State of Illinois
92nd General Assembly
Legislation

   [ Search ]   [ PDF text ]   [ Legislation ]   
[ Home ]   [ Back ]   [ Bottom ]



92_HB2176

 
                                               LRB9206592MWks

 1        AN  ACT  concerning  the  Community  Development  Finance
 2    Corporation.

 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 3 as follows:

 7        (315 ILCS 15/3) (from Ch. 67 1/2, par. 713)
 8        Sec. 3.  The CDFC shall have the power to:
 9        (a)  Adopt by-laws for the regulation of its affairs  and
10    the conduct of its business.
11        (b)  Adopt an official seal.
12        (c)  Sue and be sued in its own name.
13        (d)  Make and execute contracts and all other instruments
14    necessary  or  convenient  for  the exercise of its power and
15    functions.
16        (e)  Acquire, hold and dispose of personal  property  for
17    its corporate purposes.
18        (f)  Enter into agreements or other transactions with any
19    federal or State agency.
20        (g)  Acquire  real  property,  or an interest therein, by
21    purchase or foreclosure, where such acquisition is  necessary
22    or appropriate to protect or secure any investment or loan in
23    which  the  agency  has  an  interest;  to sell, transfer and
24    convey any such property to a buyer and  in  the  event  such
25    sale,   transfer   or  conveyance  cannot  be  effected  with
26    reasonable promptness or at a reasonable price, to lease such
27    property to a tenant.
28        (h)  Invest any funds held in reserves or sinking  funds,
29    or any funds not required for immediate disbursement, in such
30    investments as may be lawful for fiduciaries in this State.
31        (i)  Borrow money by the making of notes and the issuance
 
                            -2-                LRB9206592MWks
 1    of  bonds  including tax exempt revenue bonds and secure such
 2    bonds by the pledge  of  revenues,  mortgages  and  notes  of
 3    others, provided that in no case shall the total indebtedness
 4    of the CDFC exceed 10 million dollars.
 5        (j)  Employ a president, who shall be the chief executive
 6    officer of the corporation, and such other agents, employees,
 7    professional  and  business advisers as may from time to time
 8    be necessary in the judgment of the board of directors and to
 9    fix their compensation.
10        (k)  Appear in its own behalf before boards, commissions,
11    departments or other agencies of government, municipal, State
12    or federal.
13        (l)  Procure insurance against  any  loss  in  connection
14    with its property in such amounts, and from such insurers, as
15    may be necessary or desirable.
16        (m)  Consent,  subject  to the provisions of any contract
17    with  noteholders  or  bondholders,  whenever  it  deems   it
18    necessary  or desirable in the fulfillment of the purposes of
19    this Act, to  the  modification,  with  respect  to  rate  of
20    interest,  time of payment of any installment of principal or
21    interest, or any other terms, of any mortgage, mortgage loan,
22    mortgage loan commitment, contract or agreement of  any  kind
23    to which the CDFC is a party.
24        (n)  Do  any  and  all  things necessary or convenient to
25    carry out its purposes  and  exercise  the  powers  expressly
26    given and granted in this Act.
27        (o)  Receive and accept from any federal or State agency,
28    grants,  loans  or  advances for or in aid of the purposes of
29    this Act and to receive and  accept  contributions  from  any
30    source  of  either  money, property, labor or other things of
31    value, to be held, used and applied for these purposes.
32        (p)  Create, issue, buy and sell stock and other  capital
33    participation  instruments;  to  hold  such stock and capital
34    participation instruments and to underwrite the creation of a
 
                            -3-                LRB9206592MWks
 1    capital  market  for  these  securities  in  a  manner  which
 2    provides first offer of resale to the  community  development
 3    corporation,  business  or  residents  of the target area and
 4    which is designed to enhance development of capital ownership
 5    in the target area.
 6        (q)  Provide and  pay  for  such  advisory  services  and
 7    technical  assistance  as  may  be  necessary or desirable to
 8    carry out the purposes of this Act.
 9        The CDFC shall have no  power  to  tax;  the  State  may,
10    however, contribute to the funding of the CDFC.
11    (Source: P.A. 82-1050.)

[ Top ]