IL SB3474

Amends the Illinois Finance Authority Act to authorize the Authority to adopt implementing regulations for the American Recovery and Reinvestment Act of 2009 (ARRA).

Authorizes the Authority to establish recovery zones and issue recovery zone bonds to promote job creation and economic development in designated recovery areas.

Authorizes the Authority to allocate and reallocate the state's qualified energy conservation bond authorization to large local governments (municipalities and counties with populations of 100,000 or more) to promote energy conservation and job creation.

Prohibits any reallocation of recovery zone bond or qualified energy conservation bond allocations for 90 days after the bill's effective date and requires consent from home rule units before reallocating allocations made to those units.

Takes effect immediately upon becoming law.