Illinois Compiled Statutes
Information maintained by the Legislative
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
20 ILCS 3501/845-75
(20 ILCS 3501/845-75)
Transfer of functions from previously existing authorities to
the Illinois Finance Authority.
(a) The Illinois Finance Authority created by the
Illinois Finance Authority Act shall succeed to, assume and exercise all
powers, duties and responsibilities formerly exercised by the following
Authorities and entities (herein called the "Predecessor Authorities") prior to
the abolition of the Predecessor Authorities by this Act:
The Illinois Development Finance Authority
The Illinois Farm Development Authority
The Illinois Health Facilities Authority
The Illinois Educational Facilities Authority
The Illinois Community Development Finance Corporation
The Illinois Rural Bond Bank
The Illinois Research Park Authority
(b) All books, records, papers, documents and pending business in any way
to the Predecessor Authorities 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 Predecessor Authorities shall be unaffected
thereby. All bonds, notes or other evidences of indebtedness outstanding on the
effective date of this Act 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 Predecessor Authorities
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
and all such rules, regulations, standards, criteria and guidelines shall
those of the Illinois Finance Authority until such time as they are amended or
repealed by the Illinois Finance Authority.
(c) The Illinois Finance Authority may exercise all
of the rights,
powers, duties, and responsibilities that were provided for the Illinois Research Park Authority under the provisions of the Illinois Research Park Authority Act, as the text of that Act existed on December 31, 2003, notwithstanding the fact that Public Act 88-669, which created the Illinois Research Park Authority Act, has been held to be unconstitutional as a violation of the single subject clause of the Illinois Constitution in
People v. Olender
, Docket No. 98932, opinion filed December 15, 2005.
(d) The enactment of Public Act 100-919 shall not affect any right accrued or liability incurred prior to its enactment, including the validity or enforceability of any prior action taken by the Illinois Finance Authority with respect to loans made, or loan participations purchased, by the Authority under subsection (i) or (r) of Section 801-40.
(Source: P.A. 100-919, eff. 8-17-18; 101-81, eff. 7-12-19.)