97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5174

 

Introduced 2/8/2012, by Rep. Marlow H. Colvin

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3501/801-5
20 ILCS 3501/801-10
20 ILCS 3501/801-55

    Amends the Illinois Finance Authority Act. Defines "municipal bond issuer" and "municipal bond program project". Provides that the Illinois Finance Authority may approve an application to finance or refinance a municipal bond program project located outside of the State only after it has made certain conclusive findings. Effective immediately.


LRB097 19627 PJG 64881 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5174LRB097 19627 PJG 64881 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 Sections 801-5, 801-10, and 801-55 as follows:
 
6    (20 ILCS 3501/801-5)
7    Sec. 801-5. Findings and declaration of policy. The General
8Assembly hereby finds, determines and declares:
9    (a) that there are a number of existing State authorities
10authorized to issue bonds to alleviate the conditions and
11promote the objectives set forth below; and to provide a
12stronger, better coordinated development effort, it is
13determined to be in the interest of promoting the health,
14safety, morals and general welfare of all the people of the
15State to consolidate certain of such existing authorities into
16one finance authority;
17    (b) that involuntary unemployment affects the health,
18safety, morals and general welfare of the people of the State
19of Illinois;
20    (c) that the economic burdens resulting from involuntary
21unemployment fall in part upon the State in the form of public
22assistance and reduced tax revenues, and in the event the
23unemployed worker and his family migrate elsewhere to find

 

 

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1work, may also fall upon the municipalities and other taxing
2districts within the areas of unemployment in the form of
3reduced tax revenues, thereby endangering their financial
4ability to support necessary governmental services for their
5remaining inhabitants;
6    (d) that a vigorous growing economy is the basic source of
7job opportunities;
8    (e) that protection against involuntary unemployment, its
9economic burdens and the spread of economic stagnation can best
10be provided by promoting, attracting, stimulating and
11revitalizing industry, manufacturing and commerce in the
12State;
13    (f) that the State has a responsibility to help create a
14favorable climate for new and improved job opportunities for
15its citizens by encouraging the development of commercial
16businesses and industrial and manufacturing plants within the
17State;
18    (g) that increased availability of funds for construction
19of new facilities and the expansion and improvement of existing
20facilities for industrial, commercial and manufacturing
21facilities will provide for new and continued employment in the
22construction industry and alleviate the burden of
23unemployment;
24    (h) that in the absence of direct governmental subsidies
25the unaided operations of private enterprise do not provide
26sufficient resources for residential construction,

 

 

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1rehabilitation, rental or purchase, and that support from
2housing related commercial facilities is one means of
3stimulating residential construction, rehabilitation, rental
4and purchase;
5    (i) that it is in the public interest and the policy of
6this State to foster and promote by all reasonable means the
7provision of adequate capital markets and facilities for
8borrowing money by units of local government, and for the
9financing of their respective public improvements and other
10governmental purposes within the State from proceeds of bonds
11or notes issued by those governmental units; and to assist
12local governmental units in fulfilling their needs for those
13purposes by use of creation of indebtedness;
14    (j) that it is in the public interest and the policy of
15this State to the extent possible, to reduce the costs of
16indebtedness to taxpayers and residents of this State and to
17encourage continued investor interest in the purchase of bonds
18or notes of governmental units as sound and preferred
19securities for investment; and to encourage governmental units
20to continue their independent undertakings of public
21improvements and other governmental purposes and the financing
22thereof, and to assist them in those activities by making funds
23available at reduced interest costs for orderly financing of
24those purposes, especially during periods of restricted credit
25or money supply, and particularly for those governmental units
26not otherwise able to borrow for those purposes;

 

 

