Illinois General Assembly - Full Text of Public Act 098-0344
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Public Act 098-0344





Public Act 098-0344
HB2748 EnrolledLRB098 08966 HLH 39099 b

    AN ACT concerning State government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Illinois Finance Authority Act is amended by
changing Section 801-15 as follows:
    (20 ILCS 3501/801-15)
    Sec. 801-15. There is hereby created a body politic and
corporate to be known as the Illinois Finance Authority. The
exercise of the powers conferred by law shall be an essential
public function. The Authority shall consist of 15 members, who
shall be appointed by the Governor, with the advice and consent
of the Senate. Upon the appointment of the Board and every 2
years thereafter, the chairperson of the Authority shall be
selected by the Governor to serve as chairperson for two years.
Appointments to the Authority shall be persons of recognized
ability and experience in one or more of the following areas:
economic development, finance, banking, industrial
development, small business management, real estate
development, housing, health facilities financing, local
government financing, community development, venture finance,
construction, and labor relations, agribusiness, and
production agriculture. At the time of appointment, the
Governor shall designate 5 members to serve until the third
Monday in July 2005, 5 members to serve until the third Monday
in July 2006 and 5 members to serve until the third Monday in
July 2007. Thereafter, appointments shall be for 3-year terms.
At any point in time, the Authority must include no fewer than
2 members who have expertise in agribusiness or production
agriculture. A member shall serve until his or her successor
shall be appointed and have qualified for office by filing the
oath and bond. Members of the Authority shall not be entitled
to compensation for their services as members, but shall be
entitled to reimbursement for all necessary expenses incurred
in connection with the performance of their duties as members.
The Governor may remove any member of the Authority in case of
incompetence, neglect of duty, or malfeasance in office, after
service on him of a copy of the written charges against him and
an opportunity to be publicly heard in person or by counsel in
his own defense upon not less than 10 days' notice. From
nominations received from the Governor, the members of the
Authority shall appoint an Executive Director who shall be a
person knowledgeable in the areas of financial markets and
instruments, to hold office for a one-year term. The Executive
Director shall be the chief administrative and operational
officer of the Authority and shall direct and supervise its
administrative affairs and general management and perform such
other duties as may be prescribed from time to time by the
members and shall receive compensation fixed by the Authority.
The Executive Director or any committee of the members may
carry out such responsibilities of the members as the members
by resolution may delegate. The Executive Director shall attend
all meetings of the Authority; however, no action of the
Authority shall be invalid on account of the absence of the
Executive Director from a meeting. The Authority may engage the
services of such other agents and employees, including
attorneys, appraisers, engineers, accountants, credit analysts
and other consultants, as it may deem advisable and may
prescribe their duties and fix their compensation. The
Authority may appoint Advisory Councils to (1) assist in the
formulation of policy goals and objectives, (2) assist in the
coordination of the delivery of services, (3) assist in
establishment of funding priorities for the various activities
of the Authority, and (4) target the activities of the
Authority to specific geographic regions. There may be an
Advisory Council on Economic Development. The Advisory Council
shall consist of no more than 12 members, who shall serve at
the pleasure of the Authority. Members of the Advisory Council
shall receive no compensation for their services, but may be
reimbursed for expenses incurred with their service on the
Advisory Council.
(Source: P.A. 93-205, eff. 1-1-04.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/13/2013