Full Text of SB1906 96th General Assembly
SB1906enr 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,
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| 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, 825-75, and 830-25 as | 6 |
| follows:
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| (20 ILCS 3501/825-65)
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| Sec. 825-65. Clean Coal , Coal, and Renewable Energy Project | 9 |
| Financing.
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| (a) Findings and declaration of policy. | 11 |
| (i) It is hereby found and declared that
Illinois has | 12 |
| abundant coal resources and, in some areas of Illinois, the | 13 |
| demand
for power exceeds the generating capacity. | 14 |
| Incentives to encourage the
construction of coal-fueled | 15 |
| coal-fired electric generating plants in Illinois to | 16 |
| ensure
power generating capacity into the future and to | 17 |
| advance clean coal technology and the use of Illinois coal | 18 |
| are in the best interests of all of
the citizens of | 19 |
| Illinois. | 20 |
| (ii) It is further found and declared that Illinois has | 21 |
| abundant potential and resources to develop renewable | 22 |
| energy resource projects. The development of those | 23 |
| projects will create jobs and investment as well as |
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| 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, and Renewable Energy | 7 |
| projects pursuant to this
Section.
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| (b) Definitions. Definition. | 9 |
| (i) "Clean Coal Project and Energy projects " means (A) | 10 |
| "clean coal facility", as defined in Section 1-10 of the | 11 |
| Illinois Power Agency Act; (B) "clean coal SNG facility", | 12 |
| as defined in Section 1-10 of the Illinois Power Agency | 13 |
| Act; (C) transmission lines and associated equipment that | 14 |
| transfer electricity from points of supply to points of | 15 |
| delivery for projects described in this subsection (b); (D) | 16 |
| pipelines or other methods to transfer carbon dioxide from | 17 |
| the point of production to the point of storage or | 18 |
| sequestration for projects described in this subsection | 19 |
| (b); or (E) projects to provide carbon abatement technology | 20 |
| for existing 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.
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| (iii) "Renewable Energy Project" means (A) a project | 5 |
| that uses renewable energy resources, as defined in Section | 6 |
| 1-10 of the Illinois Power Agency Act; (B) a project that | 7 |
| uses environmentally preferable technologies and practices | 8 |
| that result in improvements to the production of renewable | 9 |
| fuels, including but not limited to, cellulosic | 10 |
| conversion, water and energy conservation, fractionation, | 11 |
| alternative feedstocks, or reduced green house gas | 12 |
| emissions; (C) transmission lines and associated equipment | 13 |
| that transfer electricity from points of supply to points | 14 |
| of delivery for projects described in this subsection (b); | 15 |
| or (D) projects that use technology for the storage of | 16 |
| renewable energy, including, without limitation, the use | 17 |
| of battery or electrochemical storage technology for | 18 |
| mobile or stationary applications. | 19 |
| (c) Creation of reserve funds. The Authority may establish | 20 |
| and maintain one
or more reserve funds to enhance bonds issued | 21 |
| by the Authority for a Clean Coal Project, a Coal Project, or a | 22 |
| Renewable
and
Energy Project projects .
There may be one or more | 23 |
| accounts in these reserve funds in which there may be
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| deposited:
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| (1) any proceeds of the bonds issued by the Authority | 26 |
| required to
be deposited therein by the terms of any |
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| contract between the Authority and its
bondholders or any | 2 |
| resolution of the Authority;
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| (2) any other moneys or funds of the Authority that it | 4 |
| may
determine to deposit therein from any other source; and
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| (3) any other moneys or funds made available to the | 6 |
| Authority.
Subject to the terms of any pledge to the owners | 7 |
| of any bonds, moneys in any
reserve fund may be held and | 8 |
| applied to the payment of principal, premium, if
any, and | 9 |
| interest of such bonds.
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| (d) Powers and duties. The Authority has the power:
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| (1) To issue bonds in one or more series pursuant to | 12 |
| one or more
resolutions of the Authority for any Clean Coal | 13 |
| Project, Coal Project, or Renewable and Energy Project | 14 |
| projects authorized
under this Section, within the | 15 |
| authorization set forth in subsection subsections (e)
and | 16 |
| (f) .
