Full Text of SB0390 96th General Assembly
SB0390enr 96TH GENERAL ASSEMBLY
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by | 5 |
| changing Sections 825-65, 825-70, and 825-75 as follows: | 6 |
| (20 ILCS 3501/825-65) | 7 |
| Sec. 825-65. Clean Coal, Coal, Energy Efficiency, and | 8 |
| Renewable Energy Project Financing. | 9 |
| (a) Findings and declaration of policy. | 10 |
| (i) It is hereby found and declared that
Illinois has | 11 |
| abundant coal resources and, in some areas of Illinois, the | 12 |
| demand
for power exceeds the generating capacity. | 13 |
| Incentives to encourage the
construction of coal-fueled | 14 |
| electric generating plants in Illinois to ensure
power | 15 |
| generating capacity into the future and to advance clean | 16 |
| coal technology and the use of Illinois coal are in the | 17 |
| best interests of all of
the citizens of Illinois. | 18 |
| (ii) It is further found and declared that Illinois has | 19 |
| abundant potential and resources to develop renewable | 20 |
| energy resource projects and that there are many | 21 |
| opportunities to invest in cost-effective energy | 22 |
| efficiency projects throughout the State . The development | 23 |
| of those projects will create jobs and investment as well |
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| as decrease environmental impacts and promote energy | 2 |
| independence in Illinois. Accordingly, the development of | 3 |
| those projects is in the best interests of all of the | 4 |
| citizens of Illinois. | 5 |
| (iii) The Authority is authorized to issue bonds to | 6 |
| help
finance Clean Coal, Coal, Energy Efficiency, and | 7 |
| Renewable Energy projects pursuant to this
Section. | 8 |
| (b) Definitions. | 9 |
| (i) "Clean Coal Project" means (A) "clean coal | 10 |
| facility", as defined in Section 1-10 of the Illinois Power | 11 |
| Agency Act; (B) "clean coal SNG facility", as defined in | 12 |
| Section 1-10 of the Illinois Power Agency Act; (C) | 13 |
| transmission lines and associated equipment that transfer | 14 |
| electricity from points of supply to points of delivery for | 15 |
| projects described in this subsection (b); (D) pipelines or | 16 |
| other methods to transfer carbon dioxide from the point of | 17 |
| production to the point of storage or sequestration for | 18 |
| projects described in this subsection (b); or (E) projects | 19 |
| to provide carbon abatement technology for existing | 20 |
| generating facilities. | 21 |
| (ii) "Coal Project" means new electric
generating | 22 |
| facilities or new gasification facilities, as defined in
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| Section 605-332 of the Department of Commerce and
Economic | 24 |
| Opportunity Law of the Civil Administrative Code of | 25 |
| Illinois, which
may
include mine-mouth power plants, | 26 |
| projects that employ the use of clean coal
technology, |
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| projects to provide scrubber technology for existing | 2 |
| energy
generating plants, or projects to provide electric | 3 |
| transmission facilities or new gasification facilities. | 4 |
| (iii) “Energy Efficiency Project” means measures that | 5 |
| reduce the amount of electricity or natural gas required to | 6 |
| achieve a given end use, consistent with Section 1-10 of | 7 |
| the Illinois Power Agency Act. | 8 |
| (iv) "Renewable Energy Project" means (A) a project | 9 |
| that uses renewable energy resources, as defined in Section | 10 |
| 1-10 of the Illinois Power Agency Act; (B) a project that | 11 |
| uses environmentally preferable technologies and practices | 12 |
| that result in improvements to the production of renewable | 13 |
| fuels, including but not limited to, cellulosic | 14 |
| conversion, water and energy conservation, fractionation, | 15 |
| alternative feedstocks, or reduced green house gas | 16 |
| emissions; (C) transmission lines and associated equipment | 17 |
| that transfer electricity from points of supply to points | 18 |
| of delivery for projects described in this subsection (b); | 19 |
| or (D) projects that use technology for the storage of | 20 |
| renewable energy, including, without limitation, the use | 21 |
| of battery or electrochemical storage technology for | 22 |
| mobile or stationary applications. | 23 |
| (c) Creation of reserve funds. The Authority may establish | 24 |
| and maintain one
or more reserve funds to enhance bonds issued | 25 |
| by the Authority for a Clean Coal Project, a Coal Project, an | 26 |
| Energy Efficiency Project, or a Renewable
Energy Project.
