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Rep. Frank J. Mautino
Filed: 3/27/2014
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1 | | AMENDMENT TO HOUSE BILL 3821
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2 | | AMENDMENT NO. ______. Amend House Bill 3821 by replacing |
3 | | everything after the enacting clause with the following:
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4 | | "Section 5. The Illinois Finance Authority Act is amended |
5 | | by changing Section 801-40 as follows:
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6 | | (20 ILCS 3501/801-40)
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7 | | Sec. 801-40. In addition to the powers otherwise authorized |
8 | | by law and in
addition to the foregoing general corporate |
9 | | powers, the Authority shall also
have the following additional |
10 | | specific powers to be exercised in furtherance of
the purposes |
11 | | of this Act.
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12 | | (a) The Authority shall have power (i) to accept grants, |
13 | | loans or
appropriations from the federal government or the |
14 | | State, or any agency or
instrumentality thereof, to be used for |
15 | | the operating expenses of the
Authority,
or for any purposes of |
16 | | the Authority, including the making of direct loans of
such |
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1 | | funds with respect to projects, and (ii) to enter into any |
2 | | agreement with
the federal government or the State, or any |
3 | | agency or instrumentality thereof,
in relationship to such |
4 | | grants, loans or appropriations.
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5 | | (b) The Authority shall have power to procure and enter |
6 | | into contracts for
any
type of insurance and indemnity |
7 | | agreements covering loss or damage to property
from any cause, |
8 | | including loss of use and occupancy, or covering any other
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9 | | insurable risk.
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10 | | (c) The Authority shall have the continuing power to issue |
11 | | bonds for its
corporate purposes. Bonds may be issued by the |
12 | | Authority in one or more series
and may provide for the payment |
13 | | of any interest deemed necessary on such bonds,
of the costs of |
14 | | issuance of such bonds, of any premium on any insurance, or of
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15 | | the cost of any guarantees, letters of credit or other similar |
16 | | documents, may
provide for the funding of the reserves deemed |
17 | | necessary in connection with
such bonds, and may provide for |
18 | | the refunding or advance refunding of any bonds
or
for accounts |
19 | | deemed necessary in connection with any purpose of the |
20 | | Authority.
The bonds may bear interest payable at any time or |
21 | | times and at any rate or
rates, notwithstanding any other |
22 | | provision of law to the contrary, and such
rate or rates may be |
23 | | established by an index or formula which may be
implemented or
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24 | | established by persons appointed or retained therefor by the |
25 | | Authority, or may
bear no interest or may bear interest payable |
26 | | at maturity or upon redemption
prior to maturity, may bear such |
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1 | | date or dates, may be payable at such time or
times and at such |
2 | | place or places, may mature at any time or times not later
than |
3 | | 40 years from the date of issuance, may be sold at public or |
4 | | private sale
at such time or times and at such price or prices, |
5 | | may be secured by such
pledges, reserves, guarantees, letters |
6 | | of credit, insurance contracts or other
similar credit support |
7 | | or liquidity instruments, may be executed in such
manner, may |
8 | | be subject to redemption prior to maturity, may provide for the
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9 | | registration of the bonds, and may be subject to such other |
10 | | terms and
conditions all as may
be provided by the resolution |
11 | | or indenture authorizing the issuance of such
bonds. The holder |
12 | | or holders of any bonds issued by the Authority may bring
suits |
13 | | at law or proceedings in equity to compel the performance and |
14 | | observance
by any person or by the Authority or any of its |
15 | | agents or employees of any
contract or covenant made with the |
16 | | holders of such bonds and to compel such
person or the |
17 | | Authority and any of its agents or employees to perform any
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18 | | duties
required to be performed for the benefit of the holders |
19 | | of any such bonds by
the provision of the resolution |
20 | | authorizing their issuance, and to enjoin such
person or the |
21 | | Authority and any of its agents or employees from taking any
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22 | | action in conflict with any such contract or covenant.
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23 | | Notwithstanding the form and tenor of any such bonds and in the |
24 | | absence of any
express recital on the face thereof that it is |
25 | | non-negotiable, all such bonds
shall be negotiable |
26 | | instruments. Pending the preparation and execution of any
such |
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1 | | bonds, temporary bonds may be issued as provided by the |
2 | | resolution.
