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1 | AN ACT concerning State government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Finance Authority Act is amended by | ||||||
5 | changing Sections 801-5 and 801-10 and by adding Section 801-55 | ||||||
6 | as follows:
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7 | (20 ILCS 3501/801-5)
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8 | Sec. 801-5. Findings and declaration of policy. The General | ||||||
9 | Assembly
hereby finds, determines and declares:
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10 | (a) that there are a number of existing State authorities | ||||||
11 | authorized to
issue
bonds to alleviate the conditions and | ||||||
12 | promote the objectives set forth below;
and to provide a | ||||||
13 | stronger, better coordinated development effort, it is
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14 | determined to be in the interest of promoting the health, | ||||||
15 | safety, morals and
general welfare of all the people of the | ||||||
16 | State to consolidate certain of such
existing authorities into | ||||||
17 | one finance authority;
| ||||||
18 | (b) that involuntary unemployment affects the health, | ||||||
19 | safety, morals and
general welfare of the people of the State | ||||||
20 | of Illinois;
| ||||||
21 | (c) that the economic burdens resulting from involuntary | ||||||
22 | unemployment fall
in
part upon the State in the form of public | ||||||
23 | assistance and reduced tax revenues,
and in the event the |
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1 | unemployed worker and his family migrate elsewhere to find
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2 | work, may also fall upon the municipalities and other taxing | ||||||
3 | districts within
the areas of unemployment in the form of | ||||||
4 | reduced tax revenues, thereby
endangering their financial | ||||||
5 | ability to support necessary governmental services
for their | ||||||
6 | remaining inhabitants;
| ||||||
7 | (d) that a vigorous growing economy is the basic source of | ||||||
8 | job
opportunities;
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9 | (e) that protection against involuntary unemployment, its | ||||||
10 | economic burdens
and the spread of economic stagnation can best | ||||||
11 | be provided by promoting,
attracting,
stimulating and | ||||||
12 | revitalizing industry, manufacturing and commerce in the | ||||||
13 | State;
| ||||||
14 | (f) that the State has a responsibility to help create a | ||||||
15 | favorable climate
for new and improved job opportunities for | ||||||
16 | its citizens by encouraging the
development of commercial | ||||||
17 | businesses and industrial and manufacturing plants
within the | ||||||
18 | State;
| ||||||
19 | (g) that increased availability of funds for construction | ||||||
20 | of new facilities
and the expansion and improvement of existing | ||||||
21 | facilities for industrial,
commercial
and manufacturing | ||||||
22 | facilities will provide for new and continued employment in
the | ||||||
23 | construction industry and alleviate the burden of | ||||||
24 | unemployment;
| ||||||
25 | (h) that in the absence of direct governmental subsidies | ||||||
26 | the unaided
operations of private enterprise do not provide |
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1 | sufficient resources for
residential
construction, | ||||||
2 | rehabilitation, rental or purchase, and that support from | ||||||
3 | housing
related commercial facilities is one means of | ||||||
4 | stimulating residential
construction, rehabilitation, rental | ||||||
5 | and purchase;
| ||||||
6 | (i) that it is in the public interest and the policy of | ||||||
7 | this State to foster
and promote by all reasonable means the | ||||||
8 | provision of adequate capital markets
and facilities for | ||||||
9 | borrowing money by units of local government, and for the
| ||||||
10 | financing of their respective public improvements and other | ||||||
11 | governmental
purposes within the State from proceeds of bonds | ||||||
12 | or notes issued by those
governmental units; and to assist | ||||||
13 | local governmental units in fulfilling their
needs for those | ||||||
14 | purposes by use of creation of indebtedness;
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15 | (j) that it is in the public interest and the policy of | ||||||
16 | this State to the
extent possible, to reduce the costs of | ||||||
17 | indebtedness to taxpayers and residents
of this State and to | ||||||
18 | encourage continued investor interest in the purchase of
bonds | ||||||
19 | or notes of governmental units as sound and preferred | ||||||
20 | securities for
investment; and to encourage governmental units | ||||||
21 | to continue their independent
undertakings of public | ||||||
22 | improvements and other governmental purposes and the
financing | ||||||
23 | thereof, and to assist them in those activities by making funds
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24 | available at reduced interest costs for orderly financing of | ||||||
25 | those purposes,
especially during periods of restricted credit | ||||||
26 | or money supply, and
particularly for those governmental units |
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1 | not otherwise able to borrow for
those purposes;
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2 | (k) that in this State the following conditions exist: (i) | ||||||
3 | an inadequate
supply of funds at interest rates sufficiently | ||||||
4 | low to enable persons engaged in
agriculture in this State to | ||||||
5 | pursue agricultural operations at present levels;
(ii) that | ||||||
6 | such inability to pursue agricultural operations lessens the | ||||||
7 | supply
of agricultural commodities available to fulfill the | ||||||
8 | needs of the citizens of
this
State; (iii) that such inability | ||||||
9 | to continue operations decreases available
employment in the | ||||||
10 | agricultural sector of the State and results in unemployment
| ||||||
11 | and its attendant problems; (iv) that such conditions prevent | ||||||
12 | the acquisition
of an adequate capital stock of farm equipment | ||||||
13 | and machinery, much of which is
manufactured in this State, | ||||||
14 | therefore impairing the productivity of
agricultural
land and, | ||||||
15 | further, causing unemployment or lack of appropriate increase | ||||||
16 | in
employment in such manufacturing; (v) that such conditions | ||||||
17 | are conducive to
consolidation of acreage of agricultural land | ||||||
18 | with fewer individuals living and
farming on the traditional | ||||||
19 | family farm; (vi) that these conditions result in a
loss in | ||||||
20 | population, unemployment and movement of persons from rural to | ||||||
21 | urban
areas accompanied by added costs to communities for | ||||||
22 | creation of new public
facilities and services; (vii) that | ||||||
23 | there have been recurrent shortages of
funds for agricultural | ||||||
24 | purposes from private market sources at reasonable rates
of
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25 | interest; (viii) that these shortages have made the sale and | ||||||
26 | purchase of
agricultural land to family farmers a virtual |
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1 | impossibility in many parts of
the State; (ix) that the | ||||||
2 | ordinary operations of private enterprise have not in
the
past | ||||||
3 | corrected these conditions; and (x) that a stable supply of | ||||||
4 | adequate funds
for agricultural financing is required to | ||||||
5 | encourage family farmers in an
orderly
and sustained manner and | ||||||
6 | to reduce the problems described above;
| ||||||
7 | (l) that for the benefit of the people of the State of | ||||||
8 | Illinois, the conduct
and increase of their commerce, the | ||||||
9 | protection and enhancement of their
welfare,
the development of | ||||||
10 | continued prosperity and the improvement of their health and
| ||||||
11 | living conditions it is essential that all the people of the | ||||||
12 | State be given the
fullest opportunity to learn and to develop | ||||||
13 | their intellectual and mental
capacities and skills; that to | ||||||
14 | achieve these ends it is of the utmost
importance
that private | ||||||
15 | institutions of higher education within the State be provided | ||||||
16 | with
appropriate additional means to assist the people of the | ||||||
17 | State in achieving the
required levels of learning and | ||||||
18 | development of their intellectual and mental
capacities and | ||||||
19 | skills and that cultural institutions within the State be
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20 | provided with appropriate additional means to expand the | ||||||
21 | services and resources
which they offer for the cultural, | ||||||
22 | intellectual, scientific, educational and
artistic enrichment | ||||||
23 | of the people of the State;
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24 | (m) that in order to foster civic and neighborhood pride, | ||||||
25 | citizens require
access to facilities such as educational | ||||||
26 | institutions, recreation, parks and
open spaces, entertainment |
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1 | and sports, a reliable transportation network,
cultural | ||||||
2 | facilities and theaters and other facilities as authorized by | ||||||
3 | this
Act, and that it is in the best interests of the State to | ||||||
4 | lower the costs of
all such facilities by providing financing | ||||||
5 | through the State; and
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6 | (n) that to preserve and protect the health of the citizens | ||||||
7 | of the State,
and
lower the costs of health care, that | ||||||
8 | financing for health facilities should be
provided through the | ||||||
9 | State; and
it is hereby declared to be the policy of the State, | ||||||
10 | in the interest of
promoting the health, safety, morals and | ||||||
11 | general welfare of all the people of
the State, to address the | ||||||
12 | conditions noted above, to increase job opportunities
and to | ||||||
13 | retain existing jobs in the State, by making available through | ||||||
14 | the
Illinois Finance Authority, hereinafter created, funds for | ||||||
15 | the development,
improvement and creation of industrial, | ||||||
16 | housing, local government, educational,
health, public purpose | ||||||
17 | and other projects; to issue its bonds and notes to make
funds | ||||||
18 | at reduced rates and on more favorable terms for borrowing by | ||||||
19 | local
governmental units through the purchase of the bonds or | ||||||
20 | notes of the
governmental units; and to make or acquire loans | ||||||
21 | for the acquisition and
development of agricultural | ||||||
22 | facilities; to provide financing for private
institutions of | ||||||
23 | higher education, cultural institutions, health facilities and
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24 | other facilities and projects as authorized by this Act; and to | ||||||
25 | grant broad
powers to the Illinois Finance Authority to | ||||||
26 | accomplish and to carry out these
policies of the State which |
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1 | are in the public interest of the State and of its
taxpayers | ||||||
2 | and residents ; and
.