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| (2) To provide for the funding of any reserves or other | 18 |
| funds or
accounts deemed necessary by the Authority in | 19 |
| connection with any bonds issued
by the Authority.
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| (3) To pledge any funds of the Authority or funds made | 21 |
| available to
the Authority that may be applied to such | 22 |
| purpose as security for any bonds or
any guarantees, | 23 |
| letters of credit, insurance contracts or similar credit
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| support
or liquidity instruments securing the bonds.
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| (4) To enter into agreements or contracts with third | 26 |
| parties,
whether public or private, including, without |
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| limitation, the United States of
America, the State or any | 2 |
| department or agency thereof, to obtain any
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| appropriations, grants, loans or guarantees that are | 4 |
| deemed necessary or
desirable by the Authority. Any such | 5 |
| guarantee, agreement or contract may
contain terms and | 6 |
| provisions necessary or desirable in connection with the
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| program, subject to the requirements established by the | 8 |
| Act.
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| (5) To exercise such other powers as are necessary or | 10 |
| incidental to
the foregoing.
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| (e) Clean Coal Project, Coal Project, and Renewable Energy | 12 |
| Project bond authorization and financing limits. In
addition
to | 13 |
| any other bonds authorized to be issued under
Sections | 14 |
| 801-40(w), 825-60, 830-25
and 845-5, the Authority may have | 15 |
| outstanding, at any time, bonds for the
purpose
enumerated in | 16 |
| this
Section 825-65 in an aggregate principal amount that shall | 17 |
| not
exceed $3,000,000,000 $2,700,000,000 , subject to the | 18 |
| following limitations: (i) up to of which no more than | 19 |
| $300,000,000 may be issued to
finance projects, as described in | 20 |
| clause (C) of subsection (b)(i) and clause (C) of subsection | 21 |
| (b)(iii) of this Section 825-65; (ii) up to transmission | 22 |
| facilities, no more than $500,000,000 may be issued to
finance | 23 |
| projects, as described in clauses (D) and (E) of subsection | 24 |
| (b)(i) of this Section 825-65; (iii) up to $2,000,000,000 | 25 |
| scrubbers at existing generating plants, no more than | 26 |
| $500,000,000 may
be issued to finance Clean Coal Projects, as |
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| described in clauses (A) and (B) of subsection (b)(i) of this | 2 |
| Section 825-65 and Coal Projects, as described in subsection | 3 |
| (b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000 | 4 |
| may be issued to finance Renewable Energy Projects, as | 5 |
| described in clauses (A), (B), and (D) of subsection (b)(iii) | 6 |
| of this Section 825-65 alternative energy sources, including | 7 |
| renewable energy
projects and no more than $1,400,000,000 may | 8 |
| be issued to finance new electric
generating
facilities or new | 9 |
| gasification facilities, as defined in
Section 605-332 of the | 10 |
| Department of
Commerce and Economic Opportunity Law of the | 11 |
| Civil Administrative Code of
Illinois . An application for a | 12 |
| loan
financed from bond proceeds from a borrower or its | 13 |
| affiliates for a Clean Coal Project, a Coal Project, or a | 14 |
| Renewable
and Energy Project project may not be approved by the | 15 |
| Authority for an amount in excess
of $450,000,000 for any | 16 |
| borrower or its affiliates. These bonds shall not
constitute an | 17 |
| indebtedness or obligation of the State of Illinois and it | 18 |
| shall
be plainly stated on the face of each bond that it does | 19 |
| not constitute an
indebtedness or obligation of the State of | 20 |
| Illinois, but is payable solely from
the revenues, income or | 21 |
| other assets of the Authority pledged therefor.
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| (f) The bonding authority granted under this Section is in | 23 |
| addition to and not limited by the provisions of Section 845-5. | 24 |
| Additional Clean Coal and Energy bond authorization and | 25 |
| financing
limits.
