(105 ILCS 5/1E-25)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)
The purposes of the Authority shall be
to exercise financial control over the district and to furnish financial
assistance so that the district can provide public education within the
district's jurisdiction while permitting the district to meet its obligations
to its creditors and the holders of its debt. Except as
expressly limited by this Article, the Authority shall have all powers
granted to a voluntary or involuntary Financial Oversight Panel and to
a Financial Administrator under Article 1B of this Code and all other powers
necessary to meet its responsibilities and to carry out its purposes
and the purposes of this Article, including without limitation all of the
provided that the Authority shall have no power to violate any statutory
provision, to impair any contract or obligation of the district, or to
terminate any employee without following the statutory procedures for
such terminations set forth in this Code:
(1) To sue and to be sued.
(2) To make and execute contracts, leases, subleases
and all other instruments or agreements necessary or convenient for the exercise of the powers and functions granted by this Article.
(3) To purchase real or personal property necessary
or convenient for its purposes; to execute and deliver deeds for real property held in its own name; and to sell, lease, or otherwise dispose of such of its property as, in the judgment of the Authority, is no longer necessary for its purposes.
(4) To appoint officers, agents, and employees of the
Authority, including a chief executive officer, a chief fiscal officer, and a chief educational officer to administer and manage, under the direction of the Authority, the operations and educational programs of the district, in accordance with this Article and all other provisions of this Code; to define their duties and qualifications; and to fix their compensation and employee benefits.
(5) To transfer to the district such sums of money as
are not required for other purposes.
(6) To borrow money and to issue obligations pursuant
to this Article; to fund, refund, or advance refund the same; to provide for the rights of the holders of its obligations; and to repay any advances.
(7) Subject to the provisions of any contract with or
for the benefit of the holders of its obligations, to purchase or redeem its obligations.
(8) To procure all necessary goods and services for
the Authority in compliance with the purchasing laws and requirements applicable to the district.
(8.5) To take action on behalf of the district as
the Authority deems necessary and in accordance with this Article and all other provisions of this Code, based on the recommendation of the chief executive officer, chief educational officer, or chief fiscal officer, and the district shall be bound by such action in all respects as if the action had been approved by the district itself.
(9) To do any and all things necessary or convenient
to carry out its purposes and exercise the powers given to it by this Article.
(Source: P.A. 94-234, eff. 7-14-05