(20 ILCS 3501/Art. 801 heading) ARTICLE 801
GENERAL PROVISIONS
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(20 ILCS 3501/801-1)
Sec. 801-1. Short title. Articles 801 through 850 of this Act may
be cited as the Illinois Finance Authority Act. References to "this Act" in
Articles 801 through 850 are references to the Illinois Finance Authority Act.
(Source: P.A. 102-662, eff. 9-15-21.)
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(20 ILCS 3501/801-5)
Sec. 801-5. Findings and declaration of policy. The General Assembly
hereby finds, determines and declares:
(a) that there are a number of existing State authorities authorized to
issue
bonds to alleviate the conditions and promote the objectives set forth below;
and to provide a stronger, better coordinated development effort, it is
determined to be in the interest of promoting the health, safety, morals and
general welfare of all the people of the State to consolidate certain of such
existing authorities into one finance authority;
(b) that involuntary unemployment affects the health, safety, morals and
general welfare of the people of the State of Illinois;
(c) that the economic burdens resulting from involuntary unemployment fall
in
part upon the State in the form of public assistance and reduced tax revenues,
and in the event the unemployed worker and his family migrate elsewhere to find
work, may also fall upon the municipalities and other taxing districts within
the areas of unemployment in the form of reduced tax revenues, thereby
endangering their financial ability to support necessary governmental services
for their remaining inhabitants;
(d) that a vigorous growing economy is the basic source of job
opportunities;
(e) that protection against involuntary unemployment, its economic burdens
and the spread of economic stagnation can best be provided by promoting,
attracting,
stimulating and revitalizing industry, manufacturing and commerce in the State;
(f) that the State has a responsibility to help create a favorable climate
for new and improved job opportunities for its citizens by encouraging the
development of commercial businesses and industrial and manufacturing plants
within the State;
(g) that increased availability of funds for construction of new facilities
and the expansion and improvement of existing facilities for industrial,
commercial
and manufacturing facilities will provide for new and continued employment in
the construction industry and alleviate the burden of unemployment;
(h) that in the absence of direct governmental subsidies the unaided
operations of private enterprise do not provide sufficient resources for
residential
construction, rehabilitation, rental or purchase, and that support from housing
related commercial facilities is one means of stimulating residential
construction, rehabilitation, rental and purchase;
(i) that it is in the public interest and the policy of this State to foster
and promote by all reasonable means the provision of adequate capital markets
and facilities for borrowing money by units of local government, and for the
financing of their respective public improvements and other governmental
purposes within the State from proceeds of bonds or notes issued by those
governmental units; and to assist local governmental units in fulfilling their
needs for those purposes by use of creation of indebtedness;
(j) that it is in the public interest and the policy of this State to the
extent possible, to reduce the costs of indebtedness to taxpayers and residents
of this State and to encourage continued investor interest in the purchase of
bonds or notes of governmental units as sound and preferred securities for
investment; and to encourage governmental units to continue their independent
undertakings of public improvements and other governmental purposes and the
financing thereof, and to assist them in those activities by making funds
available at reduced interest costs for orderly financing of those purposes,
especially during periods of restricted credit or money supply, and
particularly for those governmental units not otherwise able to borrow for
those purposes;
(k) that in this State the following conditions exist: (i) an inadequate
supply of funds at interest rates sufficiently low to enable persons engaged in
agriculture in this State to pursue agricultural operations at present levels;
(ii) that such inability to pursue agricultural operations lessens the supply
of agricultural commodities available to fulfill the needs of the citizens of
this
State; (iii) that such inability to continue operations decreases available
employment in the agricultural sector of the State and results in unemployment
and its attendant problems; (iv) that such conditions prevent the acquisition
of an adequate capital stock of farm equipment and machinery, much of which is
manufactured in this State, therefore impairing the productivity of
agricultural
land and, further, causing unemployment or lack of appropriate increase in
employment in such manufacturing; (v) that such conditions are conducive to
consolidation of acreage of agricultural land with fewer individuals living and
farming on the traditional family farm; (vi) that these conditions result in a
loss in population, unemployment and movement of persons from rural to urban
areas accompanied by added costs to communities for creation of new public
facilities and services; (vii) that there have been recurrent shortages of
funds for agricultural purposes from private market sources at reasonable rates
of
interest; (viii) that these shortages have made the sale and purchase of
agricultural land to family farmers a virtual impossibility in many parts of
the State; (ix) that the ordinary operations of private enterprise have not in
the
past corrected these conditions; and (x) that a stable supply of adequate funds
for agricultural financing is required to encourage family farmers in an
orderly
and sustained manner and to reduce the problems described above;
(l) that for the benefit of the people of the State of Illinois, the conduct
and increase of their commerce, the protection and enhancement of their
welfare,
the development of continued prosperity and the improvement of their health and
living conditions it is essential that all the people of the State be given the
fullest opportunity to learn and to develop their intellectual and mental
capacities and skills; that to achieve these ends it is of the utmost
importance
that private institutions of higher education within the State be provided with
appropriate additional means to assist the people of the State in achieving the
required levels of learning and development of their intellectual and mental
capacities and skills and that cultural institutions within the State be
provided with appropriate additional means to expand the services and resources
which they offer for the cultural, intellectual, scientific, educational and
artistic enrichment of the people of the State;
(m) that in order to foster civic and neighborhood pride, citizens require
access to facilities such as educational institutions, recreation, parks and
open spaces, entertainment and sports, a reliable transportation network,
cultural facilities and theaters and other facilities as authorized by this
Act, and that it is in the best interests of the State to lower the costs of
all such facilities by providing financing through the State;
(n) that to preserve and protect the health of the citizens of the State,
and
lower the costs of health care, that financing for health facilities should be
provided through the State; and
it is hereby declared to be the policy of the State, in the interest of
promoting the health, safety, morals and general welfare of all the people of
the State, to address the conditions noted above, to increase job opportunities
and to retain existing jobs in the State, by making available through the
Illinois Finance Authority, hereinafter created, funds for the development,
improvement and creation of industrial, housing, local government, educational,
health, public purpose and other projects; to issue its bonds and notes to make
funds at reduced rates and on more favorable terms for borrowing by local
governmental units through the purchase of the bonds or notes of the
governmental units; and to make or acquire loans for the acquisition and
development of agricultural facilities; to provide financing for private
institutions of higher education, cultural institutions, health facilities and
other facilities and projects as authorized by this Act; and to grant broad
powers to the Illinois Finance Authority to accomplish and to carry out these
policies of the State which are in the public interest of the State and of its
taxpayers and residents;
(o) that providing financing alternatives for projects that are located outside the State that are owned, operated, leased, managed by, or otherwise affiliated with, institutions located within the State would promote the economy of the State for the benefit of the health, welfare, safety, trade, commerce, industry, and economy of the people of the State by creating employment opportunities in the State and lowering the cost of accessing healthcare, private education, or cultural institutions in the State by reducing the cost of financing or operating those projects;
(p) that the realization of the objectives of the Authority identified in this Act including, without limitation, those designed (1) to assist and enable veterans, minorities, women and disabled individuals to own and operate small businesses; (2) to assist in the delivery of agricultural assistance; and (3) to aid, assist, and encourage economic growth and development within this State, will be enhanced by empowering the Authority to purchase loan participations from participating lenders; (q) that climate change threatens the health, welfare, and prosperity of all the residents of the State; (r) combating climate change is necessary to preserve and enhance the health, welfare, and prosperity of all the residents of the State; (s) that the promotion of the development and implementation of clean energy is necessary to combat climate change and is hereby declared to be the policy of the State; and (t) that designating the Authority as the "Climate Bank" to aid in all respects with providing financial assistance, programs, and products to finance and otherwise develop and implement equitable clean energy opportunities in the State to mitigate or adapt to the negative consequences of climate change in an equitable manner will further the clean energy policy of the State. (Source: P.A. 102-662, eff. 9-15-21.)
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(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 | ||
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(2) Provides an educational program for which it | ||
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(3) Is accredited by a nationally recognized | ||
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(4) Does not discriminate in the admission of | ||
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(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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(2) seed and feed grain development and processing;
(3) fruit and vegetable processing, including | ||
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(4) processing of livestock and livestock products, | ||
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(5) fertilizer and agricultural chemical | ||
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(6) farm machinery, equipment and implement | ||
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(7) manufacturing and supplying of agricultural | ||
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(8) farm building and farm structure manufacturing, | ||
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(9) construction, manufacturing, implementation, | ||
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(10) fuel processing and development facilities that | ||
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(11) facilities and equipment for processing and | ||
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(12) facilities and equipment for forestry product | ||
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(13) facilities and equipment for research and | ||
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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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(2) Environmental justice communities, as defined | ||
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(pp) "Equity investment eligible person" and "eligible person" mean the persons who would most benefit from equitable investments by the State designed to combat discrimination. Specifically, eligible persons means the following people: (1) persons whose primary residence is in an equity | ||
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(2) persons who are graduates of or currently | ||
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(3) persons who were formerly incarcerated. (qq) "Environmental justice community" means the definition of that term based on existing methodologies and findings used and as may be updated by the Illinois Power Agency and its program administrator in the Illinois Solar for All Program. (Source: P.A. 101-610, eff. 1-1-20; 102-662, eff. 9-15-21.)
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(20 ILCS 3501/801-15)
Sec. 801-15.
There is hereby created a body politic and corporate to be
known
as the Illinois Finance Authority. The exercise of the powers conferred by law
shall be an essential public function. The Authority shall consist of 15
members, who shall be appointed by the Governor, with the advice and consent of
the Senate. Upon the appointment of the Board and every 2 years thereafter,
the chairperson of the Authority shall be selected by the Governor to serve as
chairperson for two years.
Appointments to the Authority shall be persons of recognized ability and
experience in one or more of the following areas: economic development,
finance, banking, industrial development, small business management, real
estate
development, housing, health facilities financing, local government financing,
community development, venture finance, construction, labor relations, agribusiness, and production agriculture.
At the time of appointment, the Governor shall designate 5 members to serve
until the third Monday in July 2005, 5 members to serve until the third Monday
in July 2006 and 5 members to serve until the third Monday in July 2007.
Thereafter, appointments shall be for 3-year terms. At any point in time, the Authority must include no fewer than 2 members who have expertise in agribusiness or production agriculture. A member shall serve until
his or her successor shall be appointed and have qualified for office by filing
the oath and bond.
Members of the Authority shall not be entitled to compensation for their
services as members, but shall be entitled to reimbursement for all necessary
expenses incurred in connection with the performance of their duties as
members.
The Governor may remove any member of the Authority in case of incompetence,
neglect of duty, or malfeasance in office, after service on him of a copy of
the
written charges against him and an opportunity to be publicly heard in person
or
by counsel in his own defense upon not less than 10 days' notice.
From nominations received from the Governor, the members of the Authority shall
appoint an Executive Director who shall be a person knowledgeable in the areas
of financial markets and instruments, to hold office for a one-year term. The
Executive Director shall be the chief administrative and operational officer of
the Authority and shall direct and supervise its administrative affairs and
general management and perform such other duties as may be prescribed from time
to time by the members and shall receive compensation fixed by the Authority.
The Executive Director or any committee of the members may carry out such
responsibilities of the members as the members by resolution may delegate. The
Executive Director shall attend all meetings of the Authority; however, no
action of the Authority shall be invalid on account of the absence of the
Executive Director from a meeting. The Authority may engage the services of
such other agents and employees, including attorneys, appraisers, engineers,
accountants, credit analysts and other consultants, as it may deem advisable
and may prescribe their duties and fix their compensation.
The Authority may appoint Advisory Councils to (1) assist in the formulation of
policy goals and objectives, (2) assist in the coordination of the delivery of
services, (3) assist in establishment of funding priorities for the various
activities of the Authority, and (4) target the activities of the Authority to
specific geographic regions.
There may be an Advisory Council on Economic Development. The Advisory Council
shall consist of no more than 12 members, who shall serve at the pleasure of
the Authority. Members of the Advisory Council shall receive no compensation
for
their services, but may be reimbursed for expenses incurred with their service
on the Advisory Council.
(Source: P.A. 98-344, eff. 8-13-13.)
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(20 ILCS 3501/801-25)
Sec. 801-25. All official acts of the Authority shall require the approval
of
at least 8 members. All meetings of the Authority and the Advisory Councils
shall be conducted in accordance with the Open Meetings Act. Eight members of the Authority shall constitute a quorum. Except as otherwise authorized in the Open Meetings Act, all meetings shall
be conducted at a single location within this State with a quorum of members physically present at this location. Other members who are not physically present at this location may participate in the meeting and vote on all matters by means of a video or audio conference. The Auditor General shall conduct financial audits
and program audits of the Authority, in accordance with the Illinois State
Auditing Act.
(Source: P.A. 101-640, eff. 6-12-20.)
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(20 ILCS 3501/801-30)
Sec. 801-30.
The Authority possesses all the powers as a body corporate
necessary and convenient to accomplish the purposes of this Act, including,
without any intended limitation upon the general powers hereby conferred, the
following:
(a) to enter into loans, contracts, agreements and mortgages in any manner
connected with any of its corporate purposes and to invest its funds;
(b) to sue and be sued;
(c) to employ agents and employees and independent contractors necessary to
carry out its purposes and to fix their compensation, benefits and terms and
conditions of their employment;
(d) to have and use a common seal and to alter the same at pleasure;
(e) to adopt all needful ordinances, resolutions, bylaws, rules and
regulations for the conduct of its business and affairs and for the management
and use of the projects developed, constructed, acquired and improved in
furtherance of its purposes;
(f) to have and exercise all powers and be subject to all duties otherwise
necessary to effectuate the purposes of this Act.
If any of the powers set forth in this Act are exercised within the
jurisdictional limits of any municipality, all ordinances of the municipality
shall remain in full force and effect and shall be controlling.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/801-40)
Sec. 801-40. In addition to the powers otherwise authorized by law and in
addition to the foregoing general corporate powers, the Authority shall also
have the following additional specific powers to be exercised in furtherance of
the purposes of this Act.
