, or employee may be called upon to act or vote.
15        (b)  With respect to any direct or any indirect interest,
16    other than an interest prohibited in  subsection  (a),  in  a
17    contract  or agreement upon which the member, officer, agent,
18    or employee may be called upon to act or  vote,  the  member,
19    officer,  agent,  or employee shall disclose that interest to
20    the secretary of the Authority before  the  taking  of  final
21    action by the Authority concerning that contract or agreement
22    and  shall  also  disclose  the  nature  and  extent  of that
23    interest and his or her acquisition of that  interest,  which
24    disclosures  shall  be publicly acknowledged by the Authority
25    and entered upon the minutes of the Authority.  If  a  member
26    of  the  Authority  or  an officer, agent, or employee of the
27    Authority holds such  an  interest,  then  he  or  she  shall
28    refrain  from  any  further official involvement in regard to
29    the  contract  or  agreement,  from  voting  on  any   matter
30    pertaining   to   the   contract   or   agreement,  and  from
31    communicating with other members  of  the  Authority  or  its
 
                            -2-                LRB9207503MWdv
 1    officers,  agents,  and  employees concerning the contract or
 2    agreement.  Notwithstanding any other provision of  law,  any
 3    contract  or  agreement  entered into in conformity with this
 4    subsection (b) shall not be void or invalid by reason  of  an
 5    interest  described  in this subsection, nor shall any person
 6    so  disclosing  the  interest  and  refraining  from  further
 7    official involvement as provided in this subsection be guilty
 8    of an offense, be removed from office, or be subject  to  any
 9    other penalty on account of that interest.
10        (c)  Any  contract  or  agreement  made  in  violation of
11    subsection (a) or (b) is void and gives  rise  to  no  action
12    against the Authority.
13    (Source: P.A. 86-1455.)

14        Section  99.  Effective date.  This Act takes effect upon
15    becoming law.

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