20 ILCS 3501/801-15
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 801 - General Provisions

Sec. 801-15.   There is hereby created a body politic and corporate to be  known  as the Illinois Finance Authority. The exercise of the powers conferred by law  shall be an essential public function. The Authority shall consist of 15  members, who shall be appointed by the Governor, with the advice and consent of  the Senate. Upon the appointment of the Board and every 2 years thereafter,  the chairperson of the Authority shall be selected by the Governor to serve as  chairperson for two years.  Appointments to the Authority shall be persons of recognized ability and  experience in one or more of the following areas: economic development,  finance, banking, industrial development, small business management, real  estate  development, housing, health facilities financing, local government financing,  community development, venture finance, construction, labor relations, agribusiness, and production agriculture.  At the time of appointment, the Governor shall designate 5 members to serve  until the third Monday in July 2005, 5 members to serve until the third Monday  in July 2006 and 5 members to serve until the third Monday in July 2007.  Thereafter, appointments shall be for 3-year terms. At any point in time, the Authority must include no fewer than 2 members who have expertise in agribusiness or production agriculture. A member shall serve until  his or her successor shall be appointed and have qualified for office by filing  the oath and bond.  Members of the Authority shall not be entitled to compensation for their  services as members, but shall be entitled to reimbursement for all necessary  expenses incurred in connection with the performance of their duties as  members.  The Governor may remove any member of the Authority in case of incompetence,  neglect of duty, or malfeasance in office, after service on him of a copy of  the  written charges against him and an opportunity to be publicly heard in person  or  by counsel in his own defense upon not less than 10 days' notice.  From nominations received from the Governor, the members of the Authority shall  appoint an Executive Director who shall be a person knowledgeable in the areas  of financial markets and instruments, to hold office for a one-year term. The  Executive Director shall be the chief administrative and operational officer of  the Authority and shall direct and supervise its administrative affairs and  general management and perform such other duties as may be prescribed from time  to time by the members and shall receive compensation fixed by the Authority.  The Executive Director or any committee of the members may carry out such  responsibilities of the members as the members by resolution may delegate. The  Executive Director shall attend all meetings of the Authority; however, no  action of the Authority shall be invalid on account of the absence of the  Executive Director from a meeting. The Authority may engage the services of  such other agents and employees, including attorneys, appraisers, engineers,  accountants, credit analysts and other consultants, as it may deem advisable  and may prescribe their duties and fix their compensation.  The Authority may appoint Advisory Councils to (1) assist in the formulation of  policy goals and objectives, (2) assist in the coordination of the delivery of  services, (3) assist in establishment of funding priorities for the various  activities of the Authority, and (4) target the activities of the Authority to  specific geographic regions.  There may be an Advisory Council on Economic Development. The Advisory Council  shall consist of no more than 12 members, who shall serve at the pleasure of  the Authority. Members of the Advisory Council shall receive no compensation  for  their services, but may be reimbursed for expenses incurred with their service  on the Advisory Council.  (Source: P.A. 98-344, eff. 8-13-13.)