(20 ILCS 3515/4) (from Ch. 127, par. 724)
Sec. 4.
Transfer of functions from the Illinois Development Finance
Authority to the Illinois Finance Authority. The Illinois Finance Authority
created by the Illinois
Finance Authority Act shall succeed to, assume and exercise all rights,
powers, duties and responsibilities formerly exercised by the Illinois
Development Finance Authority prior to the abolition of that Authority
by this amendatory Act of the 93rd General Assembly. All books,
records, papers, documents and
pending business in any way pertaining to the former Illinois Development
Finance Authority are transferred to the Illinois
Finance Authority, but any rights or obligations of any person under any
contract made by, or under any rules, regulations, uniform standards, criteria
and guidelines established or approved by such former Illinois Environmental
Facilities Financing Authority shall be unaffected thereby. All bonds,
notes or other evidences of indebtedness outstanding on the effective date
of this amendatory Act of the 93rd General Assembly shall be
unaffected by the transfer of functions
to the Illinois Finance Authority. No rule,
regulation, standard,
criteria or guideline promulgated, established or approved by the former
Illinois Development Finance
Authority pursuant to an exercise
of any right, power, duty or responsibility assumed by and transferred to
the Illinois Finance Authority shall be affected by
this amendatory
Act of the 93rd General Assembly, and all such rules, regulations,
standards, criteria and
guidelines
shall become those of the Illinois Finance Authority
until such
time as they are amended or repealed by the Authority.
Any action, including without limitation, approvals of applications for
bonds and resolutions constituting official action under the Internal Revenue
Code, by the Illinois Environmental Facilities Financing Authority prior
to the September 23, 1983 effective date of Public Act 83-669 shall remain
effective to the same extent as if such action had been taken by the Authority
and shall be deemed to be action taken by the Authority.
The State authority is
constituted a public instrumentality and the exercise by the State
authority of the powers conferred by this Act shall be deemed and held
to be the performance of an essential public function. The Illinois Finance
Authority Act
shall not
apply to the provision of financing for environmental facilities by the
Authority, unless such financing is provided pursuant to
such Act.
(Source: P.A. 93-205, eff. 1-1-04.)
|