Illinois General Assembly - Full Text of HB3920
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Full Text of HB3920  97th General Assembly




State of Illinois
2011 and 2012


Introduced 1/10/2012, by Rep. Adam Brown - David Reis


20 ILCS 3501/801-15

    Amends the Illinois Finance Authority Act. Requires that the next 2 members appointed to the Illinois Finance Authority have expertise in agribusiness or production agriculture. Requires that, after those appointments, the Authority include no fewer than 2 members who have expertise in agribusiness or production agriculture. Effective immediately.

LRB097 15494 PJG 60608 b





HB3920LRB097 15494 PJG 60608 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.
4The next 2 members appointed after the effective date of this
5amendatory Act of the 97th General Assembly must have expertise
6in agribusiness or production agriculture. Thereafter, the
7Authority must include no fewer than 2 members who have
8expertise in agribusiness or production agriculture. A member
9shall serve until his or her successor shall be appointed and
10have qualified for office by filing the oath and bond. Members
11of the Authority shall not be entitled to compensation for
12their services as members, but shall be entitled to
13reimbursement for all necessary expenses incurred in
14connection with the performance of their duties as members. The
15Governor may remove any member of the Authority in case of
16incompetence, neglect of duty, or malfeasance in office, after
17service on him of a copy of the written charges against him and
18an opportunity to be publicly heard in person or by counsel in
19his own defense upon not less than 10 days' notice. From
20nominations received from the Governor, the members of the
21Authority shall appoint an Executive Director who shall be a
22person knowledgeable in the areas of financial markets and
23instruments, to hold office for a one-year term. The Executive
24Director shall be the chief administrative and operational
25officer of the Authority and shall direct and supervise its
26administrative affairs and general management and perform such



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



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1becoming law.