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| Public Act 098-0344 | ||||
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Finance Authority Act is amended by | ||||
changing Section 801-15 as follows:
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(20 ILCS 3501/801-15)
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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.
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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
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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
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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.
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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.
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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
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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
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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.
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(Source: P.A. 93-205, eff. 1-1-04.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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