Full Text of HB1255 096th General Assembly
HB1255 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB1255
Introduced 2/18/2009, by Rep. Jack D. Franks SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning the powers of the Authority.
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A BILL FOR
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HB1255 |
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LRB096 10013 RCE 20177 b |
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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 Section 830-5 as follows:
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| (20 ILCS 3501/830-5)
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| Sec. 830-5. The Authority shall have the following powers:
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| (a) To loan its funds to one or more persons to be used by | 9 |
| such persons to
pay
the
the costs of acquiring, constructing, | 10 |
| reconstructing or improving Agricultural
Facilities, soil or | 11 |
| water conservation projects or watershed areas, such loans
to | 12 |
| be on such terms and conditions, and for such period of time, | 13 |
| and secured or
evidenced by such mortgages, deeds of trust, | 14 |
| notes, debentures, bonds or other
secured or unsecured | 15 |
| evidences of indebtedness of such persons as the Board may
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| determine; | 17 |
| (b) To loan its funds to any agribusiness which operates or | 18 |
| will operate a
facility located in Illinois for those purposes | 19 |
| permitted by rules and
regulations issued pursuant to the | 20 |
| Internal Revenue Code of 1954, as amended,
relating to the use | 21 |
| of moneys loaned from the proceeds from the issuance of
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| industrial development revenue bonds; such loans shall be on | 23 |
| terms and
conditions, and for periods of time, and secured or |
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HB1255 |
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LRB096 10013 RCE 20177 b |
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| evidenced by mortgages,
deeds of trust, notes, debentures, | 2 |
| bonds or other secured or unsecured
evidences
of indebtedness | 3 |
| of such agribusiness as the Board may require;
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| (c) To purchase, or to make commitments to purchase, from | 5 |
| lenders notes,
debentures, bonds or other evidences of | 6 |
| indebtedness secured by mortgages,
deeds of trust, or security | 7 |
| devices, or unsecured, as the Authority may
determine, or | 8 |
| portions thereof or participations therein, which notes, | 9 |
| bonds,
or other evidences of indebtedness shall have been or | 10 |
| will be executed by the
obligors thereon to obtain funds with | 11 |
| which to acquire, by purchase,
construction, or otherwise, | 12 |
| reconstruct or improve Agricultural Facilities;
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| (d) To contract with lenders or others for the origination | 14 |
| of or the
servicing
of the loans made by the Authority pursuant | 15 |
| to this
Section or
represented by the notes, bonds, or other | 16 |
| evidences of indebtedness which it
has purchased pursuant to | 17 |
| this
Section; provided that such
servicing fees shall not | 18 |
| exceed one percent per annum of the principal amount
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| outstanding owed to the Authority; and
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| (e) To enter into a State Guarantee with a lender or a | 21 |
| person holding a note
and
to sell or issue such State | 22 |
| Guarantees, bonds or evidences of indebtedness in a
primary or | 23 |
| a secondary market.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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