(a) The Authority shall have power (i) to accept grants, loans or
appropriations from the federal government or the State, or any agency or
instrumentality thereof, or, in the case of clean energy projects, any not-for-profit philanthropic or other charitable organization, public or private, to be used for the operating expenses of the
Authority,
or for any purposes of the Authority, including the making of direct loans of
such funds with respect to projects, and (ii) to enter into any agreement with
the federal government or the State, or any agency or instrumentality thereof,
in relationship to such grants, loans or appropriations.
(b) The Authority shall have power to procure and enter into contracts for
any
type of insurance and indemnity agreements covering loss or damage to property
from any cause, including loss of use and occupancy, or covering any other
insurable risk.
(c) The Authority shall have the continuing power to issue bonds for its
corporate purposes. Bonds may be issued by the Authority in one or more series
and may provide for the payment of any interest deemed necessary on such bonds,
of the costs of issuance of such bonds, of any premium on any insurance, or of
the cost of any guarantees, letters of credit or other similar documents, may
provide for the funding of the reserves deemed necessary in connection with
such bonds, and may provide for the refunding or advance refunding of any bonds
or
for accounts deemed necessary in connection with any purpose of the Authority.
The bonds may bear interest payable at any time or times and at any rate or
rates, notwithstanding any other provision of law to the contrary, and such
rate or rates may be established by an index or formula which may be
implemented or
established by persons appointed or retained therefor by the Authority, or may
bear no interest or may bear interest payable at maturity or upon redemption
prior to maturity, may bear such date or dates, may be payable at such time or
times and at such place or places, may mature at any time or times not later
than 40 years from the date of issuance, may be sold at public or private sale
at such time or times and at such price or prices, may be secured by such
pledges, reserves, guarantees, letters of credit, insurance contracts or other
similar credit support or liquidity instruments, may be executed in such
manner, may be subject to redemption prior to maturity, may provide for the
registration of the bonds, and may be subject to such other terms and
conditions all as may
be provided by the resolution or indenture authorizing the issuance of such
bonds. The holder or holders of any bonds issued by the Authority may bring
suits at law or proceedings in equity to compel the performance and observance
by any person or by the Authority or any of its agents or employees of any
contract or covenant made with the holders of such bonds and to compel such
person or the Authority and any of its agents or employees to perform any
duties
required to be performed for the benefit of the holders of any such bonds by
the provision of the resolution authorizing their issuance, and to enjoin such
person or the Authority and any of its agents or employees from taking any
action in conflict with any such contract or covenant.
Notwithstanding the form and tenor of any such bonds and in the absence of any
express recital on the face thereof that it is non-negotiable, all such bonds
shall be negotiable instruments. Pending the preparation and execution of any
such bonds, temporary bonds may be issued as provided by the resolution.
The bonds shall be sold by the Authority in such manner as it shall determine.
The bonds may be secured as provided in the authorizing resolution by the
receipts, revenues, income and other available funds of the Authority and by
any amounts derived by the Authority from the loan agreement or lease agreement
with respect to the project or projects; and bonds may be issued as general
obligations of the Authority payable from such revenues, funds and obligations
of the Authority as the bond resolution shall provide, or may be issued as
limited obligations with a claim for payment solely from such revenues, funds
and obligations as the bond resolution shall provide. The Authority may grant a
specific pledge or assignment of and lien on or security interest in such
rights, revenues, income, or amounts and may grant a specific pledge or
assignment of and lien on or security interest in any reserves, funds or
accounts established in the resolution authorizing the issuance of bonds. Any
such pledge, assignment, lien or security interest for the benefit of the
holders of the Authority's bonds shall be valid and binding from the time the
bonds are issued without any physical delivery or further act, and shall be
valid and binding as against and prior to the claims of all other parties
having claims against the Authority or any other person irrespective of whether
the
other parties have notice of the pledge, assignment, lien or security interest.
As evidence of such pledge, assignment, lien and security interest, the
Authority may execute and deliver a mortgage, trust agreement, indenture or
security agreement or an assignment thereof.
A remedy for any breach or default of the terms of any such agreement by the
Authority may be by mandamus proceedings in any court of competent jurisdiction
to compel the performance and compliance therewith, but the agreement may
prescribe by whom or on whose behalf such action may be instituted.
It is expressly understood that the Authority may, but need not, acquire title
to any project with respect to which it exercises its authority.
(d) With respect to the powers granted by this Act, the Authority may adopt
rules and regulations prescribing the procedures by which persons may apply for
assistance under this Act. Nothing herein shall be deemed to preclude the
Authority, prior to the filing of any formal application, from conducting
preliminary discussions and investigations with respect to the subject matter
of any prospective application.
(e) The Authority shall have power to acquire by purchase, lease, gift or
otherwise any property or rights therein from any person useful for its
purposes, whether improved for the purposes of any prospective project, or
unimproved. The Authority may also accept any donation of funds for its
purposes from any such source. The Authority shall have no independent power of
condemnation but may acquire any property or rights therein obtained upon
condemnation by any other authority, governmental entity or unit of local
government with such power.
(f) The Authority shall have power to develop, construct and improve either
under its own direction, or through collaboration with any approved applicant,
or to acquire through purchase or otherwise, any project, using for such
purpose the proceeds derived from the sale of its bonds or from governmental
loans or
grants, and to hold title in the name of the Authority to such projects.
(g) The Authority shall have power to lease pursuant to a lease agreement
any
project so developed and constructed or acquired to the approved tenant on such
terms and conditions as may be appropriate to further the purposes of this Act
and to maintain the credit of the Authority. Any such lease may provide for
either the Authority or the approved tenant to assume initially, in whole or in
part, the costs of maintenance, repair and improvements during the leasehold
period. In no case, however, shall the total rentals from any project during
any initial leasehold period or the total loan repayments to be made pursuant
to any loan agreement, be less than an amount necessary to return over such
lease
or loan period (1) all costs incurred in connection with the development,
construction, acquisition or improvement of the project and for repair,
maintenance and improvements thereto during the period of the lease or loan;
provided, however, that the rentals or loan repayments need not include costs
met through the use of funds other than those obtained by the Authority through
the issuance of its bonds or governmental loans; (2) a reasonable percentage
additive to be agreed upon by the Authority and the borrower or tenant to cover
a properly allocable portion of the Authority's general expenses, including,
but not limited to, administrative expenses, salaries and general insurance,
and
(3) an amount sufficient to pay when due all principal of, interest and
premium, if
any on, any bonds issued by the Authority with respect to the project. The
portion of total rentals payable under clause (3) of this subsection (g) shall
be deposited in such special accounts, including all sinking funds, acquisition
or construction funds, debt service and other funds as provided by any
resolution, mortgage or trust agreement of the Authority pursuant to which any
bond is issued.
(h) The Authority has the power, upon the termination of any leasehold
period
of any project, to sell or lease for a further term or terms such project on
such terms and conditions as the Authority shall deem reasonable and consistent
with the purposes of the Act. The net proceeds from all such sales and the
revenues or income from such leases shall be used to satisfy any indebtedness
of
the Authority with respect to such project and any balance may be used to pay
any expenses of the Authority or be used for the further development,
construction, acquisition or improvement of projects.
In the event any project is vacated by a tenant prior to the termination of the
initial leasehold period, the Authority shall sell or lease the facilities of
the project on the most advantageous terms available. The net proceeds of any
such disposition shall be treated in the same manner as the proceeds from sales
or the revenues or income from leases subsequent to the termination of any
initial leasehold period.
(i) The Authority shall have the power to make loans, or to purchase loan participations in loans made, to persons to finance a
project, to enter into loan agreements or agreements with participating lenders with respect thereto, and to accept
guarantees from persons of its loans or the resultant evidences of obligations
of the Authority.
(j) The Authority may fix, determine, charge and collect any premiums, fees,
charges, costs and expenses, including, without limitation, any application
fees, commitment fees, program fees, financing charges or publication fees from
any person in connection with its activities under this Act.
(k) In addition to the funds established as provided herein, the Authority
shall have the power to create and establish such reserve funds and accounts as
may be necessary or desirable to accomplish its purposes under this Act and to
deposit its available monies into the funds and accounts.
(l) At the request of the governing body of any unit of local government,
the
Authority is authorized to market such local government's revenue bond
offerings by preparing bond issues for sale, advertising for sealed bids,
receiving bids
at its offices, making the award to the bidder that offers the most favorable
terms or arranging for negotiated placements or underwritings of such
securities. The Authority may, at its discretion, offer for concurrent sale the
revenue bonds of several local governments. Sales by the Authority of revenue
bonds under this Section shall in no way imply State guarantee of such debt
issue. The Authority may require such financial information from participating
local governments as it deems necessary in order to carry out the purposes of
this subsection (1).
(m) The Authority may make grants to any county to which Division 5-37 of
the
Counties Code is applicable to assist in the financing of capital development,
construction and renovation of new or existing facilities for hospitals and
health care facilities under that Act. Such grants may only be made from funds
appropriated for such purposes from the Build Illinois Bond Fund.
(n) The Authority may establish an urban development action grant program
for
the purpose of assisting municipalities in Illinois which are experiencing
severe economic distress to help stimulate economic development activities
needed to aid in economic recovery. The Authority shall determine the types of
activities and projects for which the urban development action grants may be
used, provided that such projects and activities are broadly defined to include
all reasonable projects and activities the primary objectives of which are the
development of viable urban communities, including decent housing and a
suitable living environment, and expansion of economic opportunity, principally
for
persons of low and moderate incomes. The Authority shall enter into grant
agreements from monies appropriated for such purposes from the Build Illinois
Bond Fund. The Authority shall monitor the
use of the grants, and shall provide for audits of the funds as well as
recovery by the Authority of any funds determined to have been spent in
violation of this
subsection (n) or any rule or regulation promulgated hereunder. The Authority
shall provide technical assistance with regard to the effective use of the
urban development action grants. The Authority shall file an annual report to
the
General Assembly concerning the progress of the grant program.
(o) The Authority may establish a Housing Partnership Program whereby the
Authority provides zero-interest loans to municipalities for the purpose of
assisting in the financing of projects for the rehabilitation of affordable
multi-family housing for low and moderate income residents. The Authority may
provide such loans only upon a municipality's providing evidence that it has
obtained private funding for the rehabilitation project. The Authority shall
provide 3 State dollars for every 7 dollars obtained by the municipality from
sources other than the State of Illinois. The loans shall be made from monies
appropriated for such purpose from the Build Illinois Bond Fund. The total amount of loans available under the Housing
Partnership Program shall not exceed $30,000,000. State loan monies under this
subsection shall be used only for the acquisition and rehabilitation of
existing
buildings containing 4 or more dwelling units. The terms of any loan made by
the municipality under this subsection shall require repayment of the loan to
the municipality upon any sale or other transfer of the project. In addition, the Authority may use any moneys appropriated for such purpose from the Build Illinois Bond Fund, including funds loaned under this subsection and repaid as principal or interest, and investment income on such funds, to make the loans authorized by subsection (z), without regard to any restrictions or limitations provided in this subsection.
(p) The Authority may award grants to universities and research
institutions,
research consortiums and other not-for-profit entities for the purposes of:
remodeling or otherwise physically altering existing laboratory or research
facilities, expansion or physical additions to existing laboratory or research
facilities, construction of new laboratory or research facilities or
acquisition of modern equipment to support laboratory or research operations
provided that
such grants (i) be used solely in support of project and equipment acquisitions
which enhance technology transfer, and (ii) not constitute more than 60 percent
of the total project or acquisition cost.
(q) Grants may be awarded by the Authority to units of local government for
the
purpose of developing the appropriate infrastructure or defraying other costs
to
the local government in support of laboratory or research facilities provided
that such grants may not exceed 40% of the cost to the unit of local
government.
(r) In addition to the powers granted to the Authority under subsection (i), and in all cases supplemental to it, the Authority may establish a direct loan program to make loans to, or may purchase participations in loans made by participating lenders to,
individuals, partnerships, corporations, or other business entities for the purpose of financing an industrial
project, as defined in
Section 801-10 of this Act. For the purposes of such program
and not by way of limitation on any other program of the Authority, including, without limitation, programs established under subsection (i), the
Authority shall have the power to issue bonds, notes, or other evidences of
indebtedness including commercial paper for purposes of providing a fund of
capital from which it may make such loans. The Authority shall have the power
to use any appropriations from the State made especially for the Authority's direct loan program, or moneys at any time held by the Authority under this Act outside the State treasury in the custody of either the Treasurer of the Authority or a trustee or depository appointed by the Authority,
for additional capital to make such loans or purchase such loan participations, or for the
purposes of reserve funds or pledged funds which secure the Authority's
obligations of repayment of any bond, note or other form of indebtedness
established for the purpose of providing capital for which it intends to make
such loans or purchase such loan participations. For the purpose of obtaining such
capital, the Authority may also enter into agreements with financial
institutions, participating lenders, and other persons for the purpose of administering a loan participation program, selling loans or developing
a secondary market for such loans or loan participations.
Loans made under the direct loan program specifically established under this subsection (r), including loans under such program made by participating lenders in which the Authority purchases a participation, may be in an amount not to exceed $600,000
and shall be made for a portion of an industrial project which does
not exceed 50% of the total project. No loan may be made by the Authority
unless
approved by the affirmative vote of at least 8 members of the board. The
Authority shall establish procedures and publish rules which shall provide for
the submission, review, and analysis of each direct loan and loan participation application and which
shall preserve the ability of each board member and the Executive Director, as applicable, to reach an individual business
judgment regarding the propriety of each direct loan or loan participation. The collective
discretion of the board to approve or disapprove each loan shall be
unencumbered.
The Authority may establish and collect such fees and charges, determine and
enforce such terms and conditions, and charge such interest rates as it
determines to be necessary and appropriate to the successful administration of
the direct loan program, including purchasing loan participations. The Authority may require such interests in collateral
and such guarantees as it determines are necessary to protect the Authority's
interest in the repayment of the principal and interest of each loan and loan participation made under
the direct loan program. The restrictions established under this subsection (r) shall not be applicable to any loan or loan participation made under subsection (i) or to any loan or loan participation made under any other Section of this Act.
