Illinois General Assembly - Full Text of HB2748
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Full Text of HB2748  98th General Assembly




HB2748 EnrolledLRB098 08966 HLH 39099 b

1    AN ACT concerning State government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Finance Authority Act is amended by
5changing Section 801-15 as follows:
6    (20 ILCS 3501/801-15)
7    Sec. 801-15. There is hereby created a body politic and
8corporate to be known as the Illinois Finance Authority. The
9exercise of the powers conferred by law shall be an essential
10public function. The Authority shall consist of 15 members, who
11shall be appointed by the Governor, with the advice and consent
12of the Senate. Upon the appointment of the Board and every 2
13years thereafter, the chairperson of the Authority shall be
14selected by the Governor to serve as chairperson for two years.
15Appointments to the Authority shall be persons of recognized
16ability and experience in one or more of the following areas:
17economic development, finance, banking, industrial
18development, small business management, real estate
19development, housing, health facilities financing, local
20government financing, community development, venture finance,
21construction, and labor relations, agribusiness, and
22production agriculture. At the time of appointment, the
23Governor shall designate 5 members to serve until the third



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1Monday in July 2005, 5 members to serve until the third Monday
2in July 2006 and 5 members to serve until the third Monday in
3July 2007. Thereafter, appointments shall be for 3-year terms.
4At any point in time, the Authority must include no fewer than
52 members who have expertise in agribusiness or production
6agriculture. A member shall serve until his or her successor
7shall be appointed and have qualified for office by filing the
8oath and bond. Members of the Authority shall not be entitled
9to compensation for their services as members, but shall be
10entitled to reimbursement for all necessary expenses incurred
11in connection with the performance of their duties as members.
12The Governor may remove any member of the Authority in case of
13incompetence, neglect of duty, or malfeasance in office, after
14service on him of a copy of the written charges against him and
15an opportunity to be publicly heard in person or by counsel in
16his own defense upon not less than 10 days' notice. From
17nominations received from the Governor, the members of the
18Authority shall appoint an Executive Director who shall be a
19person knowledgeable in the areas of financial markets and
20instruments, to hold office for a one-year term. The Executive
21Director shall be the chief administrative and operational
22officer of the Authority and shall direct and supervise its
23administrative affairs and general management and perform such
24other duties as may be prescribed from time to time by the
25members and shall receive compensation fixed by the Authority.
26The Executive Director or any committee of the members may



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1carry out such responsibilities of the members as the members
2by resolution may delegate. The Executive Director shall attend
3all meetings of the Authority; however, no action of the
4Authority shall be invalid on account of the absence of the
5Executive Director from a meeting. The Authority may engage the
6services of such other agents and employees, including
7attorneys, appraisers, engineers, accountants, credit analysts
8and other consultants, as it may deem advisable and may
9prescribe their duties and fix their compensation. The
10Authority may appoint Advisory Councils to (1) assist in the
11formulation of policy goals and objectives, (2) assist in the
12coordination of the delivery of services, (3) assist in
13establishment of funding priorities for the various activities
14of the Authority, and (4) target the activities of the
15Authority to specific geographic regions. There may be an
16Advisory Council on Economic Development. The Advisory Council
17shall consist of no more than 12 members, who shall serve at
18the pleasure of the Authority. Members of the Advisory Council
19shall receive no compensation for their services, but may be
20reimbursed for expenses incurred with their service on the
21Advisory Council.
22(Source: P.A. 93-205, eff. 1-1-04.)
23    Section 99. Effective date. This Act takes effect upon
24becoming law.