96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1831


 
Introduced 2/20/2009, by Sen. Michael W. Frerichs
 
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.
















LRB096 11314 RCE 21747 b

















 


 


A BILL FOR









 











SB1831

LRB096 11314 RCE 21747 b






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    AN ACT concerning State government.

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

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



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    (20 ILCS 3501/830-5)



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    Sec. 830-5. The Authority shall have the following powers: 

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

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

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industrial development revenue bonds; such loans shall be on 
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terms and
conditions, and for periods of time, and secured or 
 


 






SB1831
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LRB096 11314 RCE 21747 b




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evidenced by mortgages,
deeds of trust, notes, debentures, 
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bonds or other secured or unsecured
evidences
of indebtedness 
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of such agribusiness as the Board may require;

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    (c) To purchase, or to make commitments to purchase, from 
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lenders notes,
debentures, bonds or other evidences of 
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indebtedness secured by mortgages,
deeds of trust, or security 
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devices, or unsecured, as the Authority may
determine, or 
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portions thereof or participations therein, which notes, 
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bonds,
or other evidences of indebtedness shall have been or 
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will be executed by the
obligors thereon to obtain funds with 
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which to acquire, by purchase,
construction, or otherwise, 
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reconstruct or improve Agricultural Facilities;

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

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outstanding owed to the Authority; and

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

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