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Name, Principal Office and Seal Section 1. Name.-The name of this Authority, a public body politic and corporate, shall be Illinois Industrial Pollution Control Financing Authority (hereinafter called “Authority”), as provided by Public Act 77–2159, approved August 2, 1972 (hereinafter called “Act”).

Section 2. Principal Office.—The principal office of the Authority shall be located in the City of Chicago, County of Cook, State of Illinois.

Section 3. Seal.-—The corporate seal of the Authority shall be a circular disk having inscribed around the periphery thereof the words "Seal of Illinois Industrial Pollution Control Financing Authority," and in the center the emblem of the great seal of the State of Illinois together with the words "State of Illinois.”


Membership Section 1. Membership of the Authority.The Authority shall consist of three (3) members who shall be appointed by the Governor by and with the consent of the Senate, a majority of the members elected concurring by record vote; provided that not more than two (2) members shall be of the same political party. If the Senate is not in session when the Act takes effect, the Governor shall make temporary appointments as in the case of a vacancy.

Section 2. Residence of Appointive Members.-All appointive members of said Authority shall be residents of the State of Illinois.

Section 3. Terms of Office.The initial terms of the members shall be as provided by statute and in the designations in their respective appointments; thereafter the terms of members who succeed those whose terms have expired shall be two (2) years. A member shall serve until his successor has been appointed.

Section 4. Vacancies and Reappointment.-- Any person appointed to fill a vacancy on said Authority shall serve for the unexpired term of his predecessor. All members shall be eligible for reappointment.

Section 5. Removal.-Any member of the Authority may be removed by the Governor for misfeasance, malfeasanca or wilfull neglect of duty or other cause after notice at a public hearing unless such notice or hearing shall be expressly waived in writing.

Section 6. Powers.—The members of the Authority shall possess and exercise all of the powers granted in the Act, as the same has been or hereafter may be amended, and by all other laws consistent with said Act as may be necessary to effectuate the purpose of said Act.


Officers and Administrative Personnel of the Authority Section 1. Chairman.- The Chairman of the Authority shall be elected annually at the annual meeting by the members of the Authority, and shall preside at all meetings of the Authority and perform such other duties as shall be necessary or desirable by reason of his position as Chairman, or as may be directed by resolution of the Authority, duly adopted by a majority of its members, as a meeting held pursuant to these By-Laws.

Section 2. Vice Chairman.-The Vice Chairman shall be elected annually at the annual meeting by the members and shall perform all duties incumbent upon the Chairman during the absence or disability of the Chairman. The Vice Chairman shall perform such other duties as shall be deemed desirable by resolution of the Authority.

Section 3. Secretary.The Secretary shall be elected annually at the annual meeting by the members and shall perform such duties as may be directed by Resolution of the Authority. The Authority may by Resolution appoint an Assistant Secretary.

Section 4. Preferred Designations.-Unless otherwise convenient or necessary, the Chairman and the Vice Chairman shall be designated respectively as Chairperson and Vice Chairperson in all papers of the Authority.

Section 5. Executive Director.--The Authority shall at its annual meeting appoint an Executive Director for a term of one year, or until a successor is appointed upon such terms and conditions as the Authority shall deem proper. The Executive Director shall have general and active supervision, control and management of the affairs and business of the Authority, subject to the orders, resolutions of the Authority, and supervision of the Chairman; he shall have general supervision and direction of all agents and employees of the Authority, shall prepare and submit to the members an annual report and shall see that all orders and resolutions of the Authority are carried into effect.

Section 6. Other Personnel.—The Authority may employ consulting engineers, architects, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as may be necessary in its judgment and to fix their compensation. Counsel for the Authority shall serve at the pleasure of the Authority until the annual meeting following his appointment or until his successor shall have been appointed.