The bonds shall be sold by the Authority in such |
3 | | manner as it shall determine.
The bonds may be secured as |
4 | | provided in the authorizing resolution by the
receipts, |
5 | | revenues, income and other available funds of the Authority and |
6 | | by
any amounts derived by the Authority from the loan agreement |
7 | | or lease agreement
with respect to the project or projects; and |
8 | | bonds may be issued as general
obligations of the Authority |
9 | | payable from such revenues, funds and obligations
of the |
10 | | Authority as the bond resolution shall provide, or may be |
11 | | issued as
limited obligations with a claim for payment solely |
12 | | from such revenues, funds
and obligations as the bond |
13 | | resolution shall provide. The Authority may grant a
specific |
14 | | pledge or assignment of and lien on or security interest in |
15 | | such
rights, revenues, income, or amounts and may grant a |
16 | | specific pledge or
assignment of and lien on or security |
17 | | interest in any reserves, funds or
accounts established in the |
18 | | resolution authorizing the issuance of bonds. Any
such pledge, |
19 | | assignment, lien or security interest for the benefit of the
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20 | | holders of the Authority's bonds shall be valid and binding |
21 | | from the time the
bonds are issued without any physical |
22 | | delivery or further act, and shall be
valid and binding as |
23 | | against and prior to the claims of all other parties
having |
24 | | claims against the Authority or any other person irrespective |
25 | | of whether
the
other parties have notice of the pledge, |
26 | | assignment, lien or security interest.
As evidence of such |
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1 | | pledge, assignment, lien and security interest, the
Authority |
2 | | may execute and deliver a mortgage, trust agreement, indenture |
3 | | or
security agreement or an assignment thereof.
A remedy for |
4 | | any breach or default of the terms of any such agreement by the
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5 | | Authority may be by mandamus proceedings in any court of |
6 | | competent jurisdiction
to compel the performance and |
7 | | compliance therewith, but the agreement may
prescribe by whom |
8 | | or on whose behalf such action may be instituted.
It is |
9 | | expressly understood that the Authority may, but need not, |
10 | | acquire title
to any project with respect to which it exercises |
11 | | its authority.
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12 | | (d) With respect to the powers granted by this Act, the |
13 | | Authority may adopt
rules and regulations prescribing the |
14 | | procedures by which persons may apply for
assistance under this |
15 | | Act. Nothing herein shall be deemed to preclude the
Authority, |
16 | | prior to the filing of any formal application, from conducting
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17 | | preliminary discussions and investigations with respect to the |
18 | | subject matter
of any prospective application.
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19 | | (e) The Authority shall have power to acquire by purchase, |
20 | | lease, gift or
otherwise any property or rights therein from |
21 | | any person useful for its
purposes, whether improved for the |
22 | | purposes of any prospective project, or
unimproved. The |
23 | | Authority may also accept any donation of funds for its
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24 | | purposes from any such source. The Authority shall have no |
25 | | independent power of
condemnation but may acquire any property |
26 | | or rights therein obtained upon
condemnation by any other |
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1 | | authority, governmental entity or unit of local
government with |
2 | | such power.
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3 | | (f) The Authority shall have power to develop, construct |
4 | | and improve either
under its own direction, or through |
5 | | collaboration with any approved applicant,
or to acquire |
6 | | through purchase or otherwise, any project, using for such
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7 | | purpose the proceeds derived from the sale of its bonds or from |
8 | | governmental
loans or
grants, and to hold title in the name of |
9 | | the Authority to such projects.
