98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1779

 

Introduced 2/15/2013, by Sen. Donne E. Trotter

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3501/801-5
20 ILCS 3501/801-10
20 ILCS 3501/801-55
20 ILCS 3501/825-12
20 ILCS 3501/825-65
20 ILCS 3515/2  from Ch. 127, par. 722
20 ILCS 3515/3  from Ch. 127, par. 723
20 ILCS 3515/7.5 new

    Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority may undertake a municipal bond program project. Provides that the Authority may provide financing for other projects located outside of the State if the project is owned, operated, leased, or managed by an entity located within the State or an entity affiliated with an entity located within the State. Makes other changes. Effective immediately.


LRB098 10232 HLH 40391 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1779LRB098 10232 HLH 40391 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 5. The Illinois Finance Authority Act is amended by
5changing Sections 801-5, 801-10, 801-55, 825-12, and 825-65 as
6follows:
 
7    (20 ILCS 3501/801-5)
8    Sec. 801-5. Findings and declaration of policy. The General
9Assembly hereby finds, determines and declares:
10    (a) that there are a number of existing State authorities
11authorized to issue bonds to alleviate the conditions and
12promote the objectives set forth below; and to provide a
13stronger, better coordinated development effort, it is
14determined to be in the interest of promoting the health,
15safety, morals and general welfare of all the people of the
16State to consolidate certain of such existing authorities into
17one finance authority;
18    (b) that involuntary unemployment affects the health,
19safety, morals and general welfare of the people of the State
20of Illinois;
21    (c) that the economic burdens resulting from involuntary
22unemployment fall in part upon the State in the form of public
23assistance and reduced tax revenues, and in the event the

 

 

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

 

 

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1sufficient resources for residential construction,
2rehabilitation, rental or purchase, and that support from
3housing related commercial facilities is one means of
4stimulating residential construction, rehabilitation, rental
5and purchase;
6    (i) that it is in the public interest and the policy of
7this State to foster and promote by all reasonable means the
8provision of adequate capital markets and facilities for
9borrowing money by units of local government, and for the
10financing of their respective public improvements and other
11governmental purposes within the State from proceeds of bonds
12or notes issued by those governmental units; and to assist
13local governmental units in fulfilling their needs for those
14purposes by use of creation of indebtedness;
15    (j) that it is in the public interest and the policy of
16this State to the extent possible, to reduce the costs of
17indebtedness to taxpayers and residents of this State and to
18encourage continued investor interest in the purchase of bonds
19or notes of governmental units as sound and preferred
20securities for investment; and to encourage governmental units
21to continue their independent undertakings of public
22improvements and other governmental purposes and the financing
23thereof, and to assist them in those activities by making funds
24available at reduced interest costs for orderly financing of
25those purposes, especially during periods of restricted credit
26or money supply, and particularly for those governmental units

 

 

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1not otherwise able to borrow for those purposes;
2    (k) that in this State the following conditions exist: (i)
3an inadequate supply of funds at interest rates sufficiently
4low to enable persons engaged in agriculture in this State to
5pursue agricultural operations at present levels; (ii) that
6such inability to pursue agricultural operations lessens the
7supply of agricultural commodities available to fulfill the
8needs of the citizens of this State; (iii) that such inability
9to continue operations decreases available employment in the
10agricultural sector of the State and results in unemployment
11and its attendant problems; (iv) that such conditions prevent
12the acquisition of an adequate capital stock of farm equipment
13and machinery, much of which is manufactured in this State,
14therefore impairing the productivity of agricultural land and,
15further, causing unemployment or lack of appropriate increase
16in employment in such manufacturing; (v) that such conditions
17are conducive to consolidation of acreage of agricultural land
18with fewer individuals living and farming on the traditional
19family farm; (vi) that these conditions result in a loss in
20population, unemployment and movement of persons from rural to
21urban areas accompanied by added costs to communities for
22creation of new public facilities and services; (vii) that
23there have been recurrent shortages of funds for agricultural
24purposes from private market sources at reasonable rates of
25interest; (viii) that these shortages have made the sale and
26purchase of agricultural land to family farmers a virtual

 

 

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

 

 

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

 

 

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1are in the public interest of the State and of its taxpayers
2and residents; and
3    (o) that providing financing alternatives for projects
4that are located outside the State that are owned, operated,
5leased, managed by, or otherwise affiliated with, entities
6institutions located within the State, and by providing for the
7issuance of the Authority's bonds and notes to make funds
8available at reduced rates and on more favorable terms for
9borrowing by units of local government and persons located
10within the State and outside the State through the purchase of
11the bonds, notes or other obligations of those governmental
12units and municipal bond issuers, would promote the economy of
13the State for the benefit of the health, welfare, safety,
14trade, commerce, industry, and economy of the people of the
15State by creating employment opportunities in the State and
16lowering the cost of accessing housing, healthcare, private
17education, or cultural institutions and undertaking industrial
18projects, cultural institution projects, conservation
19projects, clean coal projects, coal projects, energy
20efficiency projects, agricultural facilities, and
21agribusinesses in the State by reducing the cost of financing
22or operating those projects.
23(Source: P.A. 96-1021, eff. 7-12-10.)
 
