HB4661 Engrossed LRB099 19449 AWJ 43841 b
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 1. Short title. This Act may be cited as the Local
5		Government Stabilization Authority Act.
6		Section 5. Purpose. The purpose of this Act is to implement
7		a pilot program and create Local Government Stabilization
8		Authorities that shall use available resources to facilitate
9		the return of vacant, abandoned, and tax-delinquent properties
10		to productive use thereby combating community deterioration,
11		creating economic growth, and stabilizing the housing and job
12		market.
13		An Authority shall acquire, hold, and transfer interest in
14		real property throughout the township, as approved by the Board
15		of Directors for the following purposes, in a way that is
16		consistent with the goals and priorities established by this
17		Act:
18		(a) to promote redevelopment and reuse of vacant,
19		abandoned, and tax-delinquent properties; and
20		(b) to support targeted efforts to stabilize
21		neighborhoods;
22		(c) to stimulate residential, commercial and
23		industrial development; and

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1		(d) to repair and renovate the homes of senior citizens
2		that have deteriorated over time.
3		Section 7. Applicability. This Act shall apply only to
4		Bloom Township, Bremen Township, Calumet Township, Rich
5		Township, and Thornton Township in Cook County.
6		Section 10. Definitions. The following words and terms
7		shall have the meanings set forth in this Act, except where
8		otherwise specifically indicated:
9		"Authority" means a Local Government Stabilization
10		Authority.
11		"Board of Directors" means the Board of Directors of a
12		Local Government Stabilization Authority.
13		"Chairperson" means the chairperson of a Local Government
14		Stabilization Authority Board.
15		"Corporate authorities" means the board of trustees of
16		Bloom Township, Bremen Township, Calumet Township, Rich
17		Township, or Thornton Township.
18		"Director" means the Executive Director of a Local
19		Government Stabilization Authority.
20		"Fiscal Year" means the fiscal year of a Local Government
21		Stabilization Authority, which shall begin on December 1st of
22		each year and end on the following November 30th.
23		"Member" means a member of a Board of Directors.
24		"Person" means any individual, corporation, limited

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1		liability corporation, organization, government, governmental
2		subdivision or agency, business trust, estate, trust,
3		partnership, association, and any other legal entity.
4		"Real estate broker" has the meaning ascribed to it under
5		the Real Estate License Act of 2000.
6		"Real Property" means all land and the buildings thereon,
7		all things permanently attached to land or to the buildings
8		thereon, and any interest existing in, issuing out of, or
9		dependent upon land or the buildings thereon.
10		Section 15. Creation; funding; assets.
11		(a) The corporate authorities may, by ordinance, establish
12		a Local Government Stabilization Authority to be an agency of
13		the township. All personnel, facilities, equipment, and
14		supplies within the Authority shall be governed by a Board of
15		Directors as provided herein. The Board of Directors shall be
16		accountable to the corporate authorities.
17		(b) A Local Government Stabilization Authority shall apply
18		for funding in the sum of up to $2,000,000 from the Abandoned
19		Residential Property Municipality Relief Program under Section
20		7.31 of the Illinois Housing Development Act. The Authority may
21		apply for funding from other State and federal programs, at the
22		discretion of the Authority.
23		(c) Except as otherwise provided in this Act, the corporate
24		authorities shall hold title to all Real Property controlled by
25		an Authority.

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1		Section 20. Tax-exempt status. The activities of the
2		Authority pursuant to this Act are governmental functions
3		carried out by an instrumentality or political subdivision of
4		the State as described in Section 115 of Title 26 of the United
5		States Internal Revenue Code, or any corresponding provisions
6		of any future tax code. The activities of the Authority shall
7		be construed as governmental functions carried out by a
8		political subdivision of this State, exempt to the extent
9		provided under Illinois law from taxation by this State,
10		including, but not limited to, ad valorem property tax
11		exemption pursuant to the Property Tax Code.
12		Section 25. Authority Board of Directors; appointment. The
13		Authority shall be governed by a Board of Directors that shall
14		be appointed by the township supervisor, subject to approval by
15		the corporate authority, within 45 days of the adoption of an
16		ordinance pursuant to subsection (a) of Section 15 of this Act.
17		The Board of Directors shall be residents of the township. The
18		Board of Directors shall consist of 12 members.
19		Candidates for the Board of Directors appointed by the
20		corporate authorities shall be selected from the following
21		categories:
22		(1) One corporate authority board member to serve as an
23		ex-officio member with voting rights. The ex-officio
24		member shall serve as a liaison between the corporate

