(20 ILCS 3501/805-30)
Sec. 805-30.
Applications for Insured Industrial Project Loans;
Procedures.
Applications received by the Authority shall be forwarded to a credit review
committee consisting of 3 persons experienced in industrial financing selected
by the Authority for a review and report concerning the advisability of
approving the proposed insurance. The review and report shall include facts
about the company's history, job opportunities, stability of employment,
financial condition and structure, income statements, market prospects and
management, and any other facts material to the insurance request. The report
shall include a reasoned opinion as to whether providing the insurance would
tend to fulfill the purposes of the Authority and the insurance program. The
report shall be advisory in nature only. Payment shall be made to the members
of the committee selected by the Authority on a reasonable consultant basis, as
the Authority may determine. The credit review committee shall be of such
composition, act for such time and have such powers as shall be specified in
the
agreement or agreements establishing its existence and, to the extent so
specified, shall act for the Authority in matters concerning the insurance
program authorized by
Sections 805-5 through 805-45 of this Act.
The Authority shall, on the basis of the application, the report of the credit
review committee, the information provided by the local or regional industrial
development agency, and any other appropriate information, prepare a report
concerning the creditworthiness of the proposed borrower, the loan record of
the participating lender, the financial commitment of the participating lender,
the manner in which the proposed industrial project will advance the economy of
the State and the soundness of the proposed loan.
The Fund, or any portion thereof against which a charge has been made, shall be
held for the benefit of the holders of the bonds or loans insured under
Section
805-20 of this Act, as provided by agreement between the Authority and such
holders.
The Authority shall be satisfied that the Fund is protected by adequate
security
on all bonds or loans insured by the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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