24    (20 ILCS 3501/801-10)
25    Sec. 801-10. Definitions. The following terms, whenever

 

 

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1used or referred to in this Act, shall have the following
2meanings, except in such instances where the context may
3clearly indicate otherwise:
4    (a) The term "Authority" means the Illinois Finance
5Authority created by this Act.
6    (b) The term "project" means an industrial project,
7conservation project, housing project, public purpose project,
8higher education project, health facility project, cultural
9institution project, municipal bond program project,
10agricultural facility or agribusiness, and "project" may
11include any combination of one or more of the foregoing
12undertaken jointly by any person with one or more other
13persons.
14    (c) The term "public purpose project" means any project or
15facility including without limitation land, buildings,
16structures, machinery, equipment and all other real and
17personal property, which is authorized or required by law to be
18acquired, constructed, improved, rehabilitated, reconstructed,
19replaced or maintained by any unit of government or any other
20lawful public purpose which is authorized or required by law to
21be undertaken by any unit of government.
22    (d) The term "industrial project" means the acquisition,
23construction, refurbishment, creation, development or
24redevelopment of any facility, equipment, machinery, real
25property or personal property for use by any instrumentality of
26the State or its political subdivisions, for use by any person

 

 

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1or institution, public or private, for profit or not for
2profit, or for use in any trade or business including, but not
3limited to, any industrial, manufacturing or commercial
4enterprise that is located within or outside the State,
5provided that, with respect to a project involving property
6located outside the State, the property must be owned,
7operated, leased or managed by an entity located within the
8State or an entity affiliated with an entity located within the
9State, and which is (1) a capital project including but not
10limited to: (i) land and any rights therein, one or more
11buildings, structures or other improvements, machinery and
12equipment, whether now existing or hereafter acquired, and
13whether or not located on the same site or sites; (ii) all
14appurtenances and facilities incidental to the foregoing,
15including, but not limited to utilities, access roads, railroad
16sidings, track, docking and similar facilities, parking
17facilities, dockage, wharfage, railroad roadbed, track,
18trestle, depot, terminal, switching and signaling or related
19equipment, site preparation and landscaping; and (iii) all
20non-capital costs and expenses relating thereto or (2) any
21addition to, renovation, rehabilitation or improvement of a
22capital project or (3) any activity or undertaking within or
23outside the State, provided that, with respect to a project
24involving property located outside the State, the property must
25be owned, operated, leased or managed by an entity located
26within the State or an entity affiliated with an entity located

 

 

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1within the State, which the Authority determines will aid,
2assist or encourage economic growth, development or
3redevelopment within the State or any area thereof, will
4promote the expansion, retention or diversification of
5employment opportunities within the State or any area thereof
6or will aid in stabilizing or developing any industry or
7economic sector of the State economy. The term "industrial
8project" also means the production of motion pictures.
9    (e) The term "bond" or "bonds" shall include bonds, notes
10(including bond, grant or revenue anticipation notes),
11certificates and/or other evidences of indebtedness
12representing an obligation to pay money, including refunding
13bonds.
14    (f) The terms "lease agreement" and "loan agreement" shall
15mean: (i) an agreement whereby a project acquired by the
16Authority by purchase, gift or lease is leased to any person,
17corporation or unit of local government which will use or cause
18the project to be used as a project as heretofore defined upon
19terms providing for lease rental payments at least sufficient
20to pay when due all principal of, interest and premium, if any,
21on any bonds of the Authority issued with respect to such
22project, providing for the maintenance, insuring and operation
23of the project on terms satisfactory to the Authority,
24providing for disposition of the project upon termination of
25the lease term, including purchase options or abandonment of
26the premises, and such other terms as may be deemed desirable

 

 

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1by the Authority, or (ii) any agreement pursuant to which the
2Authority agrees to loan the proceeds of its bonds issued with
3respect to a project or other funds of the Authority to any
4person which will use or cause the project to be used as a
5project as heretofore defined upon terms providing for loan
6repayment installments at least sufficient to pay when due all
7principal of, interest and premium, if any, on any bonds of the
8Authority, if any, issued with respect to the project, and
9providing for maintenance, insurance and other matters as may
10be deemed desirable by the Authority.
11    (g) The term "financial aid" means the expenditure of
12Authority funds or funds provided by the Authority through the
13issuance of its bonds, notes or other evidences of indebtedness
14or from other sources for the development, construction,
15acquisition or improvement of a project.
16    (h) The term "person" means an individual, corporation,
17unit of government, business trust, estate, trust, partnership
18or association, 2 or more persons having a joint or common
19interest, or any other legal entity.
20    (i) The term "unit of government" means the federal
21government, the State or unit of local government, a school
22district, or any agency or instrumentality, office, officer,
23department, division, bureau, commission, college or
24university thereof.
25    (j) The term "health facility" means: (a) any public or
26private institution, place, building, or agency required to be

 

 

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1licensed under the Hospital Licensing Act; (b) any public or
2private institution, place, building, or agency required to be
3licensed under the Nursing Home Care Act, the Specialized
4Mental Health Rehabilitation Act, or the ID/DD Community Care
5Act; (c) any public or licensed private hospital as defined in
6the Mental Health and Developmental Disabilities Code; (d) any
7such facility exempted from such licensure when the Director of
8Public Health attests that such exempted facility meets the
9statutory definition of a facility subject to licensure; (e)
10any other public or private health service institution, place,
11building, or agency which the Director of Public Health attests
12is subject to certification by the Secretary, U.S. Department
13of Health and Human Services under the Social Security Act, as
14now or hereafter amended, or which the Director of Public
15Health attests is subject to standard-setting by a recognized
16public or voluntary accrediting or standard-setting agency;
17(f) any public or private institution, place, building or
18agency engaged in providing one or more supporting services to
19a health facility; (g) any public or private institution,
20place, building or agency engaged in providing training in the
21healing arts, including but not limited to schools of medicine,
22dentistry, osteopathy, optometry, podiatry, pharmacy or
23nursing, schools for the training of x-ray, laboratory or other
24health care technicians and schools for the training of
25para-professionals in the health care field; (h) any public or
26private congregate, life or extended care or elderly housing

 

 

