Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3501/850-10

    (20 ILCS 3501/850-10)
    Sec. 850-10. Powers and duties.

(a)     The Authority shall have the powers enumerated in this Act to assist in the development and implementation of clean energy in the State. The powers enumerated in this Article shall be in addition to all other powers of the Authority conferred in this Act, including those related to clean energy and the provision of clean water, drinking water, and wastewater treatment. The powers of the Authority to issue bonds, notes, and other obligations to finance loans administered by the Illinois Environmental Protection Agency under the Public Water Supply Loan Program or the Water Pollution Control Loan Program or other similar programs shall not be limited or otherwise affected by this amendatory Act of the 102nd General Assembly.

(b)     In its role as the Climate Bank of the State, the Authority shall have the power to: (i) administer programs and funds appropriated by the General Assembly for clean energy projects in eligible communities and environmental justice communities or owned by eligible persons, (ii) support investment in the clean energy and clean water, drinking water, and wastewater treatment, (iii) support and otherwise promote investment in clean energy projects to foster the growth, development, and commercialization of clean energy projects and related enterprises, and (iv) stimulate demand for clean energy and the development of clean energy projects.

(c)     In addition to, and not in limitation of, any other power of the Authority set forth in this Section or any other provisions of the general statutes, the Authority shall have and may exercise the following powers in furtherance of or in carrying out its clean energy powers and purposes:

(1) To enter into joint ventures and invest in and

participate with any person, including, without limitation, government entities and private corporations, engaged primarily in the development  of clean energy projects, provided that members of the Authority or officers may serve as directors, members, or officers of any such business entity, and such service shall be deemed to be in the discharge of the duties or within the scope of the employment of any such member or officer, or Authority or officers, as the case may be, so long as such member or officer does not receive any compensation or direct or indirect financial benefit as a result of serving in such role.

(2) To utilize funding sources, including, but not

limited to:

(A) funds repurposed from existing programs

providing financing support for clean energy projects, provided any transfer of funds from such existing programs shall be subject to approval by the General Assembly and shall be used for expenses of financing, grants, and loans;

(B) any federal funds that can be used for

clean energy purposes;

(C) charitable gifts, grants, and contributions

as well as loans from individuals, corporations, university endowment funds, and philanthropic foundations for clean energy projects or for the provision of clean water, drinking water, and wastewater treatment; and

(D) earnings and interest derived from

financing support activities for clean energy projects financed by the Authority.

(3) To enter into contracts with private sources to

raise capital.

(d)   The Authority may finance working capital, refinance outstanding indebtedness of any person, and otherwise assist in the investment of equity from any source, public or private, in connection with clean energy projects or any other projects authorized by this Act.

(e)   The Authority may assess reasonable fees on its financing activities to cover its reasonable costs and expenses, as determined by the Authority.

(f)   The Authority shall make information regarding the rates, terms and conditions for all of its financing support transactions available to the public for inspection, including formal annual reviews by both a private auditor and the Comptroller, and providing details to the public on the Internet, provided public disclosure shall be restricted for patentable ideas, trade secrets, and proprietary or confidential commercial or financial information, disclosure of which may cause commercial harm to a nongovernmental recipient of such financing support and for other information exempt from public records disclosure pursuant to Section 1-210.

(Source: P.A. 102-662, eff. 9-15-21.)