Section 7. Bond.—Each member of the Authority shall execute a surety bond in the penal sum of $50,000 and the Executive Director shall execute a surety bond in the penal sum of $100,000 or, in lieu thereof, the Chairman of the Authority shall execute a blanket bond covering each member, the Executive Director and the employees of the Authority. Each such surety bond shall be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company authorized to transact business in the State as surety and to be approved by the Attorney General and filed in the office of the Secretary of State. The cost of each such bond shall be paid by the Authority. If such a blanket bond is not employed, employees of the Authority in addition to the Executive Director may be bonded as the Authority shall direct.


Meetings Section 1. Annual Meeiings.-The annual meeting of the Authority shall be held in the City of Chicago, Cook County, Illinois, or such other place in the State of Illinois as may be designated by the Chairman of the Authority, at 2:00 o'clock P.M., on the third Friday of September of each year; provided, however, that said annual meeting may be held on any other day established by Resolution of this Authority adopted no later than thirty (30) days prior to aforesaid date.

Section 2. Regular Meetings.Regular meetings of the Authority shall be held on the third Friday of each month at such time and place as is designated by the Chairman, subject to change of date if all members consent.

Section 3. Special Meetings.-A special meeting of the Authority may be held upon call by the Chairman or any two (2) members of the Authority with at least forty-eight (48) hours notice to each member of the Authority. Such notice shall specify the time and place and general purpose of the meeting and shall be given to each member, either personally, by telegram, by telephone, or by mail (if by mail, notice shall be deemed adequate if deposited in the U.S. mail 96 hours or more before the meeting); provided, however, that at any meeting at which all of the members of the Authority are present, notice of the time and place and purpose of the meeting shall be deemed waived.

Section 4. Quorum.-Two (2) members of the Authority shall constitute a quorum. A majority vote of the members of the Authority shall be necessary for any action taken by the Authority. A vacancy in the membership of the Authority shall not impair the right of a quorum to exercise all the rights and perform all the duties of the Authority.

Section 5. Public Attendance.—Each meeting of the Authority shall be open to the public in accordance with any applicable laws governing meetings of the



Selection of Pollution Control Facilities Section 1. Criteria.-In selecting pollution control facilities to be acquired and financed under the Act, the Authority shall consider (i) the quantity, nature and severity of pollution caused by the activities of the applicant, (ii) the ability of the proposed facility to reduce the pollution to or below standards set by the Pollution Control Board, (iii) the existence of cease and desist orders or other orders by the Illinois Pollution Control Board, or any county or local authority, (iv) the financial condition of the applicant, (v) available alternate means of financing pollution control facilities, (vi) the total demand on the limited financing capacity of the Authority, and, (vii) such other standards and criteria as the Authority shall deem reasonable. Special consideration shall be given to small businesses, as provided in Section 2(c) of the Act.

Section 2. Public Notice: --The Authority shall, by publication in the Wall Street Journal (Midwest Edition) and newspapers of general circulation in the Cities of Chicago and Springfield, Illinois, give notice of its readiness to accept applications or requests for acquisition and financing of pollution control facilities.

Section 3. Fees and Charges.—When any application is made to the Authority by any person for financial assistance to provide for pollution control facilities, such application shall be accompanied by an initial service fee in an amount determined by the Authority, but in any event not exceeding the lesser of $500 or 1/5 of 1% of the principal amount of bonds covered by such application. Such initial service fee shall be included in the project cost and shall not be refundable by the Authority whether or not any such application is approved.

An additional service fee shall be paid by the applicant directly or as part of the project cost in an amount not exceeding 1/5 of 1% of the principal amount of bonds to be issued. Such additional service fee may be paid in installments as shall be satisfactory to the Authority.

Section 4. Investment of Funds.-The Authority shall invest any funds in any manner provided in the Act. '


Administration Section 1. Annual Audit and Accounting Procedure. --The Authority shall cause an audit of its books to be made annually at the end of the fiscal year by an independent certified public accountant and the cost thereof shall be treated as a part of the administrative costs of the Authority. Said audit, if complete, shall be submitted to the members at the annual meeting.

