Full Text of HB5618 95th General Assembly
HB5618sam001 95TH GENERAL ASSEMBLY
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Sen. James T. Meeks
Filed: 5/30/2008
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| AMENDMENT TO HOUSE BILL 5618
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| AMENDMENT NO. ______. Amend House Bill 5618 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Department of Commerce and Economic | 5 |
| Opportunity Law of the
Civil Administrative Code of Illinois is | 6 |
| amended by adding Section 605-982 as follows: | 7 |
| (20 ILCS 605/605-982 new) | 8 |
| Sec. 605-982. Hospital Capital Investment Program. | 9 |
| (a) Subject to appropriation, the Department shall | 10 |
| establish and administer a program to award capital grants to | 11 |
| Illinois hospitals under the Hospital Licensing Act or | 12 |
| organized under the University of Illinois Hospitals Act. | 13 |
| Grants awarded under this program shall be to fund capital | 14 |
| projects to improve, replace, or acquire a hospital's facility, | 15 |
| equipment, or technology. | 16 |
| (b) In awarding grants under this program, the Department |
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| shall consider criteria that include, but are not limited to: | 2 |
| (1) Geographic diversity. Grants shall be awarded to | 3 |
| hospitals located throughout the State in both rural and | 4 |
| urban locations. | 5 |
| (2) The proposed project's likely benefit in terms of | 6 |
| improved patient safety, quality of care, access to care, | 7 |
| or efficiency, with priority being given to projects for | 8 |
| life safety issues or renovation of core infrastructure, | 9 |
| such as replacing or installing heating, ventilation, and | 10 |
| air conditioning systems or sprinkler systems. | 11 |
| (3) The relationship between the proposed project and | 12 |
| the hospital's strategic or capital plan. | 13 |
| (4) The extent to which there is support from other | 14 |
| health care providers (such as physicians, health clinics, | 15 |
| and other hospitals) and community organizations for the | 16 |
| hospital's proposed project. | 17 |
| (5) The ability of the hospital to provide its share of | 18 |
| the cost of the project as well as ongoing maintenance and | 19 |
| support of the project. | 20 |
| (c) The program shall provide a maximum grant of 90% of the | 21 |
| total project costs, provided however that no individual grant | 22 |
| may exceed $4 million. The total project costs shall include | 23 |
| all costs the entity must incur in order to successfully | 24 |
| implement the project, including non-capital costs, such as | 25 |
| planning, workforce analysis, training, education, or other | 26 |
| related costs. However, the amount of any grant under this |
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| program shall be limited to the capital costs of the program. | 2 |
| Each hospital is eligible to receive a maximum of $4 million | 3 |
| from the program. Notwithstanding any other provision of this | 4 |
| Section, a hospital seeking to re-open as a hospital may | 5 |
| receive a capital grant under this program of up to $15 million | 6 |
| but only if that facility operated as a hospital and is located | 7 |
| in a county with a population of less that 20,000 that does not | 8 |
| have another licensed hospital on the effective date of this | 9 |
| amendatory Act of the 95th General Assembly.
In determining the | 10 |
| size of the grant, the Department shall consider the hospital's | 11 |
| financial ability to make capital improvements and the extent | 12 |
| to which the grant is necessary to the hospital's financial | 13 |
| ability to implement the project. Hospitals that face a greater | 14 |
| challenge in raising the financial capital needed to improve, | 15 |
| replace, or acquire their facilities and equipment should | 16 |
| receive priority in receiving capital grants and this priority | 17 |
| may be recognized by providing larger grants to hospitals with | 18 |
| greater need. In making this determination, the Department may | 19 |
| consider criteria that include, but are not limited to: age of | 20 |
| plant and equipment, operating margin, cash and investments, | 21 |
| and payor mix. | 22 |
| (d) Grants under the program shall be used only for | 23 |
| expenditures of a bondable nature. | 24 |
| (e) In establishing and administering this program, the | 25 |
| Department shall seek the advice of a statewide association | 26 |
| representing hospitals. |
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| (f) The Hospital Capital Investment Program Fund is created | 2 |
| as a separate fund within the State treasury. | 3 |
| The purpose of the Fund is to provide capital grants to | 4 |
| Illinois hospitals.
