Full Text of HB5854 96th General Assembly
HB5854enr 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 801-5 and 801-10 and by adding Section 801-55 | 6 |
| as follows:
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| (20 ILCS 3501/801-5)
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| Sec. 801-5. Findings and declaration of policy. The General | 9 |
| Assembly
hereby finds, determines and declares:
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| (a) that there are a number of existing State authorities | 11 |
| authorized to
issue
bonds to alleviate the conditions and | 12 |
| promote the objectives set forth below;
and to provide a | 13 |
| stronger, better coordinated development effort, it is
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| determined to be in the interest of promoting the health, | 15 |
| safety, morals and
general welfare of all the people of the | 16 |
| State to consolidate certain of such
existing authorities into | 17 |
| one finance authority;
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| (b) that involuntary unemployment affects the health, | 19 |
| safety, morals and
general welfare of the people of the State | 20 |
| of Illinois;
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| (c) that the economic burdens resulting from involuntary | 22 |
| unemployment fall
in
part upon the State in the form of public | 23 |
| assistance and reduced tax revenues,
and in the event the |
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| unemployed worker and his family migrate elsewhere to find
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| work, may also fall upon the municipalities and other taxing | 3 |
| districts within
the areas of unemployment in the form of | 4 |
| reduced tax revenues, thereby
endangering their financial | 5 |
| ability to support necessary governmental services
for their | 6 |
| remaining inhabitants;
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| (d) that a vigorous growing economy is the basic source of | 8 |
| job
opportunities;
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| (e) that protection against involuntary unemployment, its | 10 |
| economic burdens
and the spread of economic stagnation can best | 11 |
| be provided by promoting,
attracting,
stimulating and | 12 |
| revitalizing industry, manufacturing and commerce in the | 13 |
| State;
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| (f) that the State has a responsibility to help create a | 15 |
| favorable climate
for new and improved job opportunities for | 16 |
| its citizens by encouraging the
development of commercial | 17 |
| businesses and industrial and manufacturing plants
within the | 18 |
| State;
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| (g) that increased availability of funds for construction | 20 |
| of new facilities
and the expansion and improvement of existing | 21 |
| facilities for industrial,
commercial
and manufacturing | 22 |
| facilities will provide for new and continued employment in
the | 23 |
| construction industry and alleviate the burden of | 24 |
| unemployment;
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| (h) that in the absence of direct governmental subsidies | 26 |
| the unaided
operations of private enterprise do not provide |
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| sufficient resources for
residential
construction, | 2 |
| rehabilitation, rental or purchase, and that support from | 3 |
| housing
related commercial facilities is one means of | 4 |
| stimulating residential
construction, rehabilitation, rental | 5 |
| and purchase;
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| (i) that it is in the public interest and the policy of | 7 |
| this State to foster
and promote by all reasonable means the | 8 |
| provision of adequate capital markets
and facilities for | 9 |
| borrowing money by units of local government, and for the
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| financing of their respective public improvements and other | 11 |
| governmental
purposes within the State from proceeds of bonds | 12 |
| or notes issued by those
governmental units; and to assist | 13 |
| local governmental units in fulfilling their
needs for those | 14 |
| purposes by use of creation of indebtedness;
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| (j) that it is in the public interest and the policy of | 16 |
| this State to the
extent possible, to reduce the costs of | 17 |
| indebtedness to taxpayers and residents
of this State and to | 18 |
| encourage continued investor interest in the purchase of
bonds | 19 |
| or notes of governmental units as sound and preferred | 20 |
| securities for
investment; and to encourage governmental units | 21 |
| to continue their independent
undertakings of public | 22 |
| improvements and other governmental purposes and the
financing | 23 |
| thereof, and to assist them in those activities by making funds
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| available at reduced interest costs for orderly financing of | 25 |
| those purposes,
especially during periods of restricted credit | 26 |
| or money supply, and
particularly for those governmental units |
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| not otherwise able to borrow for
those purposes;
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| (k) that in this State the following conditions exist: (i) | 3 |
| an inadequate
supply of funds at interest rates sufficiently | 4 |
| low to enable persons engaged in
agriculture in this State to | 5 |
| pursue agricultural operations at present levels;
(ii) that | 6 |
| such inability to pursue agricultural operations lessens the | 7 |
| supply
of agricultural commodities available to fulfill the | 8 |
| needs of the citizens of
this
State; (iii) that such inability | 9 |
| to continue operations decreases available
employment in the | 10 |
| agricultural sector of the State and results in unemployment
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| and its attendant problems; (iv) that such conditions prevent | 12 |
| the acquisition
of an adequate capital stock of farm equipment | 13 |
| and machinery, much of which is
manufactured in this State, | 14 |
| therefore impairing the productivity of
agricultural
land and, | 15 |
| further, causing unemployment or lack of appropriate increase | 16 |
| in
employment in such manufacturing; (v) that such conditions | 17 |
| are conducive to
consolidation of acreage of agricultural land | 18 |
| with fewer individuals living and
farming on the traditional | 19 |
| family farm; (vi) that these conditions result in a
loss in | 20 |
| population, unemployment and movement of persons from rural to | 21 |
| urban
areas accompanied by added costs to communities for | 22 |
| creation of new public
facilities and services; (vii) that | 23 |
| there have been recurrent shortages of
funds for agricultural | 24 |
| purposes from private market sources at reasonable rates
of
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| interest; (viii) that these shortages have made the sale and | 26 |
| purchase of
agricultural land to family farmers a virtual |
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| impossibility in many parts of
the State; (ix) that the | 2 |
| ordinary operations of private enterprise have not in
the
past | 3 |
| corrected these conditions; and (x) that a stable supply of | 4 |
| adequate funds
for agricultural financing is required to | 5 |
| encourage family farmers in an
orderly
and sustained manner and | 6 |
| to reduce the problems described above;
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| (l) that for the benefit of the people of the State of | 8 |
| Illinois, the conduct
and increase of their commerce, the | 9 |
| protection and enhancement of their
welfare,
the development of | 10 |
| continued prosperity and the improvement of their health and
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| living conditions it is essential that all the people of the | 12 |
| State be given the
fullest opportunity to learn and to develop | 13 |
| their intellectual and mental
capacities and skills; that to | 14 |
| achieve these ends it is of the utmost
importance
that private | 15 |
| institutions of higher education within the State be provided | 16 |
| with
appropriate additional means to assist the people of the | 17 |
| State in achieving the
required levels of learning and | 18 |
| development of their intellectual and mental
capacities and | 19 |
| skills and that cultural institutions within the State be
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| provided with appropriate additional means to expand the | 21 |
| services and resources
which they offer for the cultural, | 22 |
| intellectual, scientific, educational and
artistic enrichment | 23 |
| of the people of the State;
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| (m) that in order to foster civic and neighborhood pride, | 25 |
| citizens require
access to facilities such as educational | 26 |
| institutions, recreation, parks and
open spaces, entertainment |
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| and sports, a reliable transportation network,
cultural | 2 |
| facilities and theaters and other facilities as authorized by | 3 |
| this
Act, and that it is in the best interests of the State to | 4 |
| lower the costs of
all such facilities by providing financing | 5 |
| through the State; and
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| (n) that to preserve and protect the health of the citizens | 7 |
| of the State,
and
lower the costs of health care, that | 8 |
| financing for health facilities should be
provided through the | 9 |
| State; and
it is hereby declared to be the policy of the State, | 10 |
| in the interest of
promoting the health, safety, morals and | 11 |
| general welfare of all the people of
the State, to address the | 12 |
| conditions noted above, to increase job opportunities
and to | 13 |
| retain existing jobs in the State, by making available through | 14 |
| the
Illinois Finance Authority, hereinafter created, funds for | 15 |
| the development,
improvement and creation of industrial, | 16 |
| housing, local government, educational,
health, public purpose | 17 |
| and other projects; to issue its bonds and notes to make
funds | 18 |
| at reduced rates and on more favorable terms for borrowing by | 19 |
| local
governmental units through the purchase of the bonds or | 20 |
| notes of the
governmental units; and to make or acquire loans | 21 |
| for the acquisition and
development of agricultural | 22 |
| facilities; to provide financing for private
institutions of | 23 |
| higher education, cultural institutions, health facilities and
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| other facilities and projects as authorized by this Act; and to | 25 |
| grant broad
powers to the Illinois Finance Authority to | 26 |
| accomplish and to carry out these
policies of the State which |
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| are in the public interest of the State and of its
taxpayers | 2 |
| and residents ; and
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| (o) that providing financing alternatives for projects | 4 |
| that are located outside the State that are owned, operated, | 5 |
| leased, managed by, or otherwise affiliated with, institutions | 6 |
| located within the State would promote the economy of the State | 7 |
| for the benefit of the health, welfare, safety, trade, | 8 |
| commerce, industry, and economy of the people of the State by | 9 |
| creating employment opportunities in the State and lowering the | 10 |
| cost of accessing healthcare, private education, or cultural | 11 |
| institutions in the State by reducing the cost of financing or | 12 |
| operating those projects.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| (20 ILCS 3501/801-10)
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| (Text of Section before amendment by P.A. 96-339 )
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| Sec. 801-10. Definitions. The following terms, whenever | 17 |
| used or referred
to
in this Act, shall have the following | 18 |
| meanings, except in such instances where
the context may | 19 |
| clearly indicate otherwise:
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| (a) The term "Authority" means the Illinois Finance | 21 |
| Authority created by
this Act.