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1		authority and the Board of Directors;
2		(2) One representatives recommended by the township
3		supervisor;
4		(3) One representative from the local economic
5		development community;
6		(4) One representative from the banking community; and
7		(5) One representative from a local or State Realtor
8		Association.
9		Section 30. Term of office. Except as otherwise provided in
10		this Section, the members of the Board of Directors appointed
11		under Section 25 shall be appointed for the duration of the
12		pilot program under this Act.
13		Section 35. Chairperson; members of the Board of Directors.
14		(a) The Board of Directors shall annually elect a
15		Chairperson from among the members.
16		(1) The Chairperson shall preside at meetings of the
17		Board of Directors and is entitled to vote on all matters
18		before the Board of Directors.
19		(2) A member may be elected to serve successive terms
20		as Chairperson.
21		(b) The Board of Directors may appoint, from its members, a
22		member to serve as the Authority secretary and such additional
23		officers from its members as it may deem appropriate.

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1		Section 40. Removal. A member may be removed by the
2		corporate authorities prior to the expiration of the member's
3		term of appointment for good cause. Good cause includes
4		inefficiency, neglect of duty, malfeasance, or any cause which
5		renders the member unfit for the position or unable to perform
6		the duties of the position. The corporate authorities shall
7		provide written notice to that member and the Chairperson of
8		the Board of the removal of that member from the Board of
9		Directors. The notice shall state the specific grounds which
10		constitute cause for removal. The member, in receipt of this
11		notice, may request to appear before the corporate authorities
12		and present reasons in support of his or her retention.
13		Thereafter, the corporate authorities shall vote upon whether
14		there are sufficient grounds to remove that member from office.
15		The township clerk shall notify the member of the final action
16		of the corporate authorities.
17		Section 45. Vacancies. Any vacancy on the Board of
18		Directors caused by death, resignation, disqualification, or
19		removal shall be filled by the corporate authorities as soon as
20		practicable, but not to exceed 60 days following the occurrence
21		of the vacancy. The vacancy shall be filled for the remainder
22		of the unexpired term in the same manner as the original
23		appointment.
24		Section 50. Meetings. The Board of Directors shall conduct

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1		its first meeting no later than 60 days after the appointment
2		of the Board of Directors. The place, date, and time of the
3		Authority meetings shall be determined at the discretion of the
4		Board of Directors. All meetings of the Board of Directors
5		shall comply with the Open Meetings Act.
6		Section 55. Bylaws; policies; procedures. The Board of
7		Directors shall adopt bylaws, procedures and policies
8		consistent with the provisions of this Act within 120 days
9		after the first meeting of the Board of Directors.
10		Section 60. Quorum and voting. A quorum shall be necessary
11		for the transaction of any business by the Board of Directors.
12		A majority of the members of the Board of Directors shall
13		constitute a quorum. The Board of Directors shall act by a
14		majority vote of the members at a meeting at which a quorum is
15		present, except as otherwise provided in this Act. Presence for
16		both quorum and voting at an Authority meeting shall be
17		articulated by the Board of Directors in its bylaws or
18		procedures in a manner consistent with the Open Meetings Act.
19		Section 65. Records of meetings. Minutes of all meetings of
20		the Board of Directors and its Committees shall be made and
21		maintained as required by the Open Meetings Act.
22		Section 70. Board of Directors; responsibilities. The

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1		Board of Directors shall ensure:
2		(a) that all personnel matters are conducted free from any
3		political interference and in accordance with the provisions of
4		the Supplemental Relief Order and Consent Decree established in
5		the federal civil litigation filed in the Northern District of
6		Illinois under Case No. 69 C 2145 and titled Shakman, et al. v.
7		Democratic Organization, et al. and all applicable laws;
8		(b) that all operations, including contractual matters,
9		are conducted free from any political interference; and
10		(c) efficiency in service delivery and sound fiscal
11		management of all aspects of the Authority including the
12		collection of all revenues from all sources.
13		Section 75. Board of Directors; actions. The Board of
14		Directors shall do all of the following that is consistent with
15		Illinois law:
16		(a) adopt, amend, or repeal rules and policies and
17		procedures governing the Board of Directors and its actions and
18		meetings, and adopt, amend, or repeal policies and procedures
19		to implement day-to-day operation of the Authority, including
20		policies governing any staff of the Authority;
21		(b) elect additional officers, including, but not limited
22		to, initial officers who shall be elected at the first meeting
23		of the Board of Directors in accordance with the bylaws;
24		(c) provide for a system of accounting;
25		(d) adopt or amend the Authority's budget to submit

