93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6184


 
Introduced 2/6/2004, by Tom Cross
 
SYNOPSIS AS INTRODUCED:
 		














20 ILCS 3501/830-5









    Amends the Illinois Finance Authority Act.  Makes a technical change in a Section concerning the powers of the Authority related to agricultural assistance.
















LRB093 15715 SJM 41325 b

















 


 


A BILL FOR









 











HB6184

LRB093 15715 SJM 41325 b






1
    AN ACT concerning finance.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Illinois Finance Authority Act is amended  by 
5
changing Section 830-5 as follows:
 



6
    (20 ILCS 3501/830-5)



7
    Sec. 830-5. Powers; agricultural assistance.
The Authority 
8
shall have the following powers:

9
    (a) To loan its funds to one or more persons to be used by 
10
such persons to
pay
the costs of acquiring, constructing, 
11
reconstructing or improving Agricultural
Facilities, soil or 
12
water conservation projects or watershed areas, such loans
to 
13
be on such terms and conditions, and for such period of time, 
14
and secured or
evidenced by such mortgages, deeds of trust, 
15
notes, debentures, bonds or other
secured or unsecured 
16
evidences of indebtedness of such persons as the Board may

17
determine;

18
    (b) To loan its funds to any agribusiness which operates or 
19
will operate a
facility located in Illinois for those purposes 
20
permitted by rules and
regulations issued pursuant to the 
21
Internal Revenue Code of 1954, as amended,
relating to the use 
22
of moneys loaned from the proceeds from the issuance of

23
industrial development revenue bonds; such loans shall be on 
24
terms and
conditions, and for periods of time, and secured or 
25
evidenced by mortgages,
deeds of trust, notes, debentures, 
26
bonds or other secured or unsecured
evidences
of indebtedness 
27
of such agribusiness as the Board may require;

28
    (c) To purchase, or to make commitments to purchase, from 
29
lenders notes,
debentures, bonds or other evidences of 
30
indebtedness secured by mortgages,
deeds of trust, or security 
31
devices, or unsecured, as the Authority may
determine, or 
32
portions thereof or participations therein, which notes, 
 


 






HB6184
- 2 -
LRB093 15715 SJM 41325 b




1
bonds,
or other evidences of indebtedness shall have been or 
2
will be executed by the
obligors thereon to obtain funds with 
3
which to acquire, by purchase,
construction, or otherwise, 
4
reconstruct or improve Agricultural Facilities;

5
    (d) To contract with lenders or others for the origination 
6
of or the
servicing
of the loans made by the Authority pursuant 
7
to this
Section or
represented by the notes, bonds, or other 
8
evidences of indebtedness which it
has purchased pursuant to 
9
this
Section; provided that such
servicing fees shall not 
10
exceed one percent per annum of the principal amount

11
outstanding owed to the Authority; and

12
    (e) To enter into a State Guarantee with a lender or a 
13
person holding a note
and
to sell or issue such State 
14
Guarantees, bonds or evidences of indebtedness in a
primary or 
15
a secondary market.

16
(Source: P.A. 93-205, eff. 1-1-04.)