(a) The Authority possesses all the powers of a body corporate necessary and convenient to accomplish the purposes of this Act, including, without limitation, except as defined in Section 9.1 of the Act, the following:
         (1) To enter into loans, contracts, agreements, and
    
mortgages in any matter connected with any of its corporate purposes and to invest its funds.
        (2) To sue and be sued.
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Terms Used In Illinois Compiled Statutes 70 ILCS 531/8

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (3) To employ agents and employees necessary to carry
    
out its purposes.
        (4) To have and use a common seal and to alter the
    
same at its discretion.
        (5) To adopt all needful ordinances, resolutions,
    
by-laws, rules, and regulations for the conduct of its business and affairs and for the management and use of the projects developed, constructed, acquired, and improved in furtherance of its purposes.
        (6) To designate the fiscal year for the Authority.
         (7) To accept and expend appropriations.
         (8) To maintain an office or offices at such place as
    
the Authority may designate.
        (9) To employ, either as regular employees or as
    
independent contractors, such consultants, engineers, architects, accountants, attorneys, financial experts, construction experts and personnel, superintendents, managers, and other professional personnel as may be necessary in the judgment of the Authority and to fix their compensation.
        (10) To acquire, hold, lease, use, encumber,
    
transfer, or dispose of real and personal property.
        (11) To enter into contracts of any kind and execute
    
all instruments necessary or convenient with respect to its carrying out the powers in this Act to accomplish the purposes of the Authority.
        (12) To fix and revise from time to time and to
    
charge and collect rates, rents, fees, or other charges for the use of facilities or for services rendered in connection with the facilities.
        (13) To borrow money from any source for any
    
corporate purpose, including working capital for its operations, reserve funds, or the payment of interest, to mortgage, pledge, or otherwise encumber the property or funds of the Authority, and to contract with or engage the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers.
        (14) To borrow money and issue revenue bonds, notes,
    
or other evidences of indebtedness under the supervision of the Illinois Finance Authority, as set forth under Section 825-13.5 of the Illinois Finance Authority Act.
        (15) To receive and accept from any source, private
    
or public, contributions, gifts, or grants of money or property.
        (16) To make loans from proceeds or funds otherwise
    
available to the extent necessary or appropriate to accomplish the purposes of the Authority.
        (17) To exercise all the corporate powers granted to
    
Illinois corporations under the Business Corporation Act of 1983, except to the extent that any of these powers are inconsistent with those of a body politic and corporate of the State.
        (18) To have and exercise all powers and be subject
    
to all duties usually incident to boards of directors of corporations.
        (19) To enter into intergovernmental agreements with
    
the State of Illinois and the Illinois Finance Authority.
        (20) To do all things necessary or convenient to
    
carry out the powers granted by this Act.
    (b) The Authority shall not issue any bonds relating to the financing of a project located within the planning and subdivision control jurisdiction of any municipality or county unless notice, including a description of the proposed project and the financing therefor, is submitted to the corporate authorities of the municipality or, in the case of a proposed project in an unincorporated area, to the county board.
     (c) If any of the powers set forth in this Act are exercised within the jurisdictional limits of any municipality, all ordinances of the municipality shall remain in full force and effect and shall be controlling.
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