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1		annually to the corporate authorities for approval and adoption
2		in a time frame mandated by the corporate authorities;
3		(e) adopt, amend, or repeal policies and procedures for
4		contracting and procurement which must be consistent with the
5		provisions set forth in the local Code;
6		(f) commission, collect, and receive data from public,
7		private, professional, and volunteer sources to compile an
8		inventory an analysis of desirable properties for acquisition;
9		(g) establish banking arrangements for the Authority
10		pursuant to Section 160 of this Act; and
11		(h) organize and reorganize the executive, administrative,
12		clerical, and other departments of the Authority and fix the
13		duties, powers, and compensation of all employees, agents, and
14		consultants of the Authority.
15		Section 80. Fiduciary duty. The members of the Board of
16		Directors are under a fiduciary duty to conduct the activities
17		and affairs of the Authority in the best interests of the
18		residents of the township, including the safekeeping and use of
19		all Authority moneys and assets. The members of the Board of
20		Directors shall discharge their duties in good faith, with the
21		care an ordinarily prudent person in a like position would
22		exercise under similar circumstances.
23		The members of the Board of Directors shall not sell
24		property to the Authority or buy property held by the
25		Authority.

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1		Section 85. Compensation. The members of the Board of
2		Directors shall receive no compensation for the performance of
3		their duties. A member may engage in private or public
4		employment, or in a profession or business, except to the
5		extent prohibited by Illinois law or local ordinance. The
6		Authority may reimburse members of the Board of Directors for
7		actual and necessary expenses incurred in the discharge of
8		their official duties, as provided by the Board of Directors.
9		Section 90. Executive Director. The Board of Directors may
10		retain the professional services of an individual to perform
11		the duties of an Executive Director on a contractual basis with
12		the advice and consent of the corporate authorities. The
13		Executive Director shall not be an employee of the Authority or
14		of the township. The Director shall administer the Authority in
15		accordance with the operating budget approved by the corporate
16		authorities, general policy guidelines established by the
17		Board of Directors, other applicable governmental procedures
18		and policies, and this Act.
19		The Director shall be responsible for the day-to-day
20		operations of the Authority, the control, management, and
21		oversight of the Authority's functions, and supervision of all
22		of the Authority's contractual agreements. All terms and
23		conditions of the Director's service shall be specified in a
24		written contract between the Director and the Board of

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1		Directors. The Director may be removed by the corporate
2		authorities or the Board of Directors for good cause prior to
3		the expiration of the Director's contract. Good cause includes
4		inefficiency, neglect of duty, malfeasance, or any cause which
5		renders the Director unfit or unable to perform the scope of
6		work. The Board of Directors may delegate to the Director any
7		powers or duties it considers proper under terms, conditions,
8		and to the extent that the Board of Directors may specify.
9		Section 95. Staffing services. The Board of Directors may
10		approve contracts for staffing as requested by the Executive
11		Director that are deemed necessary to carry out the duties and
12		responsibilities of the Authority and in accordance with the
13		policies and procedures established by the Board. Such staff
14		shall be retained pursuant to contracts entered into in
15		accordance with the procurement rules established by the Board.
16		Section 100. Ethics. The Board of Directors shall be
17		subject to the all State of Illinois ethics laws.
18		Section 105. Indemnification.
19		(a) The township shall defend and indemnify the Authority
20		and the members of the Board of Directors with respect to all
21		claims or judgments arising out of their activities as members
22		with respect to all negligence claims, and claims or judgments
23		arising out of the Authority's activities performed on behalf

