HIGH SPEED RAIL AUTHORITY ACT

Creates the High Speed Rail Authority Act. Defines terms. Creates the Illinois High Speed Rail Authority and provides for the members of the Authority. Provides for the powers of the Authority, including the power to: (1) acquire property by purchase or condemnation; (2) enter into contracts; (3) maintain a system of high speed rail lines throughout the State; and (4) enter into an intergovernmental agreement or contract with a unit of government or other public or private entity. Provides that the Governor shall appoint a High Speed Rail Inspector General for the purpose of detection, deterrence, and prevention of fraud, corruption, and mismanagement in the Authority. Provides that the Authority shall hold a public hearing whenever approximate locations and widths of rights of way for future high speed railway additions are to be established or before it adopts an increase in the rates for its fares. Provides that prior to the commencement of any engineering and traffic study to determine the feasibility of constructing additional high speed railway lines in this State, the Authority shall submit to the Governor for his or her approval the route or routes proposed, with an estimate of the cost of the proposed study. Provides that the Authority shall create a local advisory committee of members from each county in which any portion of a new or additional high speed railway is proposed to be constructed. Provides how the Authority shall spend moneys received from the issuance of bonds and fares. Amends the State Finance Act. Creates the Illinois High Speed Rail Authority Fund as a special fund in the State treasury.