Bill > HB2139

This bill amends the America's Central Port District Act to make several technical and procedural changes. It expands the District's borrowing authority by allowing loans from governmental agencies, banks, and other financial institutions, and clarifies the definition of "financial institution" by referencing the Illinois Municipal Code. The bill modifies treasury and fund management procedures by permitting electronic transactions and automated clearing house (ACH) methods for withdrawing funds, in addition to traditional check and draft methods. The legislation also extends the timeline for preparing and distributing the District's annual financial report from 60 days to 9 months after the fiscal year-end, and updates reporting requirements by specifying that an independent auditor must prepare the report. Additionally, the bill adjusts reporting distribution protocols, such as how reports or summaries are submitted to municipal officials within the District's area. These changes appear aimed at modernizing administrative processes and providing more flexible financial management options for the port district.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2139&GAID=18&DocTypeID=HB&SessionID=114&GA=104