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1		of the township.
2		(b) The township shall not be obligated to indemnify the
3		Authority or a member for:
4		(1) Punitive damages or liability arising out of
5		conduct that is willful or wanton.
6		(2) Conduct that is outside the scope of the
7		Authority's authority.
8		(3) Any settlement or judgment in which the township
9		did not participate.
10		(4) The defense of any criminal or disciplinary
11		proceeding.
12		Section 110. General powers. The Authority has the power to
13		do all things necessary or convenient to implement the
14		purposes, objectives, and provisions of this Act including, but
15		not limited to, the following:
16		(a) adopt, amend, and repeal bylaws for the regulation of
17		its affairs and the conduct of its business;
18		(b) acquire by purchase, donation, or other transfers and
19		to hold, lease, manage, and dispose of Real Property of every
20		kind and character, or any interest therein, in furtherance of
21		the public purposes of the Authority;
22		(c) pay any tax or special assessment due on Real Property
23		acquired or owned by the Authority;
24		(d) acquire, accept, or retain equitable interests,
25		security interests, or other interests in any Real Property or

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1		other fixtures by loan agreement, note, mortgage, deed to
2		secure debt, trust deed, security agreement, assignment,
3		pledge, conveyance, contract, lien, or other consensual
4		transfer in order to secure the repayment of any moneys loaned
5		or credit extended by the Authority;
6		(e) borrow money from private lenders, from municipalities
7		or counties, from the State or from federal government funds,
8		subject to the approval of the corporate authorities, to
9		further or carry out the Authority's public purpose by
10		executing leases, trust indentures, trust agreements,
11		agreements for the sale notes, loan agreements, mortgages,
12		deeds to secure debt, trust deeds, security agreements,
13		assignments, and other agreements or instruments as may be
14		necessary or desirable, in the judgment of the Authority, to
15		evidence and to provide security for such borrowing;
16		(f) apply directly or indirectly to any federal, state,
17		county, or municipal government or agency, or to any other
18		source, whether public or private, for loans, grants, gifts,
19		guarantees, labor, or other aid or financial assistance in
20		furtherance of the Authority's public purpose and to accept and
21		use the same upon such terms and conditions as are prescribed
22		by such federal, state, county, municipal government or agency,
23		or other source;
24		(g) enter into agreements with the federal government or
25		any agency thereof to use the facilities or services of the
26		federal government or any agency thereof in order to further or

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1		carry out the public purposes of the Authority;
2		(h) as security for repayment of any note, or other
3		obligations of the Authority, to pledge, mortgage, convey,
4		assign, hypothecate, or otherwise encumber any property of the
5		Authority, including, but not limited to, Real Property,
6		fixtures, and revenues or other funds, and to execute any
7		lease, trust indenture, trust agreement, agreement for the sale
8		of the Authority's notes, or other obligations, loan agreement,
9		mortgage, deed to secure debt, trust deed, security agreement,
10		assignment, or other agreement or instrument as may be
11		necessary or desirable, in the judgment of the Authority, to
12		secure any such notes, or other obligations, which instruments
13		or agreements may provide for foreclosure or forced sale of any
14		Real Property of the Authority upon default in any obligation
15		of the Authority, either in payment of principal, premium, if
16		any, or interest or in the performance of any term or condition
17		contained in any such agreement or instrument;
18		(i) receive and administer gifts, grants, and bequests of
19		money and Real Property consistent with the purpose of the
20		Authority;
21		(j) use any Real Property or fixtures or any interest
22		therein or to rent, license or lease such Real Property to or
23		from others or make contracts with respect to the use thereof,
24		or to sell, lease, exchange, transfer, assign, pledge, or
25		otherwise dispose of or grant options for any such Real
26		Property in any manner as it deems to be in the best interests

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1		of the Authority and the public purpose thereof;
2		(k) procure insurance or guarantees from the State or
3		federal government of the payments of any debts or parts
4		thereof incurred by the Authority, and to pay premiums in
5		connection therewith;
6		(l) procure, if required, insurance against losses in
7		connection with the Real Property, assets, or activities of the
8		Authority;
9		(m) enter into contracts and other instruments necessary,
10		incidental, or convenient to the performance of its duties and
11		the exercise of its powers, including, but not limited to, an
12		agreement with a Party for the joint exercise of powers. An
13		agreement with a Party may include contracts for the
14		performance of services by a Party on behalf of the Authority
15		or by the Authority on behalf of a Party;
16		(n) enter into partnerships, joint ventures, and other
17		collaborative relationships with municipalities and other
18		public and private entities for the ownership, management,
19		development, and disposition of Real Property;
20		(o) to enter into contracts and other instruments
21		necessary, incidental, or convenient to the performance of its
22		duties and the exercise of its powers, including, but not
23		limited to, agreements with a Party regarding the disposition
24		of Authority properties located within their boundaries;
25		(p) finance, by loan, grant, lease, or otherwise,
26		refinance, construct, erect, assemble, purchase, acquire, own,