In addition to any other bonds authorized to | 26 |
| be issued under this Act, the
Authority may issue bonds for the |
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| purpose enumerated in this
Section 825-65 in an
aggregate | 2 |
| principal amount that shall not exceed $300,000,000.
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| (Source: P.A. 95-470, eff. 8-27-07.)
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| (20 ILCS 3501/825-70)
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| Sec. 825-70. Criteria for participation in the program. | 6 |
| Applications to
the
Authority for financing of any Clean Coal , | 7 |
| Coal, or Renewable and Energy Project project shall be reviewed
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| by the Authority. Upon submission of any such application, the | 9 |
| Authority staff
shall review the application for its | 10 |
| completeness and may, at the discretion of
the Authority staff, | 11 |
| request such additional information as it deems necessary
or | 12 |
| advisable to aid in review. If the Authority receives | 13 |
| applications for
financing for Clean Coal , Coal, or and | 14 |
| Renewable Energy Projects projects in excess of the bond
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| authorization
available for such financing at any one time, it | 16 |
| shall consider applications in
the order of priority as it | 17 |
| shall determine, in consultation with other State
agencies , and | 18 |
| consistent with State policy to promote environmentally | 19 |
| preferable technology and energy independence .
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| (20 ILCS 3501/825-75)
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| Sec. 825-75. Additional Security. In the event that the | 23 |
| Authority
determines
that monies of the Authority will not be | 24 |
| sufficient for the payment of the
principal of and interest on |
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| any bonds issued by the Authority under
Sections
825-65 through | 2 |
| 825-75 of this Act for Clean Coal Projects, Coal Projects, or | 3 |
| Renewable Energy Projects new electric generating facilities | 4 |
| or new gasification facilities
during the next State fiscal
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| year, the Chairperson, as soon as practicable, shall certify to | 6 |
| the Governor
the
amount required by the Authority to enable it | 7 |
| to pay such principal, premium,
if
any, and interest on such | 8 |
| bonds. The Governor shall submit the amount so
certified to the | 9 |
| General Assembly as soon as practicable, but no later than the
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| end of the current State fiscal year. This subsection shall
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| apply to any
bonds or notes as to which the Authority shall | 12 |
| have determined, in the
resolution authorizing the issuance of | 13 |
| the bonds or notes, that this subsection
shall apply. Whenever | 14 |
| the Authority makes such a determination, that fact
shall be | 15 |
| plainly stated on the face of the bonds or notes and that fact | 16 |
| should
also be reported to the Governor.
In the event of a | 17 |
| withdrawal of moneys from a reserve fund established with
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| respect to any issue or issues of bonds of the Authority to pay | 19 |
| principal,
premium, if any, and interest on such bonds, the | 20 |
| Chairman of the Authority, as
soon as practicable, shall | 21 |
| certify to the Governor the amount required to
restore the | 22 |
| reserve fund to the level required in the resolution or | 23 |
| indenture
securing those bonds. The Governor shall submit the | 24 |
| amount so certified to the
General Assembly as soon as | 25 |
| practicable, but no later than the end of the
current State | 26 |
| fiscal year. The Authority shall obtain written approval from |
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| the
Governor for any bonds and notes to be issued under this | 2 |
| Section.
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| (Source: P.A. 95-470, eff. 8-27-07.)
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| (20 ILCS 3501/830-25)
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| Sec. 830-25. Bonded indebtedness limitation. The Authority | 6 |
| shall not have
outstanding at any one time State Guarantees | 7 |
| under
Section 830-30 in an aggregate
principal amount exceeding | 8 |
| $160,000,000. The Authority shall not have
outstanding at any | 9 |
| one time State Guarantees under
Sections 830-35, 830-45 and | 10 |
| 830-50 in an aggregate principal amount exceeding
$225,000,000 | 11 |
| $75,000,000 . The Guarantees in this Section may be used to | 12 |
| support Renewable Energy Projects as described in clauses (A) | 13 |
| and (B) of subsection (b)(iii) of Section 825-65 of this Act.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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