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Public Act 094-0960
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| SB2951 Enrolled |
LRB094 19074 EFG 54581 b |
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AN ACT relating to the Illinois Research Park Authority |
Act.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 1. Findings; purpose; validation. |
(a) The General Assembly finds and declares that: |
(1) Article 1 of Public Act 88-669, effective November |
29, 1994, created the Illinois Research Park Authority Act. |
The Authority created under the Act was authorized, among |
other things, to issue bonds, make loans, and otherwise |
support and provide financing for certain projects. Public |
Act 88-669 also contained many other provisions. |
(2) The Illinois Research Park Authority Act was |
repealed by Public Act 93-205, effective January 1, 2004, |
which transferred its powers and functions to the Illinois |
Finance Authority. |
(3) The Illinois Supreme Court declared Public Act |
88-669 to be unconstitutional as a violation of the single |
subject clause of the Illinois Constitution in People v. |
Olender, Docket No. 98932, opinion filed December 15, 2005. |
(b) The purpose of this Act is to validate actions taken |
under the Illinois Research Park Authority Act, to explicitly |
provide the powers and duties formerly included in that Act to |
the Illinois Finance Authority, and to minimize or prevent any |
problems concerning those actions, powers, and duties that may |
arise from the unconstitutionality of Public Act 88-669. |
(c) All otherwise lawful actions taken before the effective |
date of this Act in reliance on or pursuant to the provisions |
of the Illinois Research Park Authority Act, as those |
provisions were set forth in Public Act 88-669 or as |
subsequently amended, by any officer, employee, or agency of |
State government or by any other person or entity, are hereby |
validated, except to the extent prohibited under the Illinois |
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or United States Constitution. |
(d) All otherwise lawful actions taken before the effective |
date of this Act in reliance on or pursuant to powers or duties |
that were purportedly transferred from the Illinois Research |
Park Authority to the Illinois Finance Authority by Public Act |
93-205, by any officer, employee, or agency of State government |
or by any other person or entity, are hereby validated, except |
to the extent prohibited under the Illinois or United States |
Constitution. |
(e) All otherwise lawful obligations arising out of any |
bonds or notes issued before the effective date of this Act |
under power purportedly derived directly or indirectly from the |
Illinois Research Park Authority Act, whether issued by the |
Illinois Research Park Authority or its successor, the Illinois |
Finance Authority, are hereby validated and affirmed. |
(f) All otherwise lawful obligations arising out of any |
loan or other contractual agreement entered into by or on |
behalf of the Illinois Research Park Authority or its |
successor, the Illinois Finance Authority, before the |
effective date of this Act under power purportedly derived |
directly or indirectly from the Illinois Research Park |
Authority Act are hereby validated and affirmed. |
(g) This Act applies, without limitation, to actions |
pending on or after the effective date of this Act, except to |
the extent prohibited under the Illinois or United States |
Constitution.
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Section 5. The Illinois Finance Authority Act is amended by |
changing Section 845-75 as follows:
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(20 ILCS 3501/845-75)
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Sec. 845-75. Transfer of functions from previously |
existing authorities to
the Illinois Finance Authority.
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(a) The Illinois Finance Authority created by the
Illinois |
Finance Authority Act shall succeed to, assume and exercise all
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rights,
powers, duties and responsibilities formerly exercised |
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by the following
Authorities and entities (herein called the |
"Predecessor Authorities") prior to
the abolition of the |
Predecessor Authorities by this Act:
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The Illinois Development Finance Authority
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The Illinois Farm Development Authority
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The Illinois Health Facilities Authority
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The Illinois Educational Facilities Authority
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The Illinois Community Development Finance Corporation
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The Illinois Rural Bond Bank
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The Illinois Research Park Authority
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(b) All books, records, papers, documents and pending |
business in any way
pertaining
to the Predecessor Authorities |
are transferred to the Illinois Finance
Authority, but any |
rights or obligations of any person under any contract made
by, |
or under any rules, regulations, uniform standards, criteria |
and guidelines
established or approved by, such Predecessor |
Authorities shall be unaffected
thereby. All bonds, notes or |
other evidences of indebtedness outstanding on the
effective |
date of this Act shall be unaffected by the transfer of |
functions to
the Illinois Finance Authority. No rule, |
regulation, standard, criteria or
guideline promulgated, |
established or approved by the Predecessor Authorities
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pursuant to an exercise of any right, power, duty or |
responsibility assumed by
and transferred to the Illinois |
Finance Authority shall be affected by this
Act,
and all such |
rules, regulations, standards, criteria and guidelines shall
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become
those of the Illinois Finance Authority until such time |
as they are amended or
repealed by the Illinois Finance |
Authority.
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(c) The Illinois Finance Authority may exercise all
of the |
rights,
powers, duties, and responsibilities that were |
provided for the Illinois Research Park Authority under the |
provisions of the Illinois Research Park Authority Act, as the |
text of that Act existed on December 31, 2003, notwithstanding |
the fact that Public Act 88-669, which created the Illinois |
Research Park Authority Act, has been held to be |