(70 ILCS 3210/65)
Conflicts of interest; generally.
(a) No members or employees of the Authority shall be
employed by, be an officer or director of, or have any
ownership interest in any corporation or entity that is a party to a loan
agreement with the Authority under this Act.
(b) No moneys of the Authority shall be deposited in any financial
institution in which any officer, director, or holder of a substantial
proprietary interest is also a member or employee of the Authority.
(c) No real estate to which a member or employee of the Authority holds
legal title or in which such a person has any beneficial interest, including
any interest in a land trust, shall be purchased by the Authority, nor shall
any such property be purchased by a corporation or entity for a
facility to be financed under this Act. Every member and employee of the
Authority shall file annually with the Authority a record of all real estate in
this State to which the person holds legal title or in which the person has any
beneficial interest, including any interest in a land trust. In the event it is
later disclosed that the Authority or other entity has purchased real estate in
which a member or employee had an interest, the purchase shall be voidable by
the Authority and the member or employee involved shall be disqualified from
membership in or employment by the Authority.
(Source: P.A. 93-227, eff. 1-1-04.)