Public Act 094-0960
 
SB2951 Enrolled LRB094 19074 EFG 54581 b

    AN ACT relating to the Illinois Research Park Authority
Act.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 1. Findings; purpose; validation.
    (a) The General Assembly finds and declares that:
        (1) Article 1 of Public Act 88-669, effective November
    29, 1994, created the Illinois Research Park Authority Act.
    The Authority created under the Act was authorized, among
    other things, to issue bonds, make loans, and otherwise
    support and provide financing for certain projects. Public
    Act 88-669 also contained many other provisions.
        (2) The Illinois Research Park Authority Act was
    repealed by Public Act 93-205, effective January 1, 2004,
    which transferred its powers and functions to the Illinois
    Finance Authority.
        (3) The Illinois Supreme Court declared Public Act
    88-669 to be unconstitutional as a violation of the single
    subject clause of the Illinois Constitution in People v.
    Olender, Docket No. 98932, opinion filed December 15, 2005.
    (b) The purpose of this Act is to validate actions taken
under the Illinois Research Park Authority Act, to explicitly
provide the powers and duties formerly included in that Act to
the Illinois Finance Authority, and to minimize or prevent any
problems concerning those actions, powers, and duties that may
arise from the unconstitutionality of Public Act 88-669.
    (c) All otherwise lawful actions taken before the effective
date of this Act in reliance on or pursuant to the provisions
of the Illinois Research Park Authority Act, as those
provisions were set forth in Public Act 88-669 or as
subsequently amended, by any officer, employee, or agency of
State government or by any other person or entity, are hereby
validated, except to the extent prohibited under the Illinois
or United States Constitution.
    (d) All otherwise lawful actions taken before the effective
date of this Act in reliance on or pursuant to powers or duties
that were purportedly transferred from the Illinois Research
Park Authority to the Illinois Finance Authority by Public Act
93-205, by any officer, employee, or agency of State government
or by any other person or entity, are hereby validated, except
to the extent prohibited under the Illinois or United States
Constitution.
    (e) All otherwise lawful obligations arising out of any
bonds or notes issued before the effective date of this Act
under power purportedly derived directly or indirectly from the
Illinois Research Park Authority Act, whether issued by the
Illinois Research Park Authority or its successor, the Illinois
Finance Authority, are hereby validated and affirmed.
    (f) All otherwise lawful obligations arising out of any
loan or other contractual agreement entered into by or on
behalf of the Illinois Research Park Authority or its
successor, the Illinois Finance Authority, before the
effective date of this Act under power purportedly derived
directly or indirectly from the Illinois Research Park
Authority Act are hereby validated and affirmed.
    (g) This Act applies, without limitation, to actions
pending on or after the effective date of this Act, except to
the extent prohibited under the Illinois or United States
Constitution.
 
    Section 5. The Illinois Finance Authority Act is amended by
changing Section 845-75 as follows:
 
    (20 ILCS 3501/845-75)
    Sec. 845-75. Transfer of functions from previously
existing authorities to the Illinois Finance Authority.
    (a) The Illinois Finance Authority created by the Illinois
Finance Authority Act shall succeed to, assume and exercise all
rights, powers, duties and responsibilities formerly exercised
by the following Authorities and entities (herein called the
"Predecessor Authorities") prior to the abolition of the
Predecessor Authorities by this Act:
        The Illinois Development Finance Authority
        The Illinois Farm Development Authority
        The Illinois Health Facilities Authority
        The Illinois Educational Facilities Authority
        The Illinois Community Development Finance Corporation
        The Illinois Rural Bond Bank
        The Illinois Research Park Authority
    (b) All books, records, papers, documents and pending
business in any way pertaining to the Predecessor Authorities
are transferred to the Illinois Finance Authority, but any
rights or obligations of any person under any contract made by,
or under any rules, regulations, uniform standards, criteria
and guidelines established or approved by, such Predecessor
Authorities shall be unaffected thereby. All bonds, notes or
other evidences of indebtedness outstanding on the effective
date of this Act shall be unaffected by the transfer of
functions to the Illinois Finance Authority. No rule,
regulation, standard, criteria or guideline promulgated,
established or approved by the Predecessor Authorities
pursuant to an exercise of any right, power, duty or
responsibility assumed by and transferred to the Illinois
Finance Authority shall be affected by this Act, and all such
rules, regulations, standards, criteria and guidelines shall
become those of the Illinois Finance Authority until such time
as they are amended or repealed by the Illinois Finance
Authority.
    (c) The Illinois Finance Authority may exercise all of the
rights, powers, duties, and responsibilities that were
provided for the Illinois Research Park Authority under the
provisions of the Illinois Research Park Authority Act, as the
text of that Act existed on December 31, 2003, notwithstanding
the fact that Public Act 88-669, which created the Illinois
Research Park Authority Act, has been held to be
unconstitutional as a violation of the single subject clause of
the Illinois Constitution in People v. Olender, Docket No.
98932, opinion filed December 15, 2005.
(Source: P.A. 93-205, eff. 1-1-04.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 6/27/2006