There |
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| may be one or more accounts in these reserve funds in which | 2 |
| there may be
deposited: | 3 |
| (1) any proceeds of the bonds issued by the Authority | 4 |
| required to
be deposited therein by the terms of any | 5 |
| contract between the Authority and its
bondholders or any | 6 |
| resolution of the Authority; | 7 |
| (2) any other moneys or funds of the Authority that it | 8 |
| may
determine to deposit therein from any other source; and | 9 |
| (3) any other moneys or funds made available to the | 10 |
| Authority.
Subject to the terms of any pledge to the owners | 11 |
| of any bonds, moneys in any
reserve fund may be held and | 12 |
| applied to the payment of principal, premium, if
any, and | 13 |
| interest of such bonds. | 14 |
| (d) Powers and duties. The Authority has the power: | 15 |
| (1) To issue bonds in one or more series pursuant to | 16 |
| one or more
resolutions of the Authority for any Clean Coal | 17 |
| Project, Coal Project, Energy Efficiency Project, or | 18 |
| Renewable Energy Project authorized
under this Section, | 19 |
| within the authorization set forth in subsection (e). | 20 |
| (2) To provide for the funding of any reserves or other | 21 |
| funds or
accounts deemed necessary by the Authority in | 22 |
| connection with any bonds issued
by the Authority. | 23 |
| (3) To pledge any funds of the Authority or funds made | 24 |
| available to
the Authority that may be applied to such | 25 |
| purpose as security for any bonds or
any guarantees, | 26 |
| letters of credit, insurance contracts or similar credit
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| support
or liquidity instruments securing the bonds. | 2 |
| (4) To enter into agreements or contracts with third | 3 |
| parties,
whether public or private, including, without | 4 |
| limitation, the United States of
America, the State or any | 5 |
| department or agency thereof, to obtain any
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| appropriations, grants, loans or guarantees that are | 7 |
| deemed necessary or
desirable by the Authority. Any such | 8 |
| guarantee, agreement or contract may
contain terms and | 9 |
| provisions necessary or desirable in connection with the
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| program, subject to the requirements established by the | 11 |
| Act. | 12 |
| (5) To exercise such other powers as are necessary or | 13 |
| incidental to
the foregoing. | 14 |
| (e) Clean Coal Project, Coal Project, Energy Efficiency | 15 |
| Project, and Renewable Energy Project bond authorization and | 16 |
| financing limits. In
addition
to any other bonds authorized to | 17 |
| be issued under
Sections 801-40(w), 825-60, 830-25
and 845-5, | 18 |
| the Authority may have outstanding, at any time, bonds for the
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| purpose
enumerated in this
Section 825-65 in an aggregate | 20 |
| principal amount that shall not
exceed $3,000,000,000, subject | 21 |
| to the following limitations: (i) up to $300,000,000 may be | 22 |
| issued to
finance projects, as described in clause (C) of | 23 |
| subsection (b)(i) and clause (C) of subsection (b)(iv) (b)(iii) | 24 |
| of this Section 825-65; (ii) up to $500,000,000 may be issued | 25 |
| to
finance projects, as described in clauses (D) and (E) of | 26 |
| subsection (b)(i) of this Section 825-65; (iii) up to |
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| $2,000,000,000 may
be issued to finance Clean Coal Projects, as | 2 |
| described in clauses (A) and (B) of subsection (b)(i) of this | 3 |
| Section 825-65 and Coal Projects, as described in subsection | 4 |
| (b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000 | 5 |
| may be issued to finance Energy Efficiency Projects, as | 6 |
| described in subsection (b)(iii) of this Section 825-65 and | 7 |
| Renewable Energy Projects, as described in clauses (A), (B), | 8 |
| and (D) of subsection (b)(iii) of this Section 825-65. An | 9 |
| application for a loan
financed from bond proceeds from a | 10 |
| borrower or its affiliates for a Clean Coal Project, a Coal | 11 |
| Project, Energy Efficiency Project, or a Renewable
Energy | 12 |
| Project may not be approved by the Authority for an amount in | 13 |