Section 2. Documents.The Executive Director or other person designated by resolution of the Authority, shall keep a record of the proceedings of the Authority and shall be custodian of all books, documents and papers filed with the Authority, the minute book or journal of the Authority, and its official seal. Said Executive Director or other person designated by the Authority may cause copies to be made of all minutes and other records and documents of the Authority and may give certificates under the official seal of the Authority to the effect that such copies are true copies and all persons dealing with the Authority may rely upon such certificates.

Section 3. Execution of Documents.-All contracts and agreements entered into by the Authority shall, unless the members by resolution otherwise direct, be executed on behalf of the Authority by the Chairman. The Authority may provide by resolution that any contract or agreement may be executed on behalf of the Authority by the Vice Chairman or Secretary.

Nothing in these By-Laws shall be deemed to limit in any manner the right of the members by resolution adopted at a meeting to designate other or different officers to execute a specified document or documents at any time.

Nothing in these By-Laws shall be deemed to prohibit the use of facsimile signature.

Section 4. Fiscal Year.—The Authority shall operate on a fiscal year basis beginning July 1 of each year and ending June 30 of the next succeeding year.

Section 5. Payments.-All bills, notes, checks or other instruments for the payment of money shall be signed and countersigned by such members, officers and employees and in such manner as may be prescribed by resolution of the members.

Section 6. Authority Action.--Any action taken by the Authority under this Act may be authorized by resolution at any regular or special meeting, and each such resolution shall, unless otherwise provided therein, take effect immediately and need not be published or posted.

Section 7. Federal Social Security Act.—The Authority may take such action as it deem appropriate to enable its employees to come within the provisions and obtain the benefits of the Federal Social Security Act. If the employees of the Authority shall come within the provisions of said Social Security Act, their employment

shall be included in the term "employment” as used in applicable laws of the State and shall apply to the Authority to the same extent and in the same manner as they are applicable to the State.

Section 8. Agent.The Executive Director, or the Chairman in the absence of appointment of an Executive Director, Illinois Industrial Pollution Control Financing Authority, Room 2000, 160 North LaSalle Street, Chicago, Illinois 60601, shall be, for all purposes, the agent of the Authority upon who many process, notice, or demand required or permitted by law to be served upon the Illinois Industrial Pollution Control Financing Authority may be served.


Reports Section 1. Annual Report.-- The Authority shall keep an accurate account of all its activities and of all its receipts and expenditures and the Executive Director shall annually in the month of June prepare a report of the activities of the Authority and shall submit such report to the members at the annual meeting. After the members have approved such report it shall be submitted by the Executive Director to the Governor, the Clerk of the Senate, the Clerk of the House of Representatives and such other persons as the Authority shall direct.


Amendment These By-Laws may be amended by the affirmative vote of at least a majority of the members of the Authority at any regular meeting, provided ten. (10) days' previous written notice of the proposed amendment has been given to all members. Such notice may, however, be waived if all members are present and if unanimous consent is given to the adoption of the amendment.

Adopted the 22nd day of November, 1972.
As amended, effective November 16, 1973.
As amended, effective March 28, 1974.
As amended, effective July 11, 1974.

PUBLIC ACT 77-2159




(House Bill No. 2555. Approved August 2, 1972.) AN ACT to create a state industrial pollution control financing authority and to define the powers and

duties of such state authority. Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 1. Short title. This Act may be referred to and cited as the “Illinois Industrial Pollution Control Financing Act”.