There shall be deposited into the Fund | 5 |
| amounts including, but not limited to, the following: | 6 |
| (1) Any appropriations, grants, or gifts made to the | 7 |
| Fund. | 8 |
| (2) Any income from interest on investments or moneys | 9 |
| in the Fund. | 10 |
| Section 10. The Illinois Finance Authority Act is amended | 11 |
| by changing Section 801-40 as follows:
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| (20 ILCS 3501/801-40)
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| Sec. 801-40. In addition to the powers otherwise authorized | 14 |
| by law and in
addition to the foregoing general corporate | 15 |
| powers, the Authority shall also
have the following additional | 16 |
| specific powers to be exercised in furtherance of
the purposes | 17 |
| of this Act.
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| (a) The Authority shall have power (i) to accept grants, | 19 |
| loans or
appropriations from the federal government or the | 20 |
| State, or any agency or
instrumentality thereof, to be used for | 21 |
| the operating expenses of the
Authority,
or for any purposes of | 22 |
| the Authority, including the making of direct loans of
such | 23 |
| funds with respect to projects, and (ii) to enter into any | 24 |
| agreement with
the federal government or the State, or any |
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| agency or instrumentality thereof,
in relationship to such | 2 |
| grants, loans or appropriations.
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| (b) The Authority shall have power to procure and enter | 4 |
| into contracts for
any
type of insurance and indemnity | 5 |
| agreements covering loss or damage to property
from any cause, | 6 |
| including loss of use and occupancy, or covering any other
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| insurable risk.
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| (c) The Authority shall have the continuing power to issue | 9 |
| bonds for its
corporate purposes. Bonds may be issued by the | 10 |
| Authority in one or more series
and may provide for the payment | 11 |
| of any interest deemed necessary on such bonds,
of the costs of | 12 |
| issuance of such bonds, of any premium on any insurance, or of
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| the cost of any guarantees, letters of credit or other similar | 14 |
| documents, may
provide for the funding of the reserves deemed | 15 |
| necessary in connection with
such bonds, and may provide for | 16 |
| the refunding or advance refunding of any bonds
or
for accounts | 17 |
| deemed necessary in connection with any purpose of the | 18 |
| Authority.
The bonds may bear interest payable at any time or | 19 |
| times and at any rate or
rates, notwithstanding any other | 20 |
| provision of law to the contrary, and such
rate or rates may be | 21 |
| established by an index or formula which may be
implemented or
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| established by persons appointed or retained therefor by the | 23 |
| Authority, or may
bear no interest or may bear interest payable | 24 |
| at maturity or upon redemption
prior to maturity, may bear such | 25 |
| date or dates, may be payable at such time or
times and at such | 26 |
| place or places, may mature at any time or times not later
than |
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| 40 years from the date of issuance, may be sold at public or | 2 |
| private sale
at such time or times and at such price or prices, | 3 |
| may be secured by such
pledges, reserves, guarantees, letters | 4 |
| of credit, insurance contracts or other
similar credit support | 5 |
| or liquidity instruments, may be executed in such
manner, may | 6 |
| be subject to redemption prior to maturity, may provide for the
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| registration of the bonds, and may be subject to such other | 8 |
| terms and
conditions all as may
be provided by the resolution | 9 |
| or indenture authorizing the issuance of such
bonds. The holder | 10 |
| or holders of any bonds issued by the Authority may bring
suits | 11 |
| at law or proceedings in equity to compel the performance and | 12 |
| observance
by any person or by the Authority or any of its | 13 |
| agents or employees of any
contract or covenant made with the | 14 |
| holders of such bonds and to compel such
person or the | 15 |
| Authority and any of its agents or employees to perform any
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| duties
required to be performed for the benefit of the holders | 17 |
| of any such bonds by
the provision of the resolution | 18 |
| authorizing their issuance, and to enjoin such
person or the | 19 |
| Authority and any of its agents or employees from taking any
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| action in conflict with any such contract or covenant.
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| Notwithstanding the form and tenor of any such bonds and in the | 22 |
| absence of any
express recital on the face thereof that it is | 23 |
| non-negotiable, all such bonds
shall be negotiable | 24 |
| instruments. Pending the preparation and execution of any
such | 25 |
| bonds, temporary bonds may be issued as provided by the | 26 |
| resolution.