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3 | (o) that providing financing alternatives for projects | ||||||
4 | that are located outside the State that are owned, operated, | ||||||
5 | leased, managed by, or otherwise affiliated with, institutions | ||||||
6 | located within the State would promote the economy of the State | ||||||
7 | for the benefit of the health, welfare, safety, trade, | ||||||
8 | commerce, industry, and economy of the people of the State by | ||||||
9 | creating employment opportunities in the State and lowering the | ||||||
10 | cost of accessing healthcare, private education, or cultural | ||||||
11 | institutions in the State by reducing the cost of financing or | ||||||
12 | operating those projects.
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13 | (Source: P.A. 93-205, eff. 1-1-04.)
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14 | (20 ILCS 3501/801-10)
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15 | (Text of Section before amendment by P.A. 96-339 )
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16 | Sec. 801-10. Definitions. The following terms, whenever | ||||||
17 | used or referred
to
in this Act, shall have the following | ||||||
18 | meanings, except in such instances where
the context may | ||||||
19 | clearly indicate otherwise:
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20 | (a) The term "Authority" means the Illinois Finance | ||||||
21 | Authority created by
this Act.
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22 | (b) The term "project" means an industrial project, | ||||||
23 | conservation project, housing project, public
purpose project, | ||||||
24 | higher education project, health facility project, cultural
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25 | institution project, agricultural facility or agribusiness, |
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1 | and "project" may
include any combination of one or more of the | ||||||
2 | foregoing undertaken jointly by
any person with one or more | ||||||
3 | other persons.
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4 | (c) The term "public purpose project" means any project or | ||||||
5 | facility
including
without limitation land, buildings, | ||||||
6 | structures, machinery, equipment and all
other real and | ||||||
7 | personal property, which is authorized or required by law to be
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8 | acquired, constructed, improved, rehabilitated, reconstructed, | ||||||
9 | replaced or
maintained by any unit of government or any other | ||||||
10 | lawful public purpose which
is authorized or required by law to | ||||||
11 | be undertaken by any unit of government.
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12 | (d) The term "industrial project" means the acquisition, | ||||||
13 | construction,
refurbishment, creation, development or | ||||||
14 | redevelopment of any facility,
equipment, machinery, real | ||||||
15 | property or personal property for use by any
instrumentality of | ||||||
16 | the State or its political subdivisions, for use by any
person | ||||||
17 | or institution, public or private, for profit or not for | ||||||
18 | profit, or for
use in any trade or business including, but not | ||||||
19 | limited to, any industrial,
manufacturing or commercial | ||||||
20 | enterprise and which is (1) a capital project
including but not | ||||||
21 | limited to: (i) land and any rights therein, one or more
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22 | buildings, structures or other improvements, machinery and | ||||||
23 | equipment, whether
now existing or hereafter acquired, and | ||||||
24 | whether or not located on the same site
or sites; (ii) all | ||||||
25 | appurtenances and facilities incidental to the foregoing,
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26 | including, but not limited to utilities, access roads, railroad |
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1 | sidings, track,
docking and similar facilities, parking | ||||||
2 | facilities, dockage, wharfage, railroad
roadbed, track, | ||||||
3 | trestle, depot, terminal, switching and signaling or related
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4 | equipment, site preparation and landscaping; and (iii) all | ||||||
5 | non-capital costs
and expenses relating thereto or (2) any | ||||||
6 | addition to, renovation,
rehabilitation or
improvement of a | ||||||
7 | capital project or (3) any activity or undertaking which the
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8 | Authority determines will aid, assist or encourage economic | ||||||
9 | growth, development
or redevelopment within the State or any | ||||||
10 | area thereof, will promote the
expansion, retention or | ||||||
11 | diversification of employment opportunities within the
State | ||||||
12 | or any area thereof or will aid in stabilizing or developing | ||||||
13 | any industry
or economic sector of the State economy. The term | ||||||
14 | "industrial project" also
means the production of motion | ||||||
15 | pictures.
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16 | (e) The term "bond" or "bonds" shall include bonds, notes | ||||||
17 | (including bond,
grant or revenue anticipation notes), | ||||||
18 | certificates and/or other evidences of
indebtedness | ||||||
19 | representing an obligation to pay money, including refunding
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20 | bonds.
| ||||||
21 | (f) The terms "lease agreement" and "loan agreement" shall | ||||||
22 | mean: (i) an
agreement whereby a project acquired by the | ||||||
23 | Authority by purchase, gift or
lease
is leased to any person, | ||||||
24 | corporation or unit of local government which will use
or cause | ||||||
25 | the project to be used as a project as heretofore defined upon | ||||||
26 | terms
providing for lease rental payments at least sufficient |
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1 | to pay when due all
principal of, interest and premium, if any, | ||||||
2 | on any bonds of the Authority
issued
with respect to such | ||||||
3 | project, providing for the maintenance, insuring and
operation | ||||||
4 | of the project on terms satisfactory to the Authority, | ||||||
5 | providing for
disposition of the project upon termination of | ||||||
6 | the lease term, including
purchase options or abandonment of | ||||||
7 | the premises, and such other terms as may be
deemed desirable | ||||||
8 | by the Authority, or (ii) any agreement pursuant to which the
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9 | Authority agrees to loan the proceeds of its bonds issued with | ||||||
10 | respect to a
project or other funds of the Authority to any | ||||||
11 | person which will use or cause
the project to be used as a | ||||||
12 | project as heretofore defined upon terms providing
for loan | ||||||
13 | repayment installments at least sufficient to pay when due all
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14 | principal of, interest and premium, if any, on any bonds of the | ||||||
15 | Authority, if
any, issued with respect to the project, and | ||||||
16 | providing for maintenance,
insurance and other matters as may | ||||||
17 | be deemed desirable by the Authority.
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18 | (g) The term "financial aid" means the expenditure of | ||||||
19 | Authority funds or
funds provided by the Authority through the | ||||||
20 | issuance of its bonds, notes or
other
evidences of indebtedness | ||||||
21 | or from other sources for the development,
construction, | ||||||
22 | acquisition or improvement of a project.
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23 | (h) The term "person" means an individual, corporation, | ||||||
24 | unit of government,
business trust, estate, trust, partnership | ||||||
25 | or association, 2 or more persons
having a joint or common | ||||||
26 | interest, or any other legal entity.
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1 | (i) The term "unit of government" means the federal | ||||||
2 | government, the State or
unit of local government, a school | ||||||
3 | district, or any agency or instrumentality,
office, officer, | ||||||
4 | department, division, bureau, commission, college or
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5 | university thereof.