| excess
of $450,000,000 for any borrower or its affiliates. | 14 |
| These bonds shall not
constitute an indebtedness or obligation | 15 |
| of the State of Illinois and it shall
be plainly stated on the | 16 |
| face of each bond that it does not constitute an
indebtedness | 17 |
| or obligation of the State of Illinois, but is payable solely | 18 |
| from
the revenues, income or other assets of the Authority | 19 |
| pledged therefor. | 20 |
| (f) The bonding authority granted under this Section is in | 21 |
| addition to and not limited by the provisions of Section 845-5. | 22 |
| (Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10.) | 23 |
| (20 ILCS 3501/825-70) | 24 |
| Sec. 825-70. Criteria for participation in the program. | 25 |
| Applications to
the
Authority for financing of any Clean Coal, |
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| Coal, Energy Efficiency Project, or Renewable Energy Project | 2 |
| shall be reviewed
by the Authority. Upon submission of any such | 3 |
| application, the Authority staff
shall review the application | 4 |
| for its completeness and may, at the discretion of
the | 5 |
| Authority staff, request such additional information as it | 6 |
| deems necessary
or advisable to aid in review. If the Authority | 7 |
| receives applications for
financing for Clean Coal, Coal, | 8 |
| Energy Efficiency Project, or Renewable Energy Projects in | 9 |
| excess of the bond
authorization
available for such financing | 10 |
| at any one time, it shall consider applications in
the order of | 11 |
| priority as it shall determine, in consultation with other | 12 |
| State
agencies, and consistent with State policy to promote | 13 |
| environmentally preferable technology and energy independence. | 14 |
| (Source: P.A. 96-103, eff. 1-1-10.) | 15 |
| (20 ILCS 3501/825-75) | 16 |
| Sec. 825-75. Additional Security. In the event that the | 17 |
| Authority
determines
that monies of the Authority will not be | 18 |
| sufficient for the payment of the
principal of and interest on | 19 |
| any bonds issued by the Authority under
Sections
825-65 through | 20 |
| 825-75 of this Act for Clean Coal Projects, Coal Projects, | 21 |
| Energy Efficiency Projects, or Renewable Energy Projects
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| during the next State fiscal
year, the Chairperson, as soon as | 23 |
| practicable, shall certify to the Governor
the
amount required | 24 |
| by the Authority to enable it to pay such principal, premium,
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| if
any, and interest on such bonds. The Governor shall submit |
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| the amount so
certified to the General Assembly as soon as | 2 |
| practicable, but no later than the
end of the current State | 3 |
| fiscal year. This subsection shall
apply to any
bonds or notes | 4 |
| as to which the Authority shall have determined, in the
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| resolution authorizing the issuance of the bonds or notes, that | 6 |
| this subsection
shall apply. Whenever the Authority makes such | 7 |
| a determination, that fact
shall be plainly stated on the face | 8 |
| of the bonds or notes and that fact should
also be reported to | 9 |
| the Governor.
In the event of a withdrawal of moneys from a | 10 |
| reserve fund established with
respect to any issue or issues of | 11 |
| bonds of the Authority to pay principal,
premium, if any, and | 12 |
| interest on such bonds, the Chairman of the Authority, as
soon | 13 |
| as practicable, shall certify to the Governor the amount | 14 |
| required to
restore the reserve fund to the level required in | 15 |
| the resolution or indenture
securing those bonds. The Governor | 16 |
| shall submit the amount so certified to the
General Assembly as | 17 |
| soon as practicable, but no later than the end of the
current | 18 |
| State fiscal year. The Authority shall obtain written approval | 19 |
| from the
Governor for any bonds and notes to be issued under | 20 |
| this Section. | 21 |
| (Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10.)
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| Section 99. Effective date. This Act takes effect January | 23 |
| 1, 2010. |
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