Public Act 094-0960
 		





SB2951 Enrolled
LRB094 19074 EFG 54581 b






    AN ACT relating to the Illinois Research Park Authority 
Act.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:


 
    Section 1. Findings; purpose; validation.  
    (a) The General Assembly finds and declares that:
        (1) Article 1 of Public Act 88-669, effective November 
    29, 1994, created the Illinois Research Park Authority Act. 
    The Authority created under the Act was authorized, among 
    other things, to issue bonds, make loans, and otherwise 
    support and provide financing for certain projects. Public 
    Act 88-669 also contained many other provisions.
        (2) The Illinois Research Park Authority Act was 
    repealed by Public Act 93-205, effective January 1, 2004, 
    which transferred its powers and functions to the Illinois 
    Finance Authority.
        (3) The Illinois Supreme Court declared Public Act 
    88-669 to be unconstitutional as a violation of the single 
    subject clause of the Illinois Constitution in People v. 
    Olender, Docket No. 98932, opinion filed December 15, 2005.
    (b) The purpose of this Act is to validate actions taken 
under the Illinois Research Park Authority Act, to explicitly 
provide the powers and duties formerly included in that Act to 
the Illinois Finance Authority, and to minimize or prevent any 
problems concerning those actions, powers, and duties  that may 
arise from the unconstitutionality of Public Act 88-669.
    (c) All otherwise lawful actions taken before the effective 
date of this  Act in reliance on or pursuant to the provisions 
of the Illinois Research Park Authority Act, as those 
provisions were set forth in Public Act 88-669 or as 
subsequently amended, by any officer, employee, or agency of 
State government or by any other person or entity, are hereby 
validated, except to the extent prohibited under the Illinois 
or United States Constitution. 
    (d) All otherwise lawful actions taken before the effective 
date of this  Act in reliance on or pursuant to powers or duties  
that were purportedly transferred from the Illinois Research 
Park Authority to the Illinois Finance Authority by Public Act 
93-205, by any officer, employee, or agency of State government 
or by any other person or entity, are hereby validated, except 
to the extent prohibited under the Illinois or United States 
Constitution.
    (e) All otherwise lawful obligations arising out of any  
bonds or notes issued before the effective date of this  Act 
under power purportedly derived directly or indirectly from the 
Illinois Research Park Authority Act, whether issued by the 
Illinois Research Park Authority or its successor, the Illinois 
Finance Authority, are hereby validated and affirmed.
    (f) All otherwise lawful obligations arising out of any  
loan or other contractual  agreement entered into by or on 
behalf of the Illinois Research Park Authority or its 
successor, the Illinois Finance Authority, before the 
effective date of this  Act under power purportedly derived 
directly or indirectly from the Illinois Research Park 
Authority Act are hereby validated and affirmed.
    (g) This Act applies, without limitation, to actions 
pending on or after the effective date of this Act, except to 
the extent prohibited under the Illinois or United States 
Constitution.
 
    Section 5. The Illinois Finance Authority Act is amended  by 
changing Section 845-75 as follows:
 



    (20 ILCS 3501/845-75)


    Sec. 845-75. Transfer of functions from previously 
existing authorities to
the Illinois Finance Authority.

    (a) The Illinois Finance Authority created by the
Illinois 
Finance Authority Act shall succeed to, assume and exercise all

rights,
powers, duties and responsibilities formerly exercised 
by the following
Authorities and entities (herein called the 
"Predecessor Authorities") prior to
the abolition of the 
Predecessor Authorities by this Act:

        The Illinois Development Finance Authority

        The Illinois Farm Development Authority

        The Illinois Health Facilities Authority

        The Illinois Educational Facilities Authority

        The Illinois Community Development Finance Corporation

        The Illinois Rural Bond Bank

        The Illinois Research Park Authority

    (b) All books, records, papers, documents and pending 
business in any way
pertaining
to the Predecessor Authorities 
are transferred to the Illinois Finance
Authority, but any 
rights or obligations of any person under any contract made
by, 
or under any rules, regulations, uniform standards, criteria 
and guidelines
established or approved by, such Predecessor 
Authorities shall be unaffected
thereby. All bonds, notes or 
other evidences of indebtedness outstanding on the
effective 
date of this Act shall be unaffected by the transfer of 
functions to
the Illinois Finance Authority. No rule, 
regulation, standard, criteria or
guideline promulgated, 
established or approved by the Predecessor Authorities

pursuant to an exercise of any right, power, duty or 
responsibility assumed by
and transferred to the Illinois 
Finance Authority shall be affected by this
Act,
and all such 
rules, regulations, standards, criteria and guidelines shall

become
those of the Illinois Finance Authority until such time 
as they are amended or
repealed by the Illinois Finance 
Authority.

    (c)  The Illinois Finance Authority may exercise all
of the 
rights,
powers, duties, and responsibilities that were 
provided for the Illinois Research Park Authority under the 
provisions of the Illinois Research Park Authority Act, as the 
text of that Act existed on December 31, 2003, notwithstanding 
the fact that Public Act 88-669, which created the Illinois 
Research Park Authority Act, has been held to be 
unconstitutional as a violation of the single subject clause of 
the Illinois Constitution in People v. Olender, Docket No. 
98932, opinion filed December 15, 2005.

(Source: P.A. 93-205, eff. 1-1-04.)



 

    Section 99. Effective date. This Act takes effect upon 
becoming law.