HB5588 96TH GENERAL ASSEMBLY

LRB096 17845 RCE 33213 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5588

Introduced 2/9/2010, by Rep. Tom Cross

SYNOPSIS AS INTRODUCED:

20 ILCS 3501/805-10

Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning definitions.

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Finance Authority Act is amended by changing Section 805-10 as follows:

(20 ILCS 3501/805-10)

Sec. 805-10. Definitions. The The following terms, whenever used or referred to in this Article, shall have the following meanings ascribed to them, except where the context clearly requires otherwise:

(a) "Financial Institution" means a financial institution which is a trust company, a bank, a savings bank, a credit union, an investment bank, a broker, an investment trust, a pension fund, a building and loan association, a savings and loan association, an insurance company, or any other institution acceptable to the Authority, authorized to do business in the State and approved by the Authority to insure bonds or loans for industrial projects authorized by this Act.

(b) "Participating lender" means any trust company, bank, savings bank, credit union, investment bank, broker, investment trust, pension fund, building and loan association, savings and loan association, insurance company or other institution approved by the Authority which assumes a portion of the risk on a loan for an industrial project as provided in Section 805-30 of this Act.

(Source: P.A. 93-205, eff. 1-1-04.)