102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4862

 

Introduced 1/27/2022, by Rep. Deanne M. Mazzochi

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Better Opportunities for Learning and Development (BOLD) Act. Provides that a governmental unit may establish a property assessed individualized learning opportunity program and create a BOLD area or BOLD areas under the program. Provides that, under the program, the governmental unit may enter into an assessment contract with the record owner of property within a BOLD area to finance or refinance one or more individualized learning opportunity for a resident who owns the property or a child or ward of the resident owner. Sets forth required provisions for the contract with the resident owner. Contains other provisions. Effective immediately.


LRB102 21956 HLH 31079 b

 

 

A BILL FOR

 

HB4862LRB102 21956 HLH 31079 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Better
5Opportunities for Learning and Development (BOLD) Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Assessment" means a special assessment imposed by a
8governmental unit pursuant to an assessment contract.
9    "Assessment contract" means a voluntary written contract
10between the applicable governmental unit (or a permitted
11assignee) and record owner governing the terms and conditions
12of financing and assessment under a program.
13    "Authority" means the Illinois Finance Authority.
14    "BOLD area" means an area designated by a governmental
15unit under Section 10.
16    "Capital provider" means any credit union, federally
17insured depository institution, insurance company, trust
18company, or other entity approved by a governmental unit or
19its program administrator or program administrators that
20finances or refinances an individualized learning opportunity
21by purchasing BOLD bonds issued by the governmental unit or
22the Authority for that purpose. "Capital provider" also means
23any special purpose vehicle that is directly or indirectly

 

 

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1wholly owned by one or more of the entities listed in this
2definition or any bond underwriter.
3    "Educational instructor" shall mean any instructor or
4provider of curriculum content for an individualized learning
5opportunity.
6    "Governmental unit" means a county or municipality located
7in the State.
8    "Individualized learning opportunity" means any
9educational program of study directed toward students aged 5
10through 18, as well as job training opportunities for those
11students.
 
12    Section 10. Property assessed individualized learning
13opportunity program; creation.
14    (a) Pursuant to the procedures provided in Section 15, a
15governmental unit may establish a property assessed
16individualized learning opportunity program and, from time to
17time, create a BOLD area or BOLD areas under the program.
18    (b) Under a program, the governmental unit may enter into
19an assessment contract with the record owner of property
20within a BOLD area to finance or refinance one or more
21individualized learning opportunity for a resident who owns
22the property or a child or ward of the resident owner. The
23assessment contract shall provide for the repayment of all or
24a portion of the cost of an individualized learning
25opportunity program through assessments upon the property

 

 

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1benefited. The amount of the financing or refinancing may
2include any and all of the following: the cost of books and
3instruction; the cost of labor to provide the instruction; if
4online instruction is provided, the cost of a router and
5computer; application and administrative fees; financing fees;
6reserves; capitalized interest; costs of billing the
7assessment; and all other fees, costs, and expenses that may
8be incurred by the record owner pursuant to the provisions of
9the individualized learning opportunity; provided, however,
10that this amount in total may not exceed the lesser of $7,500
11per year or 90% of the existing property tax levy by a local
12unit of government that provides educational services at the
13level of instruction in the prior year for the property, less
14expenses levied by the school district unit for pension
15payments and capital expenditures.
16    (c) A governmental unit may sell or assign, for
17consideration, any and all assessment contracts; the permitted
18assignee of the assessment contract shall have and possess the
19same delegable powers and rights at law or in equity as the
20applicable governmental unit would have if the assessment
21contract had not been assigned with regard to (i) the
22precedence and priority of liens evidenced by the assessment
23contract, (ii) the accrual of interest, and (iii) the fees and
24expenses of collection. The permitted assignee shall have the
25right to enforce such liens pursuant to subsection (a) of
26Section 30. No costs or attorney's fees incurred shall be

 

 

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1assigned to the recipient of the permitted assignee as a
2result of any foreclosure action or other legal proceeding
3brought pursuant to this Act for each record owner subject to
4the proceedings. Because a current market value for the
5assessment contracts is presently unknown, a governmental unit
6or the Authority may sell or assign assessment contracts
7without competitive bidding or the solicitation of requests
8for proposals or requests for qualifications through December
931, 2030; however, on and after January 1, 2031, competitive
10bidding or the solicitation of requests for proposals or
11requests for qualifications shall be required thereafter.
12    (d) A program shall be administered by either one or more
13than one program administrators or the governmental unit, as
14determined by the governing body.
15    (e) If expenses are incurred for elementary or secondary
16education for a child or ward of a property owner for a period
17of at least 5 years, or for a period of at least 3 years for
18multiple students, a governing body may further allow for the
19creation of an amortization schedule where the assessment may
20be amortized on a schedule where payoff amounts are to be
21completed by the time the property owner reaches the age of 65,
22and where the assessment payoff shall be accelerated in the
23event of a sale or transfer of property.
 
