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| 1 | AN ACT concerning State government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Finance Authority Act is amended by | ||||||
| 5 | changing Section 801-15 as follows:
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| 6 | (20 ILCS 3501/801-15)
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| 7 | Sec. 801-15.
There is hereby created a body politic and | ||||||
| 8 | corporate to be
known
as the Illinois Finance Authority. The | ||||||
| 9 | exercise of the powers conferred by law
shall be an essential | ||||||
| 10 | public function. The Authority shall consist of 15
members, who | ||||||
| 11 | shall be appointed by the Governor, with the advice and consent | ||||||
| 12 | of
the Senate. Upon the appointment of the Board and every 2 | ||||||
| 13 | years thereafter,
the chairperson of the Authority shall be | ||||||
| 14 | selected by the Governor to serve as
chairperson for two years.
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| 15 | Appointments to the Authority shall be persons of recognized | ||||||
| 16 | ability and
experience in one or more of the following areas: | ||||||
| 17 | economic development,
finance, banking, industrial | ||||||
| 18 | development, small business management, real
estate
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| 19 | development, housing, health facilities financing, local | ||||||
| 20 | government financing,
community development, venture finance, | ||||||
| 21 | construction, and labor relations, agribusiness, and | ||||||
| 22 | production agriculture.
At the time of appointment, the | ||||||
| 23 | Governor shall designate 5 members to serve
until the third | ||||||
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| 1 | Monday in July 2005, 5 members to serve until the third Monday
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| 2 | in July 2006 and 5 members to serve until the third Monday in | ||||||
| 3 | July 2007.
Thereafter, appointments shall be for 3-year terms. | ||||||
| 4 | At any point in time, the Authority must include no fewer than | ||||||
| 5 | 2 members who have expertise in agribusiness or production | ||||||
| 6 | agriculture. A member shall serve until
his or her successor | ||||||
| 7 | shall be appointed and have qualified for office by filing
the | ||||||
| 8 | oath and bond.
Members of the Authority shall not be entitled | ||||||
| 9 | to compensation for their
services as members, but shall be | ||||||
| 10 | entitled to reimbursement for all necessary
expenses incurred | ||||||
| 11 | in connection with the performance of their duties as
members.
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| 12 | The Governor may remove any member of the Authority in case of | ||||||
| 13 | incompetence,
neglect of duty, or malfeasance in office, after | ||||||
| 14 | service on him of a copy of
the
written charges against him and | ||||||
| 15 | an opportunity to be publicly heard in person
or
by counsel in | ||||||
| 16 | his own defense upon not less than 10 days' notice.
From | ||||||
| 17 | nominations received from the Governor, the members of the | ||||||
| 18 | Authority shall
appoint an Executive Director who shall be a | ||||||
| 19 | person knowledgeable in the areas
of financial markets and | ||||||
| 20 | instruments, to hold office for a one-year term. The
Executive | ||||||
| 21 | Director shall be the chief administrative and operational | ||||||
| 22 | officer of
the Authority and shall direct and supervise its | ||||||
| 23 | administrative affairs and
general management and perform such | ||||||
| 24 | other duties as may be prescribed from time
to time by the | ||||||
| 25 | members and shall receive compensation fixed by the Authority.
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| 26 | The Executive Director or any committee of the members may | ||||||
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| 1 | carry out such
responsibilities of the members as the members | ||||||
| 2 | by resolution may delegate. The
Executive Director shall attend | ||||||
| 3 | all meetings of the Authority; however, no
action of the | ||||||
| 4 | Authority shall be invalid on account of the absence of the
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| 5 | Executive Director from a meeting. The Authority may engage the | ||||||
| 6 | services of
such other agents and employees, including | ||||||
| 7 | attorneys, appraisers, engineers,
accountants, credit analysts | ||||||
| 8 | and other consultants, as it may deem advisable
and may | ||||||
| 9 | prescribe their duties and fix their compensation.
The | ||||||
| 10 | Authority may appoint Advisory Councils to (1) assist in the | ||||||
| 11 | formulation of
policy goals and objectives, (2) assist in the | ||||||
| 12 | coordination of the delivery of
services, (3) assist in | ||||||
| 13 | establishment of funding priorities for the various
activities | ||||||
| 14 | of the Authority, and (4) target the activities of the | ||||||
| 15 | Authority to
specific geographic regions.
There may be an | ||||||
| 16 | Advisory Council on Economic Development. The Advisory Council
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| 17 | shall consist of no more than 12 members, who shall serve at | ||||||
| 18 | the pleasure of
the Authority. Members of the Advisory Council | ||||||
| 19 | shall receive no compensation
for
their services, but may be | ||||||
| 20 | reimbursed for expenses incurred with their service
on the | ||||||
| 21 | Advisory Council.
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| 22 | (Source: P.A. 93-205, eff. 1-1-04.)
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| 23 | Section 99. Effective date. This Act takes effect upon | ||||||
| 24 | becoming law.
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