Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3501/820-5

(20 ILCS 3501/820-5)

Sec. 820-5. Findings and Declaration of Policy.

It is hereby found and
declared that there exists an urgent need to upgrade and expand the capital
facilities, infrastructure and public purpose projects of units of local
government and to promote other public purposes to be carried out by units of
local government; that federal funding reductions combined with shifting
economic conditions have impeded efforts by units of local government to
provide the necessary improvements to their capital facilities, infrastructure
systems and public purpose projects and to accomplish other public purposes in
recent years; that adequate and well-maintained capital facilities,
infrastructure systems and public purpose projects throughout this State and
the
performance of other public purposes by units of local government throughout
this State can offer significant economic benefits and an improved quality of
life for all citizens of this State; that the exercise by the Authority of the
powers granted in
this Article will promote economic development
by enhancing the capital stock of units of local government and will
facilitate
the accomplishment of other public purposes by units of local government; that
authorizing the Authority to borrow money in the public and private capital
markets in order to provide money to purchase or otherwise acquire obligations
of units of local government will assist such units of local government in
borrowing money to finance and refinance the public purpose projects, capital
facilities and infrastructure of the units and to finance other public purposes
of such units of local government, in providing access to adequate capital
markets and facilities for borrowing money by such units of local government,
in
encouraging continued investor interest in the obligations of such units of
local government, in providing for the orderly marketing of the obligations of
such units of local government, and in achieving lower overall borrowing cost
and more favorable terms for such borrowing; and that the provisions of
this Article are hereby declared to be in the public interest
and for the public benefit.

(Source: P.A. 97-333, eff. 8-12-11.)