Full Text of SB2951 94th General Assembly
SB2951enr 94TH GENERAL ASSEMBLY
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| AN ACT relating to the Illinois Research Park Authority | 2 |
| 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. | 6 |
| (a) The General Assembly finds and declares that: | 7 |
| (1) Article 1 of Public Act 88-669, effective November | 8 |
| 29, 1994, created the Illinois Research Park Authority Act. | 9 |
| The Authority created under the Act was authorized, among | 10 |
| other things, to issue bonds, make loans, and otherwise | 11 |
| support and provide financing for certain projects. Public | 12 |
| Act 88-669 also contained many other provisions. | 13 |
| (2) The Illinois Research Park Authority Act was | 14 |
| repealed by Public Act 93-205, effective January 1, 2004, | 15 |
| which transferred its powers and functions to the Illinois | 16 |
| Finance Authority. | 17 |
| (3) The Illinois Supreme Court declared Public Act | 18 |
| 88-669 to be unconstitutional as a violation of the single | 19 |
| subject clause of the Illinois Constitution in People v. | 20 |
| Olender , Docket No. 98932, opinion filed December 15, 2005. | 21 |
| (b) The purpose of this Act is to validate actions taken | 22 |
| under the Illinois Research Park Authority Act, to explicitly | 23 |
| provide the powers and duties formerly included in that Act to | 24 |
| the Illinois Finance Authority, and to minimize or prevent any | 25 |
| problems concerning those actions, powers, and duties that may | 26 |
| arise from the unconstitutionality of Public Act 88-669. | 27 |
| (c) All otherwise lawful actions taken before the effective | 28 |
| date of this Act in reliance on or pursuant to the provisions | 29 |
| of the Illinois Research Park Authority Act, as those | 30 |
| provisions were set forth in Public Act 88-669 or as | 31 |
| subsequently amended, by any officer, employee, or agency of | 32 |
| State government or by any other person or entity, are hereby | 33 |
| validated, except to the extent prohibited under the Illinois |
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| or United States Constitution. | 2 |
| (d) All otherwise lawful actions taken before the effective | 3 |
| date of this Act in reliance on or pursuant to powers or duties | 4 |
| that were purportedly transferred from the Illinois Research | 5 |
| Park Authority to the Illinois Finance Authority by Public Act | 6 |
| 93-205, by any officer, employee, or agency of State government | 7 |
| or by any other person or entity, are hereby validated, except | 8 |
| to the extent prohibited under the Illinois or United States | 9 |
| Constitution. | 10 |
| (e) All otherwise lawful obligations arising out of any | 11 |
| bonds or notes issued before the effective date of this Act | 12 |
| under power purportedly derived directly or indirectly from the | 13 |
| Illinois Research Park Authority Act, whether issued by the | 14 |
| Illinois Research Park Authority or its successor, the Illinois | 15 |
| Finance Authority, are hereby validated and affirmed. | 16 |
| (f) All otherwise lawful obligations arising out of any | 17 |
| loan or other contractual agreement entered into by or on | 18 |
| behalf of the Illinois Research Park Authority or its | 19 |
| successor, the Illinois Finance Authority, before the | 20 |
| effective date of this Act under power purportedly derived | 21 |
| directly or indirectly from the Illinois Research Park | 22 |
| Authority Act are hereby validated and affirmed. | 23 |
| (g) This Act applies, without limitation, to actions | 24 |
| pending on or after the effective date of this Act, except to | 25 |
| the extent prohibited under the Illinois or United States | 26 |
| Constitution. | 27 |
| Section 5. The Illinois Finance Authority Act is amended by | 28 |
| 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 | 31 |
| existing authorities to
the Illinois Finance Authority.
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| (a) The Illinois Finance Authority created by the
Illinois | 33 |
| 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 | 2 |
| "Predecessor Authorities") prior to
the abolition of the | 3 |
| 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 | 12 |
| business in any way
pertaining
to the Predecessor Authorities | 13 |
| are transferred to the Illinois Finance
Authority, but any | 14 |
| rights or obligations of any person under any contract made
by, | 15 |
| or under any rules, regulations, uniform standards, criteria | 16 |
| and guidelines
established or approved by, such Predecessor | 17 |
| Authorities shall be unaffected
thereby. All bonds, notes or | 18 |
| other evidences of indebtedness outstanding on the
effective | 19 |
| date of this Act shall be unaffected by the transfer of | 20 |
| functions to
the Illinois Finance Authority. No rule, | 21 |
| regulation, standard, criteria or
guideline promulgated, | 22 |
| established or approved by the Predecessor Authorities
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| pursuant to an exercise of any right, power, duty or | 24 |
| responsibility assumed by
and transferred to the Illinois | 25 |
| Finance Authority shall be affected by this
Act,
and all such | 26 |
| rules, regulations, standards, criteria and guidelines shall
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| become
those of the Illinois Finance Authority until such time | 28 |
| as they are amended or
repealed by the Illinois Finance | 29 |
| Authority.
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| (c) The Illinois Finance Authority may exercise all
of the | 31 |
| rights,
powers, duties, and responsibilities that were | 32 |
| provided for the Illinois Research Park Authority under the | 33 |
| provisions of the Illinois Research Park Authority Act, as the | 34 |
| text of that Act existed on December 31, 2003, notwithstanding | 35 |
| the fact that Public Act 88-669, which created the Illinois | 36 |
| Research Park Authority Act, has been held to be |
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| unconstitutional as a violation of the single subject clause of | 2 |
| the Illinois Constitution in People v. Olender , Docket No. | 3 |
| 98932, opinion filed December 15, 2005.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| Section 99. Effective date. This Act takes effect upon | 6 |
| becoming law.
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