State of Illinois
91st General Assembly
Legislation

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91_HB3293eng

 
HB3293 Engrossed                               LRB9109418DJcd

 1        AN  ACT  to  amend  the  Illinois  Community  Development
 2    Finance Corporation Act by changing Section 2.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.   The  Illinois Community Development Finance
 6    Corporation Act is amended by changing Section 2 as follows:

 7        (315 ILCS 15/2) (from Ch. 67 1/2, par. 712)
 8        Sec. 2.  There is  hereby  created  a  body  politic  and
 9    corporate  to  be known as the Illinois Community Development
10    Finance Corporation or CDFC.
11        The Corporation shall consist of 9 directors, one of whom
12    shall be the  Director  of  Commerce  and  Community  Affairs
13    Treasurer  of the State of Illinois or his designee who shall
14    serve as chairman and one of whom shall be  the  Director  of
15    the  Department  of  Commerce  and  Community  Affairs or his
16    designee. The  Governor  shall  appoint  the  remaining  8  7
17    members  and  these  appointees  must  possess  experience in
18    business, labor, management, finance, or  community  economic
19    development.      Membership  in  a  CDC  will  not  preclude
20    appointment as a Director, but neither shall such  membership
21    be  a  prerequisite for appointment. Each member appointed by
22    the Governor shall serve a term of 5 years,  except  that  in
23    making  his  initial  appointments the Governor shall appoint
24    one member to serve for a term of one  year,  one  member  to
25    serve  for  a  term  of  2  years, one member for a term of 3
26    years, 2 members for a term of 4 years, and one member for  a
27    term  of  5  years.  The  additional  member appointed by the
28    Governor pursuant to this amendatory Act of the 91st  General
29    Assembly  shall  serve  for  an  initial  term  of  2  years;
30    thereafter,  each  such  member  shall  serve for a term of 5
31    years as in the case of the other members.
 
HB3293 Engrossed            -2-                LRB9109418DJcd
 1        Any person appointed to fill a vacancy in the office of a
 2    member shall be appointed in a like manner  and  shall  serve
 3    for only the unexpired term. Any member shall be eligible for
 4    reappointment.    Any   member   may   be  removed  from  his
 5    appointment  by  the  Governor  only  for  good  cause.   The
 6    directors shall  annually  elect  one  of  their  members  as
 7    vice-chairman  and  designate  a secretary-treasurer who need
 8    not be a member of the board.  The secretary-treasurer  shall
 9    keep a record of the proceedings of the corporation and shall
10    be  the  custodian  of all books, documents, and papers filed
11    with the corporation, the minute books of the corporation and
12    of its official seal.
13        Five of the directors of the corporation shall constitute
14    a quorum and 5 affirmative votes shall be necessary  for  the
15    transaction  of  business  or  the  exercise  of any power or
16    function of the corporation. Each director shall be  entitled
17    to  reimbursement  for  his  actual  and  necessary  expenses
18    incurred in the performance of his official duties.
19        The  corporation may contract with or otherwise deal with
20    any public nonprofit  community  development  corporation  or
21    cooperative  organized  to carry out the purposes of this Act
22    of which any director of the corporation is also a member  or
23    officer,  provided that such interest is disclosed in advance
24    to members of the board and recorded in the  minutes  of  the
25    corporation and provided further that no director having such
26    a   financial   interest  may  participate  in  any  decision
27    affecting such transaction.
28        The president of the corporation shall be  appointed  and
29    his  salary  established  by  the  board  of  directors.  The
30    president shall be the chief administrative  and  operational
31    officer  of  the  corporation  and shall direct and supervise
32    administrative affairs and  the  general  management  of  the
33    corporation.   The  president may employ such other employees
34    as shall be designated  by  the  board  of  directors,  shall
 
HB3293 Engrossed            -3-                LRB9109418DJcd
 1    attend meetings of the board of directors, shall cause copies
 2    to  be made of all minutes and other records and documents of
 3    the corporation and shall certify that such copies  are  true
 4    copies, and all persons dealing with the corporation may rely
 5    upon such certification.
 6    (Source: P.A. 86-593.)

 7        Section  99.  Effective date.  This Act takes effect upon
 8    becoming law.

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