24    Section 15. Program established.
25    (a) To establish a property assessed individualized

 

 

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1learning opportunity, the governing body shall adopt a
2resolution or ordinance that includes all of the following:
3        (1) a finding that one or more property owners within
4    the BOLD district is subject to a local school district or
5    community college district levy, and that educational
6    attainment, job training, or preferred curriculum choices
7    are not currently provided within existing school
8    districts;
9        (2) a statement of intent to facilitate access to
10    educational funding (which may be from one or more program
11    administrators or as otherwise permitted by this Act) to
12    provide funds for individualized learning opportunities,
13    which will be repaid by assessments on the property
14    benefited with the agreement of the record owners subject
15    to the limitations provided in subsection (b) of Section
16    10 above;
17        (3) a description of the proposed arrangements for
18    financing the program through the issuance of BOLD bonds
19    under or in accordance with Section 35; those BOLD bonds
20    may be purchased by one or more capital providers;
21        (4) the types of individualized learning opportunities
22    that may be financed or refinanced;
23        (5) a description of the territory within the BOLD
24    area;
25        (6) a transcript of public comments if any
26    discretionary public hearing on the proposed program was

 

 

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1    previously held by the governmental unit prior to the
2    consideration of the resolution or ordinance establishing
3    the program; and
4        (7) the report on the proposed program as described in
5    Section 20; for this purpose, the resolution or ordinance
6    may incorporate the report or an amended version thereof
7    by reference and shall be available for public inspection.
8    (b) A property assessed individualized learning
9opportunity may be amended in accordance with the resolution
10or ordinance establishing the program.
 
11    Section 20. Program report. The report on the proposed
12program required under Section 15 shall include all of the
13following:
14        (1) a form of assessment contract between the
15    governmental unit and record owner governing the terms and
16    conditions of financing and assessment under the program;
17        (2) identification of one or more officials authorized
18    to enter into an assessment contract on behalf of the
19    governmental unit;
20        (3) after the first 2 years of operation,
21    identification of the 5 most prevalent courses of study
22    selected for the individualized learning opportunities,
23    and the 5 most common ages or age ranges of those selecting
24    the program in prior years;
25        (4) an application process and eligibility

 

 

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1    requirements for financing or refinancing individualized
2    learning opportunities under the program;
3        (5) a method for determining interest rates on amounts
4    financed or refinanced under assessment contracts,
5    repayment periods, and the maximum amount of an
6    assessment, if any;
7        (6) an explanation of the process for billing and
8    collecting assessments;
9        (7) a plan to finance the program pursuant to the
10    issuance of BOLD bonds under or in accordance with Section
11    35;
12        (8) information regarding all of the following, to the
13    extent known, or procedures to determine the following in
14    the future:
15            (A) any revenue source or reserve fund or funds to
16        be used as security for BOLD bonds described in
17        paragraph (7); and
18            (B) any application, administration, or other
19        program fees to be charged to record owners
20        participating in the program that will be used to
21        finance and reimburse all or a portion of costs
22        incurred by the governmental unit as a result of its
23        program, but which may not exceed as to the property
24        owner $250 or 5% of the amounts assessed, whichever is
25        less;
26        (9) a requirement that the term of an assessment not

 

 

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1    exceed the period of one year; and that the assessment may
2    not exceed 5% of the value of the property per year;
3    provided that an assessment contract financing or
4    refinancing multiple children's individualized learning
5    opportunities may have a term that may be amortized over a
6    period of five years, as calculated in accordance with the
7    principles established by the program report;
8        (10) If the 5% limit is to be modified, a requirement
9    for an appropriate ratio of the amount of the assessment
10    to the greater of any of the following:
11            (A) the value of the property as determined by the
12        office of the county assessor; or
13            (B) the value of the property as determined by an
14        appraisal conducted by a licensed appraiser;
15        (11) a requirement that the record owner of property
16    subject to a mortgage obtain written consent from the
17    mortgage holder before participating in the program;
18        (12) provisions for marketing and participant
19    education;
20        (13) provisions to avoid predatory lending practices;
21    and
22        (14) quality assurance and antifraud measures.
 