The bonds shall be sold by the Authority in such |
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| manner as it shall determine.
The bonds may be secured as | 2 |
| provided in the authorizing resolution by the
receipts, | 3 |
| revenues, income and other available funds of the Authority and | 4 |
| by
any amounts derived by the Authority from the loan agreement | 5 |
| or lease agreement
with respect to the project or projects; and | 6 |
| bonds may be issued as general
obligations of the Authority | 7 |
| payable from such revenues, funds and obligations
of the | 8 |
| Authority as the bond resolution shall provide, or may be | 9 |
| issued as
limited obligations with a claim for payment solely | 10 |
| from such revenues, funds
and obligations as the bond | 11 |
| resolution shall provide. The Authority may grant a
specific | 12 |
| pledge or assignment of and lien on or security interest in | 13 |
| such
rights, revenues, income, or amounts and may grant a | 14 |
| specific pledge or
assignment of and lien on or security | 15 |
| interest in any reserves, funds or
accounts established in the | 16 |
| resolution authorizing the issuance of bonds. Any
such pledge, | 17 |
| assignment, lien or security interest for the benefit of the
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| holders of the Authority's bonds shall be valid and binding | 19 |
| from the time the
bonds are issued without any physical | 20 |
| delivery or further act, and shall be
valid and binding as | 21 |
| against and prior to the claims of all other parties
having | 22 |
| claims against the Authority or any other person irrespective | 23 |
| of whether
the
other parties have notice of the pledge, | 24 |
| assignment, lien or security interest.
As evidence of such | 25 |
| pledge, assignment, lien and security interest, the
Authority | 26 |
| may execute and deliver a mortgage, trust agreement, indenture |
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| or
security agreement or an assignment thereof.
A remedy for | 2 |
| any breach or default of the terms of any such agreement by the
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| Authority may be by mandamus proceedings in any court of | 4 |
| competent jurisdiction
to compel the performance and | 5 |
| compliance therewith, but the agreement may
prescribe by whom | 6 |
| or on whose behalf such action may be instituted.
It is | 7 |
| expressly understood that the Authority may, but need not, | 8 |
| acquire title
to any project with respect to which it exercises | 9 |
| its authority.
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| (d) With respect to the powers granted by this Act, the | 11 |
| Authority may adopt
rules and regulations prescribing the | 12 |
| procedures by which persons may apply for
assistance under this | 13 |
| Act. Nothing herein shall be deemed to preclude the
Authority, | 14 |
| prior to the filing of any formal application, from conducting
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| preliminary discussions and investigations with respect to the | 16 |
| subject matter
of any prospective application.
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| (e) The Authority shall have power to acquire by purchase, | 18 |
| lease, gift or
otherwise any property or rights therein from | 19 |
| any person useful for its
purposes, whether improved for the | 20 |
| purposes of any prospective project, or
unimproved. The | 21 |
| Authority may also accept any donation of funds for its
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| purposes from any such source. The Authority shall have no | 23 |
| independent power of
condemnation but may acquire any property | 24 |
| or rights therein obtained upon
condemnation by any other | 25 |
| authority, governmental entity or unit of local
government with | 26 |
| such power.
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| (f) The Authority shall have power to develop, construct | 2 |
| and improve either
under its own direction, or through | 3 |
| collaboration with any approved applicant,
or to acquire | 4 |
| through purchase or otherwise, any project, using for such
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| purpose the proceeds derived from the sale of its bonds or from | 6 |
| governmental
loans or
grants, and to hold title in the name of | 7 |
| the Authority to such projects.
