IL HB1797

Amends Section 13 of the Capital Development Board Act to add automatic forgiveness of repayment obligations for regional port districts after 25 years of non-payment due to failure to achieve required profit levels.

Applies the 25-year forgiveness provision to all regional port district facilities, including existing contracts prior to the effective date of the amendatory act.

Allows the Capital Development Board and regional port districts to temporarily suspend or delay repayment obligations for up to 24 months at a time through mutual agreement.

Makes repayment obligations subordinate solely to outstanding public bond agreements existing at the time of contract.

Becomes effective upon becoming law.