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6 | (j) The term "health facility" means: (a) any public or | ||||||
7 | private institution,
place, building, or agency required to be | ||||||
8 | licensed under the Hospital Licensing
Act; (b) any public or | ||||||
9 | private institution, place, building, or agency required
to be | ||||||
10 | licensed under the Nursing Home Care Act; (c)
any public or | ||||||
11 | licensed private hospital as defined in the Mental Health and
| ||||||
12 | Developmental Disabilities Code; (d) any such facility | ||||||
13 | exempted from such
licensure when the Director of Public Health | ||||||
14 | attests that such exempted
facility
meets the statutory | ||||||
15 | definition of a facility subject to licensure; (e) any
other
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16 | public or private health service institution, place, building, | ||||||
17 | or agency which
the Director of Public Health attests is | ||||||
18 | subject to certification by the
Secretary, U.S. Department of | ||||||
19 | Health and Human Services under the Social
Security Act, as now | ||||||
20 | or hereafter amended, or which the Director of Public
Health | ||||||
21 | attests is subject to standard-setting by a recognized public | ||||||
22 | or
voluntary accrediting or standard-setting agency; (f) any | ||||||
23 | public or private
institution, place, building or agency | ||||||
24 | engaged in providing one or more
supporting services to a | ||||||
25 | health facility; (g) any public or private
institution,
place, | ||||||
26 | building or agency engaged in providing training in the healing |
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1 | arts,
including but not limited to schools of medicine, | ||||||
2 | dentistry, osteopathy,
optometry, podiatry, pharmacy or | ||||||
3 | nursing, schools for the training of x-ray,
laboratory or other | ||||||
4 | health care technicians and schools for the training of
| ||||||
5 | para-professionals in the health care field; (h) any public or | ||||||
6 | private
congregate, life or extended care or elderly housing | ||||||
7 | facility or any public or
private home for the aged or infirm, | ||||||
8 | including, without limitation, any
Facility as defined in the | ||||||
9 | Life Care Facilities Act; (i) any public or private
mental, | ||||||
10 | emotional or physical rehabilitation facility or any public or | ||||||
11 | private
educational, counseling, or rehabilitation facility or | ||||||
12 | home, for those persons
with a developmental disability, those | ||||||
13 | who are physically ill or disabled, the
emotionally disturbed, | ||||||
14 | those persons with a mental illness or persons with
learning or | ||||||
15 | similar disabilities or problems; (j) any public or private
| ||||||
16 | alcohol, drug or substance abuse diagnosis, counseling | ||||||
17 | treatment or
rehabilitation
facility, (k) any public or private | ||||||
18 | institution, place, building or agency
licensed by the | ||||||
19 | Department of Children and Family Services or which is not so
| ||||||
20 | licensed but which the Director of Children and Family Services | ||||||
21 | attests
provides child care, child welfare or other services of | ||||||
22 | the type provided by
facilities
subject to such licensure; (l) | ||||||
23 | any public or private adoption agency or
facility; and (m) any | ||||||
24 | public or private blood bank or blood center. "Health
facility" | ||||||
25 | also means a public or private structure or structures suitable
| ||||||
26 | primarily for use as a laboratory, laundry, nurses or interns |
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| |||||||
1 | residence or
other housing or hotel facility used in whole or | ||||||
2 | in part for staff, employees
or
students and their families, | ||||||
3 | patients or relatives of patients admitted for
treatment or | ||||||
4 | care in a health facility, or persons conducting business with | ||||||
5 | a
health facility, physician's facility, surgicenter, | ||||||
6 | administration building,
research facility, maintenance, | ||||||
7 | storage or utility facility and all structures
or facilities | ||||||
8 | related to any of the foregoing or required or useful for the
| ||||||
9 | operation of a health facility, including parking or other | ||||||
10 | facilities or other
supporting service structures required or | ||||||
11 | useful for the orderly conduct of
such health facility. "Health | ||||||
12 | facility" also means, with respect to a project located outside | ||||||
13 | the State, any public or private institution, place, building, | ||||||
14 | or agency which provides services similar to those described | ||||||
15 | above, provided that such project is owned, operated, leased or | ||||||
16 | managed by a participating health institution located within | ||||||
17 | the State, or a participating health institution affiliated | ||||||
18 | with an entity located within the State.
| ||||||
19 | (k) The term "participating health institution" means (i) a | ||||||
20 | private corporation
or association or (ii) a public entity of | ||||||
21 | this State, in either case authorized by the laws of this
State | ||||||
22 | or the applicable state to provide or operate a health facility | ||||||
23 | as defined in this Act and which,
pursuant to the provisions of | ||||||
24 | this Act, undertakes the financing, construction
or | ||||||
25 | acquisition of a project or undertakes the refunding or | ||||||
26 | refinancing of
obligations, loans, indebtedness or advances as |
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| |||||||
1 | provided in this Act.
| ||||||
2 | (l) The term "health facility project", means a specific | ||||||
3 | health facility
work
or improvement to be financed or | ||||||
4 | refinanced (including without limitation
through reimbursement | ||||||
5 | of prior expenditures), acquired, constructed, enlarged,
| ||||||
6 | remodeled, renovated, improved, furnished, or equipped, with | ||||||
7 | funds provided in
whole or in part hereunder, any accounts | ||||||
8 | receivable, working capital, liability
or insurance cost or | ||||||
9 | operating expense financing or refinancing program of a
health | ||||||
10 | facility with or involving funds provided in whole or in part | ||||||
11 | hereunder,
or any combination thereof.
| ||||||
12 | (m) The term "bond resolution" means the resolution or | ||||||
13 | resolutions
authorizing the issuance of, or providing terms and | ||||||
14 | conditions related to,
bonds issued
under this Act and | ||||||
15 | includes, where appropriate, any trust agreement, trust
| ||||||
16 | indenture, indenture of mortgage or deed of trust providing | ||||||
17 | terms and
conditions for such bonds.
| ||||||
18 | (n) The term "property" means any real, personal or mixed | ||||||
19 | property, whether
tangible or intangible, or any interest | ||||||
20 | therein, including, without limitation,
any real estate, | ||||||
21 | leasehold interests, appurtenances, buildings, easements,
| ||||||
22 | equipment, furnishings, furniture, improvements, machinery, | ||||||
23 | rights of way,
structures, accounts, contract rights or any | ||||||
24 | interest therein.
| ||||||
25 | (o) The term "revenues" means, with respect to any project, | ||||||
26 | the rents, fees,
charges, interest, principal repayments, |
| |||||||
| |||||||
1 | collections and other income or profit
derived therefrom.
| ||||||
2 | (p) The term "higher education project" means, in the case | ||||||
3 | of a private
institution of higher education, an educational | ||||||
4 | facility to be acquired,
constructed, enlarged, remodeled, | ||||||
5 | renovated, improved, furnished, or equipped,
or any | ||||||
6 | combination thereof.
| ||||||
7 | (q) The term "cultural institution project" means, in the | ||||||
8 | case of a cultural
institution, a cultural facility to be | ||||||
9 | acquired, constructed, enlarged,
remodeled, renovated, | ||||||
10 | improved, furnished, or equipped, or any combination
thereof.
| ||||||
11 | (r) The term "educational facility" means any property | ||||||
12 | located within the
State , or any property located outside the | ||||||
13 | State, provided that, if the property is located outside the | ||||||
14 | State, it must be owned, operated, leased or managed by an | ||||||
15 | entity located within the State or an entity affiliated with an | ||||||
16 | entity located within the State, in each case
constructed or | ||||||
17 | acquired before or after the effective date of this Act, which
| ||||||
18 | is
or will be, in whole or in part, suitable for the | ||||||
19 | instruction, feeding,
recreation or housing of students, the | ||||||
20 | conducting of research or other work of
a
private institution | ||||||
21 | of higher education, the use by a private institution of
higher | ||||||
22 | education in connection with any educational, research or | ||||||
23 | related or
incidental activities then being or to be conducted | ||||||
24 | by it, or any combination
of the foregoing, including, without | ||||||
25 | limitation, any such property suitable for
use as or in | ||||||
26 | connection with any one or more of the following: an academic
|
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| |||||||
1 | facility, administrative facility, agricultural facility, | ||||||
2 | assembly hall,
athletic facility, auditorium, boating | ||||||
3 | facility, campus, communication
facility,
computer facility, | ||||||
4 | continuing education facility, classroom, dining hall,
| ||||||
5 | dormitory, exhibition hall, fire fighting facility, fire | ||||||
6 | prevention facility,
food service and preparation facility, | ||||||
7 | gymnasium, greenhouse, health care
facility, hospital, | ||||||
8 | housing, instructional facility, laboratory, library,
| ||||||
9 | maintenance facility, medical facility, museum, offices, | ||||||
10 | parking area,
physical education facility, recreational | ||||||
11 | facility, research facility, stadium,
storage facility, | ||||||
12 | student union, study facility, theatre or utility.