23    Section 25. Assessment contracts with record owners of
24property.
25    (a) A record owner of property within the BOLD area may

 

 

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1apply to the governmental unit or its program administrator or
2program administrators to finance or refinance an
3individualized learning opportunity under the governmental
4unit's program.
5    (b) A governmental unit may impose an assessment under a
6property assessed individualized learning opportunity only
7pursuant to the terms of a recorded assessment contract with
8the record owner of the property to be assessed.
9    (c) Before entering into an assessment contract with a
10record owner under a program, the governmental unit or its
11program administrator or program administrators shall verify
12that the applicable property is entirely within the BOLD area
13and receive evidence of all of the following:
14        (1) a description of the curriculum for the proposed
15    individualized learning opportunity;
16        (2) that there are no delinquent taxes, special
17    assessments, or water or sewer charges on the property;
18        (3) that there are no delinquent assessments on the
19    program;
20        (4) whether there are any involuntary liens on the
21    property, including, but not limited to, construction or
22    mechanics liens, lis pendens or judgments against the
23    record owner, environmental proceedings, or eminent domain
24    proceedings;
25        (5) that no notices of default or other evidence of
26    property-based debt delinquency have been recorded and not

 

 

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1    cured;
2        (6) that the record owner is current on all mortgage
3    debt on the property, the record owner has not filed for
4    bankruptcy in the last 2 years, and the property is not an
5    asset in a current bankruptcy proceeding;
6        (7) that the individualized learning opportunity shall
7    be performed under the supervision of an accredited
8    program, certified educator in the State of Illinois or
9    another State, and for job training opportunities that are
10    supervised by a professional in the industry or a
11    vocational educator in which the job training is being
12    taught or other individual licensed under the Department
13    of Financial and Professional Regulation, or who has been
14    certified by a national professional organization, who has
15    agreed to adhere to a set of terms and conditions through a
16    process established by the governmental unit or its
17    program administrator or program administrators;
18        (8) that the educational instructor or instructors
19    providing the individualized learning opportunity has or
20    have signed a written acknowledgment that the governmental
21    unit or its program administrator or program
22    administrators will not authorize final payment to the
23    educational instructor or instructors until the
24    governmental unit has received written confirmation from
25    the record owner that the individualized learning
26    opportunity was properly completed; and if any

 

 

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1    certification standard was agreed upon, that the student
2    has achieved the applicable certification; provided,
3    however, that the educational instructor or instructors
4    retain all legal rights and remedies in the event there is
5    a disagreement with the record owner;
6        (9) that the aggregate amount financed or refinanced
7    under one or more assessment contracts beyond the tax
8    levies that the property would already incur in connection
9    with a local school district does not exceed 25% in
10    relation to the greater of any of the following:
11            (A) the value of the property as determined by the
12        office of the county assessor; or
13            (B) the value of the property as determined by an
14        appraisal conducted by a licensed appraiser; and
15        (10) that there is a process for evaluation of the
16    value and quality of the individualized learning
17    opportunity.
18    (d) Before entering into an assessment contract with the
19governmental unit, the record owner shall provide to the
20mortgage holders of any existing mortgages encumbering or
21otherwise secured by the property a notice of the record
22owner's intent to enter into an assessment contract with the
23governmental unit, together with the maximum principal amount
24to be financed or refinanced and the maximum annual assessment
25necessary to repay that amount, along with an additional
26request that the mortgage holders of any existing mortgages

 

 

