Full Text of SB3597 103rd General Assembly
SB3597eng 103RD GENERAL ASSEMBLY | | | SB3597 Engrossed | | LRB103 38800 AWJ 68937 b |
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| 1 | | AN ACT concerning local government. | 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly: | 4 | | Section 1. Short title. This Act may be cited as the | 5 | | Climate Bank Loan Financing Act. | 6 | | Section 5. Definitions. As used in this Act: | 7 | | "Alternate bonds", "applicable law", "bond", "general | 8 | | obligation bonds", "limited bonds", "governmental unit", | 9 | | "revenue bonds", "enterprise revenues", and "revenue source" | 10 | | have the respective meanings set forth in Section 3 of the | 11 | | Local Government Debt Reform Act. | 12 | | "Governing body" means the council, board, commission, or | 13 | | body, by whatever name it is known, having charge of the | 14 | | finances of a governmental unit. | 15 | | Section 10. Clean energy infrastructure projects. A | 16 | | governmental unit may own, construct, equip, manage, control, | 17 | | erect, improve, extend, maintain, and operate new or existing | 18 | | clean energy infrastructure projects, may purchase real estate | 19 | | and any property rights to be used for clean energy | 20 | | infrastructure projects, and may charge for the use of clean | 21 | | energy infrastructure. |
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| 1 | | Section 15. Authorization to borrow from Illinois Finance | 2 | | Authority Illinois Climate Bank loan programs. A governmental | 3 | | unit may borrow money and access loans from the Illinois | 4 | | Finance Authority to finance the acquisition, construction, or | 5 | | improvement of new or existing clean energy infrastructure, in | 6 | | each case, qualified for financing by the Illinois Finance | 7 | | Authority under the Illinois Climate Bank bond loan programs | 8 | | of the Illinois Finance Authority. | 9 | | Section 20. Bond authorization. A governmental unit may | 10 | | issue from time to time general obligation bonds, including | 11 | | alternate bonds and limited bonds, and revenue bonds pursuant | 12 | | to applicable law for the purpose of evidencing its obligation | 13 | | to repay its loans from the Illinois Finance Authority. | 14 | | Section 25. Bond terms. Bonds issued under Section 20 | 15 | | shall bear interest at a rate or rates not to exceed the | 16 | | maximum rate permitted by the Bond Authorization Act at the | 17 | | time of the making of the loan from the Illinois Finance | 18 | | Authority. The bonds shall mature within 30 years from the | 19 | | date issued. General obligation bonds shall be the direct | 20 | | general obligations of the governmental unit and the full | 21 | | faith and credit of the governmental unit shall be pledged for | 22 | | the punctual payment of the principal of and interest on the | 23 | | general obligation bonds. Revenue bonds shall be limited | 24 | | obligations of the governmental unit payable from the |
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| 1 | | enterprise revenues or revenue sources of the governmental | 2 | | unit pledged as security for the punctual payment of the | 3 | | principal of and interest on the revenue bonds. | 4 | | Section 30. Adoption of ordinance or resolution. In order | 5 | | to authorize participation in a loan from the Illinois Finance | 6 | | Authority and to authorize and issue the bonds, the governing | 7 | | body shall adopt an ordinance, or resolution when appropriate, | 8 | | providing for the determination of the amount of bonds, the | 9 | | maturity of bonds, and the rate of interest of the bonds. In | 10 | | the case of general obligation bonds, the ordinance or | 11 | | resolution shall provide for the levy and collection of a | 12 | | direct annual tax upon all the taxable property in the | 13 | | governmental unit sufficient to pay the principal of and | 14 | | interest on the general obligation bonds to maturity. Upon the | 15 | | filing of a certified copy of an adopted ordinance or | 16 | | resolution levying a direct annual tax under this Section in | 17 | | the office of the county clerk in each county in which the | 18 | | governmental unit is located, the county clerk shall annually | 19 | | extend the tax in addition to all other taxes authorized to be | 20 | | levied by the governmental unit or on behalf of the | 21 | | governmental unit. In the case of revenue bonds, the ordinance | 22 | | or resolution shall provide for covenants and agreements as | 23 | | may be found by the governmental unit to be necessary and | 24 | | appropriate, including any liens granted on enterprise | 25 | | revenues or revenue sources, to secure the punctual payment of |
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| 1 | | the principal of and interest on the revenue bonds. The | 2 | | governmental unit may enter into loan agreements and security | 3 | | agreements with respect to the borrowing of money from the | 4 | | Illinois Finance Authority pursuant to this Act. | 5 | | Section 35. Authority for issuance. The authority to issue | 6 | | bonds by a governmental unit under this Act and applicable law | 7 | | for clean energy infrastructure projects is in addition to any | 8 | | other authority to issue bonds by a governmental unit provided | 9 | | by law. | 10 | | Section 40. Execution. The bonds shall be executed in the | 11 | | name of the governmental unit by manual or facsimile | 12 | | signatures of the officials of the governmental unit as may be | 13 | | designated by the ordinance or resolution. | 14 | | Section 97. Severability. The provisions of this Act are | 15 | | severable under Section 1.31 of the Statute on Statutes. | 16 | | Section 99. Effective date. This Act takes effect upon | 17 | | becoming law. |
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