UPPER IL RIVER VALLEY DEV AUTH

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.