| ||||||
13 | (s) The term "cultural facility" means any property located | ||||||
14 | within the State , or any property located outside the State, | ||||||
15 | provided that, if the property is located outside the State, it | ||||||
16 | must be owned, operated, leased or managed by an entity located | ||||||
17 | within the State or an entity affiliated with an entity located | ||||||
18 | within the State, in each case
constructed or acquired before | ||||||
19 | or after the effective date of this Act, which
is or will be, | ||||||
20 | in whole or in part, suitable for the particular purposes or
| ||||||
21 | needs
of a cultural institution, including, without | ||||||
22 | limitation, any such property
suitable for use as or in | ||||||
23 | connection with any one or more of the following: an
| ||||||
24 | administrative facility, aquarium, assembly hall, auditorium, | ||||||
25 | botanical garden,
exhibition hall, gallery, greenhouse, | ||||||
26 | library, museum, scientific laboratory,
theater or zoological |
| |||||||
| |||||||
1 | facility, and shall also include, without limitation,
books, | ||||||
2 | works of art or music, animal, plant or aquatic life or other | ||||||
3 | items for
display, exhibition or performance. The term | ||||||
4 | "cultural facility" includes
buildings on the National | ||||||
5 | Register of Historic Places which are owned or
operated by | ||||||
6 | nonprofit entities.
| ||||||
7 | (t) "Private institution of higher education" means a | ||||||
8 | not-for-profit
educational institution which is not owned by | ||||||
9 | the State or any political
subdivision, agency, | ||||||
10 | instrumentality, district or municipality thereof, which
is
| ||||||
11 | authorized by law to provide a program of education beyond the | ||||||
12 | high school
level
and which:
| ||||||
13 | (1) Admits as regular students only individuals having | ||||||
14 | a
certificate of graduation from a high school, or the | ||||||
15 | recognized equivalent of
such a certificate;
| ||||||
16 | (2) Provides an educational program for which it awards | ||||||
17 | a
bachelor's degree, or provides an educational program, | ||||||
18 | admission into which is
conditioned upon the prior | ||||||
19 | attainment of a bachelor's degree or its equivalent,
for | ||||||
20 | which it awards a postgraduate degree, or provides not less | ||||||
21 | than a 2-year
program which is acceptable for full credit | ||||||
22 | toward such a degree, or offers a
2-year program in | ||||||
23 | engineering, mathematics, or the physical or biological
| ||||||
24 | sciences
which is designed to prepare the student to work | ||||||
25 | as a technician and at a
semiprofessional level in | ||||||
26 | engineering, scientific, or other technological
fields
|
| |||||||
| |||||||
1 | which require the understanding and application of basic | ||||||
2 | engineering,
scientific, or mathematical principles or | ||||||
3 | knowledge;
| ||||||
4 | (3) Is accredited by a nationally recognized | ||||||
5 | accrediting agency or
association or, if not so accredited, | ||||||
6 | is an institution whose credits are
accepted, on transfer, | ||||||
7 | by not less than 3 institutions which are so accredited,
| ||||||
8 | for credit on the same basis as if transferred from an | ||||||
9 | institution so
accredited, and holds an unrevoked | ||||||
10 | certificate of approval under the Private
College Act from | ||||||
11 | the Board of Higher Education, or is qualified as a
"degree | ||||||
12 | granting institution" under the Academic Degree Act; and
| ||||||
13 | (4) Does not discriminate in the admission of students | ||||||
14 | on the basis
of race or color.
"Private institution of | ||||||
15 | higher education" also includes any "academic
| ||||||
16 | institution".
| ||||||
17 | (u) The term "academic institution" means any | ||||||
18 | not-for-profit institution
which
is not owned by the State or | ||||||
19 | any political subdivision, agency,
instrumentality,
district | ||||||
20 | or municipality thereof, which institution engages in, or | ||||||
21 | facilitates
academic, scientific, educational or professional | ||||||
22 | research or learning in a
field or fields of study taught at a | ||||||
23 | private institution of higher education.
Academic institutions | ||||||
24 | include, without limitation, libraries, archives,
academic, | ||||||
25 | scientific, educational or professional societies, | ||||||
26 | institutions,
associations or foundations having such |
| |||||||
| |||||||
1 | purposes.
| ||||||
2 | (v) The term "cultural institution" means any | ||||||
3 | not-for-profit institution
which
is not owned by the State or | ||||||
4 | any political subdivision, agency,
instrumentality,
district | ||||||
5 | or municipality thereof, which institution engages in the | ||||||
6 | cultural,
intellectual, scientific, educational or artistic | ||||||
7 | enrichment of the people of
the State. Cultural institutions | ||||||
8 | include, without limitation, aquaria,
botanical societies, | ||||||
9 | historical societies, libraries, museums, performing arts
| ||||||
10 | associations or societies, scientific societies and zoological | ||||||
11 | societies.
| ||||||
12 | (w) The term "affiliate" means, with respect to financing | ||||||
13 | of an agricultural
facility or an agribusiness, any lender, any | ||||||
14 | person, firm or corporation
controlled by, or under common | ||||||
15 | control with, such lender, and any person, firm
or corporation | ||||||
16 | controlling such lender.
| ||||||
17 | (x) The term "agricultural facility" means land, any | ||||||
18 | building or other
improvement thereon or thereto, and any | ||||||
19 | personal properties deemed necessary or
suitable for use, | ||||||
20 | whether or not now in existence, in farming, ranching, the
| ||||||
21 | production of agricultural commodities (including, without | ||||||
22 | limitation, the
products of aquaculture, hydroponics and | ||||||
23 | silviculture) or the treating,
processing or storing of such | ||||||
24 | agricultural commodities when such activities are
customarily | ||||||
25 | engaged in by farmers as a part of farming.
| ||||||
26 | (y) The term "lender" with respect to financing of an |
| |||||||
| |||||||
1 | agricultural facility
or an agribusiness, means any federal or | ||||||
2 | State chartered bank, Federal Land
Bank,
Production Credit | ||||||
3 | Association, Bank for Cooperatives, federal or State
chartered | ||||||
4 | savings and loan association or building and loan association, | ||||||
5 | Small
Business
Investment Company or any other institution | ||||||
6 | qualified within this State to
originate and service loans, | ||||||
7 | including, but without limitation to, insurance
companies, | ||||||
8 | credit unions and mortgage loan companies. "Lender" also means | ||||||
9 | a
wholly owned subsidiary of a manufacturer, seller or | ||||||
10 | distributor of goods or
services that makes loans to businesses | ||||||
11 | or individuals, commonly known as a
"captive finance company".
| ||||||
12 | (z) The term "agribusiness" means any sole proprietorship, | ||||||
13 | limited
partnership, co-partnership, joint venture, | ||||||
14 | corporation or cooperative which
operates or will operate a | ||||||
15 | facility located within the State of Illinois that
is related | ||||||
16 | to the
processing of agricultural commodities (including, | ||||||
17 | without limitation, the
products of aquaculture, hydroponics | ||||||
18 | and silviculture) or the manufacturing,
production or | ||||||
19 | construction of agricultural buildings, structures, equipment,
| ||||||
20 | implements, and supplies, or any other facilities or processes | ||||||
21 | used in
agricultural production. Agribusiness includes but is | ||||||
22 | not limited to the
following:
| ||||||
23 | (1) grain handling and processing, including grain | ||||||
24 | storage,
drying, treatment, conditioning, mailing and | ||||||
25 | packaging;
| ||||||
26 | (2) seed and feed grain development and processing;
|
| |||||||
| |||||||
1 | (3) fruit and vegetable processing, including | ||||||
2 | preparation, canning
and packaging;
| ||||||
3 | (4) processing of livestock and livestock products, | ||||||
4 | dairy products,
poultry and poultry products, fish or | ||||||
5 | apiarian products, including slaughter,
shearing, | ||||||
6 | collecting, preparation, canning and packaging;
| ||||||
7 | (5) fertilizer and agricultural chemical | ||||||
8 | manufacturing,
processing, application and supplying;
| ||||||
9 | (6) farm machinery, equipment and implement | ||||||
10 | manufacturing and
supplying;
| ||||||
11 | (7) manufacturing and supplying of agricultural | ||||||
12 | commodity
processing machinery and equipment, including | ||||||
13 | machinery and equipment used in
slaughter, treatment, | ||||||
14 | handling, collecting, preparation, canning or packaging
of | ||||||
15 | agricultural commodities;
| ||||||
16 | (8) farm building and farm structure manufacturing, | ||||||
17 | construction
and supplying;
| ||||||
18 | (9) construction, manufacturing, implementation, | ||||||
19 | supplying or
servicing of irrigation, drainage and soil and | ||||||
20 | water conservation devices or
equipment;
| ||||||
21 | (10) fuel processing and development facilities that | ||||||
22 | produce fuel
from agricultural commodities or byproducts;
| ||||||
23 | (11) facilities and equipment for processing and | ||||||
24 | packaging
agricultural commodities specifically for | ||||||
25 | export;
| ||||||
26 | (12) facilities and equipment for forestry product |
| |||||||
| |||||||
1 | processing and
supplying, including sawmilling operations, | ||||||
2 | wood chip operations, timber
harvesting operations, and | ||||||
3 | manufacturing of prefabricated buildings, paper,
furniture | ||||||
4 | or other goods from forestry products;
| ||||||
5 | (13) facilities and equipment for research and | ||||||
6 | development of
products, processes and equipment for the | ||||||
7 | production, processing, preparation
or packaging of | ||||||
8 | agricultural commodities and byproducts.