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10 | | (g) The Authority shall have power to lease pursuant to a |
11 | | lease agreement
any
project so developed and constructed or |
12 | | acquired to the approved tenant on such
terms and conditions as |
13 | | may be appropriate to further the purposes of this Act
and to |
14 | | maintain the credit of the Authority. Any such lease may |
15 | | provide for
either the Authority or the approved tenant to |
16 | | assume initially, in whole or in
part, the costs of |
17 | | maintenance, repair and improvements during the leasehold
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18 | | period. In no case, however, shall the total rentals from any |
19 | | project during
any initial leasehold period or the total loan |
20 | | repayments to be made pursuant
to any loan agreement, be less |
21 | | than an amount necessary to return over such
lease
or loan |
22 | | period (1) all costs incurred in connection with the |
23 | | development,
construction, acquisition or improvement of the |
24 | | project and for repair,
maintenance and improvements thereto |
25 | | during the period of the lease or loan;
provided, however, that |
26 | | the rentals or loan repayments need not include costs
met |
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1 | | through the use of funds other than those obtained by the |
2 | | Authority through
the issuance of its bonds or governmental |
3 | | loans; (2) a reasonable percentage
additive to be agreed upon |
4 | | by the Authority and the borrower or tenant to cover
a properly |
5 | | allocable portion of the Authority's general expenses, |
6 | | including,
but not limited to, administrative expenses, |
7 | | salaries and general insurance,
and
(3) an amount sufficient to |
8 | | pay when due all principal of, interest and
premium, if
any on, |
9 | | any bonds issued by the Authority with respect to the project. |
10 | | The
portion of total rentals payable under clause (3) of this |
11 | | subsection (g) shall
be deposited in such special accounts, |
12 | | including all sinking funds, acquisition
or construction |
13 | | funds, debt service and other funds as provided by any
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14 | | resolution, mortgage or trust agreement of the Authority |
15 | | pursuant to which any
bond is issued.
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16 | | (h) The Authority has the power, upon the termination of |
17 | | any leasehold
period
of any project, to sell or lease for a |
18 | | further term or terms such project on
such terms and conditions |
19 | | as the Authority shall deem reasonable and consistent
with the |
20 | | purposes of the Act. The net proceeds from all such sales and |
21 | | the
revenues or income from such leases shall be used to |
22 | | satisfy any indebtedness
of
the Authority with respect to such |
23 | | project and any balance may be used to pay
any expenses of the |
24 | | Authority or be used for the further development,
construction, |
25 | | acquisition or improvement of projects.
In the event any |
26 | | project is vacated by a tenant prior to the termination of the
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1 | | initial leasehold period, the Authority shall sell or lease the |
2 | | facilities of
the project on the most advantageous terms |
3 | | available. The net proceeds of any
such disposition shall be |
4 | | treated in the same manner as the proceeds from sales
or the |
5 | | revenues or income from leases subsequent to the termination of |
6 | | any
initial leasehold period.
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7 | | (i) The Authority shall have the power to make loans to |
8 | | persons to finance a
project, to enter into loan agreements |
9 | | with respect thereto, and to accept
guarantees from persons of |
10 | | its loans or the resultant evidences of obligations
of the |
11 | | Authority.
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12 | | (j) The Authority may fix, determine, charge and collect |
13 | | any premiums, fees,
charges, costs and expenses, including, |
14 | | without limitation, any application
fees, commitment fees, |
15 | | program fees, financing charges or publication fees from
any |
16 | | person in connection with its activities under this Act.
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17 | | (k) In addition to the funds established as provided |
18 | | herein, the Authority
shall have the power to create and |
19 | | establish such reserve funds and accounts as
may be necessary |
20 | | or desirable to accomplish its purposes under this Act and to
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21 | | deposit its available monies into the funds and accounts.
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22 | | (l) At the request of the governing body of any unit of |
23 | | local government,
the
Authority is authorized to market such |
24 | | local government's revenue bond
offerings by preparing bond |
25 | | issues for sale, advertising for sealed bids,
receiving bids
at |
26 | | its offices, making the award to the bidder that offers the |
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1 | | most favorable
terms or arranging for negotiated placements or |
2 | | underwritings of such
securities. The Authority may, at its |
3 | | discretion, offer for concurrent sale the
revenue bonds of |
4 | | several local governments. Sales by the Authority of revenue
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5 | | bonds under this Section shall in no way imply State guarantee |
6 | | of such debt
issue. The Authority may require such financial |
7 | | information from participating
local governments as it deems |
8 | | necessary in order to carry out the purposes of
this subsection |
9 | | (1).