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1    (k) that in this State the following conditions exist: (i)
2an inadequate supply of funds at interest rates sufficiently
3low to enable persons engaged in agriculture in this State to
4pursue agricultural operations at present levels; (ii) that
5such inability to pursue agricultural operations lessens the
6supply of agricultural commodities available to fulfill the
7needs of the citizens of this State; (iii) that such inability
8to continue operations decreases available employment in the
9agricultural sector of the State and results in unemployment
10and its attendant problems; (iv) that such conditions prevent
11the acquisition of an adequate capital stock of farm equipment
12and machinery, much of which is manufactured in this State,
13therefore impairing the productivity of agricultural land and,
14further, causing unemployment or lack of appropriate increase
15in employment in such manufacturing; (v) that such conditions
16are conducive to consolidation of acreage of agricultural land
17with fewer individuals living and farming on the traditional
18family farm; (vi) that these conditions result in a loss in
19population, unemployment and movement of persons from rural to
20urban areas accompanied by added costs to communities for
21creation of new public facilities and services; (vii) that
22there have been recurrent shortages of funds for agricultural
23purposes from private market sources at reasonable rates of
24interest; (viii) that these shortages have made the sale and
25purchase of agricultural land to family farmers a virtual
26impossibility in many parts of the State; (ix) that the

 

 

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1ordinary operations of private enterprise have not in the past
2corrected these conditions; and (x) that a stable supply of
3adequate funds for agricultural financing is required to
4encourage family farmers in an orderly and sustained manner and
5to reduce the problems described above;
6    (l) that for the benefit of the people of the State of
7Illinois, the conduct and increase of their commerce, the
8protection and enhancement of their welfare, the development of
9continued prosperity and the improvement of their health and
10living conditions it is essential that all the people of the
11State be given the fullest opportunity to learn and to develop
12their intellectual and mental capacities and skills; that to
13achieve these ends it is of the utmost importance that private
14institutions of higher education within the State be provided
15with appropriate additional means to assist the people of the
16State in achieving the required levels of learning and
17development of their intellectual and mental capacities and
18skills and that cultural institutions within the State be
19provided with appropriate additional means to expand the
20services and resources which they offer for the cultural,
21intellectual, scientific, educational and artistic enrichment
22of the people of the State;
23    (m) that in order to foster civic and neighborhood pride,
24citizens require access to facilities such as educational
25institutions, recreation, parks and open spaces, entertainment
26and sports, a reliable transportation network, cultural

 

 

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1facilities and theaters and other facilities as authorized by
2this Act, and that it is in the best interests of the State to
3lower the costs of all such facilities by providing financing
4through the State;
5    (n) that to preserve and protect the health of the citizens
6of the State, and lower the costs of health care, that
7financing for health facilities should be provided through the
8State; and it is hereby declared to be the policy of the State,
9in the interest of promoting the health, safety, morals and
10general welfare of all the people of the State, to address the
11conditions noted above, to increase job opportunities and to
12retain existing jobs in the State, by making available through
13the Illinois Finance Authority, hereinafter created, funds for
14the development, improvement and creation of industrial,
15housing, local government, educational, health, public purpose
16and other projects; to issue its bonds and notes to make funds
17at reduced rates and on more favorable terms for borrowing by
18local governmental units through the purchase of the bonds or
19notes of the governmental units; and to make or acquire loans
20for the acquisition and development of agricultural
21facilities; to provide financing for private institutions of
22higher education, cultural institutions, health facilities and
23other facilities and projects as authorized by this Act; and to
24grant broad powers to the Illinois Finance Authority to
25accomplish and to carry out these policies of the State which
26are in the public interest of the State and of its taxpayers

 

 

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1and residents; and
2    (o) that providing financing alternatives for projects
3that are located outside the State that are owned, operated,
4leased, managed by, or otherwise affiliated with, institutions
5located within the State and providing for the issuance of the
6Authority's bonds and notes to make funds available at reduced
7rates and on more favorable terms for borrowing by local
8governmental units and persons located in the State and outside
9the State through the purchase of the bonds, notes, or
10obligations of local governmental units or persons would
11promote the economy of the State for the benefit of the health,
12welfare, safety, trade, commerce, industry, and economy of the
13people of the State by creating employment opportunities in the
14State and lowering the cost of accessing housing, healthcare,
15private education, or cultural institutions in the State by
16reducing the cost of financing or operating those projects.
17(Source: P.A. 96-1021, eff. 7-12-10.)
 