(s) The Authority may guarantee private loans to third parties up to a
specified dollar amount in order to promote economic development in this State.
(t) The Authority may adopt rules and regulations as may be necessary or
advisable to implement the powers conferred by this Act.
(u) The Authority shall have the power to issue bonds, notes or other
evidences
of indebtedness, which may be used to make loans to units of local government
which are authorized to enter into loan agreements and other documents and to
issue bonds, notes and other evidences of indebtedness for the purpose of
financing the protection of storm sewer outfalls, the construction of adequate
storm sewer outfalls, and the provision for flood protection of sanitary sewage
treatment plans, in counties that have established a stormwater management
planning committee in accordance with
Section 5-1062 of the Counties Code. Any
such loan shall be made by the Authority pursuant to the provisions of
Section
820-5 to 820-60 of this Act. The unit of local government shall pay back to the
Authority the principal amount of the loan, plus annual interest as determined
by the Authority. The Authority shall have the power, subject to appropriations
by the General Assembly, to subsidize or buy down a portion of the interest on
such loans, up to 4% per annum.
(v) The Authority may accept security interests as provided in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
(w) Moral Obligation. In the event that the Authority determines that monies
of the Authority will not be sufficient for the payment of the principal of and
interest on its bonds during the next State fiscal year, the Chairperson, as
soon as practicable, shall certify to the Governor the amount required by the
Authority to enable it to pay such principal of and interest on the bonds. The
Governor shall submit the amount so certified to the General Assembly as soon
as
practicable, but no later than the end of the current State fiscal year. This
subsection shall apply only to any bonds or notes as to which the Authority
shall have determined, in the resolution authorizing the issuance of the bonds
or notes, that this subsection shall apply. Whenever the Authority makes such a
determination, that fact shall be plainly stated on the face of the bonds or
notes and that fact shall also be reported to the Governor. In the event of a
withdrawal of moneys from a reserve fund established with respect to any issue
or issues of bonds of the Authority to pay principal or interest on those
bonds,
the Chairperson of the Authority, as soon as practicable, shall certify to the
Governor the amount required to restore the reserve fund to the level required
in the resolution or indenture securing those bonds. The Governor shall submit
the amount so certified to the General Assembly as soon as practicable, but no
later than the end of the current State fiscal year. The Authority shall obtain
written approval from the Governor for any bonds and notes to be issued under
this Section.
In addition to any other bonds authorized to be issued under
Sections 825-60, 825-65(e), 830-25 and 845-5, the principal amount of Authority
bonds outstanding
issued under this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS 360/2-6(c), which have
been
assumed by the Authority, shall not exceed $150,000,000. This subsection (w) shall in no way be applied to any bonds issued by the Authority on behalf of the Illinois Power Agency under Section 825-90 of this Act.
(x) The Authority may enter into agreements or contracts with any person necessary or appropriate to place the payment obligations of the Authority under any of its bonds in whole or in part on any interest rate basis, cash flow basis, or other basis desired by the Authority, including without limitation agreements or contracts commonly known as "interest rate swap agreements", "forward payment conversion agreements", and "futures", or agreements or contracts to exchange cash flows or a series of payments, or agreements or contracts, including without limitation agreements or contracts commonly known as "options", "puts", or "calls", to hedge payment, rate spread, or similar exposure; provided that any such agreement or contract shall not constitute an obligation for borrowed money and shall not be taken into account under Section 845-5 of this Act or any other debt limit of the Authority or the State of Illinois.
(y) The Authority shall publish summaries of projects and actions approved by the members of the Authority on its website. These summaries shall include, but not be limited to, information regarding the: (1) project; (2) Board's action or actions; (3) purpose of the project; (4) Authority's program and contribution; (5) volume cap; (6) jobs retained; (7) projected new jobs; (8) construction jobs created; (9) estimated sources and uses of funds; (10) financing summary; (11) project summary; (12) business summary; (13) ownership or economic disclosure statement; (14) professional and financial information; (15) service area; and (16) legislative district. The disclosure of information pursuant to this subsection shall comply with the Freedom of Information Act. (z) Consistent with the findings and declaration of policy set forth in item (j) of Section 801-5 of this Act, the Authority shall have the power to make loans to the Police Officers' Pension Investment Fund authorized by Section 22B-120 of the Illinois Pension Code and to make loans to the Firefighters' Pension Investment Fund authorized by Section 22C-120 of the Illinois Pension Code. Notwithstanding anything in this Act to the contrary, loans authorized by Section 22B-120 and Section 22C-120 of the Illinois Pension Code may be made from any of the Authority's funds, including, but not limited to, funds in its Illinois Housing Partnership Program Fund, its Industrial Project Insurance Fund, or its Illinois Venture Investment Fund. (Source: P.A. 101-610, eff. 1-1-20; 102-662, eff. 9-15-21.)
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(20 ILCS 3501/801-45)
Sec. 801-45.
Property Taxation.
The property of the Authority and its
respective income and operations, shall be exempt from taxation.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/801-50) Sec. 801-50. Pledge of revenues by the Authority; non-impairment. Any pledge of revenues or other moneys made by the Authority shall be binding from the time the pledge is made. Revenues and other moneys so pledged shall be held outside of the State treasury and in the custody of either the Treasurer of the Authority or a trustee or a depository appointed by the Authority. Revenues or other moneys so pledged and thereafter received by the Authority or trustee or depository shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be binding against all parties having claims of any kind in tort, contract, or otherwise against the Authority, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Authority. The State pledges and agrees with the holders of bonds or other obligations of the Authority that the State will not limit or restrict the rights hereby vested in the Authority to purchase, acquire, hold, sell, or dispose of investments or to establish and collect such fees or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of operation to the Authority, and to fulfill the terms of any agreement made with the holders of the bonds or other obligations of the Authority or in any way impair the rights or remedies of the holders of those bonds or other obligations of the Authority until such bonds or other obligations are fully paid and discharged or provision for their payment has been made.
(Source: P.A. 95-470, eff. 8-27-07.) |
(20 ILCS 3501/801-55)
Sec. 801-55. Required findings for projects located outside the State. The Authority may approve an application to finance or refinance a project located outside of the State other than a municipal bond program project only after it has made the following findings with respect to such financing or refinancing, all of which shall be deemed conclusive: (a) the entity financing or refinancing a project | ||
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(b) financing or refinancing the out-of-state project | ||
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(c) after giving effect to the financing or | ||
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The Authority may approve an application to finance or refinance a municipal bond program project located outside of the State only after it has made the following findings with respect to such financing or refinancing, all of which shall be deemed conclusive: (1) the municipal bond program project includes the | ||
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(2) financing or refinancing the municipal bond | ||
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The Authority shall not provide financing or refinancing for any project, or portion thereof, located outside the boundaries of the United States of America. Notwithstanding any other provision of this Act, the Authority shall not provide financing or refinancing that uses State volume cap under Section 146 of the Internal Revenue Code of 1986, as amended, except as permitted under that Section 146, or constitutes an indebtedness or obligation, general or moral, or a pledge of the full faith or loan of credit of the State for any project, or portion thereof, that is located outside of the State.
(Source: P.A. 98-90, eff. 7-15-13.) |
(20 ILCS 3501/Art. 805 heading) ARTICLE 805
INDUSTRIAL REVENUE BOND INSURANCE FUND
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(20 ILCS 3501/805-5)
Sec. 805-5. Findings and declaration of policy. It is hereby found and
declared that a continuing need exists to maintain and develop the State's
economy; that there are significant barriers in the capital markets inhibiting
the issuance by the Authority of industrial revenue bonds, loans, and State Guarantees to assist in
financing
industrial projects, PACE Projects, farmers, and agribusiness in the State, particularly for smaller firms; and that the
establishment of the Industrial Revenue Bond Insurance Fund and the exercise by
the Authority of the powers granted in
this Article will promote
economic development by widening the market for the Authority's revenue bonds, loans, PACE Projects, and State Guarantees.
(Source: P.A. 100-919, eff. 8-17-18.)
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(20 ILCS 3501/805-10)
Sec. 805-10.
Definitions.
The following terms, whenever used or referred
to in this Article, shall have the following meanings ascribed to them, except
where the context clearly requires otherwise:
(a) "Financial Institution" means a financial institution which is a trust
company, a bank, a savings bank, a credit union, an investment bank, a broker,
an investment trust, a pension fund, a building and loan association, a savings
and loan association, an insurance company, or any other institution acceptable
to the Authority, authorized to do business in the State and approved by the
Authority to insure bonds or loans for industrial projects authorized by this
Act.
(b) "Participating lender" means any trust company, bank, savings bank,
credit
union, investment bank, broker, investment trust, pension fund, building and
loan association, savings and loan association, insurance company or other
institution approved by the Authority which assumes a portion of the risk on a
loan for an industrial project as provided in
Section 805-30 of this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/805-15)
Sec. 805-15. Industrial Project Insurance Fund. There is created the
Industrial Project Insurance Fund, hereafter referred to in
Sections 805-15
through 805-50 of this Act as the "Fund". The Treasurer shall have custody of
the
Fund, which shall be held outside of the State treasury, except that custody
may
be transferred to and held by any bank, trust company or other fiduciary with
whom the Authority executes a trust agreement as authorized by paragraph (h) of
Section 805-20 of this Act. Any portion of the Fund against which a charge has
been made, shall be held for the benefit of the holders of the loans or bonds
insured under
Section 805-20 of this Act or the holders of State Guarantees under Article 830 of this Act.
There shall be deposited in the Fund such amounts, including but not limited
to:
(a) All receipts of bond and loan insurance premiums;
(b) All proceeds of assets of whatever nature | ||
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(c) All receipts from any applicable contract or | ||
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(d) Any State appropriations, transfers of | ||
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(Source: P.A. 100-919, eff. 8-17-18; 101-81, eff. 7-12-19.)
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(20 ILCS 3501/805-20)
Sec. 805-20. Powers and Duties; Industrial Project Insurance Program. The
Authority has the power:
(a) to insure and make advance commitments to insure | ||
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(b) to enter into insurance contracts, letters of | ||
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(c) to charge reasonable fees to defray the cost of | ||
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(d) to fix insurance premiums for the insurance of | ||
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(e) to establish application fees and prescribe | ||
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(f) to make loans and to issue bonds secured by | ||
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(g) to issue a single bond issue, or a series of bond | ||
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(h) to enter into trust agreements for the management | ||
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(i) to exercise such other powers as are necessary or | ||
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(j) at the discretion of the Authority, (i) to insure | ||
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(Source: P.A. 101-610, eff. 1-1-20.)
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(20 ILCS 3501/805-25)
Sec. 805-25.
Insurance Contracts; Claim Responsibility.
Any contract of
insurance made by the Authority with a lender or bondholder or for the benefit
thereof under this Act shall provide that claims payable under such contract
shall be paid from any amounts available in the Fund and from any amounts
available under the terms of any applicable contract or agreement with other
financial institutions, in such order of priority as the Authority shall deem
appropriate. The obligation of the Authority to make payments under any such
contract shall be limited solely to the amounts provided in such contract and
shall not constitute a debt or liability of the State, the Authority or any
subdivision thereof.
Any insurance contract or other agreement with a lender or bondholder or for
the benefit thereof and any rule or regulation of the Authority implementing
the
insurance program may contain such other terms, provisions or conditions as the
Authority deems necessary or appropriate, including, without limitation, those
relating to the payment of insurance premiums, the giving of notice, claim
procedures, the sources of payment for claims, the priority of competing claims
for payment, the release or termination of loan security and borrower
liability, the timing of payment, the maintenance and disposition of industrial
projects
and the use of amounts received during periods of delinquency or upon default,
and any other provisions concerning the rights of insured parties or conditions
to the payment of insurance claims.
(Source: P.A. 93-205, eff. 1-1-04.)
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(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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(20 ILCS 3501/805-35)
Sec. 805-35.
Loan Approval Standards.
Before approving any bond or loan
insurance under this Act, the Authority shall find that any loan insured by or
to be made from the proceeds of bonds insured by the Authority under this Act
shall:
(a) Be made for an industrial project or any environmental facility under
the Illinois Environmental Facilities Financing Act;
(b) Be made to a borrower approved by the Authority as responsible and
creditworthy;
(c) Be reviewed for insurance by the credit review committee established by
the Authority pursuant to this Act;
(d) In the case of real property, be secured by a first mortgage on the
property, or by any other security satisfactory to the Authority to secure
payment of the loans, and have a maturity date not later than 25 years after
the date of the loan;
(e) In the case of machinery and equipment, be secured by a first security
interest in the machinery and equipment, or by any other security satisfactory
to the Authority to secure payment of the loan, and have a maturity date not
later than 12 years from the date of the loan;
(f) Contain complete amortization provisions satisfactory to the Authority;
(g) Be in such principal amount and form, and contain such terms and
provisions with respect to property insurance, repairs, alterations, payment of
taxes and
assessments, delinquency charges, default remedies, additional security and
other matters as the Authority shall determine;
(h) Be made only after the Authority has made a determination that, in its
sole opinion, the loan has the potential to provide or retain substantial
employment
in relation to the principal amount of the loan to be insured, which
employment, so far as feasible, may be expected to be of residents of areas of
critical
labor surplus;
(i) Be made only after the Authority has made a determination that, in its
sole opinion, adequate provision is being or will be made to meet any increased
demand upon community public facilities that will likely result from the
project; and
(j) Be made only after the Authority has made a determination that, in its
sole opinion, the public interest is adequately protected by the terms of the
loan
and of the insurance contract or other agreements.
Any contract of insurance executed by the Authority under this Act shall be
conclusive evidence of eligibility for such insurance, and the validity of any
contract of insurance so executed or of an advance commitment to insure shall
be
incontestable in the hands of a borrower or bondholder from the date of
execution and delivery of the contract or commitment, except for fraud, or
misrepresentation on the part of the borrower and, as to commitments to insure,
noncompliance with the commitment or Authority rules or regulations in force at
the time of issuance of the commitment.