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10 | | (m) The Authority may make grants to any county to which |
11 | | Division 5-37 of
the
Counties Code is applicable to assist in |
12 | | the financing of capital development,
construction and |
13 | | renovation of new or existing facilities for hospitals and
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14 | | health care facilities under that Act. Such grants may only be |
15 | | made from funds
appropriated for such purposes from the Build |
16 | | Illinois Bond Fund.
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17 | | (n) The Authority may establish an urban development action |
18 | | grant program
for
the purpose of assisting municipalities in |
19 | | Illinois which are experiencing
severe economic distress to |
20 | | help stimulate economic development activities
needed to aid in |
21 | | economic recovery. The Authority shall determine the types of
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22 | | activities and projects for which the urban development action |
23 | | grants may be
used, provided that such projects and activities |
24 | | are broadly defined to include
all reasonable projects and |
25 | | activities the primary objectives of which are the
development |
26 | | of viable urban communities, including decent housing and a
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1 | | suitable living environment, and expansion of economic |
2 | | opportunity, principally
for
persons of low and moderate |
3 | | incomes. The Authority shall enter into grant
agreements from |
4 | | monies appropriated for such purposes from the Build Illinois
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5 | | Bond Fund. The Authority shall monitor the
use of the grants, |
6 | | and shall provide for audits of the funds as well as
recovery |
7 | | by the Authority of any funds determined to have been spent in
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8 | | violation of this
subsection (n) or any rule or regulation |
9 | | promulgated hereunder. The Authority
shall provide technical |
10 | | assistance with regard to the effective use of the
urban |
11 | | development action grants. The Authority shall file an annual |
12 | | report to
the
General Assembly concerning the progress of the |
13 | | grant program.
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14 | | (o) The Authority may establish a Housing Partnership |
15 | | Program whereby the
Authority provides zero-interest loans to |
16 | | municipalities for the purpose of
assisting in the financing of |
17 | | projects for the rehabilitation of affordable
multi-family |
18 | | housing for low and moderate income residents. The Authority |
19 | | may
provide such loans only upon a municipality's providing |
20 | | evidence that it has
obtained private funding for the |
21 | | rehabilitation project. The Authority shall
provide 3 State |
22 | | dollars for every 7 dollars obtained by the municipality from
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23 | | sources other than the State of Illinois. The loans shall be |
24 | | made from monies
appropriated for such purpose from the Build |
25 | | Illinois Bond Fund. The total amount of loans available under |
26 | | the Housing
Partnership Program shall not exceed $30,000,000. |
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1 | | State loan monies under this
subsection shall be used only for |
2 | | the acquisition and rehabilitation of
existing
buildings |
3 | | containing 4 or more dwelling units. The terms of any loan made |
4 | | by
the municipality under this subsection shall require |
5 | | repayment of the loan to
the municipality upon any sale or |
6 | | other transfer of the project.
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7 | | (p) The Authority may award grants to universities and |
8 | | research
institutions,
research consortiums and other |
9 | | not-for-profit entities for the purposes of:
remodeling or |
10 | | otherwise physically altering existing laboratory or research
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11 | | facilities, expansion or physical additions to existing |
12 | | laboratory or research
facilities, construction of new |
13 | | laboratory or research facilities or
acquisition of modern |
14 | | equipment to support laboratory or research operations
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15 | | provided that
such grants (i) be used solely in support of |
16 | | project and equipment acquisitions
which enhance technology |
17 | | transfer, and (ii) not constitute more than 60 percent
of the |
18 | | total project or acquisition cost.
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19 | | (q) Grants may be awarded by the Authority to units of |
20 | | local government for
the
purpose of developing the appropriate |
21 | | infrastructure or defraying other costs
to
the local government |
22 | | in support of laboratory or research facilities provided
that |
23 | | such grants may not exceed 40% of the cost to the unit of local
|
24 | | government.
