UPPER IL RIVER VALLEY DEV AUTH House SponsorsRep. Frank J. Mautino-Tom Cross Senate Sponsors(Sen. William R. Haine) 8/11/2011HousePublic Act . . . . . . . . . 97-0312 70 ILCS 530/7from Ch. 85, par. 715770 ILCS 530/7.1 new Amends the Upper Illinois River Valley Development Authority Act. Provides that the Upper Illinois River Valley Development Authority may issue bonds, notes, or other evidences of indebtedness in an aggregate amount outstanding not to exceed $500,000,000 (now, $250,000,000). 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.House Committee Amendment No. 1 Further amends the Upper Illinois River Valley Development Authority Act. Provides that certain provisions concerning the State's moral obligation for the bonds of the Upper Illinois River Valley Development Authority shall not apply to bonds issued by the Authority on or after the effective date of the amendatory Act. 2/16/2011HouseFiled with the Clerk by Rep. Frank J. Mautino 2/16/2011HouseFirst Reading 2/16/2011HouseReferred to Rules Committee 2/22/2011HouseAssigned to Executive Committee 3/3/2011HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Frank J. Mautino 3/3/2011HouseHouse Committee Amendment No. 1 Referred to Rules Committee 3/3/2011HouseAdded Chief Co-Sponsor Rep. Tom Cross 3/7/2011HouseRe-assigned to State Government Administration Committee 3/7/2011HouseHouse Committee Amendment No. 1 Rules Refers to State Government Administration Committee 3/16/2011HouseHouse Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote 3/16/2011HouseDo Pass as Amended / Short Debate State Government Administration Committee; 010-003-000 3/16/2011HousePlaced on Calendar 2nd Reading - Short Debate 3/17/2011HouseSecond Reading - Short Debate 3/17/2011HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/7/2011HouseThird Reading - Short Debate - Passed 079-033-000 4/7/2011SenateArrive in Senate 4/7/2011SenatePlaced on Calendar Order of First Reading April 8, 2011 4/11/2011SenateChief Senate Sponsor Sen. William R. Haine 4/12/2011SenateFirst Reading 4/12/2011SenateReferred to Assignments 4/27/2011SenateAssigned to Revenue 5/5/2011SenatePostponed - Revenue 5/11/2011SenateDo Pass Revenue; 009-000-001 5/11/2011SenatePlaced on Calendar Order of 2nd Reading May 12, 2011 5/12/2011SenateSecond Reading 5/12/2011SenatePlaced on Calendar Order of 3rd Reading May 13, 2011 5/17/2011SenateThird Reading - Passed; 048-007-000 5/17/2011HousePassed Both Houses 6/15/2011HouseSent to the Governor 8/11/2011HouseGovernor Approved 8/11/2011HouseEffective Date August 11, 2011 8/11/2011HousePublic Act . . . . . . . . . 97-0312