99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB1420

 

Introduced 2/20/2015, by Sen. Mattie Hunter

 

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.


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A BILL FOR

 

SB1420LRB099 09458 MGM 29665 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Finance Authority Act is amended by
5changing Section 830-5 as follows:
 
6    (20 ILCS 3501/830-5)
7    Sec. 830-5. The Authority shall have the following powers:
8    (a) To loan its funds to one or more persons to be used by
9such persons to pay the the costs of acquiring, constructing,
10reconstructing or improving Agricultural Facilities, soil or
11water conservation projects or watershed areas, such loans to
12be on such terms and conditions, and for such period of time,
13and secured or evidenced by such mortgages, deeds of trust,
14notes, debentures, bonds or other secured or unsecured
15evidences of indebtedness of such persons as the Board may
16determine;
17    (b) To loan its funds to any agribusiness which operates or
18will operate a facility located in Illinois for those purposes
19permitted by rules and regulations issued pursuant to the
20Internal Revenue Code of 1954, as amended, relating to the use
21of moneys loaned from the proceeds from the issuance of
22industrial development revenue bonds; such loans shall be on
23terms and conditions, and for periods of time, and secured or

 

 

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1evidenced by mortgages, deeds of trust, notes, debentures,
2bonds or other secured or unsecured evidences of indebtedness
3of such agribusiness as the Board may require;
4    (c) To purchase, or to make commitments to purchase, from
5lenders notes, debentures, bonds or other evidences of
6indebtedness secured by mortgages, deeds of trust, or security
7devices, or unsecured, as the Authority may determine, or
8portions thereof or participations therein, which notes,
9bonds, or other evidences of indebtedness shall have been or
10will be executed by the obligors thereon to obtain funds with
11which to acquire, by purchase, construction, or otherwise,
12reconstruct or improve Agricultural Facilities;
13    (d) To contract with lenders or others for the origination
14of or the servicing of the loans made by the Authority pursuant
15to this Section or represented by the notes, bonds, or other
16evidences of indebtedness which it has purchased pursuant to
17this Section; provided that such servicing fees shall not
18exceed one percent per annum of the principal amount
19outstanding owed to the Authority; and
20    (e) To enter into a State Guarantee with a lender or a
21person holding a note and to sell or issue such State
22Guarantees, bonds or evidences of indebtedness in a primary or
23a secondary market and to make payment on a State Guarantee
24from available sources, including but not limited to, the
25Illinois Agricultural Loan Guarantee Fund and the Illinois
26Farmer and Agribusiness Loan Guarantee Fund created under

 

 

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1Section 830-30 and Section 830-35, respectively, and the
2Industrial Project Insurance Fund created under Article 805 of
3this Act.
4(Source: P.A. 96-897, eff. 5-24-10.)