Illinois Industrial Development Authority.

The Illinois Industrial Development Authority was created in 1961 as political subdivision, body politic and municipal corporation (l. 1961, p. 3148). Authority was to acquire, develop or construct industrial properties in areas of critical unemployment. Authority further was empowered to accept grants, loans or appropriations from federal government. Authority also could issue revenue bonds or other types of indebtedness under specified conditions.

In March 1962 Illinois Supreme Court declared manner of transferring funds from State Treasury to authority to be unconstitutional, thereby rendering act creating authority ineffective (24 Ill. 2d 545). In 1967 General Assembly reestablished Authority by modifying appropriations provisions of original act to conform to Supreme Court ruling (l. 1967, p. 4192).