HB 2502

Abstract

Amends the Illinois International Port District Act. Provides that the City Council of the City of Chicago shall replace the district's board. Makes other conforming changes relating to transfer from the current board to the City Council. Provides that the City Council shall receive compensation for their services in an amount not to exceed an aggregate of $180,000 between all members annually (rather than members of the Board receiving an amount not to exceed $20,000 annually). Provides that the secretary, treasurer, and executive director of the current district board will continue on until their successors are appointed. Provides that no bonds, notes, or certificates may be issued, renewed, or extended after the effective date of the amendatory Act. Further provides that when all bonds issued by the district are paid off, the district shall cease and all assets and property of the district shall vest in and be assumed by the City of Chicago. Provides that the City of Chicago may thereafter transfer any assets or property received under this Section to either the Chicago Park District or the Cook County Forest Preserve, or both. Limits home rule powers.