Nothing in this Act shall be construed as creating any rights of a competitor
of an approved borrower or any applicant whose application is denied by the
Authority to challenge any application which is accepted by the Authority and
any loan, contract of insurance or other agreement executed in connection
therewith.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/805-40)
Sec. 805-40.
Investments in Insured Debts of the Authority.
The State and
all
counties, municipalities and other public corporations, political subdivisions
and public bodies, and public officers of any thereof, all banks, bankers,
trust
companies, savings banks and institutions, building and loan associations,
savings and loan associations, investment companies and other persons carrying
on a banking business, all insurance companies, insurance associations and
other
persons carrying on an insurance business and all executors, administrators,
guardians, trustees and other fiduciaries may legally invest any sinking funds,
moneys or other funds belonging to them or within their control in any bonds,
loans or extension of credit which are the subject of insurance pursuant to
this Article, it being the purpose of this
Section to
authorize the investment of such bonds, loans or extension of credit of all
sinking, insurance, retirement, compensation, pension and trust funds, whether
owned or controlled by private or public persons or officers; provided,
however,
that nothing contained in this
Section may be construed as relieving any persons
from any duty of exercising reasonable care in selecting securities for
purchase
or investment.
The bonds and any loan or extension of credit which are the subject of
insurance
pursuant to
this Article are also hereby made securities which may
properly and legally be deposited with and received by all public officers and
bodies of the State or any agency or political subdivisions thereof and all
municipalities and public corporations for any purpose for which the deposit of
bonds is now or may hereafter be authorized by law.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/805-45)
Sec. 805-45.
Cooperation with Local Industrial Development Agencies.
When
the
Authority receives an application from a potential insured loan borrower, it
shall promptly notify the local industrial development agency of that fact in
writing if such an agency exists in the municipality or county where such
industrial project is proposed to be financed; or the corporate authorities in
such municipality where no such agency exists. The Authority shall provide the
local industrial development agency with any available information that the
agency needs to prepare a recommendation concerning the advisability of the
industrial project and its impact, economic and otherwise, on the community and
the State. Such application shall include a written authorization by the
applicant that such notification and information be made available to such
agency or municipality to the extent that such information is not deemed to be
confidential under
Section 805-50 of this Act. The Authority shall not consider
any application that does not include such written authorization.
The Authority shall encourage financial participation by local industrial
development agencies by giving priority consideration to insured loan
applicants
from areas serviced by those agencies that have demonstrated a commitment to
economic development.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/805-50)
Sec. 805-50.
Documentary material concerning trade secrets; Commercial or
financial information; Confidentiality. Any documentary materials or data made
or received by any member, agent, or employee of the Authority or the credit
review committees, to the extent that such materials or data consist of trade
secrets, commercial or financial information regarding the operation of any
enterprise conducted by an applicant for, or recipient of, any form of
assistance which the Authority is empowered to render under
this Article, or regarding the competitive position of such enterprise in a
particular field of endeavor, shall not be deemed public records.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/Art. 810 heading) ARTICLE 810
VENTURE INVESTMENT FUND
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(20 ILCS 3501/810-5)
Sec. 810-5.
Findings and Declaration of Policy.
It is hereby found and
declared that a continuing need exists to maintain and develop the State's
economy; that assisting and encouraging economic development through private
enterprise will help to create and maintain employment and governmental
revenues
and is an important function of the State; that the availability of seed
capital
and equity capital is an important inducement to enterprises to remain, locate
and expand in the State; that there exists in the State gaps in the
availability
of capital for the development and exploitation of new technologies, products,
processes and inventions and that this shortage has resulted and will continue
to result in a shortfall in the development of new enterprises and employment
in
Illinois; that the establishment of the Illinois Venture Investment Fund and
the
exercise by the Authority of the powers granted in
Sections 810-5 through 810-40
of this Act will promote economic development resulting in increased employment
and public revenues; and that the provisions of this Act are hereby declared to
be in the public interest and for the public benefit.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/810-10)
Sec. 810-10.
Definitions.
The following terms, whenever used or referred
to in this Article, shall have the following meanings
ascribed to them, except where the context clearly requires otherwise:
(a) "Co-venture investment" means a venture capital or seed capital
investment
by the Authority in qualified securities of an enterprise that is made after or
in conjunction with one or more professional investors that have or are making
equity investments in that enterprise, as provided in this Act. A direct
investment made by the Authority may later be treated as a co-venture upon such
investment made by a professional investor.
(b) "Direct investment" means a venture capital or seed capital investment
by
the Authority in qualified securities of an enterprise in which no professional
investor or seed capital investor is also making an equity investment.
(c) "Enterprise" means an individual, corporation, partnership, joint
venture,
trust, estate, or unincorporated association.
(d) "Professional investor" means any bank, bank holding company, savings
institution, trust company, credit union, insurance company, investment company
registered under the Federal Investment Company Act of 1940, pension or
profit-sharing trust or other financial institution or institutional buyer,
licensee
under the Federal Small Business Investment Act of 1958, or any person,
partnership, or other entity whose principal business is making venture capital
investments and whose net worth exceeds $250,000.
(e) "Qualified security" means any note, stock, convertible security,
treasury
stock, bond, debenture, evidence of indebtedness, limited partnership interest,
certificate of interest or participation in any profit-sharing agreement,
pre-organization certificate or subscription, transferable share, investment
contract, certificate of deposit for a security, certificate of interest or
participation in a patent or application therefor, or in royalty or other
payments under a patent or application, or, in general, any interest or
instrument commonly known as a "security" or any certificate for, receipt for,
guarantee of, or option, warrant, or right to subscribe to or purchase any of
the foregoing.
(f) "Seed capital" means financing in the form of investments in qualified
securities that is provided for applied research, development, testing, and
initial marketing of a technology, product, process, or invention and
associated working capital.
(g) "Seed capital investor" means any person, partnership, corporation,
trust, or other entity making a seed capital investment.
(h) "Director" means the person designated by the Authority to manage the
activities associated with the Illinois Venture Investment Fund.
(i) "Venture capital" means financing in the form of investments in
qualified securities that is provided for the capital needs of a company that
is
developing a new technology, product, process, or invention.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/810-15)
Sec. 810-15.
Illinois Venture Investment Fund.
There is created the
Illinois
Venture Investment Fund, hereafter referred to in
this Article
as the "Fund". The Treasurer of the Authority shall have custody of the Fund,
which shall be held outside of the State treasury. The Authority is authorized
to accept any and all grants, loans, including loans from State public employee
pension funds, as authorized by this Act or any other statute, subsidies,
matching funds, reimbursements, appropriations, transfers of appropriations,
federal grant monies, income derived from investments, or other things of value
from the federal or state governments or any agency of any other state or from
any institution, person, firm or corporation, public or private, for deposit in
the Fund.
The Authority is authorized to use monies deposited in the Fund expressly for
the purposes specified in and according to the procedures established by
Sections 810-20 through 810-40 of this Act. The Authority may appoint a
Director
to manage the activities associated with the Fund. Such Director shall receive
compensation as determined by the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/810-20)
Sec. 810-20. Powers and Duties; Illinois Venture Investment Fund Limits. The
Authority shall invest and reinvest the Fund and the income, thereof, in the
following ways:
(a) To make a direct investment in qualified securities issued by
enterprises
and to dispose of those securities within 10 years after the date of the direct
investment as determined by the Authority for the purpose of providing venture
capital or seed capital, provided that the investment shall not exceed 49% of
the estimated cost of development, testing, and initial production and
marketing
and associated working capital for the technology, product, process, or
invention, or $750,000, whichever is less;
(b) To enter into written agreements or contracts (including limited
partnership agreements) with one or more professional investors or one or more
seed capital investors, if any, for the purpose of establishing a pool of funds
to be used exclusively as venture capital or seed capital investments. The
Authority shall not invest more than $2,000,000 in a single pool of funds or
affiliated pools of funds.
The agreement or contract shall provide for the pool of funds to be managed by
a professional investor. The manager may be the general partner of a limited
partnership of which the Authority is a limited partner.
The agreement or contract may provide for reimbursement of expenses of, and
payment of a fee to, the manager. The agreement or contract may also provide
for payment to the manager of a percentage, not to exceed 40% (computed on an
annual basis), of cash and other property payable to the Authority as its
pro-rata share of distributions to investors in the pool of funds, provided
that (i)
no amount shall be received by the manager upon sale or other disposition of
qualified investments in enterprises until recovery by the Authority of its
investment and upon liquidation or withdrawal of the Authority from the pool of
funds, the manager shall be obligated to refund any amount received by it from
such percentage if necessary to allow the Authority to recover its investment
or
(ii) the terms of payment of cash and other property to the Authority are no
less favorable to the Authority than payments to other seed capital investors
(other than the manager) who are parties to the agreement or contract.
(c) To make co-venture investments by entering into agreements with one or
more
professional investors or one or more seed capital investors, if any, who have
formally agreed to invest at least 50% as much as the Authority invests in the
enterprise, for the purpose of providing venture capital or seed capital; but
no more than $1,000,000 shall be invested by the Authority in the qualified
securities of a single enterprise. A total of not more than $1,500,000 may be
invested in the securities of a single enterprise, if the Authority shall find,
after the initial investment by the Authority, that additional investments in
the enterprise are necessary to protect or enhance the initial investment of
the
Authority.
Each co-venture investment agreement shall provide that the Authority will
recover its investment before or simultaneously with any distribution to
participating professional investors or seed capital investors. The Authority
and participating professional investors and seed capital investors shall share
ratably in the profits earned in any form on the co-venture investment, but the
Authority may, at its discretion, agree to pay to a participating professional
investor a percentage, not to exceed 40% (computed on an annual basis), of cash
and other property payable to the Authority as its pro-rata share of
distributions to investors in the pool of funds, provided that (i) no amount
shall be received by the participating professional investor upon sale or other
disposition of qualified investments in the enterprises until recovery by the
Authority of its investment and upon liquidation or withdrawal of the Authority
from the pool of funds, the participating professional investor shall be
obligated to refund any amount received by it from such percentage if necessary
to allow the Authority to recover its investment or (ii) the terms of payment
of cash and other property to the Authority are no less favorable to the
Authority
than payments to other seed capital investors or professional investors (other
than the professional investor) who are parties to the agreement or contract;
(d) To purchase qualified securities of certified development corporations
created under
Section 503 of the federal Small Business Administration Act,
including the Illinois Small Business Growth Corporation, for the purpose of
making loans to enterprises that have the potential to create substantial
employment within the State per dollar invested by the Authority, provided that
the investment does not exceed 25% of the total investment in each corporation
at the time the investment is approved by the Authority. Investment by the
Authority in the Illinois Small Business Growth Corporation is not limited by
the foregoing provision;
(e) To purchase qualified securities of small business investment companies
and
minority enterprise small business investment corporations certified by the
federal Small Business Administration which are committed to making 60% of
their
investments in the State, provided that investments from the Fund do not exceed
25% of the total investment in these entities at the time the investment is
approved by the Authority;
(f) To make the investments of any funds held in reserves or sinking funds,
or any funds not required for immediate disbursement, as may be lawful
investments
for fiduciaries in the State;
(g) To facilitate and promote the acquisition and revitalization of existing
manufacturing enterprises by, at the Authority's discretion, developing and maintaining a list of firms, or
divisions thereof, located within the State that are available for purchase,
merger, or acquisition. The list may be made available at such charges as the
Authority may determine to all interested persons and institutions upon
request. No firm shall appear on the list without its prior written permission.
The list
may contain such additional financial, technical, market and other information
as may be supplied by the listed firm. The Authority shall bear no
responsibility for the accuracy of the information contained on the list, and
each listed firm shall hold the Authority harmless against any claim of
inaccuracy.
Enterprises supported by investments from the Fund may receive consideration
by the Authority in the allocation of loans to be insured or loans to be made
from the proceeds of bonds to be insured by the Industrial Revenue Bond
Insurance Fund established under this Article, and the
Authority may coordinate its activities under the 2 programs.
(Source: P.A. 97-789, eff. 7-13-12.)
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(20 ILCS 3501/810-25)
Sec. 810-25.
Direct and Co-venture Investments.
An enterprise seeking a
direct investment from the Illinois Venture Investment Fund shall file an
application with the Authority along with an applicable fee to be determined by
the Authority. A valid application shall contain a business plan, including a
description of the enterprise and its management, a statement of the amount,
timing, and projected use of the capital required, a statement concerning the
feasibility of the proposed technology, product, process, or invention, its
state of development and likelihood of commercial success, a statement of the
potential economic impact of the enterprise on the State, including the number,
location, and types of jobs expected to be created, and such other information
as the Authority shall require.
In addition to the foregoing, the Authority shall approve an application for a
direct investment and shall approve a co-venture investment only after it has
made the following findings:
(a) The enterprise has a reasonable chance of success;
(b) If the application is for a direct investment, Authority participation
is
necessary to the success of the enterprise because conventional, private
funding
is unavailable in the traditional capital markets, or because funding has been
offered on terms that would substantially hinder the success of the enterprise;
(c) The technology, product, process, or invention for which the investment
is
being made is feasible, has the potential to achieve commercial success and the
enterprise has the potential to create substantial employment within the State
per dollar invested and that this employment, so far as feasible, may be
expected to be for residents of areas of critical labor surplus;
(d) The entrepreneur, investors, shareholders, and other founders of the
enterprise have already made or are obligated to make a substantial financial
and time commitment to the enterprise;
(e) The securities to be purchased are qualified securities;
(f) The Authority determines that the possible gains on the investment are
at least commensurate with the risk of loss and that there is a reasonable
possibility that the Authority will recoup its investment, within 10 years
after
the investment or such other time period as negotiated by the Authority,
through the receipt of interest payments, dividends, capital gains, or other
distribution of profits, or royalties on investments made by the Authority; and
(g) Binding commitments have been made to the Authority by the enterprise
for
adequate reporting of financial data to the Authority and any participating
professional investors or seed capital investors. The report shall include an
annual audit of the books of the enterprise by an independent certified public
accountant if the Authority so requires. The Authority and any participating
professional investors or seed capital investors shall secure sufficient
contractual rights from the enterprise as the Authority shall consider prudent
to protect the investment of the Authority, including, at the discretion of the
Authority and without limitation, a right of access to financial and other
records of the enterprise.