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| (b) The term "project" means an industrial project, | 23 |
| conservation project, housing project, public
purpose project, | 24 |
| higher education project, health facility project, cultural
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| institution project, agricultural facility or agribusiness, |
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| and "project" may
include any combination of one or more of the | 2 |
| foregoing undertaken jointly by
any person with one or more | 3 |
| other persons.
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| (c) The term "public purpose project" means any project or | 5 |
| facility
including
without limitation land, buildings, | 6 |
| structures, machinery, equipment and all
other real and | 7 |
| personal property, which is authorized or required by law to be
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| acquired, constructed, improved, rehabilitated, reconstructed, | 9 |
| replaced or
maintained by any unit of government or any other | 10 |
| lawful public purpose which
is authorized or required by law to | 11 |
| be undertaken by any unit of government.
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| (d) The term "industrial project" means the acquisition, | 13 |
| construction,
refurbishment, creation, development or | 14 |
| redevelopment of any facility,
equipment, machinery, real | 15 |
| property or personal property for use by any
instrumentality of | 16 |
| the State or its political subdivisions, for use by any
person | 17 |
| or institution, public or private, for profit or not for | 18 |
| profit, or for
use in any trade or business including, but not | 19 |
| limited to, any industrial,
manufacturing or commercial | 20 |
| enterprise and which is (1) a capital project
including but not | 21 |
| limited to: (i) land and any rights therein, one or more
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| buildings, structures or other improvements, machinery and | 23 |
| equipment, whether
now existing or hereafter acquired, and | 24 |
| whether or not located on the same site
or sites; (ii) all | 25 |
| appurtenances and facilities incidental to the foregoing,
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| including, but not limited to utilities, access roads, railroad |
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| sidings, track,
docking and similar facilities, parking | 2 |
| facilities, dockage, wharfage, railroad
roadbed, track, | 3 |
| trestle, depot, terminal, switching and signaling or related
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| equipment, site preparation and landscaping; and (iii) all | 5 |
| non-capital costs
and expenses relating thereto or (2) any | 6 |
| addition to, renovation,
rehabilitation or
improvement of a | 7 |
| capital project or (3) any activity or undertaking which the
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| Authority determines will aid, assist or encourage economic | 9 |
| growth, development
or redevelopment within the State or any | 10 |
| area thereof, will promote the
expansion, retention or | 11 |
| diversification of employment opportunities within the
State | 12 |
| or any area thereof or will aid in stabilizing or developing | 13 |
| any industry
or economic sector of the State economy. The term | 14 |
| "industrial project" also
means the production of motion | 15 |
| pictures.
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| (e) The term "bond" or "bonds" shall include bonds, notes | 17 |
| (including bond,
grant or revenue anticipation notes), | 18 |
| certificates and/or other evidences of
indebtedness | 19 |
| representing an obligation to pay money, including refunding
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| bonds.
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| (f) The terms "lease agreement" and "loan agreement" shall | 22 |
| mean: (i) an
agreement whereby a project acquired by the | 23 |
| Authority by purchase, gift or
lease
is leased to any person, | 24 |
| corporation or unit of local government which will use
or cause | 25 |
| the project to be used as a project as heretofore defined upon | 26 |
| terms
providing for lease rental payments at least sufficient |
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| to pay when due all
principal of, interest and premium, if any, | 2 |
| on any bonds of the Authority
issued
with respect to such | 3 |
| project, providing for the maintenance, insuring and
operation | 4 |
| of the project on terms satisfactory to the Authority, | 5 |
| providing for
disposition of the project upon termination of | 6 |
| the lease term, including
purchase options or abandonment of | 7 |
| the premises, and such other terms as may be
deemed desirable | 8 |
| by the Authority, or (ii) any agreement pursuant to which the
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| Authority agrees to loan the proceeds of its bonds issued with | 10 |
| respect to a
project or other funds of the Authority to any | 11 |
| person which will use or cause
the project to be used as a | 12 |
| project as heretofore defined upon terms providing
for loan | 13 |
| repayment installments at least sufficient to pay when due all
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| principal of, interest and premium, if any, on any bonds of the | 15 |
| Authority, if
any, issued with respect to the project, and | 16 |
| providing for maintenance,
insurance and other matters as may | 17 |
| be deemed desirable by the Authority.
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| (g) The term "financial aid" means the expenditure of | 19 |
| Authority funds or
funds provided by the Authority through the | 20 |
| issuance of its bonds, notes or
other
evidences of indebtedness | 21 |
| or from other sources for the development,
construction, | 22 |
| acquisition or improvement of a project.
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| (h) The term "person" means an individual, corporation, | 24 |
| unit of government,
business trust, estate, trust, partnership | 25 |
| or association, 2 or more persons
having a joint or common | 26 |
| interest, or any other legal entity.
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| (i) The term "unit of government" means the federal | 2 |
| government, the State or
unit of local government, a school | 3 |
| district, or any agency or instrumentality,
office, officer, | 4 |
| department, division, bureau, commission, college or
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| university thereof.
