IL HB3266

Creates the Illinois High Speed Rail Authority as a state instrumentality with 11 directors (Governor, Transportation Secretary ex officio, and 9 appointed by Governor with Senate consent) to construct, operate, and maintain high-speed rail lines designed for speeds exceeding 180 miles per hour.

Establishes a High Speed Rail Inspector General appointed by Governor with Senate approval (3/5 majority) for 5-year terms to detect, deter, and prevent fraud, corruption, and mismanagement within the Authority.

Authorizes the Authority to acquire property by purchase or eminent domain, set fares through public hearings, issue revenue bonds (up to 25-year maturity), and establish local advisory committees in affected counties before constructing new rail lines.

Requires Authority to hold public hearings before establishing rights-of-way corridors and before raising fares; mandates filing annual reports and 10-year capital plans with the Governor and General Assembly; subjects Authority to annual audits by State Auditor General.

Appropriates $100 million from the Road Fund for engineering studies, feasibility analysis, and business planning; creates the Illinois High Speed Rail Authority Fund as a special state treasury fund; provides that all bonds and revenues are payable solely from Authority income sources with no state tax pledge.