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1facility or any public or private home for the aged or infirm,
2including, without limitation, any Facility as defined in the
3Life Care Facilities Act; (i) any public or private mental,
4emotional or physical rehabilitation facility or any public or
5private educational, counseling, or rehabilitation facility or
6home, for those persons with a developmental disability, those
7who are physically ill or disabled, the emotionally disturbed,
8those persons with a mental illness or persons with learning or
9similar disabilities or problems; (j) any public or private
10alcohol, drug or substance abuse diagnosis, counseling
11treatment or rehabilitation facility, (k) any public or private
12institution, place, building or agency licensed by the
13Department of Children and Family Services or which is not so
14licensed but which the Director of Children and Family Services
15attests provides child care, child welfare or other services of
16the type provided by facilities subject to such licensure; (l)
17any public or private adoption agency or facility; and (m) any
18public or private blood bank or blood center. "Health facility"
19also means a public or private structure or structures suitable
20primarily for use as a laboratory, laundry, nurses or interns
21residence or other housing or hotel facility used in whole or
22in part for staff, employees or students and their families,
23patients or relatives of patients admitted for treatment or
24care in a health facility, or persons conducting business with
25a health facility, physician's facility, surgicenter,
26administration building, research facility, maintenance,

 

 

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1storage or utility facility and all structures or facilities
2related to any of the foregoing or required or useful for the
3operation of a health facility, including parking or other
4facilities or other supporting service structures required or
5useful for the orderly conduct of such health facility. "Health
6facility" also means, with respect to a project located outside
7the State, any public or private institution, place, building,
8or agency which provides services similar to those described
9above, provided that such project is owned, operated, leased or
10managed by a participating health institution located within
11the State, or a participating health institution affiliated
12with an entity located within the State.
13    (k) The term "participating health institution" means (i) a
14private corporation or association or (ii) a public entity of
15this State, in either case authorized by the laws of this State
16or the applicable state to provide or operate a health facility
17as defined in this Act and which, pursuant to the provisions of
18this Act, undertakes the financing, construction or
19acquisition of a project or undertakes the refunding or
20refinancing of obligations, loans, indebtedness or advances as
21provided in this Act.
22    (l) The term "health facility project", means a specific
23health facility work or improvement to be financed or
24refinanced (including without limitation through reimbursement
25of prior expenditures), acquired, constructed, enlarged,
26remodeled, renovated, improved, furnished, or equipped, with

 

 

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1funds provided in whole or in part hereunder, any accounts
2receivable, working capital, liability or insurance cost or
3operating expense financing or refinancing program of a health
4facility with or involving funds provided in whole or in part
5hereunder, or any combination thereof.
6    (m) The term "bond resolution" means the resolution or
7resolutions authorizing the issuance of, or providing terms and
8conditions related to, bonds issued under this Act and
9includes, where appropriate, any trust agreement, trust
10indenture, indenture of mortgage or deed of trust providing
11terms and conditions for such bonds.
12    (n) The term "property" means any real, personal or mixed
13property, whether tangible or intangible, or any interest
14therein, including, without limitation, any real estate,
15leasehold interests, appurtenances, buildings, easements,
16equipment, furnishings, furniture, improvements, machinery,
17rights of way, structures, accounts, contract rights or any
18interest therein.
19    (o) The term "revenues" means, with respect to any project,
20the rents, fees, charges, interest, principal repayments,
21collections and other income or profit derived therefrom.
22    (p) The term "higher education project" means, in the case
23of a private institution of higher education, an educational
24facility to be acquired, constructed, enlarged, remodeled,
25renovated, improved, furnished, or equipped, or any
26combination thereof.

 

 

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1    (q) The term "cultural institution project" means, in the
2case of a cultural institution, a cultural facility to be
3acquired, constructed, enlarged, remodeled, renovated,
4improved, furnished, or equipped, or any combination thereof.
5    (r) The term "educational facility" means any property
6located within the State, or any property located outside the
7State, provided that, if the property is located outside the
8State, it must be owned, operated, leased or managed by an
9entity located within the State or an entity affiliated with an
10entity located within the State, in each case constructed or
11acquired before or after the effective date of this Act, which
12is or will be, in whole or in part, suitable for the
13instruction, feeding, recreation or housing of students, the
14conducting of research or other work of a private institution
15of higher education, the use by a private institution of higher
16education in connection with any educational, research or
17related or incidental activities then being or to be conducted
18by it, or any combination of the foregoing, including, without
19limitation, any such property suitable for use as or in
20connection with any one or more of the following: an academic
21facility, administrative facility, agricultural facility,
22assembly hall, athletic facility, auditorium, boating
23facility, campus, communication facility, computer facility,
24continuing education facility, classroom, dining hall,
25dormitory, exhibition hall, fire fighting facility, fire
26prevention facility, food service and preparation facility,

 

 

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1gymnasium, greenhouse, health care facility, hospital,
2housing, instructional facility, laboratory, library,
3maintenance facility, medical facility, museum, offices,
4parking area, physical education facility, recreational
5facility, research facility, stadium, storage facility,
6student union, study facility, theatre or utility.
7    (s) The term "cultural facility" means any property located
8within the State, or any property located outside the State,
9provided that, if the property is located outside the State, it
10must be owned, operated, leased or managed by an entity located
11within the State or an entity affiliated with an entity located
12within the State, in each case constructed or acquired before
13or after the effective date of this Act, which is or will be,
14in whole or in part, suitable for the particular purposes or
15needs of a cultural institution, including, without
16limitation, any such property suitable for use as or in
17connection with any one or more of the following: an
18administrative facility, aquarium, assembly hall, auditorium,
19botanical garden, exhibition hall, gallery, greenhouse,
20library, museum, scientific laboratory, theater or zoological
21facility, and shall also include, without limitation, books,
22works of art or music, animal, plant or aquatic life or other
23items for display, exhibition or performance. The term
24"cultural facility" includes buildings on the National
25Register of Historic Places which are owned or operated by
26nonprofit entities.

