093_HB3038eng HB3038 Engrossed LRB093 10466 RCE 10720 b 1 AN ACT concerning community development. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Community Development Finance 5 Corporation Act is amended by changing Section 2 as follows: 6 (315 ILCS 15/2) (from Ch. 67 1/2, par. 712) 7 Sec. 2. There is hereby created a body politic and 8 corporate to be known as the Illinois Community Development 9 Finance Corporation or CDFC. 10 The Corporation shall consist of 9 directors, one of whom 11 shall be the Lieutenant GovernorDirector of Commerce and12Community Affairsor his or her designee who shall serve as 13 chairman. The Governor shall appoint the remaining 8 members 14 and these appointees must possess experience in business, 15 labor, management, finance, or community economic 16 development. Membership in a CDC will not preclude 17 appointment as a Director, but neither shall such membership 18 be a prerequisite for appointment. Each member appointed by 19 the Governor shall serve a term of 5 years, except that in 20 making his initial appointments the Governor shall appoint 21 one member to serve for a term of one year, one member to 22 serve for a term of 2 years, one member for a term of 3 23 years, 2 members for a term of 4 years, and one member for a 24 term of 5 years. The additional member appointed by the 25 Governor pursuant to this amendatory Act of the 91st General 26 Assembly shall serve for an initial term of 2 years; 27 thereafter, each such member shall serve for a term of 5 28 years as in the case of the other members. 29 Any person appointed to fill a vacancy in the office of a 30 member shall be appointed in a like manner and shall serve 31 for only the unexpired term. Any member shall be eligible for HB3038 Engrossed -2- LRB093 10466 RCE 10720 b 1 reappointment. Any member may be removed from his 2 appointment by the Governor only for good cause. The 3 directors shall annually elect one of their members as 4 vice-chairman and designate a secretary-treasurer who need 5 not be a member of the board. The secretary-treasurer shall 6 keep a record of the proceedings of the corporation and shall 7 be the custodian of all books, documents, and papers filed 8 with the corporation, the minute books of the corporation and 9 of its official seal. 10 Five of the directors of the corporation shall constitute 11 a quorum and 5 affirmative votes shall be necessary for the 12 transaction of business or the exercise of any power or 13 function of the corporation. Each director shall be entitled 14 to reimbursement for his actual and necessary expenses 15 incurred in the performance of his official duties. 16 The corporation may contract with or otherwise deal with 17 any public nonprofit community development corporation or 18 cooperative organized to carry out the purposes of this Act 19 of which any director of the corporation is also a member or 20 officer, provided that such interest is disclosed in advance 21 to members of the board and recorded in the minutes of the 22 corporation and provided further that no director having such 23 a financial interest may participate in any decision 24 affecting such transaction. 25 The president of the corporation shall be appointed and 26 his salary established by the board of directors. The 27 president shall be the chief administrative and operational 28 officer of the corporation and shall direct and supervise 29 administrative affairs and the general management of the 30 corporation. The president may employ such other employees 31 as shall be designated by the board of directors, shall 32 attend meetings of the board of directors, shall cause copies 33 to be made of all minutes and other records and documents of 34 the corporation and shall certify that such copies are true HB3038 Engrossed -3- LRB093 10466 RCE 10720 b 1 copies, and all persons dealing with the corporation may rely 2 upon such certification. 3 (Source: P.A. 91-804, eff. 6-13-00.)