| ||||||
9 | (aa) The term "asset" with respect to financing of any | ||||||
10 | agricultural facility
or
any agribusiness, means, but is not | ||||||
11 | limited to the following: cash crops or
feed on hand; livestock | ||||||
12 | held for sale; breeding stock; marketable bonds and
securities; | ||||||
13 | securities not readily marketable; accounts receivable; notes
| ||||||
14 | receivable; cash invested in growing crops; net cash value of | ||||||
15 | life insurance;
machinery and equipment; cars and trucks; farm | ||||||
16 | and other real estate including
life estates and personal | ||||||
17 | residence; value of beneficial interests in trusts;
government | ||||||
18 | payments or grants; and any other assets.
| ||||||
19 | (bb) The term "liability" with respect to financing of any | ||||||
20 | agricultural
facility or any agribusiness shall include, but | ||||||
21 | not be limited to the
following:
accounts payable; notes or | ||||||
22 | other indebtedness owed to any source; taxes; rent;
amounts | ||||||
23 | owed on real estate contracts or real estate mortgages; | ||||||
24 | judgments;
accrued interest payable; and any other liability.
| ||||||
25 | (cc) The term "Predecessor Authorities" means those | ||||||
26 | authorities as described
in Section 845-75.
|
| |||||||
| |||||||
1 | (dd) The term "housing project" means a specific work or | ||||||
2 | improvement
undertaken
to provide residential dwelling | ||||||
3 | accommodations, including the acquisition,
construction or | ||||||
4 | rehabilitation of lands, buildings and community facilities | ||||||
5 | and
in connection therewith to provide nonhousing facilities | ||||||
6 | which are part of the
housing project, including land, | ||||||
7 | buildings, improvements, equipment and all
ancillary | ||||||
8 | facilities for use for offices, stores, retirement homes, | ||||||
9 | hotels,
financial institutions, service, health care, | ||||||
10 | education, recreation or research
establishments, or any other | ||||||
11 | commercial purpose which are or are to be related
to a housing | ||||||
12 | development. | ||||||
13 | (ee) The term "conservation project" means any project | ||||||
14 | including the acquisition, construction, rehabilitation, | ||||||
15 | maintenance, operation, or upgrade that is intended to create | ||||||
16 | or expand open space or to reduce energy usage through | ||||||
17 | efficiency measures. For the purpose of this definition, "open | ||||||
18 | space" has the definition set forth under Section 10 of the | ||||||
19 | Illinois Open Land Trust Act.
| ||||||
20 | (ff) The term "significant presence" means the existence | ||||||
21 | within the State of the national or regional headquarters of an | ||||||
22 | entity or group or such other facility of an entity or group of | ||||||
23 | entities where a significant amount of the business functions | ||||||
24 | are performed for such entity or group of entities. | ||||||
25 | (Source: P.A. 95-697, eff. 11-6-07.)
|
| |||||||
| |||||||
1 | (Text of Section after amendment by P.A. 96-339 )
| ||||||
2 | Sec. 801-10. Definitions. The following terms, whenever | ||||||
3 | used or referred
to
in this Act, shall have the following | ||||||
4 | meanings, except in such instances where
the context may | ||||||
5 | clearly indicate otherwise:
| ||||||
6 | (a) The term "Authority" means the Illinois Finance | ||||||
7 | Authority created by
this Act.
| ||||||
8 | (b) The term "project" means an industrial project, | ||||||
9 | conservation project, housing project, public
purpose project, | ||||||
10 | higher education project, health facility project, cultural
| ||||||
11 | institution project, agricultural facility or agribusiness, | ||||||
12 | and "project" may
include any combination of one or more of the | ||||||
13 | foregoing undertaken jointly by
any person with one or more | ||||||
14 | other persons.
| ||||||
15 | (c) The term "public purpose project" means any project or | ||||||
16 | facility
including
without limitation land, buildings, | ||||||
17 | structures, machinery, equipment and all
other real and | ||||||
18 | personal property, which is authorized or required by law to be
| ||||||
19 | acquired, constructed, improved, rehabilitated, reconstructed, | ||||||
20 | replaced or
maintained by any unit of government or any other | ||||||
21 | lawful public purpose which
is authorized or required by law to | ||||||
22 | be undertaken by any unit of government.
| ||||||
23 | (d) The term "industrial project" means the acquisition, | ||||||
24 | construction,
refurbishment, creation, development or | ||||||
25 | redevelopment of any facility,
equipment, machinery, real | ||||||
26 | property or personal property for use by any
instrumentality of |
| |||||||
| |||||||
1 | the State or its political subdivisions, for use by any
person | ||||||
2 | or institution, public or private, for profit or not for | ||||||
3 | profit, or for
use in any trade or business including, but not | ||||||
4 | limited to, any industrial,
manufacturing or commercial | ||||||
5 | enterprise and which is (1) a capital project
including but not | ||||||
6 | limited to: (i) land and any rights therein, one or more
| ||||||
7 | buildings, structures or other improvements, machinery and | ||||||
8 | equipment, whether
now existing or hereafter acquired, and | ||||||
9 | whether or not located on the same site
or sites; (ii) all | ||||||
10 | appurtenances and facilities incidental to the foregoing,
| ||||||
11 | including, but not limited to utilities, access roads, railroad | ||||||
12 | sidings, track,
docking and similar facilities, parking | ||||||
13 | facilities, dockage, wharfage, railroad
roadbed, track, | ||||||
14 | trestle, depot, terminal, switching and signaling or related
| ||||||
15 | equipment, site preparation and landscaping; and (iii) all | ||||||
16 | non-capital costs
and expenses relating thereto or (2) any | ||||||
17 | addition to, renovation,
rehabilitation or
improvement of a | ||||||
18 | capital project or (3) any activity or undertaking which the
| ||||||
19 | Authority determines will aid, assist or encourage economic | ||||||
20 | growth, development
or redevelopment within the State or any | ||||||
21 | area thereof, will promote the
expansion, retention or | ||||||
22 | diversification of employment opportunities within the
State | ||||||
23 | or any area thereof or will aid in stabilizing or developing | ||||||
24 | any industry
or economic sector of the State economy. The term | ||||||
25 | "industrial project" also
means the production of motion | ||||||
26 | pictures.
|
| |||||||
| |||||||
1 | (e) The term "bond" or "bonds" shall include bonds, notes | ||||||
2 | (including bond,
grant or revenue anticipation notes), | ||||||
3 | certificates and/or other evidences of
indebtedness | ||||||
4 | representing an obligation to pay money, including refunding
| ||||||
5 | bonds.
| ||||||
6 | (f) The terms "lease agreement" and "loan agreement" shall | ||||||
7 | mean: (i) an
agreement whereby a project acquired by the | ||||||
8 | Authority by purchase, gift or
lease
is leased to any person, | ||||||
9 | corporation or unit of local government which will use
or cause | ||||||
10 | the project to be used as a project as heretofore defined upon | ||||||
11 | terms
providing for lease rental payments at least sufficient | ||||||
12 | to pay when due all
principal of, interest and premium, if any, | ||||||
13 | on any bonds of the Authority
issued
with respect to such | ||||||
14 | project, providing for the maintenance, insuring and
operation | ||||||
15 | of the project on terms satisfactory to the Authority, | ||||||
16 | providing for
disposition of the project upon termination of | ||||||
17 | the lease term, including
purchase options or abandonment of | ||||||
18 | the premises, and such other terms as may be
deemed desirable | ||||||
19 | by the Authority, or (ii) any agreement pursuant to which the
| ||||||
20 | Authority agrees to loan the proceeds of its bonds issued with | ||||||
21 | respect to a
project or other funds of the Authority to any | ||||||
22 | person which will use or cause
the project to be used as a | ||||||
23 | project as heretofore defined upon terms providing
for loan | ||||||
24 | repayment installments at least sufficient to pay when due all
| ||||||
25 | principal of, interest and premium, if any, on any bonds of the | ||||||
26 | Authority, if
any, issued with respect to the project, and |
| |||||||
| |||||||
1 | providing for maintenance,
insurance and other matters as may | ||||||
2 | be deemed desirable by the Authority.