 

 

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1    (t) "Private institution of higher education" means a
2not-for-profit educational institution which is not owned by
3the State or any political subdivision, agency,
4instrumentality, district or municipality thereof, which is
5authorized by law to provide a program of education beyond the
6high school level and which:
7        (1) Admits as regular students only individuals having
8    a certificate of graduation from a high school, or the
9    recognized equivalent of such a certificate;
10        (2) Provides an educational program for which it awards
11    a bachelor's degree, or provides an educational program,
12    admission into which is conditioned upon the prior
13    attainment of a bachelor's degree or its equivalent, for
14    which it awards a postgraduate degree, or provides not less
15    than a 2-year program which is acceptable for full credit
16    toward such a degree, or offers a 2-year program in
17    engineering, mathematics, or the physical or biological
18    sciences which is designed to prepare the student to work
19    as a technician and at a semiprofessional level in
20    engineering, scientific, or other technological fields
21    which require the understanding and application of basic
22    engineering, scientific, or mathematical principles or
23    knowledge;
24        (3) Is accredited by a nationally recognized
25    accrediting agency or association or, if not so accredited,
26    is an institution whose credits are accepted, on transfer,

 

 

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1    by not less than 3 institutions which are so accredited,
2    for credit on the same basis as if transferred from an
3    institution so accredited, and holds an unrevoked
4    certificate of approval under the Private College Act from
5    the Board of Higher Education, or is qualified as a "degree
6    granting institution" under the Academic Degree Act; and
7        (4) Does not discriminate in the admission of students
8    on the basis of race or color. "Private institution of
9    higher education" also includes any "academic
10    institution".
11    (u) The term "academic institution" means any
12not-for-profit institution which is not owned by the State or
13any political subdivision, agency, instrumentality, district
14or municipality thereof, which institution engages in, or
15facilitates academic, scientific, educational or professional
16research or learning in a field or fields of study taught at a
17private institution of higher education. Academic institutions
18include, without limitation, libraries, archives, academic,
19scientific, educational or professional societies,
20institutions, associations or foundations having such
21purposes.
22    (v) The term "cultural 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 the
26cultural, intellectual, scientific, educational or artistic

 

 

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1enrichment of the people of the State. Cultural institutions
2include, without limitation, aquaria, botanical societies,
3historical societies, libraries, museums, performing arts
4associations or societies, scientific societies and zoological
5societies.
6    (w) The term "affiliate" means, with respect to financing
7of an agricultural facility or an agribusiness, any lender, any
8person, firm or corporation controlled by, or under common
9control with, such lender, and any person, firm or corporation
10controlling such lender.
11    (x) The term "agricultural facility" means land, any
12building or other improvement thereon or thereto, and any
13personal properties deemed necessary or suitable for use,
14whether or not now in existence, in farming, ranching, the
15production of agricultural commodities (including, without
16limitation, the products of aquaculture, hydroponics and
17silviculture) or the treating, processing or storing of such
18agricultural commodities when such activities are customarily
19engaged in by farmers as a part of farming and which land,
20building, improvement or personal property is located within
21the State, or is located outside the State, provided, that if
22such property is located outside the State, it must be owned,
23operated, leased, or managed by an entity located within the
24State or an entity affiliated with an entity located within the
25State.
26    (y) The term "lender" with respect to financing of an

 

 

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1agricultural facility or an agribusiness, means any federal or
2State chartered bank, Federal Land Bank, Production Credit
3Association, Bank for Cooperatives, federal or State chartered
4savings and loan association or building and loan association,
5Small Business Investment Company or any other institution
6qualified within this State to originate and service loans,
7including, but without limitation to, insurance companies,
8credit unions and mortgage loan companies. "Lender" also means
9a wholly owned subsidiary of a manufacturer, seller or
10distributor of goods or services that makes loans to businesses
11or individuals, commonly known as a "captive finance company".
12    (z) The term "agribusiness" means any sole proprietorship,
13limited partnership, co-partnership, joint venture,
14corporation or cooperative which operates or will operate a
15facility located within the State or outside the State,
16provided, that if any facility is located outside the State, it
17must be owned, operated, leased, or managed by an entity
18located within the State or an entity affiliated with an entity
19located with the State, of Illinois that is related to the
20processing of agricultural commodities (including, without
21limitation, the products of aquaculture, hydroponics and
22silviculture) or the manufacturing, production or construction
23of agricultural buildings, structures, equipment, implements,
24and supplies, or any other facilities or processes used in
25agricultural production. Agribusiness includes but is not
26limited to the following:

 

 

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1        (1) grain handling and processing, including grain
2    storage, drying, treatment, conditioning, mailing and
3    packaging;
4        (2) seed and feed grain development and processing;
5        (3) fruit and vegetable processing, including
6    preparation, canning and packaging;
7        (4) processing of livestock and livestock products,
8    dairy products, poultry and poultry products, fish or
9    apiarian products, including slaughter, shearing,
10    collecting, preparation, canning and packaging;
11        (5) fertilizer and agricultural chemical
12    manufacturing, processing, application and supplying;
13        (6) farm machinery, equipment and implement
14    manufacturing and supplying;
15        (7) manufacturing and supplying of agricultural
16    commodity processing machinery and equipment, including
17    machinery and equipment used in slaughter, treatment,
18    handling, collecting, preparation, canning or packaging of
19    agricultural commodities;
20        (8) farm building and farm structure manufacturing,
21    construction and supplying;
22        (9) construction, manufacturing, implementation,
23    supplying or servicing of irrigation, drainage and soil and
24    water conservation devices or equipment;
25        (10) fuel processing and development facilities that
26    produce fuel from agricultural commodities or byproducts;

 

 

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

 

 

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

 

 

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1Illinois Open Land Trust Act.
2    (ff) The term "significant presence" means the existence
3within the State of the national or regional headquarters of an
4entity or group or such other facility of an entity or group of
5entities where a significant amount of the business functions
6are performed for such entity or group of entities.
7    (gg) The term "municipal bond issuer" means the State or
8any other state or commonwealth of the United States, or any
9unit of local government, school district, agency or
10instrumentality, office, officer, department, division,
11bureau, commission, college or university thereof located in
12the State or any other state or commonwealth of the United
13States.
14    (hh) The term "municipal bond program project" means the
15establishment of a program for the funding of the purchase of
16bonds, notes or other obligations issued by or on behalf of a
17municipal bond issuer.
18(Source: P.A. 96-339, eff. 7-1-10; 96-1021, eff. 7-12-10;
1997-38, eff. 6-28-11; 97-227, eff. 1-1-12; 97-813, eff.
207-13-12.)
 
