(20 ILCS 3501/801-10)
Sec. 801-10. Definitions. The following terms, whenever used or referred
to
in this Act, shall have the following meanings, except in such instances where
the context may clearly indicate otherwise:
(a) The term "Authority" means the Illinois Finance Authority created by
this Act.
(b) The term "project" means an industrial project, clean energy project, conservation project, housing project, public
purpose project, higher education project, health facility project, cultural
institution project, municipal bond program project, PACE Project, agricultural facility or agribusiness, and "project" may
include any combination of one or more of the foregoing undertaken jointly by
any person with one or more other persons.
(c) The term "public purpose project" means (i) any project or facility,
including
without limitation land, buildings, structures, machinery, equipment and all
other real and personal property, which is authorized or required by law to be
acquired, constructed, improved, rehabilitated, reconstructed, replaced or
maintained by any unit of government or any other lawful public purpose, including provision of working capital, which
is authorized or required by law to be undertaken by any unit of government or (ii) costs incurred and other expenditures, including expenditures for management, investment, or working capital costs, incurred in connection with the reform, consolidation, or implementation of the transition process as described in Articles 22B and 22C of the Illinois Pension Code.
(d) The term "industrial project" means the acquisition, construction,
refurbishment, creation, development or redevelopment of any facility,
equipment, machinery, real property or personal property for use by any
instrumentality of the State or its political subdivisions, for use by any
person or institution, public or private, for profit or not for profit, or for
use in any trade or business, including, but not limited to, any industrial,
manufacturing, clean energy, or commercial enterprise that is located within or outside the State, provided that, with respect to a project involving property located outside the State, the property must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, and which is (1) a capital project or clean energy project,
including, but not limited to: (i) land and any rights therein, one or more
buildings, structures or other improvements, machinery and equipment, whether
now existing or hereafter acquired, and whether or not located on the same site
or sites; (ii) all appurtenances and facilities incidental to the foregoing,
including, but not limited to, utilities, access roads, railroad sidings, track,
docking and similar facilities, parking facilities, dockage, wharfage, railroad
roadbed, track, trestle, depot, terminal, switching and signaling or related
equipment, site preparation and landscaping; and (iii) all non-capital costs
and expenses relating thereto or (2) any addition to, renovation,
rehabilitation or
improvement of a capital project or a clean energy project, or (3) any activity or undertaking within or outside the State, provided that, with respect to a project involving property located outside the State, the property must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, which the
Authority determines will aid, assist or encourage economic growth, development
or redevelopment within the State or any area thereof, will promote the
expansion, retention or diversification of employment opportunities within the
State or any area thereof or will aid in stabilizing or developing any industry
or economic sector of the State economy. The term "industrial project" also
means the production of motion pictures.
(e) The term "bond" or "bonds" shall include bonds, notes (including bond,
grant or revenue anticipation notes), certificates and/or other evidences of
indebtedness representing an obligation to pay money, including refunding
bonds.
(f) The terms "lease agreement" and "loan agreement" shall mean: (i) an
agreement whereby a project acquired by the Authority by purchase, gift or
lease
is leased to any person, corporation or unit of local government which will use
or cause the project to be used as a project as heretofore defined upon terms
providing for lease rental payments at least sufficient to pay when due all
principal of, interest and premium, if any, on any bonds of the Authority
issued
with respect to such project, providing for the maintenance, insuring and
operation of the project on terms satisfactory to the Authority, providing for
disposition of the project upon termination of the lease term, including
purchase options or abandonment of the premises, and such other terms as may be
deemed desirable by the Authority, or (ii) any agreement pursuant to which the
Authority agrees to loan the proceeds of its bonds issued with respect to a
project or other funds of the Authority to any person which will use or cause
the project to be used as a project as heretofore defined upon terms providing
for loan repayment installments at least sufficient to pay when due all
principal of, interest and premium, if any, on any bonds of the Authority, if
any, issued with respect to the project, and providing for maintenance,
insurance and other matters as may be deemed desirable by the Authority.
(g) The term "financial aid" means the expenditure of Authority funds or
funds provided by the Authority through the issuance of its bonds, notes or
other
evidences of indebtedness or from other sources for the development,
construction, acquisition or improvement of a project.
(h) The term "person" means an individual, corporation, unit of government,
business trust, estate, trust, partnership or association, 2 or more persons
having a joint or common interest, or any other legal entity.
(i) The term "unit of government" means the federal government, the State or
unit of local government, a school district, or any agency or instrumentality,
office, officer, department, division, bureau, commission, college or
university thereof.
