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91_HB3293enr
HB3293 Enrolled LRB9109418DJcd
1 AN ACT to amend the Illinois Community Development
2 Finance Corporation Act by changing Section 2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Community Development Finance
6 Corporation Act is amended by changing Section 2 as follows:
7 (315 ILCS 15/2) (from Ch. 67 1/2, par. 712)
8 Sec. 2. There is hereby created a body politic and
9 corporate to be known as the Illinois Community Development
10 Finance Corporation or CDFC.
11 The Corporation shall consist of 9 directors, one of whom
12 shall be the Director of Commerce and Community Affairs
13 Treasurer of the State of Illinois or his designee who shall
14 serve as chairman and one of whom shall be the Director of
15 the Department of Commerce and Community Affairs or his
16 designee. The Governor shall appoint the remaining 8 7
17 members and these appointees must possess experience in
18 business, labor, management, finance, or community economic
19 development. Membership in a CDC will not preclude
20 appointment as a Director, but neither shall such membership
21 be a prerequisite for appointment. Each member appointed by
22 the Governor shall serve a term of 5 years, except that in
23 making his initial appointments the Governor shall appoint
24 one member to serve for a term of one year, one member to
25 serve for a term of 2 years, one member for a term of 3
26 years, 2 members for a term of 4 years, and one member for a
27 term of 5 years. The additional member appointed by the
28 Governor pursuant to this amendatory Act of the 91st General
29 Assembly shall serve for an initial term of 2 years;
30 thereafter, each such member shall serve for a term of 5
31 years as in the case of the other members.
HB3293 Enrolled -2- LRB9109418DJcd
1 Any person appointed to fill a vacancy in the office of a
2 member shall be appointed in a like manner and shall serve
3 for only the unexpired term. Any member shall be eligible for
4 reappointment. Any member may be removed from his
5 appointment by the Governor only for good cause. The
6 directors shall annually elect one of their members as
7 vice-chairman and designate a secretary-treasurer who need
8 not be a member of the board. The secretary-treasurer shall
9 keep a record of the proceedings of the corporation and shall
10 be the custodian of all books, documents, and papers filed
11 with the corporation, the minute books of the corporation and
12 of its official seal.
13 Five of the directors of the corporation shall constitute
14 a quorum and 5 affirmative votes shall be necessary for the
15 transaction of business or the exercise of any power or
16 function of the corporation. Each director shall be entitled
17 to reimbursement for his actual and necessary expenses
18 incurred in the performance of his official duties.
19 The corporation may contract with or otherwise deal with
20 any public nonprofit community development corporation or
21 cooperative organized to carry out the purposes of this Act
22 of which any director of the corporation is also a member or
23 officer, provided that such interest is disclosed in advance
24 to members of the board and recorded in the minutes of the
25 corporation and provided further that no director having such
26 a financial interest may participate in any decision
27 affecting such transaction.
28 The president of the corporation shall be appointed and
29 his salary established by the board of directors. The
30 president shall be the chief administrative and operational
31 officer of the corporation and shall direct and supervise
32 administrative affairs and the general management of the
33 corporation. The president may employ such other employees
34 as shall be designated by the board of directors, shall
HB3293 Enrolled -3- LRB9109418DJcd
1 attend meetings of the board of directors, shall cause copies
2 to be made of all minutes and other records and documents of
3 the corporation and shall certify that such copies are true
4 copies, and all persons dealing with the corporation may rely
5 upon such certification.
6 (Source: P.A. 86-593.)
7 Section 99. Effective date. This Act takes effect upon
8 becoming law.
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