HB 5616

Abstract

Amends the Will-Kankakee Regional Development Authority Law. Provides that the Will-Kankakee Regional Development Authority may issue bonds, notes, or other evidences of indebtedness in an aggregate amount outstanding not to exceed $250,000,000 (now, $100,000,000). Provides that certain provisions concerning the State's moral obligation for the bonds of the Authority shall not apply to bonds issued by the Authority on or after the effective date of the amendatory Act. Provides that the notes and bonds issued by the Authority and the income from these notes and bonds may be free from all taxation by the State or its political subdivisions, except for estate, transfer, and inheritance taxes. Provides that the exemption from taxation shall apply to the income on any notes or bonds of the Authority only if the Authority in its sole judgment determines that the exemption enhances the marketability of the bonds or notes or reduces the interest rates that would otherwise be borne by the bonds or notes. Effective immediately.