(j) The term "health facility" means: (a) any public or private institution,
place, building, or agency required to be licensed under the Hospital Licensing
Act; (b) any public or private institution, place, building, or agency required
to be licensed under the Nursing Home Care Act, the Specialized Mental Health Rehabilitation Act of 2013, the ID/DD Community Care Act, or the MC/DD Act; (c)
any public or licensed private hospital as defined in the Mental Health and
Developmental Disabilities Code; (d) any such facility exempted from such
licensure when the Director of Public Health attests that such exempted
facility
meets the statutory definition of a facility subject to licensure; (e) any
other
public or private health service institution, place, building, or agency which
the Director of Public Health attests is subject to certification by the
Secretary, U.S. Department of Health and Human Services under the Social
Security Act, as now or hereafter amended, or which the Director of Public
Health attests is subject to standard-setting by a recognized public or
voluntary accrediting or standard-setting agency; (f) any public or private
institution, place, building or agency engaged in providing one or more
supporting services to a health facility; (g) any public or private
institution,
place, building or agency engaged in providing training in the healing arts,
including, but not limited to, schools of medicine, dentistry, osteopathy,
optometry, podiatry, pharmacy or nursing, schools for the training of x-ray,
laboratory or other health care technicians and schools for the training of
para-professionals in the health care field; (h) any public or private
congregate, life or extended care or elderly housing facility or any public or
private home for the aged or infirm, including, without limitation, any
Facility as defined in the Life Care Facilities Act; (i) any public or private
mental, emotional or physical rehabilitation facility or any public or private
educational, counseling, or rehabilitation facility or home, for those persons
with a developmental disability, those who are physically ill or disabled, the
emotionally disturbed, those persons with a mental illness or persons with
learning or similar disabilities or problems; (j) any public or private
alcohol, drug or substance abuse diagnosis, counseling treatment or
rehabilitation
facility, (k) any public or private institution, place, building or agency
licensed by the Department of Children and Family Services or which is not so
licensed but which the Director of Children and Family Services attests
provides child care, child welfare or other services of the type provided by
facilities
subject to such licensure; (l) any public or private adoption agency or
facility; and (m) any public or private blood bank or blood center. "Health
facility" also means a public or private structure or structures suitable
primarily for use as a laboratory, laundry, nurses or interns residence or
other housing or hotel facility used in whole or in part for staff, employees
or
students and their families, patients or relatives of patients admitted for
treatment or care in a health facility, or persons conducting business with a
health facility, physician's facility, surgicenter, administration building,
research facility, maintenance, storage or utility facility and all structures
or facilities related to any of the foregoing or required or useful for the
operation of a health facility, including parking or other facilities or other
supporting service structures required or useful for the orderly conduct of
such health facility. "Health facility" also means, with respect to a project located outside the State, any public or private institution, place, building, or agency which provides services similar to those described above, provided that such project is owned, operated, leased or managed by a participating health institution located within the State, or a participating health institution affiliated with an entity located within the State.
(k) The term "participating health institution" means (i) a private corporation
or association or (ii) a public entity of this State, in either case authorized by the laws of this
State or the applicable state to provide or operate a health facility as defined in this Act and which,
pursuant to the provisions of this Act, undertakes the financing, construction
or acquisition of a project or undertakes the refunding or refinancing of
obligations, loans, indebtedness or advances as provided in this Act.
(l) The term "health facility project", means a specific health facility
work
or improvement to be financed or refinanced (including without limitation
through reimbursement of prior expenditures), acquired, constructed, enlarged,
remodeled, renovated, improved, furnished, or equipped, with funds provided in
whole or in part hereunder, any accounts receivable, working capital, liability
or insurance cost or operating expense financing or refinancing program of a
health facility with or involving funds provided in whole or in part hereunder,
or any combination thereof.
(m) The term "bond resolution" means the resolution or resolutions
authorizing the issuance of, or providing terms and conditions related to,
bonds issued
under this Act and includes, where appropriate, any trust agreement, trust
indenture, indenture of mortgage or deed of trust providing terms and
conditions for such bonds.
(n) The term "property" means any real, personal or mixed property, whether
tangible or intangible, or any interest therein, including, without limitation,
any real estate, leasehold interests, appurtenances, buildings, easements,
equipment, furnishings, furniture, improvements, machinery, rights of way,
structures, accounts, contract rights or any interest therein.
(o) The term "revenues" means, with respect to any project, the rents, fees,
charges, interest, principal repayments, collections and other income or profit
derived therefrom.
(p) The term "higher education project" means, in the case of a private
institution of higher education, an educational facility to be acquired,
constructed, enlarged, remodeled, renovated, improved, furnished, or equipped,
or any combination thereof.