The Authority's interest in qualified securities from investments shall not
represent more than 49% of the voting stock of any single enterprise at the
time of purchase after giving effect to the conversion of all outstanding
convertible
securities of the enterprise. In the event of severe financial difficulty that
in the judgment of the Authority threatens the investment of the Authority
therein, a greater percentage of those securities may be owned or acquired by
the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/810-30)
Sec. 810-30.
Investment in Pools of Funds.
Proposals for the establishment
of pools of funds under paragraph (b) of
Section 810-20 of this Act shall be
submitted on a form, contain the information, and be accompanied by a fee as
prescribed by the Authority.
The Authority shall not enter into any agreement or contract under paragraph
(b) of Section 810-20 of this Act unless the agreement or contract provides
that the
pool of funds will be invested in an enterprise only if the manager finds all
of the following:
(a) The enterprise has a reasonable chance of success.
(b) The technology, product, process, or invention for which the investment
is
being made is feasible and has the potential to achieve commercial success.
(c) The enterprise has the potential to create substantial employment within
the State.
(d) The entrepreneur, investors, shareholders, or founders of the enterprise
have made or are obligated to make a substantial commitment of time and funds
to the enterprise.
(e) The possible gains in the investment are at least commensurable with the
risk of loss and there is a reasonable possibility that the investors,
including the Authority, will recoup their investment within 10 years after the
investment, through the receipt of interest, dividends, capital gains, or other
distributions of profit or royalties.
(f) The enterprise shall have made binding commitments for adequate
reporting of and access to financing data of the enterprise.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/810-35)
Sec. 810-35.
Documentary materials concerning trade secrets; Commercial or
financial information; Confidentiality. Any documentary materials or data made
or received by any member, agent or employee of the Authority, to the extent
that such material or data consist of trade secrets, commercial or financial
information regarding the operation of any enterprise conducted by an applicant
for, or recipient of, any form of assistance which the Authority is empowered
to
render, or regarding the competitive position of such enterprise in a
particular
field of endeavor, shall not be deemed public records; provided, however, that
if the Authority purchases a qualified security from such enterprise, the
commercial and financial information, excluding trade secrets, shall be deemed
to become a public record of the Authority after the expiration of 3 years from
the date of purchase of such qualified security, or, in the case of such
information made or received by any member, agent or employee of the Authority
after the purchase of such qualified security, 3 years from the date such
information was made or received. Any discussion or consideration of such trade
secrets or commercial or financial information may be held by the Authority, in
executive sessions closed to the public, notwithstanding the provisions of the
Open Meetings Act; provided, however, that the purpose of any such executive
session shall be set forth in the official minutes of the Authority and
business which is not related to such purpose shall not be transacted, nor
shall any vote be taken during such executive sessions.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/810-40)
Sec. 810-40.
Tax Exemption.
The Illinois Venture Investment Fund and all
its
proceeds shall be and are hereby declared exempt from all franchise and income
taxes levied by the State, provided nothing herein shall be construed to exempt
from any such taxes, or from any taxes levied in connection with the
manufacture, production, use or sale of any technologies, products, processes
or
inventions which are the subject of any agreement earned by any enterprise in
which the Authority has invested.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/Art. 815 heading) ARTICLE 815
LAND BANK FUND
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(20 ILCS 3501/815-5)
Sec. 815-5.
Findings and Declaration of Policy.
It is hereby found and
declared that there exists within the State a condition of substantial and
persistent unemployment which is detrimental to the welfare of the people of
the
State; that the absence of an orderly conversion and development of certain
property results in blight, economic dislocation, and additional unemployment;
that there exists within the State a significant resource of underutilized
property which, if returned to productive economic use, will increase
employment, increase revenues for the State and units of local government, and
lead to a more stable economy; that the acquisition, development or disposition
of such land or property in conjunction with units of local government, local
industrial development agencies and private enterprise in accordance with
development plans will stimulate economic development within the State; that
the
establishment of the Illinois Land Bank Fund and the exercise by the Authority
of the powers granted in
this Article will promote
economic development resulting in increased employment and public revenues; and
that the provisions of this Act are hereby declared to be in the public
interest
and benefit and a valid public purpose.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/815-10)
Sec. 815-10. Definitions. The following terms, whenever used or referred
to in this Article, shall have the following meanings ascribed to them, except
where the context clearly requires otherwise:
(a) "Property" means land, parcels or combination of parcels, structures,
and all improvements, easements and franchises.
(b) "Redevelopment area" means any property which is a contiguous area
of at least 2 acres but less than 160 acres in the aggregate located within
one and one-half miles of the corporate limits of a municipality and not
included within any municipality, where, (1) if improved, a substantial
proportion of the industrial, commercial and residential buildings or
improvements are detrimental
to the public safety, health, morals or welfare because of a combination of any
of the following factors: age; physical configuration; dilapidation; structural
or economic obsolescence; deterioration; illegal use of individual structures;
presence of structures below minimum code standards; excessive and sustained
vacancies; overcrowding of structures and community facilities; inadequate
ventilation, light, sewer, water, transportation and other infrastructure
facilities; inadequate utilities; excessive land coverage; deleterious land use
or layout; depreciation or lack of physical maintenance; and lack of community
planning; or (2) if vacant, the sound utilization of land for industrial
projects is impaired by a combination of 2 or more of the following factors:
obsolete platting of the vacant land; diversity of ownership of such land; tax
and special assessment delinquencies on such land; and deterioration of
structures or site improvements in neighboring areas to the vacant land, or the
area immediately prior to becoming vacant qualified as a redevelopment improved
area; or (3) if an improved area within the boundaries of a development project
is located within the corporate limits of the municipality in which 50% or more
of the structures in the area have an age of 35 years or more, such area does
not qualify under clause (1) but is detrimental to the public safety, health,
morals or welfare and such area may become a redevelopment area pursuant to
clause (1) because of a combination of 3 or more of the factors specified in
clause (1).
(c) "Enterprise" means an individual, corporation, partnership, joint
venture, trust, estate, or unincorporated association.
(d) "Development plan" means the comprehensive program of the Authority and
the participating entity to reduce or eliminate those conditions the existence
of which qualified the project area as a redevelopment area. Each development
plan shall set forth in writing the program to be undertaken to accomplish such
objectives and shall include, without limitation, estimated development project
costs, the sources of funds to pay costs, the nature and term of any
obligations to be issued, the most recent equalized assessed valuation of
the project area, an estimate as to the equalized assessed valuation after
development and the general land uses to apply in the project area.
(e) "Development project" means any project in furtherance of the objectives
of a development plan, including any building or buildings or building addition
or other structures to be newly constructed, renovated or improved and suitable
for use by an enterprise as an industrial project, and includes the sites and
other rights in the property on which such buildings or structures are located.
(f) "Participating entity" means a municipality, a local industrial
development agency or an enterprise or any combination thereof.
(Source: P.A. 95-331, eff. 8-21-07.)
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(20 ILCS 3501/815-15)
Sec. 815-15.
Illinois Land Bank Fund; Creation; Use.
There is hereby
created
the Illinois Land Bank Fund, hereafter referred to in
Sections 815-15 through 815-30 of this Act as the "Fund". The Treasurer of the
Authority shall have custody
of the Fund, which shall be held outside of the State treasury. The Authority
is authorized to accept any and all grants, loans, subsidies, matching funds,
reimbursements, appropriations, transfers of appropriations, federal grant
monies, income derived from investments, or other things of value from the
federal or state governments or units of local government or any agency thereof
or from an enterprise for deposit in the Fund. The Authority is authorized to
use monies deposited in the Fund expressly for the purposes specified in and
according to the procedures established by Sections 815-20 through 815-30 of
this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/815-20)
Sec. 815-20.
Powers and Duties.
(a) The Authority shall have the following powers with respect to
redevelopment areas:
(1) To acquire and possess property in a | ||
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(2) To clear any such areas so acquired by demolition | ||
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(3) To convey property for use in accordance with a | ||
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(b) Before acquiring property under this
Section the Authority shall hold a
public hearing after notice published in a newspaper of general circulation in
the county in which the property is located and shall find:
(1) The property is in a redevelopment area;
(2) Such acquisition or possession is necessary or | ||
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(3) The assembly of property is not unduly | ||
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(4) The participating entity, without the involvement | ||
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(c) No property may be acquired by the Authority unless the acquisition is
consented to by resolution of the corporate authorities of the municipality
with jurisdiction over the property under Section 11-12-6 of the Municipal
Code.
(d) The Authority may acquire any interest in property in a redevelopment
area by purchase, lease, or gift, but shall not have the power of condemnation.
(e) No property shall be acquired under this Section unless the Authority
has adopted a development plan under the provisions of Section 815-25.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/815-25)
Sec. 815-25.
Development Plans.
(a) No development plan shall be approved by the Authority unless after a
public hearing held upon notice published in a newspaper of general circulation
in the county where the property is located, the Authority finds:
(1) The plan provides for projects which will reduce | ||
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(2) The redevelopment area on the whole has not been | ||
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(3) The corporate authorities of the municipality | ||
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(4) A participating entity has agreed to enter into | ||
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(5) The acquisition of the property, its possession | ||
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(6) The development plan meets such other | ||
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(b) The Authority may dispose of any property which is the subject of a
development plan in such manner, whether by sale, lease or otherwise, and for
such price, rental or other consideration, including an amount not less than
2/3
of its acquisition cost, payable over such term, and bearing interest as to
deferred payments, and secured in such manner, by mortgage or otherwise, all as
the Authority shall provide in the development plan.
(c) Pending disposition of such land, any existing property acquired by the
Authority in the course of carrying out the provisions of this Act may be
adequately and properly preserved, and may be maintained, leased or
administered
by the Authority by a contract made by the Authority with any participating
entity, enterprise or individual with experience in the area of property
development, management or administration.
(d) Whenever the Authority shall have approved a development plan, the
Authority may amend the development plan from time to time in conformity with
this Section.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/815-30)
Sec. 815-30.
Local Planning; Relocation Costs.
The Authority may arrange
or
contract with a municipality or municipalities for the planning, re-planning,
opening, grading or closing of streets, roads, alleys or other places or for
the
furnishing of facilities or for the acquisition by the municipality or
municipalities of property or property rights or for the furnishing of property
or services in connection with a development project or projects.
The Authority is hereby authorized to pay the reasonable relocation costs, up
to
a total of $25,000 per relocatee, of persons and businesses displaced as a
result of carrying out a development plan as authorized by
this Article.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/Art. 820 heading) ARTICLE 820
LOCAL GOVERNMENT
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(20 ILCS 3501/820-5)
Sec. 820-5. Findings and Declaration of Policy. It is hereby found and
declared that there exists an urgent need to upgrade and expand the capital
facilities, infrastructure and public purpose projects of units of local
government and to promote other public purposes to be carried out by units of
local government; that federal funding reductions combined with shifting
economic conditions have impeded efforts by units of local government to
provide the necessary improvements to their capital facilities, infrastructure
systems and public purpose projects and to accomplish other public purposes in
recent years; that adequate and well-maintained capital facilities,
infrastructure systems and public purpose projects throughout this State and
the
performance of other public purposes by units of local government throughout
this State can offer significant economic benefits and an improved quality of
life for all citizens of this State; that the exercise by the Authority of the
powers granted in
this Article will promote economic development
by enhancing the capital stock of units of local government and will
facilitate
the accomplishment of other public purposes by units of local government; that
authorizing the Authority to borrow money in the public and private capital
markets in order to provide money to purchase or otherwise acquire obligations
of units of local government will assist such units of local government in
borrowing money to finance and refinance the public purpose projects, capital
facilities and infrastructure of the units and to finance other public purposes
of such units of local government, in providing access to adequate capital
markets and facilities for borrowing money by such units of local government,
in
encouraging continued investor interest in the obligations of such units of
local government, in providing for the orderly marketing of the obligations of
such units of local government, and in achieving lower overall borrowing cost
and more favorable terms for such borrowing; and that the provisions of
this Article are hereby declared to be in the public interest
and for the public benefit.
(Source: P.A. 97-333, eff. 8-12-11.)
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(20 ILCS 3501/820-10)
Sec. 820-10. Definitions. The following words or terms, whenever used or
referred to in
this Article, shall have the following
meanings ascribed to them, except where the context clearly requires otherwise:
(a) "Department" means the Illinois Department of Commerce and Economic
Opportunity.
(b) "Unit of local government" means any unit of local government, as
defined
in Article VII, Section 1 of the 1970 State Constitution and any local public
entity as that term is defined by the Local Governmental and Governmental
Employees Tort Immunity Act and also includes the State and any
instrumentality,
office, officer, department, division, bureau, commission, college or
university
thereof.
(c) "Energy conservation project" means any improvement, repair, alteration
or
betterment of any building or facility or any equipment, including but not limited to an Energy Efficiency Project, as defined in item (iii) of subsection (b) of Section 825-65, in connection with any school district or community college district project, and any fixture or furnishing
including its energy using mechanical devices to be added to or used in any
building or facility that the Director of the Department has certified to the
Authority will be a cost-effective energy-related project that will lower
energy
or utility costs in connection with the operation or maintenance of such
building or facility, and will achieve energy cost savings sufficient to cover
bond debt service and other project costs within 10 years from the date of
project installation.
(Source: P.A. 97-760, eff. 7-6-12.)
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(20 ILCS 3501/820-15)
Sec. 820-15.
Creation of Reserve Funds.
The Authority may establish and
maintain one or more reserve funds in which there may be one or more accounts
in which there may be deposited:
(a) Any proceeds of bonds issued by the Authority required to be deposited
therein by the terms of any contract between the Authority and its bondholders
or any resolution of the Authority;
(b) Any other moneys or funds of the Authority which it may determine to
deposit therein from any other source; and
(c) Any other moneys or funds made available to the Authority, including
without limitation any proceeds of any local government security or any taxes
or
revenues, rates, charges, assessments, grants, or other funds pledged or
assigned to pay, repay or secure any local government security.