18    (20 ILCS 3501/801-10)
19    Sec. 801-10. Definitions. The following terms, whenever
20used or referred to in this Act, shall have the following
21meanings, except in such instances where the context may
22clearly indicate otherwise:
23    (a) The term "Authority" means the Illinois Finance
24Authority created by this Act.
25    (b) The term "project" means an industrial project,

 

 

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1conservation project, housing project, public purpose project,
2higher education project, health facility project, cultural
3institution project, municipal bond program project,
4agricultural facility or agribusiness, and "project" may
5include any combination of one or more of the foregoing
6undertaken jointly by any person with one or more other
7persons.
8    (c) The term "public purpose project" means any project or
9facility including without limitation land, buildings,
10structures, machinery, equipment and all other real and
11personal property, which is authorized or required by law to be
12acquired, constructed, improved, rehabilitated, reconstructed,
13replaced or maintained by any unit of government or any other
14lawful public purpose which is authorized or required by law to
15be undertaken by any unit of government.
16    (d) The term "industrial project" means the acquisition,
17construction, refurbishment, creation, development or
18redevelopment of any facility, equipment, machinery, real
19property or personal property for use by any instrumentality of
20the State or its political subdivisions, for use by any person
21or institution, public or private, for profit or not for
22profit, or for use in any trade or business including, but not
23limited to, any industrial, manufacturing or commercial
24enterprise and which is (1) a capital project including but not
25limited to: (i) land and any rights therein, one or more
26buildings, structures or other improvements, machinery and

 

 

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1equipment, whether now existing or hereafter acquired, and
2whether or not located on the same site or sites; (ii) all
3appurtenances and facilities incidental to the foregoing,
4including, but not limited to utilities, access roads, railroad
5sidings, track, docking and similar facilities, parking
6facilities, dockage, wharfage, railroad roadbed, track,
7trestle, depot, terminal, switching and signaling or related
8equipment, site preparation and landscaping; and (iii) all
9non-capital costs and expenses relating thereto or (2) any
10addition to, renovation, rehabilitation or improvement of a
11capital project or (3) any activity or undertaking which the
12Authority determines will aid, assist or encourage economic
13growth, development or redevelopment within the State or any
14area thereof, will promote the expansion, retention or
15diversification of employment opportunities within the State
16or any area thereof or will aid in stabilizing or developing
17any industry or economic sector of the State economy. The term
18"industrial project" also means the production of motion
19pictures.
20    (e) The term "bond" or "bonds" shall include bonds, notes
21(including bond, grant or revenue anticipation notes),
22certificates and/or other evidences of indebtedness
23representing an obligation to pay money, including refunding
24bonds.
25    (f) The terms "lease agreement" and "loan agreement" shall
26mean: (i) an agreement whereby a project acquired by the

 

 

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1Authority by purchase, gift or lease is leased to any person,
2corporation or unit of local government which will use or cause
3the project to be used as a project as heretofore defined upon
4terms providing for lease rental payments at least sufficient
5to pay when due all principal of, interest and premium, if any,
6on any bonds of the Authority issued with respect to such
7project, providing for the maintenance, insuring and operation
8of the project on terms satisfactory to the Authority,
9providing for disposition of the project upon termination of
10the lease term, including purchase options or abandonment of
11the premises, and such other terms as may be deemed desirable
12by the Authority, or (ii) any agreement pursuant to which the
13Authority agrees to loan the proceeds of its bonds issued with
14respect to a project or other funds of the Authority to any
15person which will use or cause the project to be used as a
16project as heretofore defined upon terms providing for loan
17repayment installments at least sufficient to pay when due all
18principal of, interest and premium, if any, on any bonds of the
19Authority, if any, issued with respect to the project, and
20providing for maintenance, insurance and other matters as may
21be deemed desirable by the Authority.
22    (g) The term "financial aid" means the expenditure of
23Authority funds or funds provided by the Authority through the
24issuance of its bonds, notes or other evidences of indebtedness
25or from other sources for the development, construction,
26acquisition or improvement of a project.