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| (g) The Authority shall have power to lease pursuant to a | 9 |
| lease agreement
any
project so developed and constructed or | 10 |
| acquired to the approved tenant on such
terms and conditions as | 11 |
| may be appropriate to further the purposes of this Act
and to | 12 |
| maintain the credit of the Authority. Any such lease may | 13 |
| provide for
either the Authority or the approved tenant to | 14 |
| assume initially, in whole or in
part, the costs of | 15 |
| maintenance, repair and improvements during the leasehold
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| period. In no case, however, shall the total rentals from any | 17 |
| project during
any initial leasehold period or the total loan | 18 |
| repayments to be made pursuant
to any loan agreement, be less | 19 |
| than an amount necessary to return over such
lease
or loan | 20 |
| period (1) all costs incurred in connection with the | 21 |
| development,
construction, acquisition or improvement of the | 22 |
| project and for repair,
maintenance and improvements thereto | 23 |
| during the period of the lease or loan;
provided, however, that | 24 |
| the rentals or loan repayments need not include costs
met | 25 |
| through the use of funds other than those obtained by the | 26 |
| Authority through
the issuance of its bonds or governmental |
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| loans; (2) a reasonable percentage
additive to be agreed upon | 2 |
| by the Authority and the borrower or tenant to cover
a properly | 3 |
| allocable portion of the Authority's general expenses, | 4 |
| including,
but not limited to, administrative expenses, | 5 |
| salaries and general insurance,
and
(3) an amount sufficient to | 6 |
| pay when due all principal of, interest and
premium, if
any on, | 7 |
| any bonds issued by the Authority with respect to the project. | 8 |
| The
portion of total rentals payable under clause (3) of this | 9 |
| subsection (g) shall
be deposited in such special accounts, | 10 |
| including all sinking funds, acquisition
or construction | 11 |
| funds, debt service and other funds as provided by any
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| resolution, mortgage or trust agreement of the Authority | 13 |
| pursuant to which any
bond is issued.
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| (h) The Authority has the power, upon the termination of | 15 |
| any leasehold
period
of any project, to sell or lease for a | 16 |
| further term or terms such project on
such terms and conditions | 17 |
| as the Authority shall deem reasonable and consistent
with the | 18 |
| purposes of the Act. The net proceeds from all such sales and | 19 |
| the
revenues or income from such leases shall be used to | 20 |
| satisfy any indebtedness
of
the Authority with respect to such | 21 |
| project and any balance may be used to pay
any expenses of the | 22 |
| Authority or be used for the further development,
construction, | 23 |
| acquisition or improvement of projects.
In the event any | 24 |
| project is vacated by a tenant prior to the termination of the
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| initial leasehold period, the Authority shall sell or lease the | 26 |
| facilities of
the project on the most advantageous terms |
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| available. The net proceeds of any
such disposition shall be | 2 |
| treated in the same manner as the proceeds from sales
or the | 3 |
| revenues or income from leases subsequent to the termination of | 4 |
| any
initial leasehold period.
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| (i) The Authority shall have the power to make loans to | 6 |
| persons to finance a
project, to enter into loan agreements | 7 |
| with respect thereto, and to accept
guarantees from persons of | 8 |
| its loans or the resultant evidences of obligations
of the | 9 |
| Authority.
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| (j) The Authority may fix, determine, charge and collect | 11 |
| any premiums, fees,
charges, costs and expenses, including, | 12 |
| without limitation, any application
fees, commitment fees, | 13 |
| program fees, financing charges or publication fees from
any | 14 |
| person in connection with its activities under this Act.
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| (k) In addition to the funds established as provided | 16 |
| herein, the Authority
shall have the power to create and | 17 |
| establish such reserve funds and accounts as
may be necessary | 18 |
| or desirable to accomplish its purposes under this Act and to
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| deposit its available monies into the funds and accounts.
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| (l) At the request of the governing body of any unit of | 21 |
| local government,
the
Authority is authorized to market such | 22 |
| local government's revenue bond
offerings by preparing bond | 23 |
| issues for sale, advertising for sealed bids,
receiving bids
at | 24 |
| its offices, making the award to the bidder that offers the | 25 |
| most favorable
terms or arranging for negotiated placements or | 26 |
| underwritings of such
securities. The Authority may, at its |
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| discretion, offer for concurrent sale the
revenue bonds of | 2 |
| several local governments. Sales by the Authority of revenue
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| bonds under this Section shall in no way imply State guarantee | 4 |
| of such debt
issue. The Authority may require such financial | 5 |
| information from participating
local governments as it deems | 6 |
| necessary in order to carry out the purposes of
this subsection | 7 |
| (1).
