State of Illinois
91st General Assembly
Legislation

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91_HB3069

 
                                               LRB9110104STsb

 1        AN   ACT   concerning   community   development   finance
 2    corporations.

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

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

 7        (315 ILCS 15/2) (from Ch. 67 1/2, par. 712)
 8        Sec.  2.  Creation;  Members;  Terms;  Officers;  Quorum.
 9    There is hereby created a body politic and  corporate  to  be
10    known   as   the   Illinois   Community  Development  Finance
11    Corporation or CDFC.
12        The Corporation shall consist of 9 directors, one of whom
13    shall be the Treasurer  of  the  State  of  Illinois  or  his
14    designee who shall serve as chairman and one of whom shall be
15    the  Director  of  the  Department  of Commerce and Community
16    Affairs or his  designee.  The  Governor  shall  appoint  the
17    remaining   7  members  and  these  appointees  must  possess
18    experience  in  business,  labor,  management,  finance,   or
19    community economic development.  Membership in a CDC will not
20    preclude  appointment  as  a Director, but neither shall such
21    membership be a prerequisite  for  appointment.  Each  member
22    appointed  by  the  Governor  shall  serve a term of 5 years,
23    except that in making his initial appointments  the  Governor
24    shall appoint one member to serve for a term of one year, one
25    member  to serve for a term of 2 years, one member for a term
26    of 3 years, 2 members for a term of 4 years, and  one  member
27    for a term of 5 years.
28        Any person appointed to fill a vacancy in the office of a
29    member  shall  be  appointed in a like manner and shall serve
30    for only the unexpired term. Any member shall be eligible for
31    reappointment.   Any  member  may   be   removed   from   his
 
                            -2-                LRB9110104STsb
 1    appointment  by  the  Governor  only  for  good  cause.   The
 2    directors  shall  annually  elect  one  of  their  members as
 3    vice-chairman and designate a  secretary-treasurer  who  need
 4    not  be a member of the board.  The secretary-treasurer shall
 5    keep a record of the proceedings of the corporation and shall
 6    be the custodian of all books, documents,  and  papers  filed
 7    with the corporation, the minute books of the corporation and
 8    of its official seal.
 9        Five of the directors of the corporation shall constitute
10    a  quorum  and 5 affirmative votes shall be necessary for the
11    transaction of business or  the  exercise  of  any  power  or
12    function  of the corporation. Each director shall be entitled
13    to  reimbursement  for  his  actual  and  necessary  expenses
14    incurred in the performance of his official duties.
15        The corporation may contract with or otherwise deal  with
16    any  public  nonprofit  community  development corporation or
17    cooperative organized to carry out the purposes of  this  Act
18    of  which any director of the corporation is also a member or
19    officer, provided that such interest is disclosed in  advance
20    to  members  of  the board and recorded in the minutes of the
21    corporation and provided further that no director having such
22    a  financial  interest  may  participate  in   any   decision
23    affecting such transaction.
24        The  president  of the corporation shall be appointed and
25    his salary  established  by  the  board  of  directors.   The
26    president  shall  be the chief administrative and operational
27    officer of the corporation and  shall  direct  and  supervise
28    administrative  affairs  and  the  general  management of the
29    corporation.  The president may employ such  other  employees
30    as  shall  be  designated  by  the  board of directors, shall
31    attend meetings of the board of directors, shall cause copies
32    to be made of all minutes and other records and documents  of
33    the  corporation  and shall certify that such copies are true
34    copies, and all persons dealing with the corporation may rely
 
                            -3-                LRB9110104STsb
 1    upon such certification.
 2    (Source: P.A. 86-593.)

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