 

 

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1    (h) The term "person" means an individual, corporation,
2unit of government, business trust, estate, trust, partnership
3or association, 2 or more persons having a joint or common
4interest, or any other legal entity.
5    (i) The term "unit of government" means the federal
6government, the State or unit of local government, a school
7district, or any agency or instrumentality, office, officer,
8department, division, bureau, commission, college or
9university thereof.
10    (j) The term "health facility" means: (a) any public or
11private institution, place, building, or agency required to be
12licensed under the Hospital Licensing Act; (b) any public or
13private institution, place, building, or agency required to be
14licensed under the Nursing Home Care Act, the Specialized
15Mental Health Rehabilitation Act, or the ID/DD Community Care
16Act; (c) any public or licensed private hospital as defined in
17the Mental Health and Developmental Disabilities Code; (d) any
18such facility exempted from such licensure when the Director of
19Public Health attests that such exempted facility meets the
20statutory definition of a facility subject to licensure; (e)
21any other public or private health service institution, place,
22building, or agency which the Director of Public Health attests
23is subject to certification by the Secretary, U.S. Department
24of Health and Human Services under the Social Security Act, as
25now or hereafter amended, or which the Director of Public
26Health attests is subject to standard-setting by a recognized

 

 

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1public or voluntary accrediting or standard-setting agency;
2(f) any public or private institution, place, building or
3agency engaged in providing one or more supporting services to
4a health facility; (g) any public or private institution,
5place, building or agency engaged in providing training in the
6healing arts, including but not limited to schools of medicine,
7dentistry, osteopathy, optometry, podiatry, pharmacy or
8nursing, schools for the training of x-ray, laboratory or other
9health care technicians and schools for the training of
10para-professionals in the health care field; (h) any public or
11private congregate, life or extended care or elderly housing
12facility or any public or private home for the aged or infirm,
13including, without limitation, any Facility as defined in the
14Life Care Facilities Act; (i) any public or private mental,
15emotional or physical rehabilitation facility or any public or
16private educational, counseling, or rehabilitation facility or
17home, for those persons with a developmental disability, those
18who are physically ill or disabled, the emotionally disturbed,
19those persons with a mental illness or persons with learning or
20similar disabilities or problems; (j) any public or private
21alcohol, drug or substance abuse diagnosis, counseling
22treatment or rehabilitation facility, (k) any public or private
23institution, place, building or agency licensed by the
24Department of Children and Family Services or which is not so
25licensed but which the Director of Children and Family Services
26attests provides child care, child welfare or other services of

 

 

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1the type provided by facilities subject to such licensure; (l)
2any public or private adoption agency or facility; and (m) any
3public or private blood bank or blood center. "Health facility"
4also means a public or private structure or structures suitable
5primarily for use as a laboratory, laundry, nurses or interns
6residence or other housing or hotel facility used in whole or
7in part for staff, employees or students and their families,
8patients or relatives of patients admitted for treatment or
9care in a health facility, or persons conducting business with
10a health facility, physician's facility, surgicenter,
11administration building, research facility, maintenance,
12storage or utility facility and all structures or facilities
13related to any of the foregoing or required or useful for the
14operation of a health facility, including parking or other
15facilities or other supporting service structures required or
16useful for the orderly conduct of such health facility. "Health
17facility" also means, with respect to a project located outside
18the State, any public or private institution, place, building,
19or agency which provides services similar to those described
20above, provided that such project is owned, operated, leased or
21managed by a participating health institution located within
22the State, or a participating health institution affiliated
23with an entity located within the State.
24    (k) The term "participating health institution" means (i) a
25private corporation or association or (ii) a public entity of
26this State, in either case authorized by the laws of this State

