(20 ILCS 655/12-3)
(from Ch. 67 1/2, par. 620)
Powers and Duties.
has the power to:
(a) Provide loans from the funds appropriated
to a business undertaking a project and
accept mortgages or other evidences of indebtedness or
security of such business.
(b) Enter into agreements, accept funds or grants
and cooperate with agencies of the federal government, local
units of government and local regional economic development
corporations or organizations for the purposes of carrying out
(c) Enter into contracts, letters of credit or any
other agreements or contracts with financial institutions
necessary or desirable to carry out the purposes of this Act.
Any such agreement or contract may include, without limitation,
terms and provisions relating to a specific project such as
loan documentation, review and approval procedures, organization
and servicing rights, default conditions and other
(d) Fix, determine, charge and collect any
premiums, fees, charges, costs and expenses, including application
fees, commitment fees, program fees, financing charges
or publication fees in connection with its activities under
(e) Establish application, notification, contract
and other procedures, rules or regulations deemed necessary
(f) Subject to the provisions of any contract with
another person and consent to the modification or restructuring
of any loan agreement to which the Department is a party.
(g) Take any actions which are necessary or appropriate
to protect the State's interest in the event of
bankruptcy, default, foreclosure or noncompliance with the
terms and conditions of financial assistance or participation
provided under this Act, including the power to sell, dispose,
lease or rent, upon terms and conditions determined by the
Director to be appropriate, real or personal property which
the Department may receive as a result thereof.
(h) Acquire and accept by gift, grant, purchase or
otherwise, but not by condemnation, fee simple title, or such
lesser interest as may be desired, in land, and to improve or
arrange for the improvement of such land for industrial or
commercial site development purposes, and to lease or convey
such land, or interest in land, so acquired and so improved,
including sale and conveyance subject to a mortgage, for such
price, upon such terms and at such time as the Department may
determine, provided that prior to exercising its authority
under this subsection, the Director shall find that other
means of financing and developing any such project are not
reasonably available and that such action is consistent with
the purposes and policies of this Act.
(i) Exercise such other powers as are necessary or
incidental to the foregoing.
(Source: P.A. 84-165.)