Illinois Compiled Statutes
20 ILCS 3501/ - Illinois Finance Authority Act.
Article 850 - General Provisions

(20 ILCS 3501/845-45)
Sec. 845-45.

(a) No member, officer, agent, or employee of the Authority
shall, in his or
her own name or in the name of a nominee, be an officer or director or hold an
ownership interest of more than 7 1/2% in any person, association, trust,
corporation, partnership, or other entity that is, in its own name or in the
name of a nominee, a party to a contract or agreement upon which the member,
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,
officer, agent, or employee may be called upon to act or vote, a member,
officer, agent, or employee of the Authority shall disclose the interest to the
secretary of the Authority before the taking of final action by the Authority
concerning the contract or agreement and shall so disclose the nature and
extent
of the interest and his or her acquisition of it, and those disclosures shall
be
publicly acknowledged by the Authority and entered upon the minutes of the
Authority. If a member, officer, agent, or employee of the Authority holds such
an interest, then he or she 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 (b) shall not be void
or invalid by reason of the interest described in this subsection, nor shall
any person so disclosing the 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 that interest.
(c) Any contract or agreement made in violation of paragraphs (a) or (b) of
this
Section shall be null and void and give rise to no action against the
Authority.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/Art. 850 heading)

(20 ILCS 3501/845-50)
Sec. 845-50.

The fiscal year for the Authority shall commence on the first
of
July. As soon after the end of each fiscal year as may be expedient, the
Authority shall cause to be prepared and printed a complete report and
financial
statement of its operations and of its assets and liabilities. A reasonably
sufficient number of copies of such report shall be printed for distribution to
persons interested, upon request, and a copy thereof shall be filed with the
Governor, the Secretary of State, the State Comptroller, the Secretary of the
Senate and the Chief Clerk of the House of Representatives.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-55)
Sec. 845-55.

For the purposes of the Illinois Securities Law of 1953,
bonds
issued by the Authority shall be deemed to be securities issued by a public
instrumentality of the State of Illinois.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-60)
Sec. 845-60.
Tax Exemption.
The tax exemptions of outstanding bonds issued
by the Predecessor Authorities pursuant to sections of the enabling acts of the
Predecessor Authorities applicable to those bonds when issued shall remain
valid
and continue to be recognized by the State until final payment of those bonds,
notwithstanding the repeal of the enabling acts of the Predecessor Authorities.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-65)
Sec. 845-65.

If any provision of this Act is held invalid, such provision
shall be deemed to be excised and the invalidity thereof shall not affect any
of
the other provisions of this Act. If the application of any provision of this
Act to any person or circumstance is held invalid, it shall not affect the
application of such provision to such persons or circumstances other than those
as to which it is held invalid.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-70)
Sec. 845-70.
Tax avoidance.
Notwithstanding any other provision of law,
the
Authority shall not enter into any agreement providing for the purchase and
lease of tangible personal property that results in the avoidance of taxation
under the Retailers' Occupation Tax Act, the Use Tax Act, the Service Use Tax
Act, or the Service Occupation Tax Act, without the prior written consent of
the
Governor.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-75)
Sec. 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
rights,
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:
(b) All books, records, papers, documents and pending business in any way
pertaining
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
Act,
and all such rules, regulations, standards, criteria and guidelines shall
become
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.)

(20 ILCS 3501/845-80)
Sec. 845-80.

Any reference in statute, in rule, or otherwise to the
following entities is a reference to the Illinois Finance Authority created by
this Act:
The Illinois Development Finance Authority.
The Illinois Farm Development Authority.
The Illinois Health Facilities Authority.
The Illinois Research Park Authority.
The Illinois Rural Bond Bank.
The Illinois Educational Facilities Authority.
The Illinois Community Development Finance Corporation.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-85)
Sec. 845-85.

Any reference in statute, in rule, or otherwise to the
following Acts is a reference to this Act:
The Illinois Development Finance Authority Act.
The Illinois Farm Development Act.
The Illinois Health Facilities Authority Act.
The Illinois Research Park Authority Act.
The Rural Bond Bank Act.
The Illinois Educational Facilities Authority Act.
The Illinois Community Development Finance Corporation Act.

(Source: P.A. 93-205, eff. 1-1-04.)