(q) The term "cultural institution project" means, in the case of a cultural
institution, a cultural facility to be acquired, constructed, enlarged,
remodeled, renovated, improved, furnished, or equipped, or any combination
thereof.
(r) The term "educational facility" means any property located within the
State, or any property located outside the State, provided that, if the property is located outside the State, it must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, in each case
constructed or acquired before or after the effective date of this Act, which
is
or will be, in whole or in part, suitable for the instruction, feeding,
recreation or housing of students, the conducting of research or other work of
a
private institution of higher education, the use by a private institution of
higher education in connection with any educational, research or related or
incidental activities then being or to be conducted by it, or any combination
of the foregoing, including, without limitation, any such property suitable for
use as or in connection with any one or more of the following: an academic
facility, administrative facility, agricultural facility, assembly hall,
athletic facility, auditorium, boating facility, campus, communication
facility,
computer facility, continuing education facility, classroom, dining hall,
dormitory, exhibition hall, fire fighting facility, fire prevention facility,
food service and preparation facility, gymnasium, greenhouse, health care
facility, hospital, housing, instructional facility, laboratory, library,
maintenance facility, medical facility, museum, offices, parking area,
physical education facility, recreational facility, research facility, stadium,
storage facility, student union, study facility, theatre or utility.
(s) The term "cultural facility" means any property located within the State, or any property located outside the State, provided that, if the property is located outside the State, it must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, in each case
constructed or acquired before or after the effective date of this Act, which
is or will be, in whole or in part, suitable for the particular purposes or
needs
of a cultural institution, including, without limitation, any such property
suitable for use as or in connection with any one or more of the following: an
administrative facility, aquarium, assembly hall, auditorium, botanical garden,
exhibition hall, gallery, greenhouse, library, museum, scientific laboratory,
theater or zoological facility, and shall also include, without limitation,
books, works of art or music, animal, plant or aquatic life or other items for
display, exhibition or performance. The term "cultural facility" includes
buildings on the National Register of Historic Places which are owned or
operated by nonprofit entities.
(t) "Private institution of higher education" means a not-for-profit
educational institution which is not owned by the State or any political
subdivision, agency, instrumentality, district or municipality thereof, which
is
authorized by law to provide a program of education beyond the high school
level
and which:
(1) Admits as regular students only individuals |
(u) The term "academic institution" means any not-for-profit institution
which
is not owned by the State or any political subdivision, agency,
instrumentality,
district or municipality thereof, which institution engages in, or facilitates
academic, scientific, educational or professional research or learning in a
field or fields of study taught at a private institution of higher education.
Academic institutions include, without limitation, libraries, archives,
academic, scientific, educational or professional societies, institutions,
associations or foundations having such purposes.
(v) The term "cultural institution" means any not-for-profit institution
which
is not owned by the State or any political subdivision, agency,
instrumentality,
district or municipality thereof, which institution engages in the cultural,
intellectual, scientific, educational or artistic enrichment of the people of
the State. Cultural institutions include, without limitation, aquaria,
botanical societies, historical societies, libraries, museums, performing arts
associations or societies, scientific societies and zoological societies.
(w) The term "affiliate" means, with respect to financing of an agricultural
facility or an agribusiness, any lender, any person, firm or corporation
controlled by, or under common control with, such lender, and any person, firm
or corporation controlling such lender.
(x) The term "agricultural facility" means land, any building or other
improvement thereon or thereto, and any personal properties deemed necessary or
suitable for use, whether or not now in existence, in farming, ranching, the
production of agricultural commodities (including, without limitation, the
products of aquaculture, hydroponics and silviculture) or the treating,
processing or storing of such agricultural commodities when such activities are
customarily engaged in by farmers as a part of farming and which land, building, improvement or personal property is located within the State, or is located outside the State, provided that, if such property is located outside the State, it must be owned, operated, leased, or managed by an entity located within the State or an entity affiliated with an entity located within the State.
(y) The term "lender" with respect to financing of an agricultural facility
or an agribusiness, means any federal or State chartered bank, Federal Land
Bank,
Production Credit Association, Bank for Cooperatives, federal or State
chartered savings and loan association or building and loan association, Small
Business
Investment Company or any other institution qualified within this State to
originate and service loans, including, but without limitation to, insurance
companies, credit unions and mortgage loan companies. "Lender" also means a
wholly owned subsidiary of a manufacturer, seller or distributor of goods or
services that makes loans to businesses or individuals, commonly known as a
"captive finance company".