Subject to the terms of any pledge to the owners of any bond, moneys in any
reserve fund may be held and applied to the payment of the interest, premium,
if any, or principal of bonds or local government securities or for any other
purpose authorized by the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/820-20)
Sec. 820-20.
Powers and Duties; Illinois Local Government Financing
Assistance Program. The Authority has the power:
(a) To purchase from time to time pursuant to negotiated sale or to
otherwise
acquire from time to time any local government securities issued by one or more
units of local government upon such terms and conditions as the Authority may
prescribe;
(b) To issue bonds in one or more series pursuant to one or more resolutions
of
the Authority for any purpose authorized under
this Article,
including without limitation purchasing or acquiring local government
securities, providing for the payment of any interest deemed necessary on such
bonds, paying for the cost of issuance of such bonds, providing for the payment
of the cost of any guarantees, letters of credit, insurance contracts or other
similar credit support or liquidity instruments, or providing for the funding
of
any reserves deemed necessary in connection with such bonds and refunding or
advance refunding of any such bonds and the interest and any premium thereon,
pursuant to this Act;
(c) To provide for the funding of any reserves or other funds or accounts
deemed necessary by the Authority in connection with any bonds issued by the
Authority or local government securities purchased or otherwise acquired by the
Authority;
(d) To pledge any local government security, including any payments thereon,
and any other funds of the Authority or funds made available to the Authority
which may be applied to such purpose, as security for any bonds or any
guarantees, letters of credit, insurance contracts or similar credit support or
liquidity instruments securing the bonds;
(e) To enter into agreements or contracts with third parties, whether public
or
private, including without limitation the United States of America, the State,
or any department or agency thereof to obtain any appropriations, grants, loans
or guarantees which are deemed necessary or desirable by the Authority. Any
such guarantee, agreement or contract may contain terms and provisions
necessary
or desirable in connection with the program, subject to the requirements
established by
this Article;
(f) To charge reasonable fees to defray the cost of obtaining letters of
credit, insurance contracts or other similar documents, and to charge such
other
reasonable fees to defray the cost of trustees, depositories, paying agents,
bond registrars, escrow agents and other administrative expenses. Any such fees
shall be payable by units of local government whose local government securities
are purchased or otherwise acquired by the Authority pursuant to
this Article, in such amounts and at such times as the Authority
shall determine, and the amount of the fees need not be uniform among the
various units of local government whose local government securities are
purchased or otherwise acquired by the Authority pursuant to
this Article;
(g) To obtain and maintain guarantees, letters of credit, insurance
contracts
or similar credit support or liquidity instruments which are deemed necessary
or
desirable in connection with any bonds or other obligations of the Authority or
any local government securities;
(h) To establish application fees and other service fees and prescribe
application, notification, contract, agreement, security and insurance forms
and
rules and regulations it deems necessary or appropriate;
(i) To provide technical assistance, at the request of any unit of local
government, with respect to the financing or refinancing for any public
purpose.
In fulfillment of this purpose, the Authority may request assistance from the
Department as necessary; any unit of local government that is experiencing
either a financial emergency as defined in the Local Government Financial
Planning and Supervision Act or a condition of fiscal crisis evidenced by an
impaired ability to obtain financing for its public purpose projects from
traditional financial channels or impaired ability to fully fund its
obligations
to fire, police and municipal employee pension funds, or to bond payments or
reserves, may request technical assistance from the Authority in the form of a
diagnostic evaluation of its financial condition;
(j) To purchase any obligations of the Authority issued pursuant to
this Article;
(k) To sell, transfer or otherwise dispose of local government securities
purchased or otherwise acquired by the Authority pursuant to
this Article,
including without limitation, the sale, transfer or
other disposition of undivided fractionalized interests in the right to receive
payments of principal and premium, if any, or the right to receive payments of
interest or the right to receive payments of principal of and premium, if any,
and interest on pools of such local government securities;
(l) To acquire, purchase, lease, sell, transfer and otherwise dispose of
real
and personal property, or any interest therein, and to issue its bonds and
enter
into leases, contracts and other agreements with units of local government in
connection with such acquisitions, purchases, leases, sales and other
dispositions of such real and personal property;
(m) To make loans to banks, savings and loans and other financial
institutions
for the purpose of purchasing or otherwise acquiring local government
securities, and to issue its bonds, and enter into agreements and contracts in
connection with such loans;
(n) To enter into agreements or contracts with any person necessary or
appropriate to place the payment obligations of the Authority under any of its
bonds in whole or in part on any interest rate basis, cash flow basis, or other
basis desired by the Authority, including without limitation agreements or
contracts commonly known as "interest rate swap agreements", "forward payment
conversion agreements", and "futures", or agreements or contracts to exchange
cash flows or a series of payments, or agreements or contracts, including
without limitation agreements or contracts commonly known as "options", "puts"
or "calls", to hedge payment, rate spread, or similar exposure; provided, that
any such agreement or contract shall not constitute an obligation for borrowed
money, and shall not be taken into account under
Section 845-5 of this Act or any
other debt limit of the Authority or the State of Illinois;
(o) To make and enter into all other agreements and contracts and execute
all
instruments necessary or incidental to performance of its duties and the
execution of its powers under
this Article;
(p) To contract for and finance the costs of energy audits, project-specific
engineering and design specifications, and any other related analyses
preliminary to an energy conservation project; and, to contract for and finance
the cost of project monitoring and data collection to verify post-installation
energy consumption and energy-related operating costs. Any such contract shall
be executed only after it has been jointly negotiated by the Authority and the
Department; and
(q) To exercise such other powers as are necessary or incidental to the
foregoing.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/820-25)
Sec. 820-25.
Unit of Local Government Participation.
Any unit of local
government is authorized to voluntarily participate in this program. Any unit
of local government which is authorized to issue, sell and deliver its local
government securities under any provision of the Constitution or laws of the
State may issue, sell and deliver such local government securities to the
Authority under
this Article; provided that and notwithstanding
any other provision of law to the contrary, any such unit of local government
may issue and sell any such local government security at any interest rate or
rates, which rate or rates may be established by an index or formula which may
be implemented by persons appointed or retained therefor, payable at such time
or times, and at such price or prices to which the unit of local government and
the Authority may agree. Any unit of local government may pay any amount
charged by the Authority pursuant to
this Article.
Any unit of local government participating in this program may pay out of the
proceeds of its local government securities or out of any other moneys or funds
available to it for such purposes any costs, fees, interest deemed necessary,
premium or reserves incurred or required for financing or refinancing this
program, including without limitation any fees charged by the Authority
pursuant
to
this Article and its share, as determined by the
Authority, of any costs, fees, interest deemed necessary, premium or reserves
incurred or required pursuant to
Section 820-20 of this Act. All local
government securities purchased or otherwise acquired by the Authority pursuant
to this Act shall upon delivery to the Authority be accompanied by an approving
opinion of bond counsel as to the validity of such securities. The Authority
shall have discretion to purchase or otherwise acquire those local government
securities, as it shall deem to be in the best interest of its financing
program
for all units of local government taken as a whole.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/820-30)
Sec. 820-30.
Criteria for Participation in the Program.
If the Authority
requires an application for participation in the Program, upon submission of
any
such application, the Authority or any entity on behalf of the Authority shall
review such application for its completeness and may, at its discretion, accept
or reject such application or request such additional information as it deems
necessary or advisable to aid its review.
In the course of its review, the Authority may consider but shall not be
limited
to the following factors:
(a) Whether the public purpose for which the local government security is to
be
issued will have a significant impact on the economy, environment, health or
safety of the unit of local government;
(b) The extent to which the public purpose for which the local government
security is to be issued will provide reinforcement for other community and
economic development related investments by such units of local government;
(c) The creditworthiness of the unit of local government and the local
government security, including, without limitation, the ability of the unit of
local government to comply with the credit requirements of the provider of any
guarantees, letters of credit, insurance contracts or other similar credit
support or liquidity instruments; and
(d) Such other factors as deemed necessary by the Authority which are
consistent with the intent of this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/820-35)
Sec. 820-35.
The Authority may assist the Department to establish and
implement a program to assist units of local government to identify and arrange
financing for energy conservation projects in buildings and facilities owned or
leased by units of local government.
Such bonds shall not constitute an indebtedness or obligation of the State of
Illinois and it shall be plainly stated on the face of each bond that it does
not constitute such an indebtedness or obligation but is payable solely from
the
revenues, income or other assets of the Authority pledged therefor.
(Source: P.A. 97-760, eff. 7-6-12.)
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(20 ILCS 3501/820-40)
Sec. 820-40.
Investment of moneys.
Any moneys at any time held by the
Authority pursuant to
this Article shall be held
outside the State treasury in the custody of either the Treasurer of the
Authority or a trustee or depository appointed by the Authority. Such moneys
may be invested in (a) investments authorized by the Public Funds Investment
Act,
(b) obligations issued by any State, unit of local government or
school
district, which obligations are rated at the time of purchase by a national
rating service within the 2 highest rating classifications without regard to
any
rating refinement or gradation by numerical or other modifier, (c) equity
securities of an investment company registered under the Investment Company Act
of 1940 whose sole assets, other than cash and other temporary investments, are
obligations which are eligible investments for the Authority, or (d) investment
contracts under which securities are to be purchased and sold at a
predetermined
price on a future date, or pursuant to which moneys are deposited with a bank
or
other financial institution and the deposits are to bear interest at an agreed
upon rate, provided that such investment contracts are with a bank or other
financial institution whose obligations are rated at the time of purchase by a
national rating service within the 2 highest rating classifications without
regard to any rating refinement or gradation by numerical or other modifier.
The interest, dividends or other earnings from such investments may be used to
pay administrative costs of the Authority incurred in administering the program
or trustee or depository fees incurred in connection with such program.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/820-45)
Sec. 820-45.
Pledge of Revenues by the Authority.
Any pledge of revenues
or
other moneys made by the Authority shall be binding from the time the pledge is
made. Revenues and other moneys so pledged shall be held outside of the State
treasury and in the custody of either the Treasurer of the Authority or a
trustee or a depository appointed by the Authority. Revenues or other moneys so
pledged and thereafter received by the Authority or such trustee or depository
shall immediately be subject to the lien of the pledge without any physical
delivery thereof or further act, and the lien of any pledge shall be binding
against all parties having claims of any kind of tort, contract or otherwise
against the Authority, irrespective of whether the parties have notice thereof.
Neither the resolution nor any other instrument by which a pledge is created
need be filed or recorded except in the records of the Authority.
The State does pledge to and agree with the holders of bonds, and the
beneficial
owners of the local government securities, that the State will not limit or
restrict the rights hereby vested in the Authority to purchase, acquire, hold,
sell or dispose of local government securities or other investments or to
establish and collect such fees or other charges as may be convenient or
necessary to produce sufficient revenues to meet the expenses of operation of
the Authority, and to fulfill the terms of any agreement made with the holders
of the bonds or the beneficial owners of the local government securities or in
any way impair the rights or remedies of the holders of those bonds or the
beneficial owners of the local government securities until such bonds or local
government securities are fully paid and discharged or provision for their
payment has been made.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/820-50)
Sec. 820-50.
Pledge of Funds by Units of Local Government.
(a) Pledge of Funds. Any unit of local government which receives funds from
the Department of Revenue, including without limitation funds received pursuant
to
Sections 8-11-1, 8-11-1.4, 8-11-5 or 8-11-6 of the Illinois Municipal Code,
the Home Rule County Retailers' Occupation Tax Act, the Home Rule County
Service
Occupation Tax Act,
Sections 25.05-2, 25.05-3 or 25.05-10 of "An Act to revise
the law in relation to counties",
Section 5.01 of the Local Mass Transit
District Act,
Section 4.03 of the Regional Transportation Authority Act,
Sections 2 or 12 of the State Revenue Sharing
Act,
or from the Department of Transportation pursuant to
Section 8 of the Motor Fuel Tax Law, or from the State Superintendent of
Education (directly or indirectly through regional superintendents of schools)
pursuant to Article 18 of the School Code, or any unit of government which
receives other funds which are at any time in the custody of the State
Treasurer, the State Comptroller, the Department of Revenue, the Department of
Transportation or the State Superintendent of Education may by appropriate
proceedings, pledge to the Authority or any entity acting on behalf of the
Authority (including, without limitation, any trustee), any or all of such
receipts to the extent that such receipts are necessary to provide revenues to
pay the principal of, premium, if any, and interest on, and other fees related
to, or to secure, any of the local government securities of such unit of local
government which have been sold or delivered to the Authority or its designee
or to pay lease rental payments to be made by such unit of local government to
the
extent that such lease rental payments secure the payment of the principal of,
premium, if any, and interest on, and other fees related to, any local
government securities which have been sold or delivered to the Authority or its
designee. Any pledge of such receipts (or any portion thereof) shall constitute
a first and prior lien thereon and shall be binding from the time the pledge is
made.
(b) Direct Payment of Pledged Receipts. Any such unit of local government
may, by such proceedings, direct that all or any of such pledged receipts
payable to
such unit of local government be paid directly to the Authority or such other
entity (including, without limitation, any trustee) for the purpose of paying
the
principal of, premium, if any, and interest on, and fees relating to, such
local
government securities or for the purpose of paying such lease rental payments
to
the extent necessary to pay the principal of, premium, if any, and interest on,
and other fees related to, such local government securities secured by such
lease rental payments. Upon receipt of a certified copy of such proceedings by
the State Treasurer, the State Comptroller, the Department of Revenue, the
Department of Transportation or the State Superintendent of Education, as the
case may be, such Department or State Superintendent shall direct the State
Comptroller and State Treasurer to pay to, or on behalf of, the Authority or
such other entity (including, without limitation, any trustee) all or such
portion of the pledged receipts from the Department of Revenue, or the
Department of Transportation or the State Superintendent of Education (directly
or indirectly through regional superintendents of schools), as the case may be,
sufficient to pay the principal of and premium, if any, and interest on, and
other fees related to, the local governmental securities for which the pledge
was made or to pay such lease rental payments securing such local government
securities for which the pledge was made. The proceedings shall constitute
authorization for such a directive to the State Comptroller to cause orders to
be drawn and to the State Treasurer to pay in accordance with such directive.
