Full Text of HB2748 98th General Assembly
HB2748enr 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Finance Authority Act is amended by | 5 | | changing Section 801-15 as follows:
| 6 | | (20 ILCS 3501/801-15)
| 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.
| 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
| 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
| 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.
| 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.
| 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
| 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
| 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.
| 22 | | (Source: P.A. 93-205, eff. 1-1-04.)
| 23 | | Section 99. Effective date. This Act takes effect upon | 24 | | becoming law.
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