§ 2. Declaration of necessity and purpose.-liberal construction. (a) The General Assembly finds:

(i) that environmental damage seriously endangers the public health and welfare;

(ii) that such environmental damage results from air, water, and other resource pollution and from public water supply, solid waste disposal, noise and other environmental problems;

(iii) that to reduce, control and prevent such pollution and problems, quality standards have been established necessitating the employment of anti-pollution devices, equipment and facilities and stringent time schedules have been and will be imposed for compliance with such standards;

(iv) that it is desirable to provide additional and alternative methods of financing the costs of the acquisition and installation of the devices, equipment and facilities required to comply with the quality standards; and

(v) that the alternative method of financing provided in this Act is therefore in the public interest and serves a public purpose in protecting and promoting the health and welfare of the citizens of this state by reducing, con

trolling and preventing environmental damage. Note.-Changes or additions indicated by italics deletions by linetype.

(b) It is the purpose of this Act, as more specifically described in later sections, to create a State authority and to authorize the State authority to acquire, construct, reconstruct, repair, alter, improve, extend, own, lease, sell and otherwise dispose of pollution control facilities to the end that the State authority may be able to promote the health and welfare of the people of this State and to vest such State authority with all powers to enable such State authority to accomplish such purpose; it is not intended by this Act that the State authority shall itself be authorized to operate any such pollution control facilities; nor shall any such pollution control facilities be geographically located outside the State of Illinois. It is the intent of the General Assembly that access to the benefits of the financing herein provided for shall be equally available to all persons.

(c) It is the intent of the General Assembly that the State authority shall give special consideration to small businesses as defined in (g) of Section 3 hereof in authorizing the issuance of bonds for the financing of pollution control facilities in order to assist small businesses in surviving the economic burdens imposed by the required financing of such pollution control facilities.

(d) This Act shall be liberally construed to accomplish the intentions expressed herein.

§ 3. Definitions. In this Act, unless the context otherwise clearly requires, the terms used herein shall have the meanings ascribed to them as follows:

(a) "directing body” shall mean the members of the State authority.

(b) “person" means any individual, partnership, copartnership, firm, company, corporation (including public utilities), association, joint stock company, trust, estate, political subdivision, state agency, or any other legal entity, or their legal representative, agent or assigns.

(c) "pollution” means any form of environmental pollution including, but not limited to, water pollution, air pollution, land pollution, solid waste pollution, thermal pollution, radiation contamination, or noise pollution as determined by the various standards prescribed by this state or the federal government and including but not limited to, anything which is considered as pollution or environmental damage in the Environmental Protection Act, compiled as Sections 1001 through 1051 of Chapter 111-1/2 1970 Supplement to Ill. Rev. Stats. 1969, and any amendment thereto and substitution therefor.

(d) "pollution control facility" or "facilities” means any land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment or any combination thereof, and all real and personal property deemed necessary therewith, having to do with or the end purpose of which is, reducing, controlling, or preventing pollution.

(e) “project costs as applied to pollution control facilities financed under the provisions of this Act means and includes the sum total of all reasonable or necessary costs incidental to the acquisition, construction, reconstruction, repair, alteration, improvement and extension of such pollution control facilities including without limitation the cost of studies and surveys; plans, specifications, architectural and engineering services; legal, organization, marketing or other special services; financing, acquisition, demolition, construction, equipment and site development of new and rehabilitated buildings; rehabilitation, reconstruction, repair or remodeling of existing buildings and all other necessary and incidental expenses including an initial bond and interest reserve together with interest on bonds issued to finance such pollution control facilities to a date six (6) months subsequent to the estimated date of completion.

(f) “State authority” or “authority” means the Illinois Industrial Pollution Control Financing Authority created by this Act.

(g) "small business” or “small businesses" shall mean those commercial and manufacturing entities which at the time of their application to the authority meet the criteria for definition as a "small business” established by the Small Business Administration.

$ 4. State authority; creation; membership; appointment; terms of office; filling vacancies and removal.-There is hereby created a body politic and corporate to be known as the "Illinois Industrial Pollution Control Financing Authority” for the purpose of acquiring, constructing, reconstructing, repairing, altering, improving, extending, owning, leasing and disposing of pollution control facilities, whether such facilities were undertaken and completed prior to or after the enactment of this Act, for the use of any person or to refund or refinance indebted

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