(30 ILCS 171/3-5)
Sec. 3-5. Certain powers of the Authority. The Authority shall have the power to:
(1) sue and be sued;
(2) have a seal and alter the same at pleasure;
(3) make and alter by-laws for its organization and
internal management and make rules and regulations governing the use of its property and facilities;
(4) appoint by and with the consent of the Attorney
General, assistant attorneys for such Authority; those assistant attorneys shall be under the control, direction, and supervision of the Attorney General and shall serve at his or her pleasure;
(5) retain special counsel, subject to the approval
of the Attorney General, as needed from time to time, and fix their compensation, provided however, such special counsel shall be subject to the control, direction and supervision of the Attorney General and shall serve at his or her pleasure;
(6) make and execute contracts and all other
instruments necessary or convenient for the exercise of its powers and functions under this Section and to commence any action to protect or enforce any right conferred upon it by any law, contract, or other agreement, provided that any underwriter, financial advisor, bond counsel, or other professional providing services to the Authority may be selected pursuant to solicitations issued and completed by the Governor's Office of Management and Budget for those services;
(7) appoint officers and agents, prescribe their
duties and qualifications, fix their compensation and engage the services of private consultants and counsel on a contract basis for rendering professional and technical assistance and advice, provided that this shall not be construed to limit the authority of the Attorney General provided in Section 4 of the Attorney General Act;
(8) pay its operating expenses and its financing
costs, including its reasonable costs of issuance and sale and those of the Attorney General, if any, in a total amount not greater than 1% of the principal amount of the proceeds of the bond sale;
(9) borrow money in its name and issue negotiable
bonds and provide for the rights of the holders thereof as otherwise provided in this Act;
(10) procure insurance against any loss in
connection with its activities, properties, and assets in such amount and from such insurers as it deems desirable;
(11) invest any funds or other moneys under its
custody and control in investment securities or under any related bond facility;
(12) as security for the payment of the principal of
and interest on any bonds issued by it pursuant to this Act and any agreement made in connection therewith and for its obligations under any related bond facility, pledge all or any part of the tobacco settlement revenues;
(13) do any and all things necessary or convenient
to carry out its purposes and exercise the powers expressly given and granted in this Section.
(Source: P.A. 96-958, eff. 7-1-10.)
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Last modified: February 18, 2015