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| (j) The term "health facility" means: (a) any public or | 7 |
| private institution,
place, building, or agency required to be | 8 |
| licensed under the Hospital Licensing
Act; (b) any public or | 9 |
| private institution, place, building, or agency required
to be | 10 |
| licensed under the Nursing Home Care Act; (c)
any public or | 11 |
| licensed private hospital as defined in the Mental Health and
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| Developmental Disabilities Code; (d) any such facility | 13 |
| exempted from such
licensure when the Director of Public Health | 14 |
| attests that such exempted
facility
meets the statutory | 15 |
| definition of a facility subject to licensure; (e) any
other
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| public or private health service institution, place, building, | 17 |
| or agency which
the Director of Public Health attests is | 18 |
| subject to certification by the
Secretary, U.S. Department of | 19 |
| Health and Human Services under the Social
Security Act, as now | 20 |
| or hereafter amended, or which the Director of Public
Health | 21 |
| attests is subject to standard-setting by a recognized public | 22 |
| or
voluntary accrediting or standard-setting agency; (f) any | 23 |
| public or private
institution, place, building or agency | 24 |
| engaged in providing one or more
supporting services to a | 25 |
| health facility; (g) any public or private
institution,
place, | 26 |
| building or agency engaged in providing training in the healing |
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| arts,
including but not limited to schools of medicine, | 2 |
| dentistry, osteopathy,
optometry, podiatry, pharmacy or | 3 |
| nursing, schools for the training of x-ray,
laboratory or other | 4 |
| health care technicians and schools for the training of
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| para-professionals in the health care field; (h) any public or | 6 |
| private
congregate, life or extended care or elderly housing | 7 |
| facility or any public or
private home for the aged or infirm, | 8 |
| including, without limitation, any
Facility as defined in the | 9 |
| Life Care Facilities Act; (i) any public or private
mental, | 10 |
| emotional or physical rehabilitation facility or any public or | 11 |
| private
educational, counseling, or rehabilitation facility or | 12 |
| home, for those persons
with a developmental disability, those | 13 |
| who are physically ill or disabled, the
emotionally disturbed, | 14 |
| those persons with a mental illness or persons with
learning or | 15 |
| similar disabilities or problems; (j) any public or private
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| alcohol, drug or substance abuse diagnosis, counseling | 17 |
| treatment or
rehabilitation
facility, (k) any public or private | 18 |
| institution, place, building or agency
licensed by the | 19 |
| Department of Children and Family Services or which is not so
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| licensed but which the Director of Children and Family Services | 21 |
| attests
provides child care, child welfare or other services of | 22 |
| the type provided by
facilities
subject to such licensure; (l) | 23 |
| any public or private adoption agency or
facility; and (m) any | 24 |
| public or private blood bank or blood center. "Health
facility" | 25 |
| also means a public or private structure or structures suitable
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| primarily for use as a laboratory, laundry, nurses or interns |
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| residence or
other housing or hotel facility used in whole or | 2 |
| in part for staff, employees
or
students and their families, | 3 |
| patients or relatives of patients admitted for
treatment or | 4 |
| care in a health facility, or persons conducting business with | 5 |
| a
health facility, physician's facility, surgicenter, | 6 |
| administration building,
research facility, maintenance, | 7 |
| storage or utility facility and all structures
or facilities | 8 |
| related to any of the foregoing or required or useful for the
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| operation of a health facility, including parking or other | 10 |
| facilities or other
supporting service structures required or | 11 |
| useful for the orderly conduct of
such health facility. "Health | 12 |
| facility" also means, with respect to a project located outside | 13 |
| the State, any public or private institution, place, building, | 14 |
| or agency which provides services similar to those described | 15 |
| above, provided that such project is owned, operated, leased or | 16 |
| managed by a participating health institution located within | 17 |
| the State, or a participating health institution affiliated | 18 |
| with an entity located within the State.
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| (k) The term "participating health institution" means (i) a | 20 |
| private corporation
or association or (ii) a public entity of | 21 |
| this State, in either case authorized by the laws of this
State | 22 |
| or the applicable state to provide or operate a health facility | 23 |
| as defined in this Act and which,
pursuant to the provisions of | 24 |
| this Act, undertakes the financing, construction
or | 25 |
| acquisition of a project or undertakes the refunding or | 26 |
| refinancing of
obligations, loans, indebtedness or advances as |
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| provided in this Act.
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| (l) The term "health facility project", means a specific | 3 |
| health facility
work
or improvement to be financed or | 4 |
| refinanced (including without limitation
through reimbursement | 5 |
| of prior expenditures), acquired, constructed, enlarged,
| 6 |
| remodeled, renovated, improved, furnished, or equipped, with | 7 |
| funds provided in
whole or in part hereunder, any accounts | 8 |
| receivable, working capital, liability
or insurance cost or | 9 |
| operating expense financing or refinancing program of a
health | 10 |
| facility with or involving funds provided in whole or in part | 11 |
| hereunder,
or any combination thereof.
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| (m) The term "bond resolution" means the resolution or | 13 |
| resolutions
authorizing the issuance of, or providing terms and | 14 |
| conditions related to,
bonds issued
under this Act and | 15 |
| includes, where appropriate, any trust agreement, trust
| 16 |
| indenture, indenture of mortgage or deed of trust providing | 17 |
| terms and
conditions for such bonds.
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| (n) The term "property" means any real, personal or mixed | 19 |
| property, whether
tangible or intangible, or any interest | 20 |
| therein, including, without limitation,
any real estate, | 21 |
| leasehold interests, appurtenances, buildings, easements,
| 22 |
| equipment, furnishings, furniture, improvements, machinery, | 23 |
| rights of way,
structures, accounts, contract rights or any | 24 |
| interest therein.
| 25 |
| (o) The term "revenues" means, with respect to any project, | 26 |
| the rents, fees,
charges, interest, principal repayments, |
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| collections and other income or profit
derived therefrom.
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| (p) The term "higher education project" means, in the case | 3 |
| of a private
institution of higher education, an educational | 4 |
| facility to be acquired,
constructed, enlarged, remodeled, | 5 |
| renovated, improved, furnished, or equipped,
or any | 6 |
| combination thereof.
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| (q) The term "cultural institution project" means, in the | 8 |
| case of a cultural
institution, a cultural facility to be | 9 |
| acquired, constructed, enlarged,
remodeled, renovated, | 10 |
| improved, furnished, or equipped, or any combination
thereof.
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| (r) The term "educational facility" means any property | 12 |
| located within the
State , or any property located outside the | 13 |
| State, provided that, if the property is located outside the | 14 |
| State, it must be owned, operated, leased or managed by an | 15 |
| entity located within the State or an entity affiliated with an | 16 |
| entity located within the State, in each case
constructed or | 17 |
| acquired before or after the effective date of this Act, which
| 18 |
| is
or will be, in whole or in part, suitable for the | 19 |
| instruction, feeding,
recreation or housing of students, the | 20 |
| conducting of research or other work of
a
private institution | 21 |
| of higher education, the use by a private institution of
higher | 22 |
| education in connection with any educational, research or | 23 |
| related or
incidental activities then being or to be conducted | 24 |
| by it, or any combination
of the foregoing, including, without | 25 |
| limitation, any such property suitable for
use as or in | 26 |
| connection with any one or more of the following: an academic
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| facility, administrative facility, agricultural facility, | 2 |
| assembly hall,
athletic facility, auditorium, boating | 3 |
| facility, campus, communication
facility,
computer facility, | 4 |
| continuing education facility, classroom, dining hall,
| 5 |
| dormitory, exhibition hall, fire fighting facility, fire | 6 |
| prevention facility,
food service and preparation facility, | 7 |
| gymnasium, greenhouse, health care
facility, hospital, | 8 |
| housing, instructional facility, laboratory, library,
| 9 |
| maintenance facility, medical facility, museum, offices, | 10 |
| parking area,
physical education facility, recreational | 11 |
| facility, research facility, stadium,
storage facility, | 12 |
| student union, study facility, theatre or utility.
| 13 |
| (s) The term "cultural facility" means any property located | 14 |
| within the State , or any property located outside the State, | 15 |
| provided that, if the property is located outside the State, it | 16 |
| must be owned, operated, leased or managed by an entity located | 17 |
| within the State or an entity affiliated with an entity located | 18 |
| within the State, in each case
constructed or acquired before | 19 |
| or after the effective date of this Act, which
is or will be, | 20 |
| in whole or in part, suitable for the particular purposes or
| 21 |
| needs
of a cultural institution, including, without | 22 |
| limitation, any such property
suitable for use as or in | 23 |
| connection with any one or more of the following: an
| 24 |
| administrative facility, aquarium, assembly hall, auditorium, | 25 |
| botanical garden,
exhibition hall, gallery, greenhouse, | 26 |
| library, museum, scientific laboratory,
theater or zoological |
|
|
|
HB5854 Enrolled |
- 17 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| facility, and shall also include, without limitation,
books, | 2 |
| works of art or music, animal, plant or aquatic life or other | 3 |
| items for
display, exhibition or performance. The term | 4 |
| "cultural facility" includes
buildings on the National | 5 |
| Register of Historic Places which are owned or
operated by | 6 |
| nonprofit entities.