To the extent that the Authority or its designee notifies the Department of
Revenue, the Department of Transportation or the State Superintendent of
Education, as the case may be, that the unit of local government has previously
paid to the Authority or its designee the amount of any principal, premium,
interest and fees payable from such pledged receipts, the State Comptroller
shall cause orders to be drawn and the State Treasurer shall pay such pledged
receipts to the unit of local government as if they were not pledged receipts.
To the extent that such receipts are pledged and paid to the Authority or such
other entity, any taxes which have been levied or fees or charges assessed
pursuant to law on account of the issuance of such local government securities
shall be paid to the unit of local government and may be used for the purposes
for which the pledged receipts would have been used.
(c) Payment of Pledged Receipts upon Default. Any such unit of local
government may, by such proceedings, direct that such pledged receipts payable
to such unit of local government be paid to the Authority or such other entity
(including, without limitation, any trustee) upon a default in the payment of
any
principal of, premium, if any, or interest on, or fees relating to, any of the
local government securities of such unit of local government which have been
sold or delivered to the Authority or its designee or any of the local
government securities which have been sold or delivered to the Authority or its
designee and which are secured by such lease rental payments. If such local
governmental security is in default as to the payment of principal thereof,
premium, if any, or interest thereon, or fees relating thereto, to the extent
that the State Treasurer, the State Comptroller, the Department of Revenue, the
Department of Transportation or the State Superintendent of Education (directly
or indirectly through regional superintendents of schools) shall be the
custodian at any time of any other available funds or
moneys pledged to the
payment of such local government securities or such lease rental payments
securing such local government securities pursuant to this
Section and due or
payable to such a unit of local government at any time subsequent to written
notice
to the State Comptroller and State Treasurer from the Authority or any
entity acting on behalf of the Authority (including, without limitation, any
trustee) to the effect that such unit of local government has not paid or is in
default as to payment of the principal of, premium, if any, or interest on, or
fees relating to, any local government security sold or delivered to the
Authority or any such entity (including, without limitation, any trustee) or
has
not paid or is in default as to the payment of such lease rental payments
securing the payment of the principal of, premium, if any, or interest on, or
other fees relating to, any local government security sold or delivered to the
Authority or such other entity (including, without limitation, any trustee):
(i) The State Comptroller and the State Treasurer | ||
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(ii) Within 10 days after a demand for payment by the | ||
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(d) Remedies. Upon the sale or delivery of any local government securities
of
the Authority or its designee, the local government which issued such local
government securities shall be deemed to have agreed that upon its failure to
pay interest or premium, if any, on, or principal of, or fees relating to, the
local government securities sold or delivered to the Authority or any entity
acting on behalf of the Authority (including, without limitation, any trustee)
when payable, all statutory defenses to nonpayment are thereby waived. Upon a
default in payment of principal of or interest on any local government
securities issued by a unit of local government and sold or delivered to the
Authority or its designee, and upon demand on the unit of local government for
payment, if the local government securities are payable from property taxes and
funds are not legally available in the treasury of the unit of local government
to make payment, an action in mandamus for the levy of a tax by the unit of
local government to pay the principal of or interest on the local government
securities shall lie, and the Authority or such entity shall be constituted a
holder or owner of the local government securities as being in default. Upon
the occurrence of any failure or default with respect to any local government
securities issued by a unit of local government, the Authority or such entity
may thereupon avail itself of all remedies, rights and provisions of law
applicable in the circumstances, and the failure to exercise or exert any
rights or remedies within a time or period provided by law may not be raised as
a defense by the unit of local government.
(Source: P.A. 93-205, eff. 1-1-04.)
|
(20 ILCS 3501/820-55)
Sec. 820-55.
Eligible Investments.
Bonds, issued by the Authority pursuant
to the provisions of
this Article, shall be
permissible investments within the provisions of
Section 805-40 of this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
|
(20 ILCS 3501/820-60)
Sec. 820-60.
Tax Exemption.
The exercise of powers granted in
this Article
is in all respects for the benefit of the people of
Illinois and in consideration thereof the bonds issued pursuant to the
aforementioned
Sections and the income therefrom shall be free from all taxation
by the State or its political subdivisions, except for estate, transfer and
inheritance taxes. For purposes of
Section 250 of the Illinois Income Tax Act,
the exemption of the income from bonds issued under the aforementioned
Sections
shall terminate after all of the bonds have been paid. The amount of such
income that shall be added and then subtracted on the Illinois income tax
return
of a taxpayer, pursuant to
Section 203 of the Illinois Income Tax Act, from
federal adjusted gross income or federal taxable income in computing Illinois
base income shall be the interest net of any bond premium amortization.
(Source: P.A. 93-205, eff. 1-1-04.)
|
(20 ILCS 3501/Art. 825 heading) ARTICLE 825
OTHER POWERS
|
(20 ILCS 3501/825-5)
Sec. 825-5.
Motion Picture Production Program; Findings and Declaration of
Policy. It is hereby found and declared that the production of motion pictures
has an enormous potential for contributing to the economic well-being of the
State and its communities; that a critical mass of movie productions is
essential to the continuing viability of this fledgling industry in Illinois;
that to achieve this critical mass, a financial inducement to attract movie
productions to the State is required; and that the provisions of this Act are
hereby declared to be in the public interest and for the public benefit.
(Source: P.A. 93-205, eff. 1-1-04.)
|
(20 ILCS 3501/825-10)
Sec. 825-10.
The Authority may develop a program for financing the
production
of motion pictures in the State of Illinois. All projects financed by the
Authority shall require the approval of both the Illinois Arts Council and the
Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
|
(20 ILCS 3501/825-12)
Sec. 825-12. Conservation projects. (a) The Authority may develop a program to provide low-interest loans and other financing to individuals, business entities, private organizations, and units of local government for conservation projects within the United States, provided that, if the conservation project is located outside of the State, it is owned, operated, leased or managed by an entity located within the State or any entity affiliated with an entity located within the State. (b) Projects under this Section may include, without limitation, the acquisition of land for open-space projects, preservation or recreation measures for open spaces, and energy conservation or efficiency projects that are intended to reduce energy usage and costs. (c) The Authority, in cooperation with the Department of Natural Resources and the Department of Commerce and Economic Opportunity, may adopt any rules necessary for the administration of this Section. The Authority must include any information concerning the program under this Section on its Internet website.
(Source: P.A. 98-90, eff. 7-15-13.) |
(20 ILCS 3501/825-13)
Sec. 825-13. Supervision of the Riverdale Development Authority bond issuances. (a) All bond issuances of the Riverdale Development Authority are subject to supervision, management, control, and approval of the Authority. (b) All bonds issued by the Riverdale Development Authority under the supervision of the Authority are subject to the terms and conditions that are set forth in the Riverdale Development Authority Act. (c) The bonds issued by the Riverdale Development Authority under the supervision of the Authority are not debts of the Authority or of the State.
(Source: P.A. 94-1093, eff. 1-26-07.) |
(20 ILCS 3501/825-13.5)
Sec. 825-13.5. Supervision of the Illinois Urban Development Authority bond issuances. (a) All bond issuances of the Illinois Urban Development Authority are subject to supervision, management, control, and approval of the Authority.
(b) All bonds issued by the Illinois Urban Development Authority under the supervision of the Authority are subject to the terms and conditions that are set forth in the Illinois Urban Development Authority Act.
(c) The bonds issued by the Illinois Urban Development Authority under the supervision of the Authority are not debts of the Authority or of the State.
(Source: P.A. 96-234, eff. 1-1-10.) |
(20 ILCS 3501/825-15)
Sec. 825-15. (Repealed).
(Source: P.A. 93-205, eff. 1-1-04. Repealed by P.A. 94-91, eff. 7-1-05.)
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(20 ILCS 3501/825-20)
Sec. 825-20.
Financially Distressed City Assistance Program; Findings and
Declarations of Policy. It is hereby found and declared that there exists an
urgent need to reduce involuntary unemployment and economic stagnation within
financially distressed cities and to create therein a more favorable economic
climate for the development of new and improved employment opportunities for
the
citizens of such cities; that to address such need it is necessary to promote
sound financial management and fiscal integrity within such cities in order to
provide a secure financial basis for their continued operation; and that
implementation of a financially distressed city assistance program under the
provisions of this Act is declared to be in the public interest and for the
public benefit.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-25)
Sec. 825-25.
Definition.
As used in
Sections 825-20 through 825-60 of this
Act, the term "financially distressed city" means a unit of local government
which has been certified and designated as a financially distressed city under
Section 8-12-4 of the Illinois Municipal Code and to which the provisions of
Division 12 of Article 8 of that Code have become applicable as provided by
that
Section 8-12-4.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-30)
Sec. 825-30.
Powers and Duties; Financing.
(a) Upon application of the financial advisory authority established for a
financially distressed city under Division 12 of Article 8 of the Illinois
Municipal Code, the Authority shall have the power to issue its bonds, notes or
other evidences of indebtedness, the proceeds of which are to be used to make
loans to a financially distressed city for purposes of enabling that city to
restructure its current indebtedness and to provide and pay for its essential
municipal services as determined in a manner consistent with Division 12 of
Article 8 of the Illinois Municipal Code by the financial advisory authority
established for that city under that Division 12.
(b) Bonds authorized to be issued by the Authority under
Sections 825-20 through
825-60 shall be payable from such revenues, income, funds and accounts of the
financially distressed city which receives a loan of any proceeds of the bonds
so issued as the Authority shall determine and prescribe in the loan agreement.
(c) The Authority may prescribe the form and contents of any application
submitted under subsection (a) of this
Section and may, at its discretion,
accept or reject such application or require such additional information as it
deems necessary to aid in its review and determination of whether it will issue
its bonds and loan the proceeds thereof as authorized under
Sections 825-20
through 825-60.
(d) The amount of bonds issued or proceeds thereof loaned by the Authority
with
respect to an application which the Authority has approved shall be determined
by the Authority.
(e) The financially distressed city receiving a loan under
Sections 825-20
through 825-60 shall enter into a loan agreement in the form and manner
prescribed by the Authority, and shall pay back to the Authority the principal
amount of the loan, plus annual interest as determined by the Authority. The
Authority shall have the power, subject to appropriations by the General
Assembly, to subsidize or buy down a portion of the interest on such loans, up
to 4% per annum.
(f) The Authority shall create and establish a debt service reserve fund to
be
maintained by a trustee separate and segregated from all other funds and
accounts of the Authority. This reserve fund shall be initially funded by a
contribution of State monies.
(g) The amount to be accumulated in the debt
service reserve fund shall be determined by the Authority but shall not exceed
the maximum amount of interest, principal and sinking fund installments due in
any succeeding calendar year.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-35)
Sec. 825-35.
Pledge of Funds.
Any financially distressed city which
receives
funds from the Department of Revenue, including without limitation funds
received
pursuant to
Section 8-11-1, 8-11-5 or 8-11-6 of the Illinois Municipal Code or
Section 2 or 12 of the State Revenue Sharing Act, or from the Department of
Transportation pursuant to
Section 8 of the Motor Fuel Tax Law, may, by
appropriate proceedings, pledge to the Authority, or any entity acting on
behalf
of the Authority (including, without limitation, any trustee), any or all of
such receipts to the extent that such receipts are determined by the Authority
to be necessary to provide revenues to pay or secure the payment of the
principal of, premium, if any, and interest on any of the bonds issued on
behalf
of, or loans made to, the financially distressed city by the Authority under
Sections 825-20 through 825-60. The adoption of such proceedings shall
constitute
a directive to the State Comptroller and State Treasurer to pay to, or on
behalf
of, the Authority or such other entity (including, without limitation, any
trustee) such portion of the pledged receipts from the Department of Revenue or
Department of Transportation, as the case may be, and with the State
Comptroller
and the State Treasurer. With respect to any bonds issued on behalf of, or
loans made to, the financially distressed city by the Authority under
Sections
825-20 through 825-60, which are in default in the payment of principal,
premium,
if any, or interest, to the extent that the State Treasurer, the State
Comptroller, the Department of Revenue or the Department of Transportation
shall
be the custodian at any time of any other available funds or
moneys pledged to the
payment of such local government securities or such lease rental payments
securing such local government securities pursuant to this
Section and due or
payable to such a unit of local government at any time subsequent to written
notice
to the State
Comptroller and State Treasurer from the Authority or any entity acting on
behalf of the Authority (including, without limitation, any trustee) to the
effect that such financially distressed city has not paid or is in default as
to
payment of the principal of, premium, if any, or interest on any bonds issued
on
behalf of, or loans made to, the financially distressed city by the Authority
under
Sections 825-20 through 825-60:
(a) The State Comptroller and the State Treasurer shall withhold the payment
of
such funds or moneys from the financially distressed city until the amount of
such principal, premium, if any, and interest then due and unpaid has been paid
to the Authority or such entity acting on behalf of the Authority (including,
without limitation, any trustee), or the State Comptroller or State Treasurer
have been advised that arrangements, satisfactory to the Authority or such
entity, have been made for the payment of such principal, premium, if any, and
interest; and
(b) Within 10 days after a demand for payment by the Authority or such
entity
is given to the State Treasurer and the State Comptroller, the State Treasurer
shall pay such funds or moneys as are legally available therefor to the
Authority or such entity for the payment of principal, premium, if any, and
interest on such bonds or loans. The Authority or such entity may carry out
this
Section and exercise all the rights, remedies and provisions provided or
referred to in this
Section.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-40)
Sec. 825-40.
Additional security.
In the event that the Authority
determines
that funds pledged, intercepted or otherwise received or to be received by the
Authority under
Section 825-20 of this Act will not be sufficient for the payment
of the principal, premium, if any, and interest during the next State fiscal
year on any bonds issued by the Authority under
Sections 825-20 through 825-60,
the Chairman, as soon as is practicable, shall certify to the Governor the
amount required by the Authority to enable it to pay the principal, premium, if
any, and interest falling due on such bonds. The Governor shall submit the
amount so certified to the General Assembly as soon as practicable, but no
later
than the end of the current State fiscal year. This paragraph shall not apply
to any bonds as to which the Authority shall have determined, in the resolution
authorizing their issuance, that this paragraph shall not apply. Whenever the
Authority makes such a determination, that fact shall be plainly stated on the
face of such bonds and that fact shall also be reported to the Governor.