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1consent to the record owner subjecting the property to the
2program. The governmental unit shall be provided with a copy
3or other proof of those notices and the written consent of the
4mortgage holder for the record owner to enter into the
5assessment contract which acknowledges that (i) the existing
6mortgage or mortgages for which the consent was received will
7be subordinate to the assessment contract and the lien created
8thereby and (ii) the governmental unit or its permitted
9assignee can foreclose the property if the assessments are not
10paid.
11    (e) The first recourse for securing funds to repay
12assessments associated with an individualized learning
13opportunity program under this Act are the existing property
14tax levies imposed each year by the local school district
15taxing body for that property owner, provided that neither the
16property owner, nor the property owner's children or wards,
17are currently attending the unit of local government for which
18a levy is being imposed.
19    (f) If the record owner has signed a certification that
20the governmental unit has complied with the provisions of this
21Section, then this shall be conclusive evidence as to
22compliance with these provisions, but shall not relieve any
23educational instructor or the governmental unit from any
24potential liability.
25    (g) If assessments cannot be paid by the property owner,
26best efforts shall be made to amortize the outstanding

 

 

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1assessed amounts over the life of the owner up to the age of
265, with interest to accrue at a rate not to exceed 5% per
3year.
4    (h) The imposition of any assessment pursuant to this Act
5shall be exempt from any other statutory procedures or
6requirements that condition the imposition of special
7assessments or taxes against property, except as specifically
8set forth in this Act.
 
9    Section 30. Assessments constitute a lien; billing and
10collecting.
11    (a) An assessment contract shall be recorded with the
12county in which the BOLD area is located. An assessment
13imposed under a property assessed individualized learning
14opportunity pursuant to an assessment contract, including any
15interest on the assessment and any penalty, shall, upon
16recording of the assessment contract in the county in which
17the BOLD area is located, constitute a lien against the
18property on which the assessment is imposed until the
19assessment, including any interest or penalty, is paid in
20full. The lien of the assessment contract shall run with the
21property until the assessment is paid in full and a
22satisfaction or release for the same has been recorded by the
23governmental unit or its program administrator or program
24administrators and shall have the same lien priority and
25status as other property tax and special assessment liens as

 

 

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1provided in the Property Tax Code. The governmental unit (or
2any permitted assignee) shall have all rights and remedies in
3the case of default or delinquency in the payment of an
4assessment as it does with respect to delinquent property
5taxes and other delinquent special assessments as set forth in
6Article 9 of the Illinois Municipal Code, including the lien,
7sale, and foreclosure remedies described in that Article,
8provided that, if the individualized learning opportunity
9involves students under the age of 18, no foreclosure action
10may occur until the student reaches the age of majority; or
11five years from the date on which the student has completed the
12individualized learning opportunity that generated the
13assessment, whichever is later. When the assessment, including
14any interest and penalty, is paid in full, the lien shall be
15removed and released from the property.
16    (b) The assessment shall be imposed by the governmental
17unit against each lot, block, tract, and parcel of land set
18forth in the assessment contract.
19    (c) Assessments created under this Act may be billed and
20collected as follows:
21        (1) A county which has established a program may
22    include assessments in the regular property tax bills of
23    the county. The county collector of the county in which a
24    BOLD area is located may bill and collect assessments with
25    the regular property tax bills of the county if requested
26    by a municipality within its jurisdiction; no municipality

 

 

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1    is required to make such a request of its county
2    collector. If the county collector agrees to bill and
3    collect assessments with the regular property tax bills of
4    the county, then the applicable assessment contract shall
5    be filed with the county collector and the annual amount
6    due as set forth in an assessment contract shall become
7    due in installments at the times property taxes shall
8    become due in accordance with each regular property tax
9    bill payable during the year in which such assessment
10    comes due;
11        (2) If the county collector does not agree to bill and
12    collect assessments with the regular property tax bills of
13    the county or the governmental unit in which the BOLD area
14    is located declines to request the county collector to do
15    so, then the governmental unit shall bill and collect the
16    assessments, either directly or as permitted in paragraph
17    (3) of this subsection, and the annual amount due as set
18    forth in an assessment contract shall become due in
19    installments on or about the times property taxes would
20    otherwise become due in accordance with each regular
21    property tax bill payable during the year in which such
22    assessment comes due; or
23        (3) If a governmental unit is billing and collecting
24    assessments pursuant to paragraph (2) of this subsection,
25    assessment installments may be billed and collected by the
26    governmental unit's program administrator or program

 

 