| 7 |
| (t) "Private institution of higher education" means a | 8 |
| not-for-profit
educational institution which is not owned by | 9 |
| the State or any political
subdivision, agency, | 10 |
| instrumentality, district or municipality thereof, which
is
| 11 |
| authorized by law to provide a program of education beyond the | 12 |
| high school
level
and which:
| 13 |
| (1) Admits as regular students only individuals having | 14 |
| a
certificate of graduation from a high school, or the | 15 |
| recognized equivalent of
such a certificate;
| 16 |
| (2) Provides an educational program for which it awards | 17 |
| a
bachelor's degree, or provides an educational program, | 18 |
| admission into which is
conditioned upon the prior | 19 |
| attainment of a bachelor's degree or its equivalent,
for | 20 |
| which it awards a postgraduate degree, or provides not less | 21 |
| than a 2-year
program which is acceptable for full credit | 22 |
| toward such a degree, or offers a
2-year program in | 23 |
| engineering, mathematics, or the physical or biological
| 24 |
| sciences
which is designed to prepare the student to work | 25 |
| as a technician and at a
semiprofessional level in | 26 |
| engineering, scientific, or other technological
fields
|
|
|
|
HB5854 Enrolled |
- 18 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| which require the understanding and application of basic | 2 |
| engineering,
scientific, or mathematical principles or | 3 |
| knowledge;
| 4 |
| (3) Is accredited by a nationally recognized | 5 |
| accrediting agency or
association or, if not so accredited, | 6 |
| is an institution whose credits are
accepted, on transfer, | 7 |
| by not less than 3 institutions which are so accredited,
| 8 |
| for credit on the same basis as if transferred from an | 9 |
| institution so
accredited, and holds an unrevoked | 10 |
| certificate of approval under the Private
College Act from | 11 |
| the Board of Higher Education, or is qualified as a
"degree | 12 |
| granting institution" under the Academic Degree Act; and
| 13 |
| (4) Does not discriminate in the admission of students | 14 |
| on the basis
of race or color.
"Private institution of | 15 |
| higher education" also includes any "academic
| 16 |
| institution".
| 17 |
| (u) The term "academic institution" means any | 18 |
| not-for-profit institution
which
is not owned by the State or | 19 |
| any political subdivision, agency,
instrumentality,
district | 20 |
| or municipality thereof, which institution engages in, or | 21 |
| facilitates
academic, scientific, educational or professional | 22 |
| research or learning in a
field or fields of study taught at a | 23 |
| private institution of higher education.
Academic institutions | 24 |
| include, without limitation, libraries, archives,
academic, | 25 |
| scientific, educational or professional societies, | 26 |
| institutions,
associations or foundations having such |
|
|
|
HB5854 Enrolled |
- 19 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| purposes.
| 2 |
| (v) The term "cultural institution" means any | 3 |
| not-for-profit institution
which
is not owned by the State or | 4 |
| any political subdivision, agency,
instrumentality,
district | 5 |
| or municipality thereof, which institution engages in the | 6 |
| cultural,
intellectual, scientific, educational or artistic | 7 |
| enrichment of the people of
the State. Cultural institutions | 8 |
| include, without limitation, aquaria,
botanical societies, | 9 |
| historical societies, libraries, museums, performing arts
| 10 |
| associations or societies, scientific societies and zoological | 11 |
| societies.
| 12 |
| (w) The term "affiliate" means, with respect to financing | 13 |
| of an agricultural
facility or an agribusiness, any lender, any | 14 |
| person, firm or corporation
controlled by, or under common | 15 |
| control with, such lender, and any person, firm
or corporation | 16 |
| controlling such lender.
| 17 |
| (x) The term "agricultural facility" means land, any | 18 |
| building or other
improvement thereon or thereto, and any | 19 |
| personal properties deemed necessary or
suitable for use, | 20 |
| whether or not now in existence, in farming, ranching, the
| 21 |
| production of agricultural commodities (including, without | 22 |
| limitation, the
products of aquaculture, hydroponics and | 23 |
| silviculture) or the treating,
processing or storing of such | 24 |
| agricultural commodities when such activities are
customarily | 25 |
| engaged in by farmers as a part of farming.
| 26 |
| (y) The term "lender" with respect to financing of an |
|
|
|
HB5854 Enrolled |
- 20 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| agricultural facility
or an agribusiness, means any federal or | 2 |
| State chartered bank, Federal Land
Bank,
Production Credit | 3 |
| Association, Bank for Cooperatives, federal or State
chartered | 4 |
| savings and loan association or building and loan association, | 5 |
| Small
Business
Investment Company or any other institution | 6 |
| qualified within this State to
originate and service loans, | 7 |
| including, but without limitation to, insurance
companies, | 8 |
| credit unions and mortgage loan companies. "Lender" also means | 9 |
| a
wholly owned subsidiary of a manufacturer, seller or | 10 |
| distributor of goods or
services that makes loans to businesses | 11 |
| or individuals, commonly known as a
"captive finance company".
| 12 |
| (z) The term "agribusiness" means any sole proprietorship, | 13 |
| limited
partnership, co-partnership, joint venture, | 14 |
| corporation or cooperative which
operates or will operate a | 15 |
| facility located within the State of Illinois that
is related | 16 |
| to the
processing of agricultural commodities (including, | 17 |
| without limitation, the
products of aquaculture, hydroponics | 18 |
| and silviculture) or the manufacturing,
production or | 19 |
| construction of agricultural buildings, structures, equipment,
| 20 |
| implements, and supplies, or any other facilities or processes | 21 |
| used in
agricultural production. Agribusiness includes but is | 22 |
| not limited to the
following:
| 23 |
| (1) grain handling and processing, including grain | 24 |
| storage,
drying, treatment, conditioning, mailing and | 25 |
| packaging;
| 26 |
| (2) seed and feed grain development and processing;
|
|
|
|
HB5854 Enrolled |
- 21 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| (3) fruit and vegetable processing, including | 2 |
| preparation, canning
and packaging;
| 3 |
| (4) processing of livestock and livestock products, | 4 |
| dairy products,
poultry and poultry products, fish or | 5 |
| apiarian products, including slaughter,
shearing, | 6 |
| collecting, preparation, canning and packaging;
| 7 |
| (5) fertilizer and agricultural chemical | 8 |
| manufacturing,
processing, application and supplying;
| 9 |
| (6) farm machinery, equipment and implement | 10 |
| manufacturing and
supplying;
| 11 |
| (7) manufacturing and supplying of agricultural | 12 |
| commodity
processing machinery and equipment, including | 13 |
| machinery and equipment used in
slaughter, treatment, | 14 |
| handling, collecting, preparation, canning or packaging
of | 15 |
| agricultural commodities;
| 16 |
| (8) farm building and farm structure manufacturing, | 17 |
| construction
and supplying;
| 18 |
| (9) construction, manufacturing, implementation, | 19 |
| supplying or
servicing of irrigation, drainage and soil and | 20 |
| water conservation devices or
equipment;
| 21 |
| (10) fuel processing and development facilities that | 22 |
| produce fuel
from agricultural commodities or byproducts;
| 23 |
| (11) facilities and equipment for processing and | 24 |
| packaging
agricultural commodities specifically for | 25 |
| export;
| 26 |
| (12) facilities and equipment for forestry product |
|
|
|
HB5854 Enrolled |
- 22 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| processing and
supplying, including sawmilling operations, | 2 |
| wood chip operations, timber
harvesting operations, and | 3 |
| manufacturing of prefabricated buildings, paper,
furniture | 4 |
| or other goods from forestry products;
| 5 |
| (13) facilities and equipment for research and | 6 |
| development of
products, processes and equipment for the | 7 |
| production, processing, preparation
or packaging of | 8 |
| agricultural commodities and byproducts.