| ||||||
3 | (g) The term "financial aid" means the expenditure of | ||||||
4 | Authority funds or
funds provided by the Authority through the | ||||||
5 | issuance of its bonds, notes or
other
evidences of indebtedness | ||||||
6 | or from other sources for the development,
construction, | ||||||
7 | acquisition or improvement of a project.
| ||||||
8 | (h) The term "person" means an individual, corporation, | ||||||
9 | unit of government,
business trust, estate, trust, partnership | ||||||
10 | or association, 2 or more persons
having a joint or common | ||||||
11 | interest, or any other legal entity.
| ||||||
12 | (i) The term "unit of government" means the federal | ||||||
13 | government, the State or
unit of local government, a school | ||||||
14 | district, or any agency or instrumentality,
office, officer, | ||||||
15 | department, division, bureau, commission, college or
| ||||||
16 | university thereof.
| ||||||
17 | (j) The term "health facility" means: (a) any public or | ||||||
18 | private institution,
place, building, or agency required to be | ||||||
19 | licensed under the Hospital Licensing
Act; (b) any public or | ||||||
20 | private institution, place, building, or agency required
to be | ||||||
21 | licensed under the Nursing Home Care Act or the MR/DD Community | ||||||
22 | Care Act; (c)
any public or licensed private hospital as | ||||||
23 | defined in the Mental Health and
Developmental Disabilities | ||||||
24 | Code; (d) any such facility exempted from such
licensure when | ||||||
25 | the Director of Public Health attests that such exempted
| ||||||
26 | facility
meets the statutory definition of a facility subject |
| |||||||
| |||||||
1 | to licensure; (e) any
other
public or private health service | ||||||
2 | institution, place, building, or agency which
the Director of | ||||||
3 | Public Health attests is subject to certification by the
| ||||||
4 | Secretary, U.S. Department of Health and Human Services under | ||||||
5 | the Social
Security Act, as now or hereafter amended, or which | ||||||
6 | the Director of Public
Health attests is subject to | ||||||
7 | standard-setting by a recognized public or
voluntary | ||||||
8 | accrediting or standard-setting agency; (f) any public or | ||||||
9 | private
institution, place, building or agency engaged in | ||||||
10 | providing one or more
supporting services to a health facility; | ||||||
11 | (g) any public or private
institution,
place, building or | ||||||
12 | agency engaged in providing training in the healing arts,
| ||||||
13 | including but not limited to schools of medicine, dentistry, | ||||||
14 | osteopathy,
optometry, podiatry, pharmacy or nursing, schools | ||||||
15 | for the training of x-ray,
laboratory or other health care | ||||||
16 | technicians and schools for the training of
para-professionals | ||||||
17 | in the health care field; (h) any public or private
congregate, | ||||||
18 | life or extended care or elderly housing facility or any public | ||||||
19 | or
private home for the aged or infirm, including, without | ||||||
20 | limitation, any
Facility as defined in the Life Care Facilities | ||||||
21 | Act; (i) any public or private
mental, emotional or physical | ||||||
22 | rehabilitation facility or any public or private
educational, | ||||||
23 | counseling, or rehabilitation facility or home, for those | ||||||
24 | persons
with a developmental disability, those who are | ||||||
25 | physically ill or disabled, the
emotionally disturbed, those | ||||||
26 | persons with a mental illness or persons with
learning or |
| |||||||
| |||||||
1 | similar disabilities or problems; (j) any public or private
| ||||||
2 | alcohol, drug or substance abuse diagnosis, counseling | ||||||
3 | treatment or
rehabilitation
facility, (k) any public or private | ||||||
4 | institution, place, building or agency
licensed by the | ||||||
5 | Department of Children and Family Services or which is not so
| ||||||
6 | licensed but which the Director of Children and Family Services | ||||||
7 | attests
provides child care, child welfare or other services of | ||||||
8 | the type provided by
facilities
subject to such licensure; (l) | ||||||
9 | any public or private adoption agency or
facility; and (m) any | ||||||
10 | public or private blood bank or blood center. "Health
facility" | ||||||
11 | also means a public or private structure or structures suitable
| ||||||
12 | primarily for use as a laboratory, laundry, nurses or interns | ||||||
13 | residence or
other housing or hotel facility used in whole or | ||||||
14 | in part for staff, employees
or
students and their families, | ||||||
15 | patients or relatives of patients admitted for
treatment or | ||||||
16 | care in a health facility, or persons conducting business with | ||||||
17 | a
health facility, physician's facility, surgicenter, | ||||||
18 | administration building,
research facility, maintenance, | ||||||
19 | storage or utility facility and all structures
or facilities | ||||||
20 | related to any of the foregoing or required or useful for the
| ||||||
21 | operation of a health facility, including parking or other | ||||||
22 | facilities or other
supporting service structures required or | ||||||
23 | useful for the orderly conduct of
such health facility. "Health | ||||||
24 | facility" also means, with respect to a project located outside | ||||||
25 | the State, any public or private institution, place, building, | ||||||
26 | or agency which provides services similar to those described |
| |||||||
| |||||||
1 | above, provided that such project is owned, operated, leased or | ||||||
2 | managed by a participating health institution located within | ||||||
3 | the State, or a participating health institution affiliated | ||||||
4 | with an entity located within the State.
| ||||||
5 | (k) The term "participating health institution" means (i) a | ||||||
6 | private corporation
or association or (ii) a public entity of | ||||||
7 | this State, in either case authorized by the laws of this
State | ||||||
8 | or the applicable state to provide or operate a health facility | ||||||
9 | as defined in this Act and which,
pursuant to the provisions of | ||||||
10 | this Act, undertakes the financing, construction
or | ||||||
11 | acquisition of a project or undertakes the refunding or | ||||||
12 | refinancing of
obligations, loans, indebtedness or advances as | ||||||
13 | provided in this Act.
| ||||||
14 | (l) The term "health facility project", means a specific | ||||||
15 | health facility
work
or improvement to be financed or | ||||||
16 | refinanced (including without limitation
through reimbursement | ||||||
17 | of prior expenditures), acquired, constructed, enlarged,
| ||||||
18 | remodeled, renovated, improved, furnished, or equipped, with | ||||||
19 | funds provided in
whole or in part hereunder, any accounts | ||||||
20 | receivable, working capital, liability
or insurance cost or | ||||||
21 | operating expense financing or refinancing program of a
health | ||||||
22 | facility with or involving funds provided in whole or in part | ||||||
23 | hereunder,
or any combination thereof.
| ||||||
24 | (m) The term "bond resolution" means the resolution or | ||||||
25 | resolutions
authorizing the issuance of, or providing terms and | ||||||
26 | conditions related to,
bonds issued
under this Act and |
| |||||||
| |||||||
1 | includes, where appropriate, any trust agreement, trust
| ||||||
2 | indenture, indenture of mortgage or deed of trust providing | ||||||
3 | terms and
conditions for such bonds.
| ||||||
4 | (n) The term "property" means any real, personal or mixed | ||||||
5 | property, whether
tangible or intangible, or any interest | ||||||
6 | therein, including, without limitation,
any real estate, | ||||||
7 | leasehold interests, appurtenances, buildings, easements,
| ||||||
8 | equipment, furnishings, furniture, improvements, machinery, | ||||||
9 | rights of way,
structures, accounts, contract rights or any | ||||||
10 | interest therein.
| ||||||
11 | (o) The term "revenues" means, with respect to any project, | ||||||
12 | the rents, fees,
charges, interest, principal repayments, | ||||||
13 | collections and other income or profit
derived therefrom.
| ||||||
14 | (p) The term "higher education project" means, in the case | ||||||
15 | of a private
institution of higher education, an educational | ||||||
16 | facility to be acquired,
constructed, enlarged, remodeled, | ||||||
17 | renovated, improved, furnished, or equipped,
or any | ||||||
18 | combination thereof.
| ||||||
19 | (q) The term "cultural institution project" means, in the | ||||||
20 | case of a cultural
institution, a cultural facility to be | ||||||
21 | acquired, constructed, enlarged,
remodeled, renovated, | ||||||
22 | improved, furnished, or equipped, or any combination
thereof.