 

 

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1or the applicable state to provide or operate a health facility
2as defined in this Act and which, pursuant to the provisions of
3this Act, undertakes the financing, construction or
4acquisition of a project or undertakes the refunding or
5refinancing of obligations, loans, indebtedness or advances as
6provided in this Act.
7    (l) The term "health facility project", means a specific
8health facility work or improvement to be financed or
9refinanced (including without limitation through reimbursement
10of prior expenditures), acquired, constructed, enlarged,
11remodeled, renovated, improved, furnished, or equipped, with
12funds provided in whole or in part hereunder, any accounts
13receivable, working capital, liability or insurance cost or
14operating expense financing or refinancing program of a health
15facility with or involving funds provided in whole or in part
16hereunder, or any combination thereof.
17    (m) The term "bond resolution" means the resolution or
18resolutions authorizing the issuance of, or providing terms and
19conditions related to, bonds issued under this Act and
20includes, where appropriate, any trust agreement, trust
21indenture, indenture of mortgage or deed of trust providing
22terms and conditions for such bonds.
23    (n) The term "property" means any real, personal or mixed
24property, whether tangible or intangible, or any interest
25therein, including, without limitation, any real estate,
26leasehold interests, appurtenances, buildings, easements,

 

 

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1equipment, furnishings, furniture, improvements, machinery,
2rights of way, structures, accounts, contract rights or any
3interest therein.
4    (o) The term "revenues" means, with respect to any project,
5the rents, fees, charges, interest, principal repayments,
6collections and other income or profit derived therefrom.
7    (p) The term "higher education project" means, in the case
8of a private institution of higher education, an educational
9facility to be acquired, constructed, enlarged, remodeled,
10renovated, improved, furnished, or equipped, or any
11combination thereof.
12    (q) The term "cultural institution project" means, in the
13case of a cultural institution, a cultural facility to be
14acquired, constructed, enlarged, remodeled, renovated,
15improved, furnished, or equipped, or any combination thereof.
16    (r) The term "educational facility" means any property
17located within the State, or any property located outside the
18State, provided that, if the property is located outside the
19State, it must be owned, operated, leased or managed by an
20entity located within the State or an entity affiliated with an
21entity located within the State, in each case constructed or
22acquired before or after the effective date of this Act, which
23is or will be, in whole or in part, suitable for the
24instruction, feeding, recreation or housing of students, the
25conducting of research or other work of a private institution
26of higher education, the use by a private institution of higher

 

 

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1education in connection with any educational, research or
2related or incidental activities then being or to be conducted
3by it, or any combination of the foregoing, including, without
4limitation, any such property suitable for use as or in
5connection with any one or more of the following: an academic
6facility, administrative facility, agricultural facility,
7assembly hall, athletic facility, auditorium, boating
8facility, campus, communication facility, computer facility,
9continuing education facility, classroom, dining hall,
10dormitory, exhibition hall, fire fighting facility, fire
11prevention facility, food service and preparation facility,
12gymnasium, greenhouse, health care facility, hospital,
13housing, instructional facility, laboratory, library,
14maintenance facility, medical facility, museum, offices,
15parking area, physical education facility, recreational
16facility, research facility, stadium, storage facility,
17student union, study facility, theatre or utility.
18    (s) The term "cultural facility" means any property located
19within the State, or any property located outside the State,
20provided that, if the property is located outside the State, it
21must be owned, operated, leased or managed by an entity located
22within the State or an entity affiliated with an entity located
23within the State, in each case constructed or acquired before
24or after the effective date of this Act, which is or will be,
25in whole or in part, suitable for the particular purposes or
26needs of a cultural institution, including, without

