(70 ILCS 510/5) (from Ch. 85, par. 6205)
Sec. 5. Conflicts of interest; requests for assistance; disclosure of economic interests. (a) No member of the
Authority or officer, agent or employee thereof other than the
representatives of a professional sports team shall, in his or her own name
or in the name of a nominee, be an officer, director or hold an ownership
interest of more than 7-1/2% in any person, association, trust, corporation,
partnership or other entity which is, in its own name or in the name of a
nominee, a party to a contract or agreement upon which the member or
officer, agent or employee may be called upon to act or vote.
(b) With respect to any direct or any indirect interest, other than an
interest prohibited in subsection (a), in a contract or agreement upon
which the member or officer, agent or employee may be called upon to act or
vote, a member of the Authority or officer, agent or employee thereof shall
disclose the same to the secretary of the Authority prior to the taking of
final action by the Authority concerning such contract or agreement and
shall so disclose the nature and extent of such interest and his or her
acquisition thereof, which disclosures shall be publicly acknowledged by
the Authority and entered upon the minutes of the Authority. If a member
of the Authority or officer, agent or employee thereof holds such an
interest then he or she shall refrain from any further official
involvement in regard to such contract or agreement, from voting on any
matter pertaining to such contract or agreement, and from communicating
with other members of the Authority or its officers, agents and employees
concerning said contract or agreement. Notwithstanding any other provision
of law, any contract or agreement entered into in conformity with this
subsection (b) shall not be void or invalid by reason of the interest
described in this subsection, nor shall any person so disclosing the
interest and refraining from further official involvement as provided in
this subsection be guilty of an offense, be removed from office or be
subject to any other penalty on account of such interest.
(c) Any contract or agreement made in violation of subsection (a) or (b)
of this Section shall be null and void and give rise to no action against
the Authority. No real estate to which a member or employee of the
Authority holds legal title or in which such person has any beneficial
interest, including any interest in a land trust, shall be purchased by the
Authority or by a nonprofit corporation or limited-profit entity for a
development to be financed under this Act. All members and employees of
the Authority shall file annually with the Authority a record of all real
estate in this State of which such person holds legal title or in which
such person has any beneficial interest, including any interest in a land
trust. In the event it is later disclosed that the Authority has purchased
real estate in which a member or employee had an interest, such purchase
shall be voidable by the Authority and the member or employee involved
shall be disqualified from membership in or employment by the Authority.
(d) The Authority may not hear a request for assistance from a restricted person. This prohibition extends to business relationships between a person who is an Authority leader within one year prior to the request for assistance and to any entity in which a restricted person holds or, within the past 2 years, held an ownership interest of 10% or more. (e) An Authority leader shall disclose and recuse himself or herself from matters relating to requests for assistance from an entity that is relocating full-time employees from another Authority's counties if (i) both Authorities contract with or employ the same Authority leader or (ii) there is or, within the past 2 years of the request, there was a business relationship between the Authority leaders at the 2 Authorities. (f) The Board of the Authority shall vote to renew the appointment of the Executive Director and other Authority leaders on an annual basis. All contracts shall be approved on an annual basis and use a public process to solicit applications. This requirement does not apply to full-time employees of the Authority unless otherwise required by applicable State law or local ordinance. (g) Each Authority leader shall submit a statement of economic interest in accordance with Article 4A of the Illinois Governmental Ethics Act. Additionally, each Authority leader shall disclose to the Board outside sources of income and any business relationships in economic development consulting or lobbying. Reporting shall include the source of income, services provided, and timeline of when services were provided. If the source of income is a firm or organization with multiple clients, the report shall list all of the entities for which the individual provided services.(Source: P.A. 103-517, eff. 8-11-23.)
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