(110 ILCS 945/5) (from Ch. 144, par. 1605)
Sec. 5. Transfer of functions from the Illinois Educational Facilities
Authority to the Illinois Finance Authority. The Illinois Finance Authority
created by the Illinois Finance Authority Act shall succeed to, assume and
exercise all rights, powers, duties and responsibilities formerly exercised by
the Illinois Educational Facilities Authority prior to the abolition of that
Authority by this amendatory Act of the 93rd General Assembly. All books,
records, papers, documents and pending business in any way pertaining to the
former Illinois Educational Facilities Authority are transferred to the
Illinois Finance Authority, but any rights or obligations of
any person under any contract made by, or under any rules, regulations,
uniform standards, criteria and guidelines established or approved by, such
former Illinois Educational Facilities Authority shall be unaffected thereby.
All bonds, notes or other evidences of indebtedness outstanding on the
effective date of this amendatory Act of the 93rd General Assembly shall be
unaffected by the transfer of functions to the Illinois Finance Authority.
No rule, regulation, standard, criteria or guideline promulgated, established
or approved by the former Illinois Educational Facilities Authority pursuant
to an exercise of any right, power, duty or responsibility assumed by and
transferred to the Illinois Finance Authority shall be affected by this
amendatory Act of the 93rd General Assembly, and all such rules, regulations,
standards, criteria and guidelines shall become those of the Illinois Finance
Authority until such time as they are amended or repealed by the Authority.
(Source: P.A. 95-331, eff. 8-21-07.)
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