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91_HB0624
LRB9102744PTmb
1 AN ACT to amend the Rural Bond Bank Act by changing
2 Section 2-2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Rural Bond Bank Act is amended by
6 changing Section 2-2 as follows:
7 (30 ILCS 360/2-2) (from Ch. 17, par. 7202-2)
8 Sec. 2-2. Bank membership; surety bond.
9 (a) The Bank shall consist of a board of 9
10 commissioners, as follows:
11 (1) The Lieutenant Governor, who shall serve as
12 chairman;
13 (2) The State Treasurer, who shall serve as vice
14 chairman; and
15 (3) Seven public commissioners, who shall be
16 residents of the State, appointed by the Governor for
17 terms of 3 years. At least 3 of those 7 public
18 commissioners shall be affiliated with a political party
19 other than the one with which the Governor is affiliated.
20 Before entering upon their duties, all commissioners
21 shall take and subscribe to an oath to perform the duties of
22 office faithfully, impartially and justly to the best of
23 their abilities. A record of these oaths shall be filed in
24 the office of the Secretary of State.
25 (b) Each public commissioner shall hold office for the
26 term of appointment and until a successor has been appointed
27 and qualified. A public commissioner may be reappointed. Any
28 vacancy occurring other than by the expiration of a term
29 shall be filled by appointment for the unexpired term. The
30 Governor may remove a public commissioner from office for
31 cause after a public hearing. The Governor may suspend a
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1 commissioner pending the completion of this hearing.
2 (c) The commissioners shall appoint an executive
3 director who shall also serve as both secretary and
4 treasurer. The board of commissioners shall fix the duties of
5 the executive director. The powers of the Bank are vested in
6 the commissioners of the Bank in office from time to time.
7 The Lieutenant Governor and the State Treasurer each may
8 designate a representative to attend meetings of the
9 commissioners and to cast those officers' votes in their
10 absence. Five commissioners of the Bank constitute a quorum
11 at any meeting of the board of commissioners.
12 Representatives of the Lieutenant Governor and State
13 Treasurer who attend commissioner meetings and cast those
14 officers' votes shall count towards a quorum. A commissioner
15 may participate in a meeting by telephone rather than in
16 person if the commissioner is unable, due to illness,
17 weather, or other circumstances beyond his or her control, to
18 attend the meeting in person and if the commissioner's
19 participation is not necessary to establish a quorum. Action
20 may be taken and motions and resolutions adopted by the Bank
21 at any meeting by the affirmative vote of at least 5
22 commissioners. A vacancy in the office of commissioner does
23 not impair the right of a quorum of the commissioners to
24 exercise all the powers and perform all the duties of the
25 Bank.
26 (d) Before issuing any bonds or notes under this Act,
27 each public commissioner shall execute a surety bond in the
28 penal sum of $25,000, and the executive director of the Bank
29 shall execute a surety bond in the penal sum of $50,000. The
30 surety bonds shall be:
31 (1) Conditioned upon faithful performance of the
32 duties of the office of the commissioner or executive
33 director;
34 (2) Executed by a surety company authorized to
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1 transact business in the State as surety;
2 (3) Approved by the Attorney General; and
3 (4) Filed in the office of the Secretary of State.
4 At all times after the Bank issues any bonds or notes,
5 each commissioner and the executive director shall maintain
6 the surety bonds in full force and effect. The Bank shall
7 bear all the costs of these surety bonds.
8 (Source: P.A. 88-471; 89-211, eff. 8-3-95.)