70 ILCS 510/8 — Illinois Code / Chapter 70 / Act 510 / Section 8
Section 8
Status: in_force

(70 ILCS 510/8) (from Ch. 85, par. 6208) Sec. 8. (a) The Authority possesses all the powers of a body corporate necessary and convenient to accomplish the purposes of this Act, including, without any intended limitation upon the general powers hereby conferred, the following: (1) to enter into loans, contracts, agreements and mortgages in any matter connected with any of its corporate purposes and to invest its funds; (2) to sue and be sued; (3) to employ agents and employees necessary to carry out its purposes; (4) to have and use a common seal and to alter the same at its discretion; (5) to adopt all needful ordinances, resolutions, by-laws, rules and regulations for the conduct of its business and affairs and for the management and use of the projects developed, constructed, acquired and improved in furtherance of its purposes; (6) to designate the fiscal year for the Authority; (7) to accept and expend appropriations; (8) to maintain an office or offices at such place as the Authority may designate; (9) to employ, either as regular employees or as independent contractors, such consultants, engineers, architects, accountants, attorneys, financial experts, construction experts and personnel, superintendents, managers and other professional personnel, personnel, and actors as may be necessary in the judgment of the Authority, and fix their compensation; (10) to acquire, hold, lease, use, encumber, transfer or dispose of real and personal property; (11) to enter into contracts of any kind and execute all instruments necessary or convenient with respect to its carrying out the powers in this Act to accomplish the purposes of the Authority; (12) to fix and revise from time to time and charge and collect rates, rents, fees or other charges for the use of facilities or for services rendered in connection with the facilities; (13) to borrow money from any source for any corporate purpose, including working capital for its operations, reserve funds, or interest, and to mortgage, pledge or otherwise encumber the property or funds of the Authority and to contract with or engage the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers; (14) to issue bonds or notes under this Act; (15) to receive and accept from any source, private or public, contributions, gifts or grants of money or property; (16) to make loans from proceeds or funds otherwise available to the extent necessary or appropriate to accomplish the purposes of the Authority; (17) to exercise all the corporate powers granted to Illinois corporations under the Business Corporation Act of 1983, except to the extent that any such powers are inconsistent with those of a body politic and corporate of the State; (18) to have and exercise all powers and be subject to all duties usually incident to boards of directors of corporations; and (19) to do all things necessary or convenient to carry out the powers granted by this Act. (b) The Authority shall not issue any bonds relating to the financing of a project located within the planning and subdivision control jurisdiction of any municipality or county unless notice, including a description of the proposed project and the financing therefor, is submitted to the corporate authorities of such municipality or, in the case of a proposed project in an unincorporated area, to the county board. (c) If any of the powers set forth in this Act are exercised within the jurisdictional limits of any municipality, all ordinances of such municipality shall remain in full force and effect and shall be controlling. (Source: P.A. 85-713.)