| ||||||
23 | (r) The term "educational facility" means any property | ||||||
24 | located within the
State , or any property located outside the | ||||||
25 | State, provided that, if the property is located outside the | ||||||
26 | State, it must be owned, operated, leased or managed by an |
| |||||||
| |||||||
1 | entity located within the State or an entity affiliated with an | ||||||
2 | entity located within the State, in each case
constructed or | ||||||
3 | acquired before or after the effective date of this Act, which
| ||||||
4 | is
or will be, in whole or in part, suitable for the | ||||||
5 | instruction, feeding,
recreation or housing of students, the | ||||||
6 | conducting of research or other work of
a
private institution | ||||||
7 | of higher education, the use by a private institution of
higher | ||||||
8 | education in connection with any educational, research or | ||||||
9 | related or
incidental activities then being or to be conducted | ||||||
10 | by it, or any combination
of the foregoing, including, without | ||||||
11 | limitation, any such property suitable for
use as or in | ||||||
12 | connection with any one or more of the following: an academic
| ||||||
13 | facility, administrative facility, agricultural facility, | ||||||
14 | assembly hall,
athletic facility, auditorium, boating | ||||||
15 | facility, campus, communication
facility,
computer facility, | ||||||
16 | continuing education facility, classroom, dining hall,
| ||||||
17 | dormitory, exhibition hall, fire fighting facility, fire | ||||||
18 | prevention facility,
food service and preparation facility, | ||||||
19 | gymnasium, greenhouse, health care
facility, hospital, | ||||||
20 | housing, instructional facility, laboratory, library,
| ||||||
21 | maintenance facility, medical facility, museum, offices, | ||||||
22 | parking area,
physical education facility, recreational | ||||||
23 | facility, research facility, stadium,
storage facility, | ||||||
24 | student union, study facility, theatre or utility.
| ||||||
25 | (s) The term "cultural facility" means any property located | ||||||
26 | within the State , or any property located outside the State, |
| |||||||
| |||||||
1 | provided that, if the property is located outside the State, it | ||||||
2 | must be owned, operated, leased or managed by an entity located | ||||||
3 | within the State or an entity affiliated with an entity located | ||||||
4 | within the State, in each case
constructed or acquired before | ||||||
5 | or after the effective date of this Act, which
is or will be, | ||||||
6 | in whole or in part, suitable for the particular purposes or
| ||||||
7 | needs
of a cultural institution, including, without | ||||||
8 | limitation, any such property
suitable for use as or in | ||||||
9 | connection with any one or more of the following: an
| ||||||
10 | administrative facility, aquarium, assembly hall, auditorium, | ||||||
11 | botanical garden,
exhibition hall, gallery, greenhouse, | ||||||
12 | library, museum, scientific laboratory,
theater or zoological | ||||||
13 | facility, and shall also include, without limitation,
books, | ||||||
14 | works of art or music, animal, plant or aquatic life or other | ||||||
15 | items for
display, exhibition or performance. The term | ||||||
16 | "cultural facility" includes
buildings on the National | ||||||
17 | Register of Historic Places which are owned or
operated by | ||||||
18 | nonprofit entities.
| ||||||
19 | (t) "Private institution of higher education" means a | ||||||
20 | not-for-profit
educational institution which is not owned by | ||||||
21 | the State or any political
subdivision, agency, | ||||||
22 | instrumentality, district or municipality thereof, which
is
| ||||||
23 | authorized by law to provide a program of education beyond the | ||||||
24 | high school
level
and which:
| ||||||
25 | (1) Admits as regular students only individuals having | ||||||
26 | a
certificate of graduation from a high school, or the |
| |||||||
| |||||||
1 | recognized equivalent of
such a certificate;
| ||||||
2 | (2) Provides an educational program for which it awards | ||||||
3 | a
bachelor's degree, or provides an educational program, | ||||||
4 | admission into which is
conditioned upon the prior | ||||||
5 | attainment of a bachelor's degree or its equivalent,
for | ||||||
6 | which it awards a postgraduate degree, or provides not less | ||||||
7 | than a 2-year
program which is acceptable for full credit | ||||||
8 | toward such a degree, or offers a
2-year program in | ||||||
9 | engineering, mathematics, or the physical or biological
| ||||||
10 | sciences
which is designed to prepare the student to work | ||||||
11 | as a technician and at a
semiprofessional level in | ||||||
12 | engineering, scientific, or other technological
fields
| ||||||
13 | which require the understanding and application of basic | ||||||
14 | engineering,
scientific, or mathematical principles or | ||||||
15 | knowledge;
| ||||||
16 | (3) Is accredited by a nationally recognized | ||||||
17 | accrediting agency or
association or, if not so accredited, | ||||||
18 | is an institution whose credits are
accepted, on transfer, | ||||||
19 | by not less than 3 institutions which are so accredited,
| ||||||
20 | for credit on the same basis as if transferred from an | ||||||
21 | institution so
accredited, and holds an unrevoked | ||||||
22 | certificate of approval under the Private
College Act from | ||||||
23 | the Board of Higher Education, or is qualified as a
"degree | ||||||
24 | granting institution" under the Academic Degree Act; and
| ||||||
25 | (4) Does not discriminate in the admission of students | ||||||
26 | on the basis
of race or color.
"Private institution of |
| |||||||
| |||||||
1 | higher education" also includes any "academic
| ||||||
2 | institution".
| ||||||
3 | (u) The term "academic institution" means any | ||||||
4 | not-for-profit institution
which
is not owned by the State or | ||||||
5 | any political subdivision, agency,
instrumentality,
district | ||||||
6 | or municipality thereof, which institution engages in, or | ||||||
7 | facilitates
academic, scientific, educational or professional | ||||||
8 | research or learning in a
field or fields of study taught at a | ||||||
9 | private institution of higher education.
Academic institutions | ||||||
10 | include, without limitation, libraries, archives,
academic, | ||||||
11 | scientific, educational or professional societies, | ||||||
12 | institutions,
associations or foundations having such | ||||||
13 | purposes.
| ||||||
14 | (v) The term "cultural institution" means any | ||||||
15 | not-for-profit institution
which
is not owned by the State or | ||||||
16 | any political subdivision, agency,
instrumentality,
district | ||||||
17 | or municipality thereof, which institution engages in the | ||||||
18 | cultural,
intellectual, scientific, educational or artistic | ||||||
19 | enrichment of the people of
the State. Cultural institutions | ||||||
20 | include, without limitation, aquaria,
botanical societies, | ||||||
21 | historical societies, libraries, museums, performing arts
| ||||||
22 | associations or societies, scientific societies and zoological | ||||||
23 | societies.
| ||||||
24 | (w) The term "affiliate" means, with respect to financing | ||||||
25 | of an agricultural
facility or an agribusiness, any lender, any | ||||||
26 | person, firm or corporation
controlled by, or under common |
| |||||||
| |||||||
1 | control with, such lender, and any person, firm
or corporation | ||||||
2 | controlling such lender.
| ||||||
3 | (x) The term "agricultural facility" means land, any | ||||||
4 | building or other
improvement thereon or thereto, and any | ||||||
5 | personal properties deemed necessary or
suitable for use, | ||||||
6 | whether or not now in existence, in farming, ranching, the
| ||||||
7 | production of agricultural commodities (including, without | ||||||
8 | limitation, the
products of aquaculture, hydroponics and | ||||||
9 | silviculture) or the treating,
processing or storing of such | ||||||
10 | agricultural commodities when such activities are
customarily | ||||||
11 | engaged in by farmers as a part of farming.
| ||||||
12 | (y) The term "lender" with respect to financing of an | ||||||
13 | agricultural facility
or an agribusiness, means any federal or | ||||||
14 | State chartered bank, Federal Land
Bank,
Production Credit | ||||||
15 | Association, Bank for Cooperatives, federal or State
chartered | ||||||
16 | savings and loan association or building and loan association, | ||||||
17 | Small
Business
Investment Company or any other institution | ||||||
18 | qualified within this State to
originate and service loans, | ||||||
19 | including, but without limitation to, insurance
companies, | ||||||
20 | credit unions and mortgage loan companies. "Lender" also means | ||||||
21 | a
wholly owned subsidiary of a manufacturer, seller or | ||||||
22 | distributor of goods or
services that makes loans to businesses | ||||||
23 | or individuals, commonly known as a
"captive finance company".