21    (20 ILCS 3501/801-55)
22    Sec. 801-55. Required findings for projects located
23outside the State. The Authority may approve an application to
24finance or refinance a project located outside of the State
25other than a municipal bond program project only after it has

 

 

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1made the following findings with respect to such financing or
2refinancing, all of which shall be deemed conclusive:
3        (a) the entity financing or refinancing a project
4    located outside the State, or an affiliate thereof, is also
5    engaged in the financing or refinancing of a project
6    located within the State or, alternately, the entity
7    seeking the financing or refinancing, or an affiliate
8    thereof, maintains a significant presence within the
9    State;
10        (b) financing or refinancing the out-of-state project
11    would promote the economy of the State for the benefit of
12    the health, welfare, safety, trade, commerce, industry and
13    economy of the people of the State by creating employment
14    opportunities in the State or lowering the cost of
15    accessing housing, healthcare, private education, or
16    cultural institutions or undertaking industrial projects,
17    housing projects, higher education projects, health
18    facility projects, cultural institution projects,
19    conservation projects, clean coal projects, coal projects,
20    energy efficiency projects, agricultural facilities or
21    agribusiness in the State by reducing the cost of
22    financing, refinancing or operating projects; and
23        (c) after giving effect to the financing or refinancing
24    of the out-of-state project, the Authority shall have the
25    ability to issue at least an additional $1,000,000,000 of
26    bonds under Section 845-5(a) of this Act.

 

 

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1    The Authority may approve an application to finance or
2refinance a municipal bond program project located outside of
3the State only after it has made the following findings with
4respect to such financing or refinancing, all of which shall be
5deemed conclusive:
6        (1) the municipal bond program project includes the
7    purchase of bonds, notes, or obligations issued by or on
8    behalf of the State or any unit of local government, school
9    district, agency or instrumentality, office, officer,
10    department, division, bureau, commission, college or
11    university thereof; and
12        (2) financing or refinancing the municipal bond
13    program project would promote the economy of the State for
14    the benefit of the health, welfare, safety, trade,
15    commerce, industry, and economy of the people of the State
16    by reducing the cost of borrowing to the State or such unit
17    of local government, school district, agency or
18    instrumentality, office, officer, department, division,
19    bureau, commission, college or university thereof.
20    The Authority shall not provide financing or refinancing
21for any project, or portion thereof, located outside the
22boundaries of the United States of America.
23    Notwithstanding any other provision of this Act, the
24Authority shall not provide financing or refinancing that uses
25State volume cap under Section 146 of the Internal Revenue Code
26of 1986, as amended, or constitutes an indebtedness or

 

 

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1obligation, general or moral, or a pledge of the full faith or
2loan of credit of the State for any project, or portion
3thereof, that is located outside of the State.
4(Source: P.A. 96-1021, eff. 7-12-10.)
 
5    (20 ILCS 3501/825-12)
6    Sec. 825-12. Conservation projects.
7    (a) The Authority may develop a program to provide
8low-interest loans and other financing to individuals,
9business entities, private organizations, and units of local
10government for conservation projects within in the State of
11Illinois provided, that if the Conservation Project is located
12outside of the State, it is owned, operated, leased or managed
13by an entity located within the State or any entity affiliated
14with an entity located within the State.
15    (b) Projects under this Section may include, without
16limitation, the acquisition of land for open-space projects,
17preservation or recreation measures for open spaces, and energy
18conservation or efficiency projects that are intended to reduce
19energy usage and costs.
20    (c) The Authority, in cooperation with the Department of
21Natural Resources and the Department of Commerce and Economic
22Opportunity, may adopt any rules necessary for the
23administration of this Section. The Authority must include any
24information concerning the program under this Section on its
25Internet website.

 

 

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1(Source: P.A. 95-697, eff. 11-6-07.)
 
2    (20 ILCS 3501/825-65)
3    Sec. 825-65. Clean Coal, Coal, Energy Efficiency, and
4Renewable Energy Project Financing.
5    (a) Findings and declaration of policy.
6        (i) It is hereby found and declared that Illinois has
7    abundant coal resources and, in some areas of Illinois and
8    some areas outside of the State, the demand for power
9    exceeds the generating capacity. Incentives to encourage
10    the construction of coal-fueled electric generating plants
11    in Illinois to ensure power generating capacity into the
12    future and to advance clean coal technology and the use of
13    Illinois coal are in the best interests of all of the
14    citizens of Illinois.
15        (ii) It is further found and declared that Illinois has
16    abundant potential and resources to develop renewable
17    energy resource projects and that there are many
18    opportunities to invest in cost-effective energy
19    efficiency projects throughout the State. The development
20    of those projects will create jobs and investment as well
21    as decrease environmental impacts and promote energy
22    independence in Illinois. Accordingly, the development of
23    those projects is in the best interests of all of the
24    citizens of Illinois.
25        (iii) The Authority is authorized to issue bonds to

 

 

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1    help finance Clean Coal, Coal, Energy Efficiency, and
2    Renewable Energy projects pursuant to this Section.
3    (b) Definitions.
4        (i) "Clean Coal Project" means (A) "clean coal
5    facility", as defined in Section 1-10 of the Illinois Power
6    Agency Act; (B) "clean coal SNG facility", as defined in
7    Section 1-10 of the Illinois Power Agency Act; (C)
8    transmission lines and associated equipment that transfer
9    electricity from points of supply to points of delivery for
10    projects described in this subsection (b); (D) pipelines or
11    other methods to transfer carbon dioxide from the point of
12    production to the point of storage or sequestration for
13    projects described in this subsection (b); or (E) projects
14    to provide carbon abatement technology for existing
15    generating facilities.
16        (ii) "Coal Project" means new electric generating
17    facilities or new gasification facilities, as defined in
18    Section 605-332 of the Department of Commerce and Economic
19    Opportunity Law of the Civil Administrative Code of
20    Illinois, which may include mine-mouth power plants,
21    projects that employ the use of clean coal technology,
22    projects to provide scrubber technology for existing
23    energy generating plants, or projects to provide electric
24    transmission facilities or new gasification facilities.
25        (iii) "Energy Efficiency Project" means measures that
26    reduce the amount of electricity or natural gas required to

