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91_SB0655
LRB9105812DHmg
1 AN ACT to amend the Illinois Development Finance
2 Authority Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Development Finance Authority
6 Act is amended by changing Section 6 as follows:
7 (20 ILCS 3505/6) (from Ch. 48, par. 850.06)
8 Sec. 6. General corporate powers. The Authority
9 possesses all the powers as a body corporate necessary and
10 convenient to accomplish the purposes of this Act, including,
11 without any intended limitation upon the general powers
12 hereby conferred, the following:
13 (a) to enter into loans, contracts, agreements and
14 mortgages in any matter connected with any of its corporate
15 purposes and to invest its funds;
16 (b) to sue and be sued;
17 (c) to employ agents and employees and independent
18 contractors necessary to carry out its purposes and to fix
19 their compensation, benefits and terms and conditions of
20 their employment;
21 (d) to have and use a common seal and to alter the same
22 at pleasure;
23 (e) to adopt all needful ordinances, resolutions,
24 by-laws, rules and regulations for the conduct of its
25 business and affairs and for the management and use of the
26 projects developed, constructed, acquired and improved in
27 furtherance of its purposes;
28 (f) to have and exercise all powers and be subject to
29 all duties usually incident to boards of directors of
30 corporations.
31 (Source: P.A. 85-659.)