(a) The bridge authority may:
         (1) Accept the assets of the commission.

Terms Used In Illinois Compiled Statutes 45 ILCS 185/5-40

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (2) Hold, exchange, lease, rent, sell (by conveyance
    
by deed, land sale contract, or other instrument), use, or otherwise dispose of property acquired for the purpose of implementing this Act.
        (3) Prescribe the duties and regulate the
    
compensation of the employees of the bridge authority.
        (4) Provide a pension and retirement system for
    
employees of the bridge authority through use of the appropriate public employees’ retirement fund.
        (5) Contract for the alteration, construction,
    
extension, improvement, rehabilitation, or restoration of the bridge.
        (6) Accept grants, loans, and other forms of
    
financial assistance from the federal government, the State, a unit of local government, a foundation, or any other source.
        (7) Establish and revise, as necessary, any charge or
    
toll assessed for transit over the bridge.
        (8) Collect or cause to be collected any charge or
    
toll assessed for transit over the bridge.
        (9) Borrow money and issue bonds, notes,
    
certificates, or other evidences of indebtedness for the purpose of accomplishing any of the corporate purposes and refund or advance refund any of the evidences of indebtedness with bonds, notes, certificates, or other evidence of indebtedness, subject to compliance with any condition or limitation set forth in this Act.
        (10) Convert the bridge to and from a pedestrian
    
bridge, vehicular bridge, or a combination of a pedestrian and vehicular bridge.
        (11) Transfer ownership of the bridge to Indiana only
    
after approval by White County residents through referendum.
    (b) The bridge authority may exercise any of the powers authorized by this Act in the State of Indiana to the extent provided:
         (1) under Indiana law; or
         (2) through a joint action taken with Indiana or an
    
Indiana entity as described in Section 5-15 of this Act.
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