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1    administrators or another third party.
2    The assessment installments for assessments billed as
3provided for under any paragraph of this subsection shall be
4payable at the times and in the manner as set forth in the
5applicable bill.
6    (d) If a governmental unit, a program administrator, or
7another third party is billing and collecting assessments
8pursuant to subsection (b), and the applicable assessment
9becomes delinquent during any year, the applicable collector
10shall, on or before the date in such year required by the
11county in which the BOLD area is located, make a report in
12writing to the general office of the county in which the
13applicable property subject to the assessment is situated and
14authorized by the general revenue laws of this State to apply
15for judgment and sell lands for taxes due the county and the
16State, of the assessments or installments thereof the
17applicable collector has billed for and not received as
18required under the applicable bill, including any interest or
19penalties that may be due as set forth in the applicable
20assessment contract, unless otherwise limited in this Act.
21This report shall be certified by the applicable collector and
22shall include statements that (i) the report contains true and
23correct list of delinquent assessments that the collector has
24not received as required by the applicable bill and (ii) an
25itemization of the amount of the delinquent assessment,
26including interest and penalties, if applicable. The report of

 

 

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1the applicable collector, when so made, shall be prima facie
2evidence that all requirements of the law in relation to
3making the report have been complied with and that the
4assessments or the matured installments thereof, and the
5interest thereon, and the interest accrued on installments not
6yet matured, mentioned in the report, are due and unpaid. Upon
7proper filing of such report, at the direction of the
8governmental unit or its permitted assignee, the county
9collector shall enforce the collection of the assessments in
10the manner provided by law.
11    (e) Payment received by mail and postmarked on or before
12the required due date is not delinquent. From and after the due
13date of any installment of an assessment, an additional rate
14of interest of 1/2% per month above the prime rate established
15by the Federal Reserve may be imposed with respect to the
16delinquent amount of such installment, which shall be payable
17to the applicable governmental unit or other permitted
18assignee as set forth in the applicable bill, unless otherwise
19limited by this Act.
 
20    Section 35. Issuance of BOLD bonds.
21    (a) Except as provided for in subsection (k), a
22governmental unit shall issue BOLD bonds under this Act, or
23the Authority shall issue BOLD bonds in accordance with this
24Act and pursuant to subsection (d) of Section 825-65 of the
25Illinois Finance Authority Act, in either case to finance or

 

 

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1refinance energy projects under a property assessed
2individualized learning opportunity program.
3    (b) BOLD bonds issued under this Act or in accordance with
4this Act and pursuant to subsection (d) of Section 825-65 of
5the Illinois Finance Authority Act:
6        (1) shall not be general obligations of the
7    governmental unit or the Authority, as applicable, but
8    shall be secured by the following:
9            (A) payments under one or more assessment
10        contracts on benefited property or properties within
11        the BOLD area or BOLD areas specified;
12            (B) if applicable, municipal bond insurance,
13        letters of credit, or public or private guarantees or
14        sureties;
15            (C) if applicable, revenue sources or reserves
16        established by the governmental unit or the Authority
17        from bond proceeds or other lawfully available funds;
18        and
19            (D) the property owner's share of a property tax
20        levy that has been imposed or would be imposed by a
21        local school district.
22        (2) may be secured on a parity basis with BOLD bonds of
23    another series or subseries issued by the governmental
24    unit or the Authority pursuant to the terms of a master
25    indenture entered into as authorized by an ordinance or
26    resolution adopted by the governing body or the Authority,

 

 

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1    as applicable;
2        (3) may bear interest at any rate or rates not to
3    exceed such rate or rates as the governing body or the
4    Authority shall determine by ordinance or resolution,
5    unless otherwise limited by this Act;
6        (4) may pay interest upon the date or dates described
7    in such BOLD bonds;
8        (5) shall have a maturity no more than 20 years from
9    the date of issuance;
10        (6) may be subject to redemption with or without
11    premium upon such terms and provisions as may be provided
12    under the terms of a master indenture entered into as
13    authorized by an ordinance or resolution adopted by the
14    governing body or the Authority, as applicable, including,
15    without limitation, terms as to the order of redemption
16    (numerical, pro rata, by series, subseries, or otherwise)
17    and as to the timing thereof;
18        (7) shall be negotiable instruments under Illinois law
19    and be subject to the Registered Bond Act; and
20        (8) may be payable either serially or at term, or any
21    combination thereof, in such order of preference,
22    priority, lien position, or rank (including, without
23    limitation, numerical, pro rata, by series, subseries, or
24    otherwise) as the governing body or Authority may provide.
25    (c) A pledge of assessments, funds, or contractual rights
26made by a governmental unit or the Authority in connection