(z) The term "agribusiness" means any sole proprietorship, limited
partnership, co-partnership, joint venture, corporation or cooperative which
operates or will operate a facility located within the State or outside the State, provided that, if any facility is located outside the State, it must be owned, operated, leased, or managed by an entity located within the State or an entity affiliated with an entity located within the State, that
is related to the
processing of agricultural commodities (including, without limitation, the
products of aquaculture, hydroponics and silviculture) or the manufacturing,
production or construction of agricultural buildings, structures, equipment,
implements, and supplies, or any other facilities or processes used in
agricultural production. Agribusiness includes but is not limited to the
following:
(1) grain handling and processing, including grain
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(aa) The term "asset" with respect to financing of any agricultural facility
or
any agribusiness, means, but is not limited to the following: cash crops or
feed on hand; livestock held for sale; breeding stock; marketable bonds and
securities; securities not readily marketable; accounts receivable; notes
receivable; cash invested in growing crops; net cash value of life insurance;
machinery and equipment; cars and trucks; farm and other real estate including
life estates and personal residence; value of beneficial interests in trusts;
government payments or grants; and any other assets.
(bb) The term "liability" with respect to financing of any agricultural
facility or any agribusiness shall include, but not be limited to the
following:
accounts payable; notes or other indebtedness owed to any source; taxes; rent;
amounts owed on real estate contracts or real estate mortgages; judgments;
accrued interest payable; and any other liability.
(cc) The term "Predecessor Authorities" means those authorities as described
in Section 845-75.
(dd) The term "housing project" means a specific work or improvement located within the State or outside the State and
undertaken
to provide residential dwelling accommodations, including the acquisition,
construction or rehabilitation of lands, buildings and community facilities and
in connection therewith to provide nonhousing facilities which are part of the
housing project, including land, buildings, improvements, equipment and all
ancillary facilities for use for offices, stores, retirement homes, hotels,
financial institutions, service, health care, education, recreation or research
establishments, or any other commercial purpose which are or are to be related
to a housing development, provided that any work or improvement located outside the State is owned, operated, leased or managed by an entity located within the State, or any entity affiliated with an entity located within the State.
(ee) The term "conservation project" means any project including the acquisition, construction, rehabilitation, maintenance, operation, or upgrade that is intended to create or expand open space or to reduce energy usage through efficiency measures. For the purpose of this definition, "open space" has the definition set forth under Section 10 of the Illinois Open Land Trust Act.
(ff) The term "significant presence" means the existence within the State of the national or regional headquarters of an entity or group or such other facility of an entity or group of entities where a significant amount of the business functions are performed for such entity or group of entities.
(gg) The term "municipal bond issuer" means the State or any other state or commonwealth of the United States, or any unit of local government, school district, agency or instrumentality, office, department, division, bureau, commission, college or university thereof located in the State or any other state or commonwealth of the United States.
(hh) The term "municipal bond program project" means a program for the funding of the purchase of bonds, notes or other obligations issued by or on behalf of a municipal bond issuer.
(ii) The term "participating lender" means any trust company, bank, savings bank, credit union, merchant bank, investment bank, broker, investment trust, pension fund, building and loan association, savings and loan association, insurance company, venture capital company, or other institution approved by the Authority which provides a portion of the financing for a project.
(jj) The term "loan participation" means any loan in which the Authority co-operates with a participating lender to provide all or a portion of the financing for a project.
(kk) The term "PACE Project" means an energy project as defined in Section 5 of the Property Assessed Clean Energy Act.
(ll) The term "clean energy" means energy generation that is substantially free (90% or more) of carbon dioxide emissions by design or operations, or that otherwise contributes to the reduction in emissions of environmentally hazardous materials or reduces the volume of environmentally dangerous materials.
(mm) The term "clean energy project" means the acquisition, construction, refurbishment, creation, development or redevelopment of any facility, equipment, machinery, real property, or personal property for use by the State or any unit of local government, school district, agency or instrumentality, office, department, division, bureau, commission, college, or university of the State, for use by any person or institution, public or private, for profit or not for profit, or for use in any trade or business, which the Authority determines will aid, assist, or encourage the development or implementation of clean energy in the State, or as otherwise contemplated by Article 850.
(nn) The term "Climate Bank" means the Authority in the exercise of those powers conferred on it by this Act related to clean energy or clean water, drinking water, or wastewater treatment.
(oo) "Equity investment eligible community" and "eligible community" mean the geographic areas throughout Illinois that would most benefit from equitable investments by the State designed to combat discrimination. Specifically, the eligible communities shall be defined as the following areas:
(1) R3 Areas as established pursuant to Section
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