 

 

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1    achieve a given end use, consistent with Section 1-10 of
2    the Illinois Power Agency Act.
3        (iv) "Renewable Energy Project" means (A) a project
4    that uses renewable energy resources, as defined in Section
5    1-10 of the Illinois Power Agency Act; (B) a project that
6    uses environmentally preferable technologies and practices
7    that result in improvements to the production of renewable
8    fuels, including but not limited to, cellulosic
9    conversion, water and energy conservation, fractionation,
10    alternative feedstocks, or reduced green house gas
11    emissions; (C) transmission lines and associated equipment
12    that transfer electricity from points of supply to points
13    of delivery for projects described in this subsection (b);
14    or (D) projects that use technology for the storage of
15    renewable energy, including, without limitation, the use
16    of battery or electrochemical storage technology for
17    mobile or stationary applications.
18    (c) Creation of reserve funds. The Authority may establish
19and maintain one or more reserve funds to enhance bonds issued
20by the Authority for a Clean Coal Project, a Coal Project, an
21Energy Efficiency Project, or a Renewable Energy Project. There
22may be one or more accounts in these reserve funds in which
23there may be deposited:
24        (1) any proceeds of the bonds issued by the Authority
25    required to be deposited therein by the terms of any
26    contract between the Authority and its bondholders or any

 

 

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1    resolution of the Authority;
2        (2) any other moneys or funds of the Authority that it
3    may determine to deposit therein from any other source; and
4        (3) any other moneys or funds made available to the
5    Authority. Subject to the terms of any pledge to the owners
6    of any bonds, moneys in any reserve fund may be held and
7    applied to the payment of principal, premium, if any, and
8    interest of such bonds.
9    (d) Powers and duties. The Authority has the power:
10        (1) To issue bonds in one or more series pursuant to
11    one or more resolutions of the Authority for any Clean Coal
12    Project, Coal Project, Energy Efficiency Project, or
13    Renewable Energy Project authorized under this Section,
14    within the authorization set forth in subsection (e).
15        (2) To provide for the funding of any reserves or other
16    funds or accounts deemed necessary by the Authority in
17    connection with any bonds issued by the Authority.
18        (3) To pledge any funds of the Authority or funds made
19    available to the Authority that may be applied to such
20    purpose as security for any bonds or any guarantees,
21    letters of credit, insurance contracts or similar credit
22    support or liquidity instruments securing the bonds.
23        (4) To enter into agreements or contracts with third
24    parties, whether public or private, including, without
25    limitation, the United States of America, the State or any
26    department or agency thereof, to obtain any

 

 

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1    appropriations, grants, loans or guarantees that are
2    deemed necessary or desirable by the Authority. Any such
3    guarantee, agreement or contract may contain terms and
4    provisions necessary or desirable in connection with the
5    program, subject to the requirements established by the
6    Act.
7        (5) To exercise such other powers as are necessary or
8    incidental to the foregoing.
9    (e) Clean Coal Project, Coal Project, Energy Efficiency
10Project, and Renewable Energy Project bond authorization and
11financing limits. In addition to any other bonds authorized to
12be issued under Sections 801-40(w), 825-60, 830-25 and 845-5,
13the Authority may have outstanding, at any time, bonds for the
14purpose enumerated in this Section 825-65 in an aggregate
15principal amount that shall not exceed $3,000,000,000, subject
16to the following limitations: (i) up to $300,000,000 may be
17issued to finance projects, as described in clause (C) of
18subsection (b)(i) and clause (C) of subsection (b)(iv) of this
19Section 825-65; (ii) up to $500,000,000 may be issued to
20finance projects, as described in clauses (D) and (E) of
21subsection (b)(i) of this Section 825-65; (iii) up to
22$2,000,000,000 may be issued to finance Clean Coal Projects, as
23described in clauses (A) and (B) of subsection (b)(i) of this
24Section 825-65 and Coal Projects, as described in subsection
25(b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000
26may be issued to finance Energy Efficiency Projects, as

 

 

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1described in subsection (b)(iii) of this Section 825-65 and
2Renewable Energy Projects, as described in clauses (A), (B),
3and (D) of subsection (b)(iii) of this Section 825-65. An
4application for a loan financed from bond proceeds from a
5borrower or its affiliates for a Clean Coal Project, a Coal
6Project, Energy Efficiency Project, or a Renewable Energy
7Project may not be approved by the Authority for an amount in
8excess of $450,000,000 for any borrower or its affiliates. A
9Clean Coal Project, a Coal Project or an Energy Efficiency
10Project may be located within the State or outside the State,
11provided, that if the Clean Coal Project, the Coal Project or
12the Energy Efficiency Project is located outside of the State,
13it is owned, operated, leased, or managed by an entity located
14within the State or any entity affiliated with an entity
15located within the State, or utilizes Illinois coal. These
16bonds shall not constitute an indebtedness or obligation of the
17State of Illinois and it shall be plainly stated on the face of
18each bond that it does not constitute an indebtedness or
19obligation of the State of Illinois, but is payable solely from
20the revenues, income or other assets of the Authority pledged
21therefor.
22    (f) The bonding authority granted under this Section is in
23addition to and not limited by the provisions of Section 845-5.
24(Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10;
2596-817, eff. 1-1-10.)
 