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1		repair, remodel, rehabilitate, modify, maintain, extend,
2		improve, install, sell, equip, expand, add to, operate, or
3		manage Real Property or rights or interests in Real Property,
4		and to pay the costs of any such project from the proceeds of
5		revenue bonds, loans by persons, corporations, partnerships,
6		whether limited or general, or other entities, all of which the
7		Authority is authorized to receive, accept, and use;
8		(q) fix, charge, and collect rents, fees, licenses and
9		charges for the use of Real Property of the Authority and for
10		services provided by the Authority;
11		(r) grant or acquire a license, easement, lease (as lessor
12		or lessee), or option with respect to Real Property of the
13		Authority;
14		(s) enter into contracts with nonprofit community land
15		trusts, including, but not limited to, long-term lease
16		contracts;
17		(t) contract for goods and services and engage personnel as
18		necessary, to be paid from the funds of the Authority. The
19		Board shall determine the qualifications, duties, and
20		compensation of those it contracts with and employs;
21		(u) organize and reorganize the executive, administrative,
22		clerical, and other departments of the Authority and to fix the
23		duties, powers, and compensation of all employees, agents, and
24		consultants of the Authority;
25		(v) remediate environmental contamination on any Real
26		Property held by the Authority;

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1		(w) acquire, hold, and manage property pursuant to this
2		Act;
3		(x) dispose of property pursuant to this Act;
4		(y) promulgate rules regarding the procurement of
5		contracts and services of local real estate brokers and
6		construction crews pursuant to Section 160 of this Act;
7		(z) submit a redevelopment plan to a municipality with a
8		redevelopment project area and comply with any requirements of
9		the municipality with regard to that plan; and
10		(aa) to do all other things necessary or convenient to
11		achieve the objectives and purposes of the Authority or other
12		laws that relate to the purposes and responsibilities of the
13		Authority.
14		To the extent that any power or duty of the Authority
15		created under this Act conflicts with the powers or duties of a
16		county or township official, the powers or duties of that
17		county or township official shall prevail.
18		Section 115. No waiver of governmental immunity. Nothing in
19		this Act is intended, nor shall be construed, as a waiver by
20		the township enacting an ordinance that creates an Authority
21		under this Act of any governmental immunity provided under any
22		applicable law.
23		Section 120. Non-discrimination. The Authority shall
24		comply with all applicable laws prohibiting discrimination.

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1		Section 125. Acquisition of real property.
2		(a) The Authority shall procure the services of local real
3		estate brokers pursuant to Section 160 of this Act to assist in
4		the acquisition of real property under this Section.
5		(b) The Authority may acquire real property or rights or
6		interests in real property by gift, bequest, transfer,
7		exchange, foreclosure, purchase, purchase contracts, lease
8		purchase agreements, installment sales contracts, land
9		contracts, tax sale, scavenger sale or otherwise, on terms and
10		conditions and in a manner the Authority considers proper.
11		(c) The Authority may acquire any property conveyed to it
12		by this State, a foreclosing governmental unit, a unit of local
13		government, an intergovernmental entity created under the laws
14		of this State, or any other public or private person,
15		including, but not limited to, property without clear title.
16		(d) All deeds, mortgages, contracts, leases, purchases, or
17		other agreements regarding property of the Authority,
18		including agreements to acquire or dispose of real property,
19		shall be approved by and executed by the Authority, in the name
20		of the township.
21		(e) The Authority shall have the right to purchase
22		properties in the name of the township at tax sales conducted
23		in accordance with the Property Tax Code. The Authority may
24		tender a bid at a tax sale that is a credit bid, consisting of
25		the obligation of the Authority to satisfy the component parts

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1		of the bid by payments to the respective political
2		subdivisions.
3		(f) The Authority shall have the right to make offers to
4		purchase properties that are subject to a listing agreement;
5		said offer or purchase of a property by the Authority that is
6		subject to a listing agreement shall not extinguish any legal
7		rights existing under the listing agreement.
8		Section 130. Holding and managing property. The Authority
9		may control, manage, maintain, operate, repair, lease as
10		lessor, license, secure, prevent the waste or deterioration of,
11		demolish, and take all other actions necessary to preserve the
12		value of the Real Property it controls on behalf of the
13		township. The Authority shall maintain all Real Property held
14		by the Authority in accordance with applicable laws and codes.
15		Real Property shall be inventoried and classified by the
16		Authority according to suitability for use. The inventory shall
17		be maintained as a public record and shall be filed
18		electronically and in the principal office of the Authority.
19		Section 135. Property disposition. On terms and
20		conditions, and in a manner and for an amount of consideration
21		that the Authority considers proper, fair, and reasonable,
22		including for no monetary consideration if appropriate, the
23		Authority may convey, sell, transfer, exchange, lease as
24		lessor, or otherwise dispose of Real Property or rights or