| 9 |
| (aa) The term "asset" with respect to financing of any | 10 |
| agricultural facility
or
any agribusiness, means, but is not | 11 |
| limited to the following: cash crops or
feed on hand; livestock | 12 |
| held for sale; breeding stock; marketable bonds and
securities; | 13 |
| securities not readily marketable; accounts receivable; notes
| 14 |
| receivable; cash invested in growing crops; net cash value of | 15 |
| life insurance;
machinery and equipment; cars and trucks; farm | 16 |
| and other real estate including
life estates and personal | 17 |
| residence; value of beneficial interests in trusts;
government | 18 |
| payments or grants; and any other assets.
| 19 |
| (bb) The term "liability" with respect to financing of any | 20 |
| agricultural
facility or any agribusiness shall include, but | 21 |
| not be limited to the
following:
accounts payable; notes or | 22 |
| other indebtedness owed to any source; taxes; rent;
amounts | 23 |
| owed on real estate contracts or real estate mortgages; | 24 |
| judgments;
accrued interest payable; and any other liability.
| 25 |
| (cc) The term "Predecessor Authorities" means those | 26 |
| authorities as described
in Section 845-75.
|
|
|
|
HB5854 Enrolled |
- 23 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| (dd) The term "housing project" means a specific work or | 2 |
| improvement
undertaken
to provide residential dwelling | 3 |
| accommodations, including the acquisition,
construction or | 4 |
| rehabilitation of lands, buildings and community facilities | 5 |
| and
in connection therewith to provide nonhousing facilities | 6 |
| which are part of the
housing project, including land, | 7 |
| buildings, improvements, equipment and all
ancillary | 8 |
| facilities for use for offices, stores, retirement homes, | 9 |
| hotels,
financial institutions, service, health care, | 10 |
| education, recreation or research
establishments, or any other | 11 |
| commercial purpose which are or are to be related
to a housing | 12 |
| development. | 13 |
| (ee) The term "conservation project" means any project | 14 |
| including the acquisition, construction, rehabilitation, | 15 |
| maintenance, operation, or upgrade that is intended to create | 16 |
| or expand open space or to reduce energy usage through | 17 |
| efficiency measures. For the purpose of this definition, "open | 18 |
| space" has the definition set forth under Section 10 of the | 19 |
| Illinois Open Land Trust Act.
| 20 |
| (ff) The term "significant presence" means the existence | 21 |
| within the State of the national or regional headquarters of an | 22 |
| entity or group or such other facility of an entity or group of | 23 |
| entities where a significant amount of the business functions | 24 |
| are performed for such entity or group of entities. | 25 |
| (Source: P.A. 95-697, eff. 11-6-07.)
|
|
|
|
HB5854 Enrolled |
- 24 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| (Text of Section after amendment by P.A. 96-339 )
| 2 |
| Sec. 801-10. Definitions. The following terms, whenever | 3 |
| used or referred
to
in this Act, shall have the following | 4 |
| meanings, except in such instances where
the context may | 5 |
| clearly indicate otherwise:
| 6 |
| (a) The term "Authority" means the Illinois Finance | 7 |
| Authority created by
this Act.
| 8 |
| (b) The term "project" means an industrial project, | 9 |
| conservation project, housing project, public
purpose project, | 10 |
| higher education project, health facility project, cultural
| 11 |
| institution project, agricultural facility or agribusiness, | 12 |
| and "project" may
include any combination of one or more of the | 13 |
| foregoing undertaken jointly by
any person with one or more | 14 |
| other persons.
| 15 |
| (c) The term "public purpose project" means any project or | 16 |
| facility
including
without limitation land, buildings, | 17 |
| structures, machinery, equipment and all
other real and | 18 |
| personal property, which is authorized or required by law to be
| 19 |
| acquired, constructed, improved, rehabilitated, reconstructed, | 20 |
| replaced or
maintained by any unit of government or any other | 21 |
| lawful public purpose which
is authorized or required by law to | 22 |
| be undertaken by any unit of government.
| 23 |
| (d) The term "industrial project" means the acquisition, | 24 |
| construction,
refurbishment, creation, development or | 25 |
| redevelopment of any facility,
equipment, machinery, real | 26 |
| property or personal property for use by any
instrumentality of |
|
|
|
HB5854 Enrolled |
- 25 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| the State or its political subdivisions, for use by any
person | 2 |
| or institution, public or private, for profit or not for | 3 |
| profit, or for
use in any trade or business including, but not | 4 |
| limited to, any industrial,
manufacturing or commercial | 5 |
| enterprise and which is (1) a capital project
including but not | 6 |
| limited to: (i) land and any rights therein, one or more
| 7 |
| buildings, structures or other improvements, machinery and | 8 |
| equipment, whether
now existing or hereafter acquired, and | 9 |
| whether or not located on the same site
or sites; (ii) all | 10 |
| appurtenances and facilities incidental to the foregoing,
| 11 |
| including, but not limited to utilities, access roads, railroad | 12 |
| sidings, track,
docking and similar facilities, parking | 13 |
| facilities, dockage, wharfage, railroad
roadbed, track, | 14 |
| trestle, depot, terminal, switching and signaling or related
| 15 |
| equipment, site preparation and landscaping; and (iii) all | 16 |
| non-capital costs
and expenses relating thereto or (2) any | 17 |
| addition to, renovation,
rehabilitation or
improvement of a | 18 |
| capital project or (3) any activity or undertaking which the
| 19 |
| Authority determines will aid, assist or encourage economic | 20 |
| growth, development
or redevelopment within the State or any | 21 |
| area thereof, will promote the
expansion, retention or | 22 |
| diversification of employment opportunities within the
State | 23 |
| or any area thereof or will aid in stabilizing or developing | 24 |
| any industry
or economic sector of the State economy. The term | 25 |
| "industrial project" also
means the production of motion | 26 |
| pictures.
|
|
|
|
HB5854 Enrolled |
- 26 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| (e) The term "bond" or "bonds" shall include bonds, notes | 2 |
| (including bond,
grant or revenue anticipation notes), | 3 |
| certificates and/or other evidences of
indebtedness | 4 |
| representing an obligation to pay money, including refunding
| 5 |
| bonds.
| 6 |
| (f) The terms "lease agreement" and "loan agreement" shall | 7 |
| mean: (i) an
agreement whereby a project acquired by the | 8 |
| Authority by purchase, gift or
lease
is leased to any person, | 9 |
| corporation or unit of local government which will use
or cause | 10 |
| the project to be used as a project as heretofore defined upon | 11 |
| terms
providing for lease rental payments at least sufficient | 12 |
| to pay when due all
principal of, interest and premium, if any, | 13 |
| on any bonds of the Authority
issued
with respect to such | 14 |
| project, providing for the maintenance, insuring and
operation | 15 |
| of the project on terms satisfactory to the Authority, | 16 |
| providing for
disposition of the project upon termination of | 17 |
| the lease term, including
purchase options or abandonment of | 18 |
| the premises, and such other terms as may be
deemed desirable | 19 |
| by the Authority, or (ii) any agreement pursuant to which the
| 20 |
| Authority agrees to loan the proceeds of its bonds issued with | 21 |
| respect to a
project or other funds of the Authority to any | 22 |
| person which will use or cause
the project to be used as a | 23 |
| project as heretofore defined upon terms providing
for loan | 24 |
| repayment installments at least sufficient to pay when due all
| 25 |
| principal of, interest and premium, if any, on any bonds of the | 26 |
| Authority, if
any, issued with respect to the project, and |
|
|
|
HB5854 Enrolled |
- 27 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| providing for maintenance,
insurance and other matters as may | 2 |
| be deemed desirable by the Authority.
