SOUTHERN IL ECON DEV AUTHORITY

Creates the Southern Illinois Economic Development Authority Act. The territory of the Authority includes the counties of: Franklin, Williamson, Jackson, Union, Alexander, Pulaski, Massac, Pope, Saline, Hardin, Gallatin, and Johnson. Makes findings about the economic conditions in southern Illinois. Provides definitions. Establishes a process for the appointment of 10 members to the Authority. Provides that the Governor appoints 9 members with the advice and consent of the Senate and 1 member is appointed by the Director of Commerce and Economic Opportunity. Provides that except for initial board members (who are given a term of 2, 3, 4, 5, 6, or 7 years), a member's term is 3 years. Provides that the Authority shall appoint an executive director. Provides for powers of the Authority, such as: enter into loans or contracts; ability to sue and be sued; utilize the services of the Illinois Finance Authority; adopt ordinances; accept and expend appropriations; and, own, lease, or sell real estate. Authorizes the Authority to issue bonds up to $250 million with the Governor's written approval. States that the bonds and notes that the Authority issues shall be exempt from taxes except for the estate, transfer, and inheritance taxes. Allows the Authority to create enterprise zones. Makes the Authority subject to audit by the Auditor General. Effective immediately.