(70 ILCS 531/8)
Sec. 8. Powers of the Authority.
(a) The Authority possesses all the powers of a body corporate necessary and convenient to accomplish the purposes of this Act, including, without limitation, except as defined in Section 9.1 of the Act, 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 as may be necessary in the judgment of the Authority and to 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 to
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 the payment of interest, 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 borrow money and issue revenue bonds, notes,
or other evidences of indebtedness under the supervision of the Illinois Finance Authority, as set forth under Section 825-13.5 of the Illinois Finance Authority 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 of these 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.
(19) To enter into intergovernmental agreements with
the State of Illinois and the Illinois Finance Authority.
(20) 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 the 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 the municipality shall remain in full force and effect and shall be controlling.
(Source: P.A. 96-234, eff. 1-1-10.)
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Last modified: February 18, 2015