| 3 |
| (g) The term "financial aid" means the expenditure of | 4 |
| Authority funds or
funds provided by the Authority through the | 5 |
| issuance of its bonds, notes or
other
evidences of indebtedness | 6 |
| or from other sources for the development,
construction, | 7 |
| acquisition or improvement of a project.
| 8 |
| (h) The term "person" means an individual, corporation, | 9 |
| unit of government,
business trust, estate, trust, partnership | 10 |
| or association, 2 or more persons
having a joint or common | 11 |
| interest, or any other legal entity.
| 12 |
| (i) The term "unit of government" means the federal | 13 |
| government, the State or
unit of local government, a school | 14 |
| district, or any agency or instrumentality,
office, officer, | 15 |
| department, division, bureau, commission, college or
| 16 |
| university thereof.
| 17 |
| (j) The term "health facility" means: (a) any public or | 18 |
| private institution,
place, building, or agency required to be | 19 |
| licensed under the Hospital Licensing
Act; (b) any public or | 20 |
| private institution, place, building, or agency required
to be | 21 |
| licensed under the Nursing Home Care Act or the MR/DD Community | 22 |
| Care Act; (c)
any public or licensed private hospital as | 23 |
| defined in the Mental Health and
Developmental Disabilities | 24 |
| Code; (d) any such facility exempted from such
licensure when | 25 |
| the Director of Public Health attests that such exempted
| 26 |
| facility
meets the statutory definition of a facility subject |
|
|
|
HB5854 Enrolled |
- 28 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| to licensure; (e) any
other
public or private health service | 2 |
| institution, place, building, or agency which
the Director of | 3 |
| Public Health attests is subject to certification by the
| 4 |
| Secretary, U.S. Department of Health and Human Services under | 5 |
| the Social
Security Act, as now or hereafter amended, or which | 6 |
| the Director of Public
Health attests is subject to | 7 |
| standard-setting by a recognized public or
voluntary | 8 |
| accrediting or standard-setting agency; (f) any public or | 9 |
| private
institution, place, building or agency engaged in | 10 |
| providing one or more
supporting services to a health facility; | 11 |
| (g) any public or private
institution,
place, building or | 12 |
| agency engaged in providing training in the healing arts,
| 13 |
| including but not limited to schools of medicine, dentistry, | 14 |
| osteopathy,
optometry, podiatry, pharmacy or nursing, schools | 15 |
| for the training of x-ray,
laboratory or other health care | 16 |
| technicians and schools for the training of
para-professionals | 17 |
| in the health care field; (h) any public or private
congregate, | 18 |
| life or extended care or elderly housing facility or any public | 19 |
| or
private home for the aged or infirm, including, without | 20 |
| limitation, any
Facility as defined in the Life Care Facilities | 21 |
| Act; (i) any public or private
mental, emotional or physical | 22 |
| rehabilitation facility or any public or private
educational, | 23 |
| counseling, or rehabilitation facility or home, for those | 24 |
| persons
with a developmental disability, those who are | 25 |
| physically ill or disabled, the
emotionally disturbed, those | 26 |
| persons with a mental illness or persons with
learning or |
|
|
|
HB5854 Enrolled |
- 29 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| similar disabilities or problems; (j) any public or private
| 2 |
| alcohol, drug or substance abuse diagnosis, counseling | 3 |
| treatment or
rehabilitation
facility, (k) any public or private | 4 |
| institution, place, building or agency
licensed by the | 5 |
| Department of Children and Family Services or which is not so
| 6 |
| licensed but which the Director of Children and Family Services | 7 |
| attests
provides child care, child welfare or other services of | 8 |
| the type provided by
facilities
subject to such licensure; (l) | 9 |
| any public or private adoption agency or
facility; and (m) any | 10 |
| public or private blood bank or blood center. "Health
facility" | 11 |
| also means a public or private structure or structures suitable
| 12 |
| primarily for use as a laboratory, laundry, nurses or interns | 13 |
| residence or
other housing or hotel facility used in whole or | 14 |
| in part for staff, employees
or
students and their families, | 15 |
| patients or relatives of patients admitted for
treatment or | 16 |
| care in a health facility, or persons conducting business with | 17 |
| a
health facility, physician's facility, surgicenter, | 18 |
| administration building,
research facility, maintenance, | 19 |
| storage or utility facility and all structures
or facilities | 20 |
| related to any of the foregoing or required or useful for the
| 21 |
| operation of a health facility, including parking or other | 22 |
| facilities or other
supporting service structures required or | 23 |
| useful for the orderly conduct of
such health facility. "Health | 24 |
| facility" also means, with respect to a project located outside | 25 |
| the State, any public or private institution, place, building, | 26 |
| or agency which provides services similar to those described |
|
|
|
HB5854 Enrolled |
- 30 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| above, provided that such project is owned, operated, leased or | 2 |
| managed by a participating health institution located within | 3 |
| the State, or a participating health institution affiliated | 4 |
| with an entity located within the State.
| 5 |
| (k) The term "participating health institution" means (i) a | 6 |
| private corporation
or association or (ii) a public entity of | 7 |
| this State, in either case authorized by the laws of this
State | 8 |
| or the applicable state to provide or operate a health facility | 9 |
| as defined in this Act and which,
pursuant to the provisions of | 10 |
| this Act, undertakes the financing, construction
or | 11 |
| acquisition of a project or undertakes the refunding or | 12 |
| refinancing of
obligations, loans, indebtedness or advances as | 13 |
| provided in this Act.
| 14 |
| (l) The term "health facility project", means a specific | 15 |
| health facility
work
or improvement to be financed or | 16 |
| refinanced (including without limitation
through reimbursement | 17 |
| of prior expenditures), acquired, constructed, enlarged,
| 18 |
| remodeled, renovated, improved, furnished, or equipped, with | 19 |
| funds provided in
whole or in part hereunder, any accounts | 20 |
| receivable, working capital, liability
or insurance cost or | 21 |
| operating expense financing or refinancing program of a
health | 22 |
| facility with or involving funds provided in whole or in part | 23 |
| hereunder,
or any combination thereof.
| 24 |
| (m) The term "bond resolution" means the resolution or | 25 |
| resolutions
authorizing the issuance of, or providing terms and | 26 |
| conditions related to,
bonds issued
under this Act and |
|
|
|
HB5854 Enrolled |
- 31 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| includes, where appropriate, any trust agreement, trust
| 2 |
| indenture, indenture of mortgage or deed of trust providing | 3 |
| terms and
conditions for such bonds.
| 4 |
| (n) The term "property" means any real, personal or mixed | 5 |
| property, whether
tangible or intangible, or any interest | 6 |
| therein, including, without limitation,
any real estate, | 7 |
| leasehold interests, appurtenances, buildings, easements,
| 8 |
| equipment, furnishings, furniture, improvements, machinery, | 9 |
| rights of way,
structures, accounts, contract rights or any | 10 |
| interest therein.
| 11 |
| (o) The term "revenues" means, with respect to any project, | 12 |
| the rents, fees,
charges, interest, principal repayments, | 13 |
| collections and other income or profit
derived therefrom.
| 14 |
| (p) The term "higher education project" means, in the case | 15 |
| of a private
institution of higher education, an educational | 16 |
| facility to be acquired,
constructed, enlarged, remodeled, | 17 |
| renovated, improved, furnished, or equipped,
or any | 18 |
| combination thereof.
| 19 |
| (q) The term "cultural institution project" means, in the | 20 |
| case of a cultural
institution, a cultural facility to be | 21 |
| acquired, constructed, enlarged,
remodeled, renovated, | 22 |
| improved, furnished, or equipped, or any combination
thereof.