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| (m) The Authority may make grants to any county to which | 9 |
| Division 5-37 of
the
Counties Code is applicable to assist in | 10 |
| the financing of capital development,
construction and | 11 |
| renovation of new or existing facilities for hospitals and
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| health care facilities under that Act. Such grants may only be | 13 |
| made from funds
appropriated for such purposes from the Build | 14 |
| Illinois Bond Fund.
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| (n) The Authority may establish an urban development action | 16 |
| grant program
for
the purpose of assisting municipalities in | 17 |
| Illinois which are experiencing
severe economic distress to | 18 |
| help stimulate economic development activities
needed to aid in | 19 |
| economic recovery. The Authority shall determine the types of
| 20 |
| activities and projects for which the urban development action | 21 |
| grants may be
used, provided that such projects and activities | 22 |
| are broadly defined to include
all reasonable projects and | 23 |
| activities the primary objectives of which are the
development | 24 |
| of viable urban communities, including decent housing and a
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| suitable living environment, and expansion of economic | 26 |
| opportunity, principally
for
persons of low and moderate |
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| incomes. The Authority shall enter into grant
agreements from | 2 |
| monies appropriated for such purposes from the Build Illinois
| 3 |
| Bond Fund. The Authority shall monitor the
use of the grants, | 4 |
| and shall provide for audits of the funds as well as
recovery | 5 |
| by the Authority of any funds determined to have been spent in
| 6 |
| violation of this
subsection (n) or any rule or regulation | 7 |
| promulgated hereunder. The Authority
shall provide technical | 8 |
| assistance with regard to the effective use of the
urban | 9 |
| development action grants. The Authority shall file an annual | 10 |
| report to
the
General Assembly concerning the progress of the | 11 |
| grant program.
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| (o) The Authority may establish a Housing Partnership | 13 |
| Program whereby the
Authority provides zero-interest loans to | 14 |
| municipalities for the purpose of
assisting in the financing of | 15 |
| projects for the rehabilitation of affordable
multi-family | 16 |
| housing for low and moderate income residents. The Authority | 17 |
| may
provide such loans only upon a municipality's providing | 18 |
| evidence that it has
obtained private funding for the | 19 |
| rehabilitation project. The Authority shall
provide 3 State | 20 |
| dollars for every 7 dollars obtained by the municipality from
| 21 |
| sources other than the State of Illinois. The loans shall be | 22 |
| made from monies
appropriated for such purpose from the Build | 23 |
| Illinois Bond Fund. The total amount of loans available under | 24 |
| the Housing
Partnership Program shall not exceed $30,000,000. | 25 |
| State loan monies under this
subsection shall be used only for | 26 |
| the acquisition and rehabilitation of
existing
buildings |
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| containing 4 or more dwelling units. The terms of any loan made | 2 |
| by
the municipality under this subsection shall require | 3 |
| repayment of the loan to
the municipality upon any sale or | 4 |
| other transfer of the project.
| 5 |
| (p) The Authority may award grants to universities and | 6 |
| research
institutions,
research consortiums and other | 7 |
| not-for-profit entities for the purposes of:
remodeling or | 8 |
| otherwise physically altering existing laboratory or research
| 9 |
| facilities, expansion or physical additions to existing | 10 |
| laboratory or research
facilities, construction of new | 11 |
| laboratory or research facilities or
acquisition of modern | 12 |
| equipment to support laboratory or research operations
| 13 |
| provided that
such grants (i) be used solely in support of | 14 |
| project and equipment acquisitions
which enhance technology | 15 |
| transfer, and (ii) not constitute more than 60 percent
of the | 16 |
| total project or acquisition cost.
| 17 |
| (q) Grants may be awarded by the Authority to units of | 18 |
| local government for
the
purpose of developing the appropriate | 19 |
| infrastructure or defraying other costs
to
the local government | 20 |
| in support of laboratory or research facilities provided
that | 21 |
| such grants may not exceed 40% of the cost to the unit of local
| 22 |
| government.
