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91_HB3293ham001
LRB9109418DJcdam
1 AMENDMENT TO HOUSE BILL 3293
2 AMENDMENT NO. . Amend House Bill 3293 as follows:
3 by replacing the title with the following:
4 "AN ACT to amend the Illinois Community Development
5 Finance Corporation Act by changing Section 2."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Illinois Community Development Finance
9 Corporation Act is amended by changing Section 2 as follows:
10 (315 ILCS 15/2) (from Ch. 67 1/2, par. 712)
11 Sec. 2. There is hereby created a body politic and
12 corporate to be known as the Illinois Community Development
13 Finance Corporation or CDFC.
14 The Corporation shall consist of 9 directors, one of whom
15 shall be the Director of Commerce and Community Affairs
16 Treasurer of the State of Illinois or his designee who shall
17 serve as chairman and one of whom shall be the Director of
18 the Department of Commerce and Community Affairs or his
19 designee. The Governor shall appoint the remaining 8 7
20 members and these appointees must possess experience in
21 business, labor, management, finance, or community economic
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1 development. Membership in a CDC will not preclude
2 appointment as a Director, but neither shall such membership
3 be a prerequisite for appointment. Each member appointed by
4 the Governor shall serve a term of 5 years, except that in
5 making his initial appointments the Governor shall appoint
6 one member to serve for a term of one year, one member to
7 serve for a term of 2 years, one member for a term of 3
8 years, 2 members for a term of 4 years, and one member for a
9 term of 5 years. The additional member appointed by the
10 Governor pursuant to this amendatory Act of the 91st General
11 Assembly shall serve for an initial term of 2 years;
12 thereafter, each such member shall serve for a term of 5
13 years as in the case of the other members.
14 Any person appointed to fill a vacancy in the office of a
15 member shall be appointed in a like manner and shall serve
16 for only the unexpired term. Any member shall be eligible for
17 reappointment. Any member may be removed from his
18 appointment by the Governor only for good cause. The
19 directors shall annually elect one of their members as
20 vice-chairman and designate a secretary-treasurer who need
21 not be a member of the board. The secretary-treasurer shall
22 keep a record of the proceedings of the corporation and shall
23 be the custodian of all books, documents, and papers filed
24 with the corporation, the minute books of the corporation and
25 of its official seal.
26 Five of the directors of the corporation shall constitute
27 a quorum and 5 affirmative votes shall be necessary for the
28 transaction of business or the exercise of any power or
29 function of the corporation. Each director shall be entitled
30 to reimbursement for his actual and necessary expenses
31 incurred in the performance of his official duties.
32 The corporation may contract with or otherwise deal with
33 any public nonprofit community development corporation or
34 cooperative organized to carry out the purposes of this Act
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1 of which any director of the corporation is also a member or
2 officer, provided that such interest is disclosed in advance
3 to members of the board and recorded in the minutes of the
4 corporation and provided further that no director having such
5 a financial interest may participate in any decision
6 affecting such transaction.
7 The president of the corporation shall be appointed and
8 his salary established by the board of directors. The
9 president shall be the chief administrative and operational
10 officer of the corporation and shall direct and supervise
11 administrative affairs and the general management of the
12 corporation. The president may employ such other employees
13 as shall be designated by the board of directors, shall
14 attend meetings of the board of directors, shall cause copies
15 to be made of all minutes and other records and documents of
16 the corporation and shall certify that such copies are true
17 copies, and all persons dealing with the corporation may rely
18 upon such certification.
19 (Source: P.A. 86-593.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.".