| 23 |
| (r) The term "educational facility" means any property | 24 |
| located within the
State , or any property located outside the | 25 |
| State, provided that, if the property is located outside the | 26 |
| State, it must be owned, operated, leased or managed by an |
|
|
|
HB5854 Enrolled |
- 32 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| entity located within the State or an entity affiliated with an | 2 |
| entity located within the State, in each case
constructed or | 3 |
| acquired before or after the effective date of this Act, which
| 4 |
| is
or will be, in whole or in part, suitable for the | 5 |
| instruction, feeding,
recreation or housing of students, the | 6 |
| conducting of research or other work of
a
private institution | 7 |
| of higher education, the use by a private institution of
higher | 8 |
| education in connection with any educational, research or | 9 |
| related or
incidental activities then being or to be conducted | 10 |
| by it, or any combination
of the foregoing, including, without | 11 |
| limitation, any such property suitable for
use as or in | 12 |
| connection with any one or more of the following: an academic
| 13 |
| facility, administrative facility, agricultural facility, | 14 |
| assembly hall,
athletic facility, auditorium, boating | 15 |
| facility, campus, communication
facility,
computer facility, | 16 |
| continuing education facility, classroom, dining hall,
| 17 |
| dormitory, exhibition hall, fire fighting facility, fire | 18 |
| prevention facility,
food service and preparation facility, | 19 |
| gymnasium, greenhouse, health care
facility, hospital, | 20 |
| housing, instructional facility, laboratory, library,
| 21 |
| maintenance facility, medical facility, museum, offices, | 22 |
| parking area,
physical education facility, recreational | 23 |
| facility, research facility, stadium,
storage facility, | 24 |
| student union, study facility, theatre or utility.
| 25 |
| (s) The term "cultural facility" means any property located | 26 |
| within the State , or any property located outside the State, |
|
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HB5854 Enrolled |
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| 1 |
| provided that, if the property is located outside the State, it | 2 |
| must be owned, operated, leased or managed by an entity located | 3 |
| within the State or an entity affiliated with an entity located | 4 |
| within the State, in each case
constructed or acquired before | 5 |
| or after the effective date of this Act, which
is or will be, | 6 |
| in whole or in part, suitable for the particular purposes or
| 7 |
| needs
of a cultural institution, including, without | 8 |
| limitation, any such property
suitable for use as or in | 9 |
| connection with any one or more of the following: an
| 10 |
| administrative facility, aquarium, assembly hall, auditorium, | 11 |
| botanical garden,
exhibition hall, gallery, greenhouse, | 12 |
| library, museum, scientific laboratory,
theater or zoological | 13 |
| facility, and shall also include, without limitation,
books, | 14 |
| works of art or music, animal, plant or aquatic life or other | 15 |
| items for
display, exhibition or performance. The term | 16 |
| "cultural facility" includes
buildings on the National | 17 |
| Register of Historic Places which are owned or
operated by | 18 |
| nonprofit entities.
| 19 |
| (t) "Private institution of higher education" means a | 20 |
| not-for-profit
educational institution which is not owned by | 21 |
| the State or any political
subdivision, agency, | 22 |
| instrumentality, district or municipality thereof, which
is
| 23 |
| authorized by law to provide a program of education beyond the | 24 |
| high school
level
and which:
| 25 |
| (1) Admits as regular students only individuals having | 26 |
| a
certificate of graduation from a high school, or the |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| recognized equivalent of
such a certificate;
| 2 |
| (2) Provides an educational program for which it awards | 3 |
| a
bachelor's degree, or provides an educational program, | 4 |
| admission into which is
conditioned upon the prior | 5 |
| attainment of a bachelor's degree or its equivalent,
for | 6 |
| which it awards a postgraduate degree, or provides not less | 7 |
| than a 2-year
program which is acceptable for full credit | 8 |
| toward such a degree, or offers a
2-year program in | 9 |
| engineering, mathematics, or the physical or biological
| 10 |
| sciences
which is designed to prepare the student to work | 11 |
| as a technician and at a
semiprofessional level in | 12 |
| engineering, scientific, or other technological
fields
| 13 |
| which require the understanding and application of basic | 14 |
| engineering,
scientific, or mathematical principles or | 15 |
| knowledge;
| 16 |
| (3) Is accredited by a nationally recognized | 17 |
| accrediting agency or
association or, if not so accredited, | 18 |
| is an institution whose credits are
accepted, on transfer, | 19 |
| by not less than 3 institutions which are so accredited,
| 20 |
| for credit on the same basis as if transferred from an | 21 |
| institution so
accredited, and holds an unrevoked | 22 |
| certificate of approval under the Private
College Act from | 23 |
| the Board of Higher Education, or is qualified as a
"degree | 24 |
| granting institution" under the Academic Degree Act; and
| 25 |
| (4) Does not discriminate in the admission of students | 26 |
| on the basis
of race or color.
"Private institution of |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| higher education" also includes any "academic
| 2 |
| institution".
| 3 |
| (u) The term "academic institution" means any | 4 |
| not-for-profit institution
which
is not owned by the State or | 5 |
| any political subdivision, agency,
instrumentality,
district | 6 |
| or municipality thereof, which institution engages in, or | 7 |
| facilitates
academic, scientific, educational or professional | 8 |
| research or learning in a
field or fields of study taught at a | 9 |
| private institution of higher education.
Academic institutions | 10 |
| include, without limitation, libraries, archives,
academic, | 11 |
| scientific, educational or professional societies, | 12 |
| institutions,
associations or foundations having such | 13 |
| purposes.
| 14 |
| (v) The term "cultural institution" means any | 15 |
| not-for-profit institution
which
is not owned by the State or | 16 |
| any political subdivision, agency,
instrumentality,
district | 17 |
| or municipality thereof, which institution engages in the | 18 |
| cultural,
intellectual, scientific, educational or artistic | 19 |
| enrichment of the people of
the State. Cultural institutions | 20 |
| include, without limitation, aquaria,
botanical societies, | 21 |
| historical societies, libraries, museums, performing arts
| 22 |
| associations or societies, scientific societies and zoological | 23 |
| societies.
| 24 |
| (w) The term "affiliate" means, with respect to financing | 25 |
| of an agricultural
facility or an agribusiness, any lender, any | 26 |
| person, firm or corporation
controlled by, or under common |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| control with, such lender, and any person, firm
or corporation | 2 |
| controlling such lender.
| 3 |
| (x) The term "agricultural facility" means land, any | 4 |
| building or other
improvement thereon or thereto, and any | 5 |
| personal properties deemed necessary or
suitable for use, | 6 |
| whether or not now in existence, in farming, ranching, the
| 7 |
| production of agricultural commodities (including, without | 8 |
| limitation, the
products of aquaculture, hydroponics and | 9 |
| silviculture) or the treating,
processing or storing of such | 10 |
| agricultural commodities when such activities are
customarily | 11 |
| engaged in by farmers as a part of farming.
| 12 |
| (y) The term "lender" with respect to financing of an | 13 |
| agricultural facility
or an agribusiness, means any federal or | 14 |
| State chartered bank, Federal Land
Bank,
Production Credit | 15 |
| Association, Bank for Cooperatives, federal or State
chartered | 16 |
| savings and loan association or building and loan association, | 17 |
| Small
Business
Investment Company or any other institution | 18 |
| qualified within this State to
originate and service loans, | 19 |
| including, but without limitation to, insurance
companies, | 20 |
| credit unions and mortgage loan companies. "Lender" also means | 21 |
| a
wholly owned subsidiary of a manufacturer, seller or | 22 |
| distributor of goods or
services that makes loans to businesses | 23 |
| or individuals, commonly known as a
"captive finance company".
