(70 ILCS 506/15)
(a) There is created a political subdivision, body politic, and municipal
corporation named the Eastern
Illinois Economic Development Authority. The territorial jurisdiction of the
Authority is that geographic
area within the boundaries of the following counties: Ford, Iroquois, Piatt, Champaign, Vermilion, Douglas, Moultrie, Shelby, Coles, and Edgar and any
navigable waters and
air space located therein.
(b) The governing and administrative powers of the Authority shall be vested
in a body consisting of 14
members as follows:
(1) Ex officio members. The Director of Commerce and
by the Governor with the advice and consent of the Senate. The county board chairperson of the following counties shall each appoint one member: Ford, Iroquois, Piatt, Champaign, Vermilion, Douglas, Moultrie, Shelby, Coles, and Edgar. All public members shall reside within the territorial jurisdiction of the Authority. The public members shall be persons of recognized ability and experience in one or more of the following areas: economic development, finance, banking, industrial development, state or local government, commercial agriculture, small business management, real estate development, community development, venture finance, organized labor, or civic or community organization.
(c) A majority of the members appointed under item (2) of subsection (b) of this Section shall constitute a quorum.
(d) The chairperson of the Authority shall be elected annually by the Board and must be a public member that resides within the territorial jurisdiction of the Authority.
(e) The terms of all initial members of the Authority shall begin 30 days
after the effective date of this
Of the 3 original public members appointed by the Governor, 1
shall serve until the third Monday in January, 2006; 1 shall serve until the
third Monday in January, 2007; 1 shall serve until the third Monday in January,
2008. The initial terms of the original public members appointed by the county board chairpersons shall be determined by lot, according to the following schedule: (i) 2 shall serve until the third Monday in January, 2006, (ii) 2 shall serve until the third Monday in January, 2007, (iii) 2 shall serve until the third Monday in January, 2008, (iv) 2 shall serve until the third Monday in January, 2009, and (v) 2 shall serve until the third Monday in January, 2010. All successors to these original
members shall be appointed by the original appointing authority and all appointments made by the Governor shall be made with the advice and consent of the Senate, pursuant to subsection (b), and shall hold office for a term of 6 years
commencing the third Monday in January of the year in which their term
commences, except in the case of an appointment to fill a vacancy.
Vacancies occurring among the public members shall be filled for the
remainder of the term. In case of
vacancy in a Governor-appointed membership when the Senate is not in session,
the Governor may make a
temporary appointment until the next meeting of the Senate when a person shall
be nominated to fill the
office and, upon confirmation by the Senate, he or she shall hold office during
the remainder of the term
and until a successor is appointed and qualified. Members of the Authority are
not entitled to
compensation for their services as members but are entitled to reimbursement
for all necessary expenses
incurred in connection with the performance of their duties as members.
(f) The Governor or a county board chairperson, as the case may be, may remove any public member of the Authority in case of
incompetence, neglect of
duty, or malfeasance in office. The chairperson of a county board may remove any
public member appointed
by that chairperson in the case of incompetence, neglect of duty, or malfeasance
(g) The Board shall appoint an Executive Director who shall have a
background in finance, including
familiarity with the legal and procedural requirements of issuing bonds, real
estate, or economic
development and administration. The Executive Director shall hold office at the
discretion of the Board.
The Executive Director shall be the chief administrative and operational
officer of the Authority, shall
direct and supervise its administrative affairs and general management, perform
such other duties as may
be prescribed from time to time by the members, and receive compensation fixed
by the Authority. The Department of Commerce and Economic Opportunity shall pay
the compensation of the Executive Director from appropriations received for
that purpose. 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
the Illinois Finance Authority, attorneys, appraisers, engineers, accountants,
credit analysts, and other consultants if the Eastern Illinois Economic
Development Authority deems it advisable.
(Source: P.A. 94-203, eff. 7-13-05; 95-854, eff. 8-18-08.)