 

 

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1limitation, any such property suitable for use as or in
2connection with any one or more of the following: an
3administrative facility, aquarium, assembly hall, auditorium,
4botanical garden, exhibition hall, gallery, greenhouse,
5library, museum, scientific laboratory, theater or zoological
6facility, and shall also include, without limitation, books,
7works of art or music, animal, plant or aquatic life or other
8items for display, exhibition or performance. The term
9"cultural facility" includes buildings on the National
10Register of Historic Places which are owned or operated by
11nonprofit entities.
12    (t) "Private institution of higher education" means a
13not-for-profit educational institution which is not owned by
14the State or any political subdivision, agency,
15instrumentality, district or municipality thereof, which is
16authorized by law to provide a program of education beyond the
17high school level and which:
18        (1) Admits as regular students only individuals having
19    a certificate of graduation from a high school, or the
20    recognized equivalent of such a certificate;
21        (2) Provides an educational program for which it awards
22    a bachelor's degree, or provides an educational program,
23    admission into which is conditioned upon the prior
24    attainment of a bachelor's degree or its equivalent, for
25    which it awards a postgraduate degree, or provides not less
26    than a 2-year program which is acceptable for full credit

 

 

HB5174- 18 -LRB097 19627 PJG 64881 b

1    toward such a degree, or offers a 2-year program in
2    engineering, mathematics, or the physical or biological
3    sciences which is designed to prepare the student to work
4    as a technician and at a semiprofessional level in
5    engineering, scientific, or other technological fields
6    which require the understanding and application of basic
7    engineering, scientific, or mathematical principles or
8    knowledge;
9        (3) Is accredited by a nationally recognized
10    accrediting agency or association or, if not so accredited,
11    is an institution whose credits are accepted, on transfer,
12    by not less than 3 institutions which are so accredited,
13    for credit on the same basis as if transferred from an
14    institution so accredited, and holds an unrevoked
15    certificate of approval under the Private College Act from
16    the Board of Higher Education, or is qualified as a "degree
17    granting institution" under the Academic Degree Act; and
18        (4) Does not discriminate in the admission of students
19    on the basis of race or color. "Private institution of
20    higher education" also includes any "academic
21    institution".
22    (u) The term "academic institution" means any
23not-for-profit institution which is not owned by the State or
24any political subdivision, agency, instrumentality, district
25or municipality thereof, which institution engages in, or
26facilitates academic, scientific, educational or professional

 

 

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1research or learning in a field or fields of study taught at a
2private institution of higher education. Academic institutions
3include, without limitation, libraries, archives, academic,
4scientific, educational or professional societies,
5institutions, associations or foundations having such
6purposes.
7    (v) The term "cultural institution" means any
8not-for-profit institution which is not owned by the State or
9any political subdivision, agency, instrumentality, district
10or municipality thereof, which institution engages in the
11cultural, intellectual, scientific, educational or artistic
12enrichment of the people of the State. Cultural institutions
13include, without limitation, aquaria, botanical societies,
14historical societies, libraries, museums, performing arts
15associations or societies, scientific societies and zoological
16societies.
17    (w) The term "affiliate" means, with respect to financing
18of an agricultural facility or an agribusiness, any lender, any
19person, firm or corporation controlled by, or under common
20control with, such lender, and any person, firm or corporation
21controlling such lender.
22    (x) The term "agricultural facility" means land, any
23building or other improvement thereon or thereto, and any
24personal properties deemed necessary or suitable for use,
25whether or not now in existence, in farming, ranching, the
26production of agricultural commodities (including, without

 

 