| 24 |
| (z) The term "agribusiness" means any sole proprietorship, | 25 |
| limited
partnership, co-partnership, joint venture, | 26 |
| corporation or cooperative which
operates or will operate a |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| facility located within the State of Illinois that
is related | 2 |
| to the
processing of agricultural commodities (including, | 3 |
| without limitation, the
products of aquaculture, hydroponics | 4 |
| and silviculture) or the manufacturing,
production or | 5 |
| construction of agricultural buildings, structures, equipment,
| 6 |
| implements, and supplies, or any other facilities or processes | 7 |
| used in
agricultural production. Agribusiness includes but is | 8 |
| not limited to the
following:
| 9 |
| (1) grain handling and processing, including grain | 10 |
| storage,
drying, treatment, conditioning, mailing and | 11 |
| packaging;
| 12 |
| (2) seed and feed grain development and processing;
| 13 |
| (3) fruit and vegetable processing, including | 14 |
| preparation, canning
and packaging;
| 15 |
| (4) processing of livestock and livestock products, | 16 |
| dairy products,
poultry and poultry products, fish or | 17 |
| apiarian products, including slaughter,
shearing, | 18 |
| collecting, preparation, canning and packaging;
| 19 |
| (5) fertilizer and agricultural chemical | 20 |
| manufacturing,
processing, application and supplying;
| 21 |
| (6) farm machinery, equipment and implement | 22 |
| manufacturing and
supplying;
| 23 |
| (7) manufacturing and supplying of agricultural | 24 |
| commodity
processing machinery and equipment, including | 25 |
| machinery and equipment used in
slaughter, treatment, | 26 |
| handling, collecting, preparation, canning or packaging
of |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| agricultural commodities;
| 2 |
| (8) farm building and farm structure manufacturing, | 3 |
| construction
and supplying;
| 4 |
| (9) construction, manufacturing, implementation, | 5 |
| supplying or
servicing of irrigation, drainage and soil and | 6 |
| water conservation devices or
equipment;
| 7 |
| (10) fuel processing and development facilities that | 8 |
| produce fuel
from agricultural commodities or byproducts;
| 9 |
| (11) facilities and equipment for processing and | 10 |
| packaging
agricultural commodities specifically for | 11 |
| export;
| 12 |
| (12) facilities and equipment for forestry product | 13 |
| processing and
supplying, including sawmilling operations, | 14 |
| wood chip operations, timber
harvesting operations, and | 15 |
| manufacturing of prefabricated buildings, paper,
furniture | 16 |
| or other goods from forestry products;
| 17 |
| (13) facilities and equipment for research and | 18 |
| development of
products, processes and equipment for the | 19 |
| production, processing, preparation
or packaging of | 20 |
| agricultural commodities and byproducts.
| 21 |
| (aa) The term "asset" with respect to financing of any | 22 |
| agricultural facility
or
any agribusiness, means, but is not | 23 |
| limited to the following: cash crops or
feed on hand; livestock | 24 |
| held for sale; breeding stock; marketable bonds and
securities; | 25 |
| securities not readily marketable; accounts receivable; notes
| 26 |
| receivable; cash invested in growing crops; net cash value of |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| life insurance;
machinery and equipment; cars and trucks; farm | 2 |
| and other real estate including
life estates and personal | 3 |
| residence; value of beneficial interests in trusts;
government | 4 |
| payments or grants; and any other assets.
| 5 |
| (bb) The term "liability" with respect to financing of any | 6 |
| agricultural
facility or any agribusiness shall include, but | 7 |
| not be limited to the
following:
accounts payable; notes or | 8 |
| other indebtedness owed to any source; taxes; rent;
amounts | 9 |
| owed on real estate contracts or real estate mortgages; | 10 |
| judgments;
accrued interest payable; and any other liability.
| 11 |
| (cc) The term "Predecessor Authorities" means those | 12 |
| authorities as described
in Section 845-75.
| 13 |
| (dd) The term "housing project" means a specific work or | 14 |
| improvement
undertaken
to provide residential dwelling | 15 |
| accommodations, including the acquisition,
construction or | 16 |
| rehabilitation of lands, buildings and community facilities | 17 |
| and
in connection therewith to provide nonhousing facilities | 18 |
| which are part of the
housing project, including land, | 19 |
| buildings, improvements, equipment and all
ancillary | 20 |
| facilities for use for offices, stores, retirement homes, | 21 |
| hotels,
financial institutions, service, health care, | 22 |
| education, recreation or research
establishments, or any other | 23 |
| commercial purpose which are or are to be related
to a housing | 24 |
| development. | 25 |
| (ee) The term "conservation project" means any project | 26 |
| including the acquisition, construction, rehabilitation, |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| maintenance, operation, or upgrade that is intended to create | 2 |
| or expand open space or to reduce energy usage through | 3 |
| efficiency measures. For the purpose of this definition, "open | 4 |
| space" has the definition set forth under Section 10 of the | 5 |
| Illinois Open Land Trust Act.
| 6 |
| (ff) The term "significant presence" means the existence | 7 |
| within the State of the national or regional headquarters of an | 8 |
| entity or group or such other facility of an entity or group of | 9 |
| entities where a significant amount of the business functions | 10 |
| are performed for such entity or group of entities. | 11 |
| (Source: P.A. 95-697, eff. 11-6-07; 96-339, eff. 7-1-10.)
| 12 |
| (20 ILCS 3501/801-55 new)
| 13 |
| Sec. 801-55. Required findings for projects located | 14 |
| outside the State. The Authority may approve an application to | 15 |
| finance or refinance a project located outside of the State | 16 |
| only after it has made the following findings with respect to | 17 |
| such financing or refinancing, all of which shall be deemed | 18 |
| conclusive: | 19 |
| (a) the entity financing or refinancing a project | 20 |
| located outside the State, or an affiliate thereof, is also | 21 |
| engaged in the financing or refinancing of a project | 22 |
| located within the State or, alternately, the entity | 23 |
| seeking the financing or refinancing, or an affiliate | 24 |
| thereof, maintains a significant presence within the | 25 |
| State; |
|
|
|
HB5854 Enrolled |
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LRB096 18333 RCE 33710 b |
|
| 1 |
| (b) financing or refinancing the out-of-state project | 2 |
| would promote the economy of the State for the benefit of | 3 |
| the health, welfare, safety, trade, commerce, industry and | 4 |
| economy of the people of the State by creating employment | 5 |
| opportunities in the State or lowering the cost of | 6 |
| accessing healthcare, private education, or cultural | 7 |
| institutions in the State by reducing the cost of financing | 8 |
| or operating projects; and | 9 |
| (c) after giving effect to the financing or refinancing | 10 |
| of the out-of-state project, the Authority shall have the | 11 |
| ability to issue at least an additional $1,000,000,000 of | 12 |
| bonds under Section 845-5(a) of this Act. | 13 |
| The Authority shall not provide financing for any project, | 14 |
| or portion thereof, located outside the boundaries of the | 15 |
| United States of America. | 16 |
| Notwithstanding any other provision of this Act, the | 17 |
| Authority shall not provide financing that uses State volume | 18 |
| cap under Section 146 of the Internal Revenue Code of 1986, as | 19 |
| amended, or constitutes an indebtedness or obligation, general | 20 |
| or moral, or a pledge of the full faith or loan of credit of the | 21 |
| State for any project, or portion thereof, that is located | 22 |
| outside of the State. | 23 |
| Section 95. No acceleration or delay. Where this Act makes | 24 |
| changes in a statute that is represented in this Act by text | 25 |
| that is not yet or no longer in effect (for example, a Section |
|
|
|
HB5854 Enrolled |
- 42 - |
LRB096 18333 RCE 33710 b |
|
| 1 |
| represented by multiple versions), the use of that text does | 2 |
| not accelerate or delay the taking effect of (i) the changes | 3 |
| made by this Act or (ii) provisions derived from any other | 4 |
| Public Act.
| 5 |
| Section 99. Effective date. This Act takes effect upon | 6 |
| becoming law.
|
|