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25 | | (r) The Authority may establish a Direct Loan Program to |
26 | | make loans to
individuals, partnerships or corporations for the |
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1 | | purpose of an industrial
project, as defined in
Section 801-10 |
2 | | of this Act. For the purposes of such program
and not by way of |
3 | | limitation on any other program of the Authority, the
Authority |
4 | | shall have the power to issue bonds, notes, or other evidences |
5 | | of
indebtedness including commercial paper for purposes of |
6 | | providing a fund of
capital from which it may make such loans. |
7 | | The Authority shall have the power
to use any appropriations |
8 | | from the State made especially for the Authority's
Direct Loan |
9 | | Program for additional capital to make such loans or for the
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10 | | purposes of reserve funds or pledged funds which secure the |
11 | | Authority's
obligations of repayment of any bond, note or other |
12 | | form of indebtedness
established for the purpose of providing |
13 | | capital for which it intends to make
such loans under the |
14 | | Direct Loan Program. For the purpose of obtaining such
capital, |
15 | | the Authority may also enter into agreements with financial
|
16 | | institutions and other persons for the purpose of selling loans |
17 | | and developing
a secondary market for such loans.
Loans made |
18 | | under the Direct Loan Program may be in an amount not to exceed
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19 | | $300,000 and shall be made for a portion of an industrial |
20 | | project which does
not exceed 50% of the total project. No loan |
21 | | may be made by the Authority
unless
approved by the affirmative |
22 | | vote of at least 8 members of the board. The
Authority shall |
23 | | establish procedures and publish rules which shall provide for
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24 | | the submission, review, and analysis of each direct loan |
25 | | application and which
shall preserve the ability of each board |
26 | | member to reach an individual business
judgment regarding the |
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1 | | propriety of making each direct loan. The collective
discretion |
2 | | of the board to approve or disapprove each loan shall be
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3 | | unencumbered.
The Authority may establish and collect such fees |
4 | | and charges, determine and
enforce such terms and conditions, |
5 | | and charge such interest rates as it
determines to be necessary |
6 | | and appropriate to the successful administration of
the Direct |
7 | | Loan Program. The Authority may require such interests in |
8 | | collateral
and such guarantees as it determines are necessary |
9 | | to project the Authority's
interest in the repayment of the |
10 | | principal and interest of each loan made under
the Direct Loan |
11 | | Program.
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12 | | (s) The Authority may guarantee private loans to third |
13 | | parties up to a
specified dollar amount in order to promote |
14 | | economic development in this State.
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15 | | (t) The Authority may adopt rules and regulations as may be |
16 | | necessary or
advisable to implement the powers conferred by |
17 | | this Act.
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18 | | (u) The Authority shall have the power to issue bonds, |
19 | | notes or other
evidences
of indebtedness, which may be used to |
20 | | make loans to units of local government
which are authorized to |
21 | | enter into loan agreements and other documents and to
issue |
22 | | bonds, notes and other evidences of indebtedness for the |
23 | | purpose of
financing the protection of storm sewer outfalls, |
24 | | the construction of adequate
storm sewer outfalls, and the |
25 | | provision for flood protection of sanitary sewage
treatment |
26 | | plans, in counties that have established a stormwater |
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1 | | management
planning committee in accordance with
Section |
2 | | 5-1062 of the Counties Code. Any
such loan shall be made by the |
3 | | Authority pursuant to the provisions of
Section
820-5 to 820-60 |
4 | | of this Act. The unit of local government shall pay back to the
|
5 | | Authority the principal amount of the loan, plus annual |
6 | | interest as determined
by the Authority. The Authority shall |
7 | | have the power, subject to appropriations
by the General |
8 | | Assembly, to subsidize or buy down a portion of the interest on
|
9 | | such loans, up to 4% per annum.