 

 

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1    Section 10. The Illinois Environmental Facilities
2Financing Act is amended by changing Sections 2 and 3 and by
3adding Section 7.5 as follows:
 
4    (20 ILCS 3515/2)  (from Ch. 127, par. 722)
5    Sec. 2. Declaration of necessity and purpose - Liberal
6construction. (a) The General Assembly finds:
7    (i) that environmental damage seriously endangers the
8public health and welfare;
9    (ii) that such environmental damage results from air,
10water, and other resource pollution and from public water
11supply, solid waste disposal, noise, surface mining and other
12environmental problems;
13    (iii) that to reduce, control and prevent such pollution
14and problems, quality and land reclamation standards have been
15established necessitating the employment of anti-pollution and
16reclamation devices, equipment and facilities and stringent
17time schedules have been and will be imposed for compliance
18with such standards;
19    (iv) that it is desirable to provide additional and
20alternative methods of financing the costs of the acquisition
21and installation of the devices, equipment and facilities
22required to comply with the quality and land reclamation
23standards;
24    (v) that the alternative method of financing provided in
25this Act is therefore in the public interest and serves a

 

 

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1public purpose in protecting and promoting the health and
2welfare of the citizens of this state by reducing, controlling
3and preventing environmental damage;
4    (vi) that it is desirable to promote the use of Illinois
5coal in a manner that is consistent with air quality and land
6reclamation standards; and
7    (vii) that it is desirable to promote the use of
8alternative methods for managing hazardous wastes and to
9provide additional and alternative methods of financing the
10costs of establishing the recycling, incineration, physical,
11chemical and biological treatment, and other facilities
12necessary to meet the requirements of the Environmental
13Protection Act; and
14    (viii) that the environmental damage and pollution
15described in this within the State often occurs from sources in
16other states and that (i) providing financing alternatives for
17facilities outside the State can reduce, control and prevent
18such environmental damages and pollution with the State, and
19(ii) providing financing alternatives for environmental
20facilities that are located outside the State that are owned,
21operated, leased, managed by, or otherwise affiliated with,
22institutions located within the State by reducing controlling
23and preventing such environmental damage and pollution within
24the State.
25    (b) It is the purpose of this Act, as more specifically
26described in later sections, to authorize the State authority

 

 

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1to acquire, construct, reconstruct, repair, alter, improve,
2extend, own, finance, lease, sell and otherwise dispose of
3pollution control and surface mined land reclamation
4facilities to the end that the State authority may be able to
5promote the health and welfare of the people of this State and
6to vest such State authority with all powers to enable such
7State authority to accomplish such purpose; it is not intended
8by this Act that the State authority shall itself be authorized
9to operate any such pollution control, hazardous waste
10treatment or surface mined land reclamation facilities; nor
11shall any such facilities be geographically located outside the
12State of Illinois. It is the intent of the General Assembly
13that access to the benefits of the financing herein provided
14for shall be equally available to all persons.
15    (c) It is the intent of the General Assembly that the State
16authority shall give special consideration to small businesses
17as defined in paragraph (i) of Section 3 of this Act in
18authorizing the issuance of bonds for the financing of
19pollution control or hazardous waste treatment facilities in
20order to assist small businesses in surviving the economic
21burdens imposed by the required financing of such facilities.
22    (d) Notwithstanding paragraph (b) of this Section, it is
23the intent of the General Assembly that with respect to
24applications involving environmental facilities for new
25coal-fired electric steam generating plants and new coal-fired
26industrial boilers as defined in paragraph (j) of Section 3 of

 

 

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1this Act, the State authority shall only finance such
2facilities where Illinois coal will be used as the primary
3source of fuel. The Authority shall impose appropriate
4financial penalties on any person who receives financing from
5the State Authority for environmental facilities based on a
6commitment to use Illinois coal as the primary source of fuel
7at a new coal-fired electric utility steam generating plant or
8new coal-fired industrial boiler and later uses a non-Illinois
9coal as the primary source of fuel.
10    (e) It is the intent of the General Assembly that the
11Authority give special consideration to projects which involve
12a reduction in volume of hazardous waste products generated, or
13the recycling, re-use, reclamation, or treatment of hazardous
14waste.
15     (f) This Act shall be liberally construed to accomplish
16the intentions expressed herein.
17(Source: P.A. 83-1362; 83-1442.)
 
18    (20 ILCS 3515/3)  (from Ch. 127, par. 723)
19    Sec. 3. Definitions. In this Act, unless the context
20otherwise clearly requires, the terms used herein shall have
21the meanings ascribed to them as follows:
22    (a) "Bonds" means any bonds, notes, debentures, temporary,
23interim or permanent certificates of indebtedness or other
24obligations evidencing indebtedness.
25    (b) "Directing body" means the members of the State

 

 

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1authority.
2    (c) "Environmental facility" or "facilities" means any
3land, interest in land, building, structure, facility, system,
4fixture, improvement, appurtenance, machinery, equipment or
5any combination thereof, and all real and personal property
6deemed necessary therewith, having to do with or the primary
7purpose of which is, reducing, controlling or preventing
8pollution, or reclaiming surface mined land. Environmental
9facilities may be located anywhere in this State and may
10include those facilities or processes used to (i) remove
11potential pollutants from coal prior to combustion, (ii) reduce
12the volume or composition of hazardous waste by changing or
13replacing manufacturing equipment or processes, (iii) recycle
14hazardous waste, or (iv) recover resources from hazardous
15waste. Environmental facilities may also include (i) solar
16collectors, solar storage mechanisms and solar energy systems,
17as defined in Section 10-5 of the Property Tax Code; (ii)
18facilities designed to collect, store, transfer, or
19distribute, for residential, commercial or industrial use,
20heat energy which is a by-product of industrial or energy
21generation processes and which would otherwise be wasted; (iii)
22facilities designed to remove pollutants from emissions that
23result from the combustion of coal; and (iv) facilities for the
24combustion of coal in a fluidized bed boiler. Environmental
25facilities may be located outside of the State, provided, that
26the environmental facility must be either (i) owned, operated,

 

 

