Bill Amendment: IL HB5407 | 2025-2026 | 104th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: FINANCE-IFA ETHICS

Status: 2026-03-27 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee [HB5407 Detail]

Download: Illinois-2025-HB5407-House_Amendment_001.html

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Rep. Ann M. Williams

Filed: 3/24/2026

 

 

 

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AMENDMENT TO HOUSE BILL 5407
AMENDMENT NO. ______. Amend House Bill 5407 on page 1,
line 5, by replacing "Sections 825-65 and 845-45" with
"Sections 801-15, 825-65, and 845-45"; and
on page 1, immediately below line 5, by inserting the
following:
"(20 ILCS 3501/801-15)
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

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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. The From
nominations received from the Governor, the members of the
Authority, based on the recommendation of the Governor, shall

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appoint an Executive Director, who shall be a person
knowledgeable in the areas of financial markets and
instruments, to hold office for a term of 2 years or less, as
determined by the members of the Authority 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

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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.)"; and
on page 6, by replacing lines 18 through 21 with the following:
"Projects. An"; and
on page 8, by replacing lines 12 through 18 with the following:
"this Section shall disclose the financial interest and
abstain from deliberating and voting on the award or material
modification of any contract or agreement in which that person
holds a financial interest. If an Authority member abstains
from deliberation and voting on a matter in accordance with
this Section, the abstaining member shall be considered
present for the purposes of establishing or maintaining a
quorum. An officer or employee of the Authority"; and
on page 10, line 7, by deleting "by"; and
on page 10, by replacing line 8 with the following:
"result of the volunteer service, provided that the member,
officer, or employee of the Authority shall disclose the
applicable position and abstain from deliberating or voting on

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the award or material modification of any such contract or
agreement. An officer or employee of the Authority that has
abstained from the deliberation and awarding of a contract or
agreement is permitted to perform any non-discretionary
administrative duties necessary to carry out the decision of
the Authority with respect to the contract or agreement. With
respect to any direct or".