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10 | | (v) The Authority may accept security interests as provided |
11 | | in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
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12 | | (w) Moral Obligation. In the event that the Authority |
13 | | determines that monies
of the Authority will not be sufficient |
14 | | for the payment of the principal of and
interest on its bonds |
15 | | during the next State fiscal year, the Chairperson, as
soon as |
16 | | practicable, shall certify to the Governor the amount required |
17 | | by the
Authority to enable it to pay such principal of and |
18 | | interest on the bonds. The
Governor shall submit the amount so |
19 | | certified to the General Assembly as soon
as
practicable, but |
20 | | no later than the end of the current State fiscal year. This
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21 | | subsection shall apply only to any bonds or notes as to which |
22 | | the Authority
shall have determined, in the resolution |
23 | | authorizing the issuance of the bonds
or notes, that this |
24 | | subsection shall apply. Whenever the Authority makes such a
|
25 | | determination, that fact shall be plainly stated on the face of |
26 | | the bonds or
notes and that fact shall also be reported to the |
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1 | | Governor. In the event of a
withdrawal of moneys from a reserve |
2 | | fund established with respect to any issue
or issues of bonds |
3 | | of the Authority to pay principal or interest on those
bonds,
|
4 | | the Chairperson of the Authority, as soon as practicable, shall |
5 | | certify to the
Governor the amount required to restore the |
6 | | reserve fund to the level required
in the resolution or |
7 | | indenture securing those bonds. The Governor shall submit
the |
8 | | amount so certified to the General Assembly as soon as |
9 | | practicable, but no
later than the end of the current State |
10 | | fiscal year. The Authority shall obtain
written approval from |
11 | | the Governor for any bonds and notes to be issued under
this |
12 | | Section.
In addition to any other bonds authorized to be issued |
13 | | under
Sections 825-60, 825-65(e), 830-25 and 845-5, the |
14 | | principal amount of Authority
bonds outstanding
issued under |
15 | | this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS |
16 | | 360/2-6(c), which have
been
assumed by the Authority, shall not |
17 | | exceed $150,000,000. This subsection (w) shall in no way be |
18 | | applied to any bonds issued by the Authority on behalf of the |
19 | | Illinois Power Agency under Section 825-90 of this Act.
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20 | | (x) The Authority may enter into agreements or contracts |
21 | | with any person necessary or appropriate to place the payment |
22 | | obligations of the Authority under any of its bonds in whole or |
23 | | in part on any interest rate basis, cash flow basis, or other |
24 | | basis desired by the Authority, including without limitation |
25 | | agreements or contracts commonly known as "interest rate swap |
26 | | agreements", "forward payment conversion agreements", and |
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1 | | "futures", or agreements or contracts to exchange cash flows or |
2 | | a series of payments, or agreements or contracts, including |
3 | | without limitation agreements or contracts commonly known as |
4 | | "options", "puts", or "calls", to hedge payment, rate spread, |
5 | | or similar exposure; provided that any such agreement or |
6 | | contract shall not constitute an obligation for borrowed money |
7 | | and shall not be taken into account under Section 845-5 of this |
8 | | Act or any other debt limit of the Authority or the State of |
9 | | Illinois.
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10 | | (y) The Authority shall publish summaries of projects and |
11 | | actions approved by the members of the Authority on its |
12 | | website. These summaries shall include, but not be limited to, |
13 | | information regarding the: |
14 | | (1) project; |
15 | | (2) Board's action or actions; |
16 | | (3) purpose of the project; |
17 | | (4) Authority's program and contribution; |
18 | | (5) volume cap; |
19 | | (6) jobs retained; |
20 | | (7) projected new jobs; |
21 | | (8) construction jobs created; |
22 | | (9) estimated sources and uses of funds; |
23 | | (10) financing summary; |
24 | | (11) project summary; |
25 | | (12) business summary; |
26 | | (13) ownership or economic disclosure statement; |
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1 | | (14) professional and financial information; |
2 | | (15) service area; and |
3 | | (16) legislative district. |
4 | | The disclosure of information pursuant to this subsection |
5 | | shall comply with the Freedom of Information Act. |
6 | | (z) The Authority is designated and declared the State |
7 | | Infrastructure Bank of the State of Illinois; provided that |
8 | | such designation and declaration shall not apply to federal |
9 | | funds directed to the Department of Transportation. |
10 | | (Source: P.A. 95-470, eff. 8-27-07; 95-481, eff. 8-28-07; |
11 | | 95-876, eff. 8-21-08; 96-795, eff. 7-1-10 (see Section 5 of |
12 | | P.A. 96-793 for the effective date of changes made by P.A. |
13 | | 96-795) .)
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14 | | Section 99. Effective date. This Act takes effect upon |
15 | | becoming law.".
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