| 23 |
| (r) The Authority may establish a Direct Loan Program to | 24 |
| make loans to
individuals, partnerships or corporations for the | 25 |
| purpose of an industrial
project, as defined in
Section 801-10 | 26 |
| of this Act. For the purposes of such program
and not by way of |
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| limitation on any other program of the Authority, the
Authority | 2 |
| shall have the power to issue bonds, notes, or other evidences | 3 |
| of
indebtedness including commercial paper for purposes of | 4 |
| providing a fund of
capital from which it may make such loans. | 5 |
| The Authority shall have the power
to use any appropriations | 6 |
| from the State made especially for the Authority's
Direct Loan | 7 |
| Program for additional capital to make such loans or for the
| 8 |
| purposes of reserve funds or pledged funds which secure the | 9 |
| Authority's
obligations of repayment of any bond, note or other | 10 |
| form of indebtedness
established for the purpose of providing | 11 |
| capital for which it intends to make
such loans under the | 12 |
| Direct Loan Program. For the purpose of obtaining such
capital, | 13 |
| the Authority may also enter into agreements with financial
| 14 |
| institutions and other persons for the purpose of selling loans | 15 |
| and developing
a secondary market for such loans.
Loans made | 16 |
| under the Direct Loan Program may be in an amount not to exceed
| 17 |
| $300,000 and shall be made for a portion of an industrial | 18 |
| project which does
not exceed 50% of the total project. No loan | 19 |
| may be made by the Authority
unless
approved by the affirmative | 20 |
| vote of at least 8 members of the board. The
Authority shall | 21 |
| establish procedures and publish rules which shall provide for
| 22 |
| the submission, review, and analysis of each direct loan | 23 |
| application and which
shall preserve the ability of each board | 24 |
| member to reach an individual business
judgment regarding the | 25 |
| propriety of making each direct loan. The collective
discretion | 26 |
| of the board to approve or disapprove each loan shall be
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| unencumbered.
The Authority may establish and collect such fees | 2 |
| and charges, determine and
enforce such terms and conditions, | 3 |
| and charge such interest rates as it
determines to be necessary | 4 |
| and appropriate to the successful administration of
the Direct | 5 |
| Loan Program. The Authority may require such interests in | 6 |
| collateral
and such guarantees as it determines are necessary | 7 |
| to project the Authority's
interest in the repayment of the | 8 |
| principal and interest of each loan made under
the Direct Loan | 9 |
| Program.
| 10 |
| (s) The Authority may guarantee private loans to third | 11 |
| parties up to a
specified dollar amount in order to promote | 12 |
| economic development in this State.
| 13 |
| (t) The Authority may adopt rules and regulations as may be | 14 |
| necessary or
advisable to implement the powers conferred by | 15 |
| this Act.
| 16 |
| (u) The Authority shall have the power to issue bonds, | 17 |
| notes or other
evidences
of indebtedness, which may be used to | 18 |
| make loans to units of local government
which are authorized to | 19 |
| enter into loan agreements and other documents and to
issue | 20 |
| bonds, notes and other evidences of indebtedness for the | 21 |
| purpose of
financing the protection of storm sewer outfalls, | 22 |
| the construction of adequate
storm sewer outfalls, and the | 23 |
| provision for flood protection of sanitary sewage
treatment | 24 |
| plans, in counties that have established a stormwater | 25 |
| management
planning committee in accordance with
Section | 26 |
| 5-1062 of the Counties Code. Any
such loan shall be made by the |
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| Authority pursuant to the provisions of
Section
820-5 to 820-60 | 2 |
| of this Act. The unit of local government shall pay back to the
| 3 |
| Authority the principal amount of the loan, plus annual | 4 |
| interest as determined
by the Authority. The Authority shall | 5 |
| have the power, subject to appropriations
by the General | 6 |
| Assembly, to subsidize or buy down a portion of the interest on
| 7 |
| such loans, up to 4% per annum.
