093_HB3038eng

 
HB3038 Engrossed                     LRB093 10466 RCE 10720 b

 1        AN ACT concerning community development.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois  Community  Development  Finance
 5    Corporation Act is amended by changing Section 2 as follows:

 6        (315 ILCS 15/2) (from Ch. 67 1/2, par. 712)
 7        Sec.  2.   There  is  hereby  created  a body politic and
 8    corporate to be known as the Illinois  Community  Development
 9    Finance Corporation or CDFC.
10        The Corporation shall consist of 9 directors, one of whom
11    shall  be  the  Lieutenant  Governor Director of Commerce and
12    Community Affairs or his or her designee who shall  serve  as
13    chairman.  The Governor shall appoint the remaining 8 members
14    and these appointees must  possess  experience  in  business,
15    labor,    management,    finance,   or   community   economic
16    development.    Membership  in  a  CDC  will   not   preclude
17    appointment  as a Director, but neither shall such membership
18    be a prerequisite for appointment. Each member  appointed  by
19    the  Governor  shall  serve a term of 5 years, except that in
20    making his initial appointments the  Governor  shall  appoint
21    one  member  to  serve  for a term of one year, one member to
22    serve for a term of 2 years, one  member  for  a  term  of  3
23    years,  2 members for a term of 4 years, and one member for a
24    term of 5 years.  The  additional  member  appointed  by  the
25    Governor  pursuant to this amendatory Act of the 91st General
26    Assembly  shall  serve  for  an  initial  term  of  2  years;
27    thereafter, each such member shall serve  for  a  term  of  5
28    years as in the case of the other members.
29        Any person appointed to fill a vacancy in the office of a
30    member  shall  be  appointed in a like manner and shall serve
31    for only the unexpired term. Any member shall be eligible for
 
HB3038 Engrossed            -2-      LRB093 10466 RCE 10720 b
 1    reappointment.   Any  member  may   be   removed   from   his
 2    appointment  by  the  Governor  only  for  good  cause.   The
 3    directors  shall  annually  elect  one  of  their  members as
 4    vice-chairman and designate a  secretary-treasurer  who  need
 5    not  be a member of the board.  The secretary-treasurer shall
 6    keep a record of the proceedings of the corporation and shall
 7    be the custodian of all books, documents,  and  papers  filed
 8    with the corporation, the minute books of the corporation and
 9    of its official seal.
10        Five of the directors of the corporation shall constitute
11    a  quorum  and 5 affirmative votes shall be necessary for the
12    transaction of business or  the  exercise  of  any  power  or
13    function  of the corporation. Each director shall be entitled
14    to  reimbursement  for  his  actual  and  necessary  expenses
15    incurred in the performance of his official duties.
16        The corporation may contract with or otherwise deal  with
17    any  public  nonprofit  community  development corporation or
18    cooperative organized to carry out the purposes of  this  Act
19    of  which any director of the corporation is also a member or
20    officer, provided that such interest is disclosed in  advance
21    to  members  of  the board and recorded in the minutes of the
22    corporation and provided further that no director having such
23    a  financial  interest  may  participate  in   any   decision
24    affecting such transaction.
25        The  president  of the corporation shall be appointed and
26    his salary  established  by  the  board  of  directors.   The
27    president  shall  be the chief administrative and operational
28    officer of the corporation and  shall  direct  and  supervise
29    administrative  affairs  and  the  general  management of the
30    corporation.  The president may employ such  other  employees
31    as  shall  be  designated  by  the  board of directors, shall
32    attend meetings of the board of directors, shall cause copies
33    to be made of all minutes and other records and documents  of
34    the  corporation  and shall certify that such copies are true
 
HB3038 Engrossed            -3-      LRB093 10466 RCE 10720 b
 1    copies, and all persons dealing with the corporation may rely
 2    upon such certification.
 3    (Source: P.A. 91-804, eff. 6-13-00.)