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1limitation, the products of aquaculture, hydroponics and
2silviculture) or the treating, processing or storing of such
3agricultural commodities when such activities are customarily
4engaged in by farmers as a part of farming.
5    (y) The term "lender" with respect to financing of an
6agricultural facility or an agribusiness, means any federal or
7State chartered bank, Federal Land Bank, Production Credit
8Association, Bank for Cooperatives, federal or State chartered
9savings and loan association or building and loan association,
10Small Business Investment Company or any other institution
11qualified within this State to originate and service loans,
12including, but without limitation to, insurance companies,
13credit unions and mortgage loan companies. "Lender" also means
14a wholly owned subsidiary of a manufacturer, seller or
15distributor of goods or services that makes loans to businesses
16or individuals, commonly known as a "captive finance company".
17    (z) The term "agribusiness" means any sole proprietorship,
18limited partnership, co-partnership, joint venture,
19corporation or cooperative which operates or will operate a
20facility located within the State of Illinois that is related
21to the processing of agricultural commodities (including,
22without limitation, the products of aquaculture, hydroponics
23and silviculture) or the manufacturing, production or
24construction of agricultural buildings, structures, equipment,
25implements, and supplies, or any other facilities or processes
26used in agricultural production. Agribusiness includes but is

 

 

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1not limited to the following:
2        (1) grain handling and processing, including grain
3    storage, drying, treatment, conditioning, mailing and
4    packaging;
5        (2) seed and feed grain development and processing;
6        (3) fruit and vegetable processing, including
7    preparation, canning and packaging;
8        (4) processing of livestock and livestock products,
9    dairy products, poultry and poultry products, fish or
10    apiarian products, including slaughter, shearing,
11    collecting, preparation, canning and packaging;
12        (5) fertilizer and agricultural chemical
13    manufacturing, processing, application and supplying;
14        (6) farm machinery, equipment and implement
15    manufacturing and supplying;
16        (7) manufacturing and supplying of agricultural
17    commodity processing machinery and equipment, including
18    machinery and equipment used in slaughter, treatment,
19    handling, collecting, preparation, canning or packaging of
20    agricultural commodities;
21        (8) farm building and farm structure manufacturing,
22    construction and supplying;
23        (9) construction, manufacturing, implementation,
24    supplying or servicing of irrigation, drainage and soil and
25    water conservation devices or equipment;
26        (10) fuel processing and development facilities that

 

 

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1    produce fuel from agricultural commodities or byproducts;
2        (11) facilities and equipment for processing and
3    packaging agricultural commodities specifically for
4    export;
5        (12) facilities and equipment for forestry product
6    processing and supplying, including sawmilling operations,
7    wood chip operations, timber harvesting operations, and
8    manufacturing of prefabricated buildings, paper, furniture
9    or other goods from forestry products;
10        (13) facilities and equipment for research and
11    development of products, processes and equipment for the
12    production, processing, preparation or packaging of
13    agricultural commodities and byproducts.
14    (aa) The term "asset" with respect to financing of any
15agricultural facility or any agribusiness, means, but is not
16limited to the following: cash crops or feed on hand; livestock
17held for sale; breeding stock; marketable bonds and securities;
18securities not readily marketable; accounts receivable; notes
19receivable; cash invested in growing crops; net cash value of
20life insurance; machinery and equipment; cars and trucks; farm
21and other real estate including life estates and personal
22residence; value of beneficial interests in trusts; government
23payments or grants; and any other assets.
24    (bb) The term "liability" with respect to financing of any
25agricultural facility or any agribusiness shall include, but
26not be limited to the following: accounts payable; notes or

 

 

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1other indebtedness owed to any source; taxes; rent; amounts
2owed on real estate contracts or real estate mortgages;
3judgments; accrued interest payable; and any other liability.
4    (cc) The term "Predecessor Authorities" means those
5authorities as described in Section 845-75.
6    (dd) The term "housing project" means a specific work or
7improvement undertaken to provide residential dwelling
8accommodations, including the acquisition, construction or
9rehabilitation of lands, buildings and community facilities
10and in connection therewith to provide nonhousing facilities
11which are part of the housing project, including land,
12buildings, improvements, equipment and all ancillary
13facilities for use for offices, stores, retirement homes,
14hotels, financial institutions, service, health care,
15education, recreation or research establishments, or any other
16commercial purpose which are or are to be related to a housing
17development.
18    (ee) The term "conservation project" means any project
19including the acquisition, construction, rehabilitation,
20maintenance, operation, or upgrade that is intended to create
21or expand open space or to reduce energy usage through
22efficiency measures. For the purpose of this definition, "open
23space" has the definition set forth under Section 10 of the
24Illinois Open Land Trust Act.
25    (ff) The term "significant presence" means the existence
26within the State of the national or regional headquarters of an

