IL HB1548

Consolidates the Regional Transportation Authority, Commuter Rail Division, Suburban Bus Division, and Chicago Transit Authority into a single Northeastern Transit Authority by July 1, 2012.

Creates a 16-member governing board with appointments distributed among Chicago (5 members), Cook County outside Chicago (5 members), and the collar counties of DuPage, Kane, Lake, McHenry, and Will (5 members), plus a chairperson appointed by board members.

Transfers all powers, duties, and obligations of the existing transit authorities to the Northeastern Transit Authority, with current board members' terms ending June 30, 2012 or when the new board is fully constituted, whichever is earlier.

Board members serve 5-year terms (with initial staggered terms of 2, 3, and 5 years) without compensation but may be reimbursed for expenses; members may not receive pension or other benefits.

Takes effect immediately upon passage.