| 8 |
| (v) The Authority may accept security interests as provided | 9 |
| in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| 10 |
| (w) Moral Obligation. In the event that the Authority | 11 |
| determines that monies
of the Authority will not be sufficient | 12 |
| for the payment of the principal of and
interest on its bonds | 13 |
| during the next State fiscal year, the Chairperson, as
soon as | 14 |
| practicable, shall certify to the Governor the amount required | 15 |
| by the
Authority to enable it to pay such principal of and | 16 |
| interest on the bonds. The
Governor shall submit the amount so | 17 |
| certified to the General Assembly as soon
as
practicable, but | 18 |
| no later than the end of the current State fiscal year. This
| 19 |
| subsection shall apply only to any bonds or notes as to which | 20 |
| the Authority
shall have determined, in the resolution | 21 |
| authorizing the issuance of the bonds
or notes, that this | 22 |
| subsection shall apply. Whenever the Authority makes such a
| 23 |
| determination, that fact shall be plainly stated on the face of | 24 |
| the bonds or
notes and that fact shall also be reported to the | 25 |
| Governor. In the event of a
withdrawal of moneys from a reserve | 26 |
| fund established with respect to any issue
or issues of bonds |
|
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| of the Authority to pay principal or interest on those
bonds,
| 2 |
| the Chairperson of the Authority, as soon as practicable, shall | 3 |
| certify to the
Governor the amount required to restore the | 4 |
| reserve fund to the level required
in the resolution or | 5 |
| indenture securing those bonds. The Governor shall submit
the | 6 |
| amount so certified to the General Assembly as soon as | 7 |
| practicable, but no
later than the end of the current State | 8 |
| fiscal year. The Authority shall obtain
written approval from | 9 |
| the Governor for any bonds and notes to be issued under
this | 10 |
| Section.
In addition to any other bonds authorized to be issued | 11 |
| under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | 12 |
| principal amount of Authority
bonds outstanding
issued under | 13 |
| this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | 14 |
| 360/2-6(c), which have
been
assumed by the Authority, shall not | 15 |
| exceed $150,000,000. This subsection (w) shall in no way be | 16 |
| applied to any bonds issued by the Authority on behalf of the | 17 |
| Illinois Power Agency under Section 825-90 of this Act.
| 18 |
| (x) The Authority may enter into agreements or contracts | 19 |
| with any person necessary or appropriate to place the payment | 20 |
| obligations of the Authority under any of its bonds in whole or | 21 |
| in part on any interest rate basis, cash flow basis, or other | 22 |
| basis desired by the Authority, including without limitation | 23 |
| agreements or contracts commonly known as "interest rate swap | 24 |
| agreements", "forward payment conversion agreements", and | 25 |
| "futures", or agreements or contracts to exchange cash flows or | 26 |
| a series of payments, or agreements or contracts, including |
|
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| without limitation agreements or contracts commonly known as | 2 |
| "options", "puts", or "calls", to hedge payment, rate spread, | 3 |
| or similar exposure; provided that any such agreement or | 4 |
| contract shall not constitute an obligation for borrowed money | 5 |
| and shall not be taken into account under Section 845-5 of this | 6 |
| Act or any other debt limit of the Authority or the State of | 7 |
| Illinois.
| 8 |
| (y) There should be created, and the Authority shall | 9 |
| administer, the Urban Revitalization Program, which shall | 10 |
| promote the acquisition, development, construction, | 11 |
| reconstruction, improvement, financing, architectural | 12 |
| planning, and installation of capital facilities in areas of | 13 |
| the State of Illinois where the poverty rate, as determined by | 14 |
| using the most recent data released by the United States Census | 15 |
| Bureau, is at least 3% greater than the State poverty rate as | 16 |
| determined by using the most recent data released by the United | 17 |
| States Census Bureau, as well as in the Township of Pembroke | 18 |
| and in the following zip codes: 60064, 60085, 60087, 60104, | 19 |
| 60153, 60160, 60402, 60406, 60409, 60411, 60419, 60426, 60429, | 20 |
| 60431, 60432, 60433, 60441, 60472, 60473, 60505, 60608, 60609, | 21 |
| 60612, 60614, 60615, 60616, 60617, 60618, 60619, 60620, 60621, | 22 |