 

 

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1entity or group or such other facility of an entity or group of
2entities where a significant amount of the business functions
3are performed for such entity or group of entities.
4    (gg) The term "municipal bond issuer" means the State or
5any other state or commonwealth of the United States, or any
6unit of local government, school district, agency or
7instrumentality, office, officer, department, division,
8bureau, commission, college, or university thereof.
9    (hh) The term "municipal bond program project" means a
10program established for the funding of the purchase of bonds,
11notes, or other obligations issued by or on behalf of a
12municipal bond issuer.
13(Source: P.A. 96-339, eff. 7-1-10; 96-1021, eff. 7-12-10;
1497-38, eff. 6-28-11; 97-227, eff. 1-1-12; revised 9-7-11.)
 
15    (20 ILCS 3501/801-55)
16    Sec. 801-55. Required findings for projects located
17outside the State. The Authority may approve an application to
18finance or refinance a project, other than a municipal bond
19program project, located outside of the State only after it has
20made the following findings with respect to such financing or
21refinancing, all of which shall be deemed conclusive:
22        (a) the entity financing or refinancing a project
23    located outside the State, or an affiliate thereof, is also
24    engaged in the financing or refinancing of a project
25    located within the State or, alternately, the entity

 

 

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1    seeking the financing or refinancing, or an affiliate
2    thereof, maintains a significant presence within the
3    State;
4        (b) financing or refinancing the out-of-state project
5    would promote the economy of the State for the benefit of
6    the health, welfare, safety, trade, commerce, industry and
7    economy of the people of the State by creating employment
8    opportunities in the State or lowering the cost of
9    accessing housing, healthcare, private education, or
10    cultural institutions in the State by reducing the cost of
11    financing or operating projects; and
12        (c) after giving effect to the financing or refinancing
13    of the out-of-state project, the Authority shall have the
14    ability to issue at least an additional $1,000,000,000 of
15    bonds under Section 845-5(a) of this Act.
16    The Authority may approve an application to finance or
17refinance a municipal bond program project located outside of
18the State only after it has made the following findings with
19respect to such financing or refinancing, all of which shall be
20deemed conclusive:
21        (a) the municipal bond program project includes the
22    purchase of bonds, notes, or obligations issued by or on
23    behalf of the State or any unit of local government, school
24    district, agency or instrumentality, office, officer,
25    department, division, bureau, commission, college, or
26    university thereof; and

 

 

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1        (b) financing or refinancing the municipal bond
2    program project would promote the economy of the State for
3    the benefit of the health, welfare, safety, trade,
4    commerce, industry, and economy of the people of the State
5    by reducing the cost of borrowing to the State or any unit
6    of local government, school district, agency or
7    instrumentality, office, officer, department, division,
8    bureau, commission, college, or university thereof.
9    The Authority shall not provide financing for any project,
10or portion thereof, located outside the boundaries of the
11United States of America.
12    Notwithstanding any other provision of this Act, the
13Authority shall not provide financing that uses State volume
14cap under Section 146 of the Internal Revenue Code of 1986, as
15amended, or constitutes an indebtedness or obligation, general
16or moral, or a pledge of the full faith or loan of credit of the
17State for any project, or portion thereof, that is located
18outside of the State.
19(Source: P.A. 96-1021, eff. 7-12-10.)
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.