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1		interests in Real Property that the Authority controls and the
2		township holds a legal interest to any public or private
3		person. The transfer and use of property under this Section and
4		the exercise by the Authority of powers and duties under this
5		Act shall be considered a necessary public purpose and for the
6		benefit of the public.
7		Section 140. Criteria for conveyance. Real Property shall
8		be conveyed by the Authority in accordance with this Act and
9		according to criteria determined in the discretion of the Board
10		and contained in the policies and procedures adopted by the
11		Board. The Board may adopt policies and procedures that set
12		forth priorities for a transferee's use of Real Property
13		conveyed by the Authority, including, but not limited to,
14		affordable housing.
15		Section 145. Transactions. Transactions shall be
16		structured in a manner that permits the Authority to enforce
17		contractual agreements, real covenants, and the provisions of
18		any subordinate financing held by the Authority pertaining to
19		development and use of the Real Property.
20		Section 150. Disposition of proceeds. Any proceeds from the
21		sale or transfer of Real Property by the Authority shall be
22		retained, expended, or transferred by the Authority as
23		determined by the Board in the best interests of the Authority

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1		and in accordance with applicable laws and agreements.
2		Section 155. Intergovernmental agreements.
3		(a) The Board of Directors may negotiate and propose
4		agreements necessary, incidental, or convenient to the
5		performance of its duties and the exercise of its powers with
6		any unit of local government subject to the approval of the
7		corporate authorities. An agreement may include, but is not be
8		limited to, contracts for the joint exercise of powers,
9		contracts for the ownership, management, development, and
10		disposition of Real Property, or contracts for the performance
11		of services by a local unit of government on behalf of the
12		Authority or by the Authority on behalf of a local unit of
13		government.
14		(b) The parties to the intergovernmental agreements shall
15		agree that no party to an intergovernmental agreement shall be
16		responsible, in whole or in part, for the acts of the
17		employees, agents, and servants of any other party, whether
18		acting separately or in conjunction with the implementation of
19		an agreement. The parties shall only be bound and obligated
20		under an agreement as expressly agreed to by each party.
21		(c) All agreements shall in all respects be interpreted,
22		enforced, and governed under the laws of the State of Illinois
23		without regard to the doctrines of conflict of laws. The
24		language of all parts of an agreement shall in all cases be
25		construed as a whole according to its plain and fair meaning,

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1		and not construed strictly for or against any Party.
2		(d) All agreements with municipalities shall include
3		language that the municipality consents to participation in the
4		pilot program under this Act.
5		Section 160. Procurement. The Authority shall promulgate
6		rules regarding the procurement of contracts and services of
7		local real estate brokers and construction crews.
8		(a) Real estate brokers. The Authority shall contract the
9		services of 15 real estate brokers to sell or list homes after
10		they are repaired under this Act. Bidding shall occur at an
11		open meeting convened by the Authority in accordance with the
12		Open Meetings Act. A real estate broker shall possess a real
13		estate broker's license and shall be in good standing with the
14		Department of Financial and Professional Regulation.
15		For purposes of this Section, "local" means having a
16		principal place of business within the boundaries of Bloom
17		Township, Bremen Township, Calumet Township, Rich Township, or
18		Thornton Township in Cook County.
19		(b) Construction crews. The Authority shall contract the
20		services of construction crews composed of students from
21		construction programs with an accredited community college or
22		institute of higher education located within the boundaries of
23		the township.
24		Section 165. Records. The Authority shall keep and maintain

