Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 531/5

(70 ILCS 531/5)

Sec. 5.

Conflicts of interest; requests for assistance; disclosure of economic interests.

(a) No member of the Authority or officer, agent, or employee thereof
shall, in the member's own name or in the name of a nominee, be an officer,
director, or
hold an ownership interest in any person, association, trust,
corporation, partnership, or other entity which is, in its own name or in the
name of a
nominee, a party to a contract or agreement upon which the member or officer,
agent
or employee may be called upon to act or vote.

(b) With respect to any direct or any indirect interest, other than an
interest
prohibited in subsection (a), in a contract or agreement upon which the member
or
officer, agent or employee may be called upon to act or vote, a member of the
Authority
or officer, agent, or employee thereof must disclose the interest to the
secretary
of the
Authority prior to the taking of final action by the Authority concerning the
contract or agreement and shall disclose the nature and extent of the
interest and his or her acquisition thereof, which shall be publicly
acknowledged by the Authority and entered upon the minutes of the Authority. If
a member of the Authority or officer, agent, or employee thereof holds such an
interest then the member shall refrain from any further official involvement in
regard to the contract or agreement, from voting on any matter pertaining to
the contract or agreement, and from communicating with other members of the
Authority or its officers, agents, and employees concerning the
contract or agreement. Notwithstanding any other provision of law, any contract
or agreement entered into in conformity with this subsection shall not be
void or
invalid by reason of the interest described in this subsection, nor shall any
person
disclosing an interest and refraining from further official involvement as
provided in this subsection be guilty of an offense, be removed from office, or
be subject
to any other penalty on account of the interest.

(c) Any contract or agreement made in violation of subsections (a) or (b)
shall be null and void, whether or not the contract performance
has been authorized, and shall give rise to no action against the Authority. No
real
estate to which a member or employee of the Authority holds legal title or in
which a member or employee of the Authority has
any beneficial interest, including any interest in a land trust, shall be
purchased by the
Authority or by a nonprofit corporation or limited-profit entity for a
development
to be financed under this Act.

All members and employees of the Authority shall file annually with the
Authority a record of all real estate in this State to which the member or
employee holds
legal title or
in which the member or employee has any beneficial interest, including any
interest in a
land trust.
In the event it is later disclosed that the Authority has purchased real
estate in which a
member or employee had an interest, that purchase shall be voidable by the
Authority
and the member or employee involved shall be disqualified from membership in or
employment by the Authority.

(d) The Authority may not hear a request for assistance from a restricted person. This prohibition extends to business relationships between a person who is an Authority leader within one year prior to the request for assistance and to any entity in which a restricted person holds or, within the past 2 years, held an ownership interest of 10% or more.

(e) An Authority leader shall disclose and recuse himself or herself from matters relating to requests for assistance from an entity that is relocating full-time employees from another Authority's counties if (i) both Authorities contract with or employ the same Authority leader or (ii) there is or, within the past 2 years of the request, there was a business relationship between the Authority leaders at the 2 Authorities.

(f) The Board of the Authority shall vote to renew the appointment of the Executive Director and other Authority leaders on an annual basis. All contracts shall be approved on an annual basis and use a public process to solicit applications. This requirement does not apply to full-time employees of the Authority unless otherwise required by applicable State law or local ordinance.

(g) Each Authority leader shall submit a statement of economic interest in accordance with Article 4A of the Illinois Governmental Ethics Act. Additionally, each Authority leader shall disclose to the Board  outside sources of income and any business relationships in economic development consulting or lobbying. Reporting shall include the source of income, services provided, and timeline of when services were provided. If the source of income is a firm or organization with multiple clients, the report shall list all of the entities for which the individual provided services.

(Source: P.A. 103-517, eff. 8-11-23.)