| ||||||
24 | (z) The term "agribusiness" means any sole proprietorship, | ||||||
25 | limited
partnership, co-partnership, joint venture, | ||||||
26 | corporation or cooperative which
operates or will operate a |
| |||||||
| |||||||
1 | facility located within the State of Illinois that
is related | ||||||
2 | to the
processing of agricultural commodities (including, | ||||||
3 | without limitation, the
products of aquaculture, hydroponics | ||||||
4 | and silviculture) or the manufacturing,
production or | ||||||
5 | construction of agricultural buildings, structures, equipment,
| ||||||
6 | implements, and supplies, or any other facilities or processes | ||||||
7 | used in
agricultural production. Agribusiness includes but is | ||||||
8 | not limited to the
following:
| ||||||
9 | (1) grain handling and processing, including grain | ||||||
10 | storage,
drying, treatment, conditioning, mailing and | ||||||
11 | packaging;
| ||||||
12 | (2) seed and feed grain development and processing;
| ||||||
13 | (3) fruit and vegetable processing, including | ||||||
14 | preparation, canning
and packaging;
| ||||||
15 | (4) processing of livestock and livestock products, | ||||||
16 | dairy products,
poultry and poultry products, fish or | ||||||
17 | apiarian products, including slaughter,
shearing, | ||||||
18 | collecting, preparation, canning and packaging;
| ||||||
19 | (5) fertilizer and agricultural chemical | ||||||
20 | manufacturing,
processing, application and supplying;
| ||||||
21 | (6) farm machinery, equipment and implement | ||||||
22 | manufacturing and
supplying;
| ||||||
23 | (7) manufacturing and supplying of agricultural | ||||||
24 | commodity
processing machinery and equipment, including | ||||||
25 | machinery and equipment used in
slaughter, treatment, | ||||||
26 | handling, collecting, preparation, canning or packaging
of |
| |||||||
| |||||||
1 | agricultural commodities;
| ||||||
2 | (8) farm building and farm structure manufacturing, | ||||||
3 | construction
and supplying;
| ||||||
4 | (9) construction, manufacturing, implementation, | ||||||
5 | supplying or
servicing of irrigation, drainage and soil and | ||||||
6 | water conservation devices or
equipment;
| ||||||
7 | (10) fuel processing and development facilities that | ||||||
8 | produce fuel
from agricultural commodities or byproducts;
| ||||||
9 | (11) facilities and equipment for processing and | ||||||
10 | packaging
agricultural commodities specifically for | ||||||
11 | export;
| ||||||
12 | (12) facilities and equipment for forestry product | ||||||
13 | processing and
supplying, including sawmilling operations, | ||||||
14 | wood chip operations, timber
harvesting operations, and | ||||||
15 | manufacturing of prefabricated buildings, paper,
furniture | ||||||
16 | or other goods from forestry products;
| ||||||
17 | (13) facilities and equipment for research and | ||||||
18 | development of
products, processes and equipment for the | ||||||
19 | production, processing, preparation
or packaging of | ||||||
20 | agricultural commodities and byproducts.
| ||||||
21 | (aa) The term "asset" with respect to financing of any | ||||||
22 | agricultural facility
or
any agribusiness, means, but is not | ||||||
23 | limited to the following: cash crops or
feed on hand; livestock | ||||||
24 | held for sale; breeding stock; marketable bonds and
securities; | ||||||
25 | securities not readily marketable; accounts receivable; notes
| ||||||
26 | receivable; cash invested in growing crops; net cash value of |
| |||||||
| |||||||
1 | life insurance;
machinery and equipment; cars and trucks; farm | ||||||
2 | and other real estate including
life estates and personal | ||||||
3 | residence; value of beneficial interests in trusts;
government | ||||||
4 | payments or grants; and any other assets.
| ||||||
5 | (bb) The term "liability" with respect to financing of any | ||||||
6 | agricultural
facility or any agribusiness shall include, but | ||||||
7 | not be limited to the
following:
accounts payable; notes or | ||||||
8 | other indebtedness owed to any source; taxes; rent;
amounts | ||||||
9 | owed on real estate contracts or real estate mortgages; | ||||||
10 | judgments;
accrued interest payable; and any other liability.
| ||||||
11 | (cc) The term "Predecessor Authorities" means those | ||||||
12 | authorities as described
in Section 845-75.
| ||||||
13 | (dd) The term "housing project" means a specific work or | ||||||
14 | improvement
undertaken
to provide residential dwelling | ||||||
15 | accommodations, including the acquisition,
construction or | ||||||
16 | rehabilitation of lands, buildings and community facilities | ||||||
17 | and
in connection therewith to provide nonhousing facilities | ||||||
18 | which are part of the
housing project, including land, | ||||||
19 | buildings, improvements, equipment and all
ancillary | ||||||
20 | facilities for use for offices, stores, retirement homes, | ||||||
21 | hotels,
financial institutions, service, health care, | ||||||
22 | education, recreation or research
establishments, or any other | ||||||
23 | commercial purpose which are or are to be related
to a housing | ||||||
24 | development. | ||||||
25 | (ee) The term "conservation project" means any project | ||||||
26 | including the acquisition, construction, rehabilitation, |
| |||||||
| |||||||
1 | maintenance, operation, or upgrade that is intended to create | ||||||
2 | or expand open space or to reduce energy usage through | ||||||
3 | efficiency measures. For the purpose of this definition, "open | ||||||
4 | space" has the definition set forth under Section 10 of the | ||||||
5 | Illinois Open Land Trust Act.
| ||||||
6 | (ff) The term "significant presence" means the existence | ||||||
7 | within the State of the national or regional headquarters of an | ||||||
8 | entity or group or such other facility of an entity or group of | ||||||
9 | entities where a significant amount of the business functions | ||||||
10 | are performed for such entity or group of entities. | ||||||
11 | (Source: P.A. 95-697, eff. 11-6-07; 96-339, eff. 7-1-10.)
| ||||||
12 | (20 ILCS 3501/801-55 new)
| ||||||
13 | Sec. 801-55. Required findings for projects located | ||||||
14 | outside the State. The Authority may approve an application to | ||||||
15 | finance or refinance a project located outside of the State | ||||||
16 | only after it has made the following findings with respect to | ||||||
17 | such financing or refinancing, all of which shall be deemed | ||||||
18 | conclusive: | ||||||
19 | (a) the entity financing or refinancing a project | ||||||
20 | located outside the State, or an affiliate thereof, is also | ||||||
21 | engaged in the financing or refinancing of a project | ||||||
22 | located within the State or, alternately, the entity | ||||||
23 | seeking the financing or refinancing, or an affiliate | ||||||
24 | thereof, maintains a significant presence within the | ||||||
25 | State; |
| |||||||
| |||||||
1 | (b) financing or refinancing the out-of-state project | ||||||
2 | would promote the economy of the State for the benefit of | ||||||
3 | the health, welfare, safety, trade, commerce, industry and | ||||||
4 | economy of the people of the State by creating employment | ||||||
5 | opportunities in the State or lowering the cost of | ||||||
6 | accessing healthcare, private education, or cultural | ||||||
7 | institutions in the State by reducing the cost of financing | ||||||
8 | or operating projects; and | ||||||
9 | (c) after giving effect to the financing or refinancing | ||||||
10 | of the out-of-state project, the Authority shall have the | ||||||
11 | ability to issue at least an additional $1,000,000,000 of | ||||||
12 | bonds under Section 845-5(a) of this Act. | ||||||
13 | The Authority shall not provide financing for any project, | ||||||
14 | or portion thereof, located outside the boundaries of the | ||||||
15 | United States of America. | ||||||
16 | Notwithstanding any other provision of this Act, the | ||||||
17 | Authority shall not provide financing that uses State volume | ||||||
18 | cap under Section 146 of the Internal Revenue Code of 1986, as | ||||||
19 | amended, or constitutes an indebtedness or obligation, general | ||||||
20 | or moral, or a pledge of the full faith or loan of credit of the | ||||||
21 | State for any project, or portion thereof, that is located | ||||||
22 | outside of the State. | ||||||
23 | Section 95. No acceleration or delay. Where this Act makes | ||||||
24 | changes in a statute that is represented in this Act by text | ||||||
25 | that is not yet or no longer in effect (for example, a Section |
| |||||||
| |||||||
1 | represented by multiple versions), the use of that text does | ||||||
2 | not accelerate or delay the taking effect of (i) the changes | ||||||
3 | made by this Act or (ii) provisions derived from any other | ||||||
4 | Public Act.
| ||||||
5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.
|