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IL HB5407
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Ann Williams
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AI Summary
- Amends the Illinois Finance Authority Act to change bond authorization limits for clean coal, coal, energy efficiency, PACE, and renewable energy projects from "issued" bonds to "outstanding" bonds, and excludes refunding bonds from these limits
- Prohibits Illinois Finance Authority members, officers, and employees from holding any financial interest in contracts or agreements on which they may act or vote
- Requires Authority members, officers, and employees to abstain from deliberating or voting on contracts in which they hold a financial interest, though abstaining members still count toward quorum
- Bans Authority personnel from accepting money or gifts as bribes or means of influencing official votes or actions
- Establishes exceptions to financial interest prohibitions for ownership stakes under 5% with proper disclosure, contracts under $1,500 (with cumulative annual limit of $25,000), and volunteer service on nonprofit or public body boards
Legislative Description
FINANCE-IFA ETHICS
Last Action
Referred to Rules Committee
2/13/2026
Committee Referrals
Rules2/13/2026
Full Bill Text
No bill text available