SB1779- 40 -LRB098 10232 HLH 40391 b

1leased or managed by an entity located within the State or an
2entity affiliated with an entity located within the State, or
3(ii) substantially reduce, control and prevent the
4environmental damage and pollution within the State.
5Environmental facilities include landfill gas recovery
6facilities, as defined in the Illinois Environmental
7Protection Act.
8    Environmental facilities do not include any land, interest
9in land, buildings, structure, facility, system, fixture,
10improvement, appurtenance, machinery, equipment or any
11combination thereof, and all real and personal property deemed
12necessary therewith, having to do with a hazardous waste
13disposal site, except where such land, interest in land,
14buildings, structure, facility, system, fixture, improvement,
15appurtenance, machinery, equipment, real or personal property
16are used for the management or recovery of gas generated by a
17hazardous waste disposal site or are used for recycling,
18reclamation, tank storage or treatment in tanks which occurs on
19the same site as a hazardous waste disposal site.
20    (d) "Finance" or "financing" means the issuing of revenue
21bonds pursuant to Section 9 of this Act by the State authority
22for the purpose of using the proceeds to pay project costs for
23an environmental or hazardous waste treatment facility
24including one in or to which title at all times remains in a
25person other than the State authority, in which case the bonds
26of the Authority are secured by a pledge of one or more notes,

 

 

SB1779- 41 -LRB098 10232 HLH 40391 b

1debentures, bonds or other obligations, secured or unsecured,
2of any person.
3    (e) "Person" means any individual, partnership,
4copartnership, firm, company, corporation (including public
5utilities), association, joint stock company, trust, estate,
6political subdivision, state agency, or any other legal entity,
7or their legal representative, agent or assigns.
8    (f) "Pollution" means any form of environmental pollution
9including, but not limited to, water pollution, air pollution,
10land pollution, solid waste pollution, thermal pollution,
11radiation contamination, or noise pollution as determined by
12the various standards prescribed by this state or the federal
13government and including but not limited to, anything which is
14considered as pollution or environmental damage in the
15Environmental Protection Act, approved June 29, 1970, as now or
16hereafter amended.
17    (g) "Project costs" as applied to environmental or
18hazardous waste treatment facilities financed under this Act
19means and includes the sum total of all reasonable or necessary
20costs incidental to the acquisition, construction,
21reconstruction, repair, alteration, improvement and extension
22of such environmental or hazardous waste treatment facilities
23including without limitation the cost of studies and surveys;
24plans, specifications, architectural and engineering services;
25legal, organization, marketing or other special services;
26financing, acquisition, demolition, construction, equipment

 

 

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1and site development of new and rehabilitated buildings;
2rehabilitation, reconstruction, repair or remodeling of
3existing buildings and all other necessary and incidental
4expenses including an initial bond and interest reserve
5together with interest on bonds issued to finance such
6environmental or hazardous waste treatment facilities to a date
76 months subsequent to the estimated date of completion.
8    (h) "State authority" or "authority" means the Illinois
9Finance Authority created by the Illinois Finance Authority
10Act.
11    (i) "Small business" or "small businesses" means those
12commercial and manufacturing entities which at the time of
13their application to the authority meet those criteria, as
14interpreted and applied by the State authority, for definition
15as a "small business" established for the Small Business
16Administration and set forth as Section 121.3-10 of Part 121 of
17Title 13 of the Code of Federal Regulations as such Section is
18in effect on the effective date of this amendatory Act of 1975.
19    (j) "New coal-fired electric utility steam generating
20plants" and "new coal-fired industrial boilers" means those
21plants and boilers on which construction begins after the
22effective date of this amendatory Act of 1981.
23    (k) "Hazardous waste treatment facility" means any land,
24interest in land, building, structure, facility, system,
25fixture, improvement, appurtenance, machinery, equipment, or
26any combination thereof, and all real and personal property

 

 

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1deemed necessary therewith, the primary purpose of which is to
2recycle, incinerate, or physically, chemically, biologically
3or otherwise treat hazardous wastes, or to reduce the
4production of hazardous wastes by changing or replacing
5manufacturing equipment or processes, and which meets the
6requirements of the Environmental Protection Act and all
7regulations adopted thereunder.
8    (l) The term "significant presence" means the existence
9within the State of the national or regional headquarters of an
10entity or group or such other facility of an entity or group of
11entities where a significant amount of the business functions
12are performed for such entity or group of entities.
13(Source: P.A. 93-205, eff. 1-1-04.)
 
14    (20 ILCS 3515/7.5 new)
15    Sec. 7.5. Required findings for environmental facilities
16located outside the State. The Authority may approve an
17application to finance or refinance environmental facilities
18located outside of the State only after it has made either of
19the following findings with respect to such financing or
20refinancing, all of which shall be deemed conclusive:
21        (1)(A) the entity financing or refinancing an
22    environmental facility located outside the State, or an
23    affiliate thereof, is also engaged in the financing or
24    refinancing of an environmental facility located within
25    the State or, alternately, the entity seeking the financing

 

 

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1    or refinancing, or an affiliate thereof, maintains a
2    significant presence within the State; and
3        (B) financing or refinancing the out-of-state
4    environmental facility would promote the interests of the
5    State for the benefit of the health, welfare, safety,
6    trade, commerce, industry and economy of the people of the
7    State by reducing, controlling or preventing environmental
8    damage and pollution within the State or lowering the cost
9    of environmental facilities within the State by reducing
10    the cost of financing or operating projects; or
11        (2) financing or refinancing the out-of-state
12    environmental facility will substantially reduce, control
13    or prevent environmental damage within the State.
14    The Authority shall not provide financing or refinancing
15for any project, or portion thereof, located outside the
16boundaries of the United States of America.
17    Notwithstanding any other provision of this Act, the
18Authority shall not provide financing or refinancing that uses
19State volume cap under Section 146 of the Internal Revenue Code
20of 1986, as amended, or constitutes an indebtedness or
21obligation, general or moral, or a pledge of the full faith or
22loan of credit of the State for any project, or portion
23thereof, that is located outside of the State.
 
24    Section 99. Effective date. This Act takes effect upon
25becoming law.