(40 ILCS 5/7-132.3)
(from Ch. 108 1/2, par. 7-132.3)
The EDC Foundation of Chicago.
Foundation of Chicago, an Illinois not-for-profit
corporation, may participate in the Fund and become subject to this Article as follows:
(1) By October 1 of the year preceding the year in which participation
is to begin, the Foundation may, with the authorization of at least
two-thirds of the members of its governing body, file an application with the Board.
(2) The Board shall review the application to determine whether it is in
conformity with the provisions of this Article. Along with such other
provisions as the Board may require, the application shall include a
demonstration that (i) the Foundation has a reasonable expectation of
continuing in existence for at least 10 years, and (ii) the Foundation has
the prospective financial capacity to enable it to meet its current and
future obligations to the Fund. Such financial capacity may be established
by evidence of a contractual commitment by the City of Chicago to assume or
guarantee any unpaid obligations of the Foundation to the Fund, or by the
Foundation entering into an agreement with the Board to pay annually to the
Fund any actuarially determined unfunded obligation relating to the
Foundation, in addition to the employer contributions required under Section 7-172.
(3) If the Board determines that the application is in conformity with
the requirements of this Article, and that participation by the Foundation
would not reasonably be expected to impair the actuarial soundness of the
Fund, it shall approve the application.
If the application is approved, the Foundation's employees shall begin
participation on the following January 1, and the Foundation shall
thereupon become a participating instrumentality for the purposes of Section 7-172.
(Source: P.A. 86-272.)