ILLINOIS TRANSMISSION AUTHORIT

Creates the Illinois Transmission Authority Act. Creates the Illinois Transmission Authority as a political subdivision, body politic, and municipal corporation, the governing and administrative powers of which shall be vested in its Board of Directors. Provides that the Board of Directors shall be appointed by the Governor with the advice and consent of the Senate. Grants the Authority the continuing power to issue revenue bonds, notes, or other evidence of indebtedness in an aggregate amount not to exceed $500,000,000 for the purpose of developing, constructing, acquiring, improving, or maintaining transmission projects and for acquiring, improving, and maintaining any property in connection therewith. Provides that the revenue bonds, notes, or other evidences of indebtedness shall be payable solely from the revenues or income to be derived from the lease or sale of rights by the Authority to third persons to maintain, operate, and use the electric transmission provided by the transmission projects pursuant to transmission agreements or from any lease, sale, or other disposition of the transmission projects. Provides that the Authority may acquire in its own name, by gift, purchase, eminent domain, immediate vesting of title, or otherwise real or personal property that is necessary or convenient to carry out its corporate purposes. Provides that the Authority shall annually submit a report of its finances to the Auditor General and a report of its activities to the Governor and General Assembly. Provides that all property owned by the Authority that is located in the State of Illinois is exempt from taxation under the laws of the State of Illinois to the extent such property is used for the public purpose of developing transmission projects.