Illinois Compiled Statutes 30 ILCS 171/3-5 – Certain powers of the Authority
Current as of: 2024 | Check for updates
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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
(1) sue and be sued;
Terms Used In Illinois Compiled Statutes 30 ILCS 171/3-5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
(2) have a seal and alter the same at pleasure;
(3) make and alter by-laws for its organization and
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internal management and make rules and regulations governing the use of its property and facilities;
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(4) appoint by and with the consent of the Attorney
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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;
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(5) retain special counsel, subject to the approval
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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;
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(6) make and execute contracts and all other
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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;
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(7) appoint officers and agents, prescribe their
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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;
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(8) pay its operating expenses and its financing
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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;
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(9) borrow money in its name and issue negotiable
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bonds and provide for the rights of the holders thereof as otherwise provided in this Act;
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(10) procure insurance against any loss in
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connection with its activities, properties, and assets in such amount and from such insurers as it deems desirable;
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(11) invest any funds or other moneys under its
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custody and control in investment securities, including in defeasance collateral, as that term is defined in any bond indenture to which the Authority is party, or under any related bond facility;
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(12) as security for the payment of the principal of
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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;
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(13) receive payments, transfers of funds, or other
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moneys from any source in furtherance of a defeasance of bonds, provide notice to an indenture trustee of the defeasance of outstanding bonds, and execute and deliver those instruments necessary to discharge the lien of the trustee and the security interest of the holders of outstanding bonds created under an indenture; and
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(14) do any and all things necessary or convenient to
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carry out its purposes and exercise the powers expressly given and granted in this Section.
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