 

 

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1with the issuance of BOLD bonds under this Act or in accordance
2with this Act and pursuant to Section 825-65 of the Illinois
3Finance Authority Act constitutes a statutory lien on the
4assessments, funds, or contractual rights so pledged in favor
5of the person or persons to whom the pledge is given, without
6further action taken by a governmental unit or the Authority,
7as applicable. The statutory lien is valid and binding against
8all other persons, with or without notice.
9    (d) The State pledges to and agrees with the holders of any
10BOLD bonds issued under this Act or in accordance with the Act
11and pursuant to Section 825-65 of the Illinois Finance
12Authority Act that the State will not limit or alter the rights
13and powers vested in governmental units by this Act or in the
14Authority in accordance with this Act and pursuant to Section
15825-65 of the Illinois Finance Authority Act so as to impair
16the terms of any contract made by a governmental unit or by the
17Authority with those bondholders or in any way to impair the
18rights or remedies of those bondholders until the BOLD bonds,
19together with the interest thereon, and all costs and expenses
20in connection with any actions or proceedings by or on behalf
21of those bondholders are fully met and discharged.
22    (e) BOLD bonds issued under this Act or in accordance with
23this Act and pursuant to Section 825-65 of the Illinois
24Finance Authority Act further essential public and
25governmental purposes, including, but not limited to,
26expanding opportunity for educational development; workforce

 

 

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1development; educational opportunity; improving access to
2gifted students to challenging curriculum; assisting special
3needs students whose current curriculum options are not
4adequately serving their needs; and attempting to more
5equitably distribute educational benefits, particularly to
6lower income homeowners whose children would otherwise be
7obligated to attend failing schools, and increased employment.
8    (g) A capital provider can assign its rights to purchase
9BOLD bonds issued by the governmental unit or the Authority to
10a designated transferee.
11    (h) A law firm shall be retained to give a written bond
12opinion in connection with any BOLD bond issued under this Act
13or in accordance with this Act and pursuant to Section 825-65
14of the Illinois Finance Authority Act in form and substance as
15requested by the issuer of the BOLD bonds or the capital
16provider.
17    (i) BOLD bonds issued by the Authority in accordance with
18this Act and pursuant to subsection (d) of Section 825-65 of
19the Illinois Finance Authority Act shall not be entitled to
20the benefits of Section 825-75 of the Illinois Finance
21Authority Act.
22    (j) BOLD bonds issued by a governmental unit may otherwise
23have any attributes permitted to bonds under the Local
24Government Debt Reform Act, as the governing body may provide.
25    (k) Interim financing prior to the issuance of BOLD bonds
26authorized by this Section may be provided only by a warehouse

 

 

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1fund, except that warehouse funds established by capital
2providers shall only interim finance energy projects secured
3by one or more assessment contracts for 36 months or less from
4the date of recording of the applicable assessment contract.
 
5    Section 40. Supplemental powers.
6    (a) The provisions of this Act are intended to be
7supplemental and in addition to all other powers or
8authorities granted to any governmental unit, shall be
9construed liberally, and shall not be construed as a
10limitation of any power or authority otherwise granted.
11    (b) A governmental unit may use the provisions of this Act
12by referencing this Act in the resolution or ordinance
13described in Section 15.
 
14    Section 45. Recital. BOLD bonds that are issued under this
15Act or in accordance with this Act and pursuant to Section
16825-65 of the Illinois Finance Authority Act may contain a
17recital to that effect and any such recital shall be
18conclusive as against the issuer thereof and any other person
19as to the validity of the BOLD bonds and as to their compliance
20with the provisions of this Act and, as applicable, the
21provisions of Section 825-65 of the Illinois Finance Authority
22Act.
 
23    Section 50. Validation. All actions taken by the Authority

 

 

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1or any governmental unit under this Act prior to the effective
2date of this Act, including, without limitation, creation of a
3property assessed individualized learning opportunity program
4under Section 10 and Section 15, preparation and approval of a
5report on the proposed program under Section 20, entering into
6assessment contracts under Section 25, and issuance of bonds,
7notes, and other evidences of indebtedness under Section 35
8shall be unaffected by the enactment of an amendatory Act of a
9subsequent General Assembly and shall continue to be legal,
10valid, and in full force and effect.
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.