| 60622, 60623, 60624, 60628, 60629, 60630, 60632, 62201, 62203, | 23 |
| 62204, 62205, 62206, 62207, 62208, 62914, 60636, 60637, 60638, | 24 |
| 60639, 60641, 60643, 60644, 60647, 60649, 61101, 61102, 61103, | 25 |
| 61104, 61603, 61604, 61605, 60651, 60652, 60653, 60655, 60804, | 26 |
| 60827, 61801, 61802, 61820, 61821, 62002, 62040, 62059, 62060, |
|
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| 62071, 62090, 62220, 62522, 62523, 62524, 62525, 62526, 62801, | 2 |
| 62963, 62232, and 62234. Pursuant to the Urban Revitalization | 3 |
| Program, the Authority may provide grants, loans, or other | 4 |
| investments for the following specific purposes: | 5 |
| (1) Grants or mortgages to promote the affordable | 6 |
| financing of construction or rehabilitation of | 7 |
| developments designed and planned (i) to make housing | 8 |
| available at low and moderate rentals; (ii) to promote home | 9 |
| ownership to low and moderate income persons and families; | 10 |
| or (iii) to make housing available to senior citizens, | 11 |
| persons with disabilities, persons with mental illness, or | 12 |
| other groups with specialized or adaptive housing needs. | 13 |
| (2) Construction, rehabilitation, or expansion of job | 14 |
| training facilities aimed at promoting the creation or | 15 |
| retention of jobs within the community. | 16 |
| (3) Business development loans and grants, including | 17 |
| participation loans, interest-free loans, low-interest | 18 |
| micro-loans, small to medium loans to help small businesses | 19 |
| that lack sufficient collateral or equity to access funds | 20 |
| at competitive terms, small loans for entrepreneurs with no | 21 |
| established credit history, and traditional loans. | 22 |
| (4) Acquisition and acceptance by gift, grant, | 23 |
| purchase, or otherwise of fee simple title, or such lesser | 24 |
| interest as may be desired, in land, and improvements or | 25 |
| arrangements to improve such land for industrial or | 26 |
| commercial site development purposes, and lease or |
|
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| conveyance of such land or interest in land so acquired and | 2 |
| so improved. | 3 |
| (5) Grants to promote the affordable financing of | 4 |
| construction, rehabilitation, or expansion of community | 5 |
| organizations and social service facilities. | 6 |
| (6) Grants to promote the affordable financing of | 7 |
| construction, rehabilitation, expansion, or purchase of | 8 |
| equipment of or relating to medical facilities, including | 9 |
| hospitals, community and public health clinics, and other | 10 |
| facilities providing health care services. | 11 |
| (7) Grants to promote the affordable financing of | 12 |
| construction, rehabilitation, or expansion of educational | 13 |
| institutions, including early childhood education, special | 14 |
| education, chartered and public education, and higher | 15 |
| education. | 16 |
| (8) Financial assistance for economic development and | 17 |
| commercial
revitalization activities as provided in | 18 |
| Section 605-400 of the Department of Commerce and Economic | 19 |
| Opportunity Law of the Civil Administrative Code of | 20 |
| Illinois. | 21 |
| (9) Acquisition, construction, rehabilitation, | 22 |
| expansion, or purchase of equipment in support of | 23 |
| recreational facilities. | 24 |
| (10) Grants, loans, and other activities in support of | 25 |
| tourism, as well as grants to construct, rehabilitate, or | 26 |
| expand cultural institutions. |
|
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| (11) Grants or loans to promote the affordable | 2 |
| financing of construction, rehabilitation, or purchase of | 3 |
| equipment to improve technological, environmental, and | 4 |
| energy infrastructure resources, including gas and | 5 |
| electric utility facilities, and water and sewer line | 6 |
| extensions, water purification and sewage treatment | 7 |
| facilities, and solid waste disposal systems. | 8 |
| (12) Construction, rehabilitation, or expansion of | 9 |
| facilities used to support or promote public safety or | 10 |
| community policing. | 11 |
| (Source: P.A. 94-91, eff. 7-1-05; 95-470, eff. 8-27-07; 95-481, | 12 |
| eff. 8-28-07; revised 10-30-07.)
| 13 |
| Section 15. The State Finance Act is amended by adding | 14 |
| Section 5.708 as follows: | 15 |
| (30 ILCS 105/5.708 new) | 16 |
| Sec. 5.708. The Hospital Capital Improvement Program Fund.
| 17 |
| Section 99. Effective date. This Act takes effect upon | 18 |
| becoming law.".
|
|