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1		at the principal office of the Authority all documents and
2		records of the Authority. The records of the Authority, which
3		shall be available to the public, shall include, but not be
4		limited to, a copy of this Act, a copy of the ordinance
5		creating the Authority, the Authority's bylaws, and any
6		agreements and amendments, as applicable. The records and
7		documents shall be maintained and shall be delivered to any
8		successor entity.
9		Section 170. Financial statements and quarterly reports.
10		(a) The Authority shall prepare, at the Authority's
11		expense, audited financial statements, including a balance
12		sheet, statement of revenue and expense, statement of cash
13		flows, and changes in fund balance, on an annual basis. This
14		financial statements shall be prepared in accordance with
15		generally accepted accounting principles and accompanied by a
16		written opinion of an independent certified public accounting
17		firm.
18		(b) The Authority shall submit reports under this Section
19		to the Illinois Housing Development Authority. The reports
20		shall include: (1) the number of foreclosed properties in the
21		township; (2) the number of properties acquired pursuant to the
22		pilot program under this Act; (3) the number of projects
23		completed to date under the pilot program; and (4) financial
24		details regarding the cost of the projects, the amount a
25		project sold for, and whether there exists a net gain or loss

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1		for the Authority.
2		Section 175. Annual budget.
3		(a) The Authority shall prepare an annual budget in a
4		manner and under a time frame mandated by the corporate
5		authorities.
6		(b) The obligations and expenditures of the Board of
7		Directors shall conform to the any applicable local
8		appropriation ordinance, provided that the corporate
9		authorities retain the authority to impose additional
10		limitations. Any commitment, contract or other obligation
11		entered into by the Board in derogation of this Section shall
12		be voidable by the corporate authorities and the Illinois
13		Housing Development Authority.
14		Section 180. Deposits and investments. The Authority shall
15		deposit funds of the Authority in a special fund to be held by
16		the treasurer of the township, designated as the "Local
17		Government Stabilization Authority Fund" and expended
18		exclusively for the operation of the Authority.
19		Section 185. Disbursements. Expenditures of funds from the
20		Local Government Stabilization Authority Fund shall be in
21		accordance with guidelines established by the Board of
22		Directors.

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1		Section 190. Performance objectives. Each Fiscal Year, the
2		Director, or other individual designated by the Board of
3		Directors, shall prepare, for review and approval by the Board
4		of Directors, objectives for the Authority's performance.
5		Section 195. Annual report.
6		(a) The Board of Directors shall submit to the corporate
7		authorities, within 6 months after the end of each Fiscal Year,
8		a report that shall set forth a complete and detailed operating
9		and financial statement of the Authority during such Fiscal
10		Year.
11		(b) Included in the report shall be any recommendations for
12		additional legislation or other action that may be necessary to
13		carry out the mission, purpose, and intent of the Authority.
14		Section 200. Management of funds. The Director, or other
15		individual designated by the Board of Directors, is authorized
16		to make deposits and withdraw funds from the Local Government
17		Stabilization Authority Fund for the management of sales
18		proceeds, revenue, and other Authority funds as authorized by
19		the Board of Directors. Standard accounting procedures shall be
20		used in the management of accounts and approved by the
21		corporate authorities.
22		Section 205. Authorized expenditures. The Authority shall
23		in its sole discretion and within its budget, expend funds as

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1		necessary to carry out the powers, duties, functions, and
2		responsibilities of an Authority under this Act.
3		Section 210. Dissolution of assets. Upon determining that
4		the purposes of the Authority have been completed and that
5		there is no longer a need for the Authority's continued
6		existence, the corporate authorities may repeal the enacting
7		ordinance and dissolve the Authority provided, however, that
8		the effective date of a repeal shall provide sufficient time
9		for the Authority to carry out the provisions set forth in
10		Section 190.
11		As soon as possible after notice of the repeal of this Act
12		or the repeal of a local enacting ordinance, the Authority
13		shall finish its affairs as follows:
14		(a) all of the Authority's debts, liabilities, and
15		obligations to its creditors and all expenses incurred in
16		connection with the termination of the Authority and
17		distribution of its assets shall be paid first; and
18		(b) the remaining Real Property and personal property owned
19		by the Authority, if any, shall be distributed to any successor
20		entity, subject to approval by the corporate authorities. In
21		the event that no successor entity exists, the remaining Real
22		Property and personal property, and other assets of the
23		Authority, shall become assets of the corporate authorities,
24		unless provided otherwise in any applicable agreements.

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1		Section 215. Interpretation. All powers granted to the
2		Authority under this Act shall be interpreted broadly to
3		effectuate the intent and purposes of this Act and not to serve
4		as a limitation of powers.
5		Section 220. Severability. The provisions of this Act are
6		severable under Section 1.31 of the Statute on Statutes.