In the event of a withdrawal of moneys from a debt service reserve fund
established with respect to any issue or issues of bonds of the Authority to
pay
principal and interest on those bonds, the Chairman, as soon as practicable,
shall certify to the Governor the amount required to restore such reserve funds
to the level required in the resolution or indenture securing the bonds. The
Governor shall submit the amount so certified to the General Assembly as soon
as
practicable, but not later than the end of the current State fiscal year.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-50)
Sec. 825-50.
Eligible Investments.
Bonds issued by the Authority pursuant
to
Sections 825-20 through 825-60 shall be permissible investments within the
provisions of
Section 805-40.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-55)
Sec. 825-55.
Tax Exemption.
The exercise of the powers granted in
Sections
825-20 through 825-60 are in all respects for the benefit of the people of
Illinois, and in consideration thereof shall be free from all taxation by the
State or its political subdivisions, except for estate, transfer and
inheritance
taxes. For the purposes of
Section 250 of the Illinois Income Tax Act, the
exemption of the income from bonds issued under the aforementioned
Sections
shall terminate after all of the bonds have been paid. The amount of such
income that shall be added and then subtracted on the Illinois income tax
return
of a taxpayer, pursuant to
Section 203 of the Illinois Income Tax Act, from
federal adjusted gross income or federal taxable income in computing Illinois
base income shall be the interest net of any bond premium amortization.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-60)
Sec. 825-60.
Financially Distressed City Assistance Program Limitation.
In
addition to the bonds authorized to be issued under
Sections 801-40(w), 825-65(e),
830-25 and 845-5, the Authority may have outstanding at any time, bonds for the
purposes enumerated in
Sections 825-20 through 825-60 in an aggregate principal
amount that shall not exceed $50,000,000. Such bonds shall not constitute an
indebtedness or obligation of the State of Illinois, and it shall be plainly
stated on the face of each bond that it does not constitute such an
indebtedness or obligation but is payable solely from the revenues, income or
other assets of the Authority pledged therefor.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-65) Sec. 825-65. Clean Coal, Coal, Energy Efficiency, PACE, and Renewable Energy Project Financing. (a) Findings and declaration of policy. (i) It is hereby found and declared that Illinois has | ||
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(ii) It is further found and declared that Illinois | ||
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(iii) The Authority is authorized to issue bonds to | ||
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(b) Definitions. (i) "Clean Coal Project" means (A) "clean coal | ||
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(ii) "Coal Project" means new electric generating | ||
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(iii) "Energy Efficiency Project" means measures that | ||
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(iv) "Renewable Energy Project" means (A) a project | ||
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(c) Creation of reserve funds. The Authority may establish and maintain one
or more reserve funds to enhance bonds issued by the Authority for a Clean Coal Project, a Coal Project, an Energy Efficiency Project, a PACE Project, or a Renewable
Energy Project.
There may be one or more accounts in these reserve funds in which there may be
deposited: (1) any proceeds of the bonds issued by the Authority | ||
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(2) any other moneys or funds of the Authority that | ||
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(3) any other moneys or funds made available to the | ||
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(d) Powers and duties. The Authority has the power: (1) To issue bonds in one or more series pursuant to | ||
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(2) To provide for the funding of any reserves or | ||
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(3) To pledge any funds of the Authority or funds | ||
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(4) To enter into agreements or contracts with third | ||
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(4.5) To make loans under subsection (i) of Section | ||
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(5) To exercise such other powers as are necessary or | ||
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(e) Clean Coal Project, Coal Project, Energy Efficiency Project, PACE Project, and Renewable Energy Project bond authorization and financing limits. In
addition
to any other bonds authorized to be issued under
Sections 801-40(w), 825-60, 830-25
and 845-5, the Authority may have outstanding, at any time, bonds for the
purpose
enumerated in this
Section 825-65 in an aggregate principal amount that shall not
exceed $3,000,000,000, subject to the following limitations: (i) up to $300,000,000 may be issued to
finance projects, as described in clause (C) of subsection (b)(i) and clause (C) of subsection (b)(iv) of this Section 825-65; (ii) up to $500,000,000 may be issued to
finance projects, as described in clauses (D) and (E) of subsection (b)(i) of this Section 825-65; (iii) up to $2,000,000,000 may
be issued to finance Clean Coal Projects, as described in clauses (A) and (B) of subsection (b)(i) of this Section 825-65 and Coal Projects, as described in subsection (b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000 may be issued to finance Energy Efficiency Projects, as described in subsection (b)(iii) of this Section 825-65, Renewable Energy Projects, as described in clauses (A), (B), and (D) of subsection (b)(iv) of this Section 825-65, and PACE Projects. An application for a loan
financed from bond proceeds from a borrower or its affiliates for a Clean Coal Project, a Coal Project, Energy Efficiency Project, PACE Project, or a Renewable
Energy Project may not be approved by the Authority for an amount in excess
of $450,000,000 for any borrower or its affiliates. A Clean Coal Project, Coal Project, or PACE Project must be located within the State. An Energy Efficiency Project may be located within the State or outside the State, provided that, if the Energy Efficiency Project is located outside of the State, it must be owned, operated, leased, or managed by an entity located within the State or any entity affiliated with an entity located within the State. These bonds shall not
constitute an indebtedness or obligation of the State of Illinois and it shall
be plainly stated on the face of each bond that it does not constitute an
indebtedness or obligation of the State of Illinois, but is payable solely from
the revenues, income or other assets of the Authority pledged therefor. (f) The bonding authority granted under this Section is in addition to and not limited by the provisions of Section 845-5.(Source: P.A. 100-201, eff. 8-18-17; 100-919, eff. 8-17-18.) |
(20 ILCS 3501/825-70) Sec. 825-70. Criteria for participation in the program. Applications to
the
Authority for financing of any Clean Coal, Coal, Energy Efficiency Project, or Renewable Energy Project shall be reviewed
by the Authority. Upon submission of any such application, the Authority staff
shall review the application for its completeness and may, at the discretion of
the Authority staff, request such additional information as it deems necessary
or advisable to aid in review. If the Authority receives applications for
financing for Clean Coal, Coal, Energy Efficiency Project, or Renewable Energy Projects in excess of the bond
authorization
available for such financing at any one time, it shall consider applications in
the order of priority as it shall determine, in consultation with other State
agencies, and consistent with State policy to promote environmentally preferable technology and energy independence.(Source: P.A. 96-103, eff. 1-1-10; 96-817, eff. 1-1-10.) |
(20 ILCS 3501/825-75) Sec. 825-75. Additional Security. In the event that the Authority
determines
that monies of the Authority will not be sufficient for the payment of the
principal of and interest on any bonds issued by the Authority under
Sections
825-65 through 825-75 of this Act for Clean Coal Projects, Coal Projects, Energy Efficiency Projects, or Renewable Energy Projects
during the next State fiscal
year, the Chairperson, as soon as practicable, shall certify to the Governor
the
amount required by the Authority to enable it to pay such principal, premium,
if
any, and interest on such bonds. The Governor shall submit the amount so
certified to the General Assembly as soon as practicable, but no later than the
end of the current State fiscal year. This subsection shall
apply to any
bonds or notes as to which the Authority shall have determined, in the
resolution authorizing the issuance of the bonds or notes, that this subsection
shall apply. Whenever the Authority makes such a determination, that fact
shall be plainly stated on the face of the bonds or notes and that fact should
also be reported to the Governor.
In the event of a withdrawal of moneys from a reserve fund established with
respect to any issue or issues of bonds of the Authority to pay principal,
premium, if any, and interest on such bonds, the Chairman of the Authority, as
soon as practicable, shall certify to the Governor the amount required to
restore the reserve fund to the level required in the resolution or indenture
securing those bonds. The Governor shall submit the amount so certified to the
General Assembly as soon as practicable, but no later than the end of the
current State fiscal year. The Authority shall obtain written approval from the
Governor for any bonds and notes to be issued under this Section.(Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10; 96-817, eff. 1-1-10.) |
(20 ILCS 3501/825-80)
Sec. 825-80. Fire truck revolving loan program. (a) This Section is a continuation and re-enactment of the fire truck revolving loan program enacted as Section 3-27 of the Rural Bond Bank Act by Public Act 93-35, effective June 24, 2003, and repealed by Public Act 93-205, effective January 1, 2004. Under the Rural Bond Bank Act, the program was administered by the Rural Bond Bank and the State Fire Marshal. (a-5) For purposes of this Section, "brush truck" means a pickup chassis with or equipped with a flatbed or a pickup box. The truck must be rated by the manufacturer as between three-fourths of a ton and one ton and outfitted with a fire or rescue apparatus. (b) The Authority and the State Fire Marshal may jointly administer a fire truck revolving loan program. The program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest and low-interest loans for the purchase of fire trucks by a fire department, a fire protection district, or a township fire department. For the purchase of brush trucks by a fire department, a fire protection district, or a township fire department, the program shall provide loans at a 2% rate of simple interest per year for a brush truck if both the chassis and the apparatus are built outside of Illinois, a 1% rate of simple interest per year for a brush truck if either the chassis or the apparatus is built in Illinois, or a 0% rate of interest for a brush truck if both the chassis and the apparatus are built in Illinois. The Authority shall make loans based on need, as determined by the State Fire Marshal. (c) The loan funds, subject to appropriation, shall be paid out of the Fire Truck Revolving Loan Fund, a special fund in the State Treasury. The Fund shall consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program and any balance existing in the Fund on the effective date of this Section. The Fund shall be used for loans to fire departments and fire protection districts to purchase fire trucks and brush trucks and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund. As soon as practical after January 1, 2013 (the effective date of Public Act 97-901), all moneys in the Fire Truck Revolving Loan Fund shall be paid by the State Fire Marshal to the Authority, and, on and after that date, all future moneys deposited into the Fire Truck Revolving Loan Fund under this Section shall be paid by the State Fire Marshal to the Authority under the continuing appropriation provision of subsection (c-1) of this Section; provided that the Authority and the State Fire Marshal enter into an intergovernmental agreement to use the moneys transferred to the Authority from the Fund solely for the purposes for which the moneys would otherwise be used under this Section and to set forth procedures to otherwise administer the use of the moneys. (c-1) There is hereby appropriated, on a continuing annual basis in each fiscal year, from the Fire Truck Revolving Loan Fund, the amount, if any, of funds received into the Fire Truck Revolving Loan Fund to the State Fire Marshal for payment to the Authority for the purposes for which the moneys would otherwise be used under this Section. (d) A loan for the purchase of fire trucks or brush trucks may not exceed $350,000 to any fire department or fire protection district. A loan for the purchase of brush trucks may not exceed $100,000 per truck. The repayment period for the loan may not exceed 20 years. The fire department or fire protection district shall repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Fire Truck Revolving Loan Fund. (e) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the program.
(f) Notwithstanding the repeal of Section 3-27 of the Rural Bond Bank Act, all otherwise lawful actions taken on or after January 1, 2004 and before the effective date of this Section by any person under the authority originally granted by that Section 3-27, including without limitation the granting, acceptance, and repayment of loans for the purchase of fire trucks, are hereby validated, and the rights and obligations of all parties to any such loan are hereby acknowledged and confirmed.
(Source: P.A. 97-900, eff. 8-6-12; 97-901, eff. 1-1-13; 98-463, eff. 8-16-13; 98-662, eff. 6-23-14.) |
(20 ILCS 3501/825-81) Sec. 825-81. Fire station revolving loan program. (a) The Authority and the State Fire Marshal may jointly administer a fire station revolving loan program. The program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest and low-interest loans for the construction, rehabilitation, remodeling, or expansion of a fire station or the acquisition of land for the construction or expansion of a fire station by a fire department, a fire protection district, or a township fire department. Once the program receives funding, the Authority shall make loans based on need, as determined by the State Fire Marshal. (b) The loan funds, subject to appropriation, may be paid out of the Fire Station Revolving Loan Fund, a special fund in the State treasury. The Fund may consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program. Once the program receives funding, the Fund may be used for loans to fire departments and fire protection districts to construct, rehabilitate, remodel, or expand fire stations or acquire land for the construction or expansion of fire stations and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund. As soon as practical after the effective date of this amendatory Act of the 97th General Assembly, all moneys in the Fire Station Revolving Loan Fund shall be paid by the State Fire Marshal to the Authority, and, on and after the effective date of this amendatory Act of the 97th General Assembly, all future moneys deposited into the Fire Station Revolving Loan Fund under this Section shall be paid by the State Fire Marshal to the Authority under the continuing appropriation provision of subsection (b-1) of this Section; provided that the Authority and the State Fire Marshal enter into an intergovernmental agreement to use the moneys paid by the State Fire Marshal to the Authority from the Fund solely for the purposes for which the moneys would otherwise be used under this Section and to set forth procedures to otherwise administer the use of the moneys. (b-1) There is hereby appropriated, on a continuing annual basis in each fiscal year, from the Fire Station Revolving Loan Fund, the amount, if any, of funds received into the Fire Station Revolving Loan Fund to the State Fire Marshal for payment to the Authority for the purposes for which the moneys would otherwise be used under this Section. (c) A loan under the program may not exceed $2,000,000 to any fire department or fire protection district. The repayment period for the loan may not exceed 25 years. The fire department or fire protection district shall repay each year at least 4% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Fire Station Revolving Loan Fund. (d) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the program.
(Source: P.A. 96-135, eff. 8-7-09; 96-1172, eff. 7-22-10; 97-901, eff. 1-1-13.) |
(20 ILCS 3501/825-85) Sec. 825-85. Ambulance revolving loan program. (a) The Authority and the State Fire Marshal may jointly administer an ambulance revolving loan program. The program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest and low-interest loans for the purchase of ambulances by a fire department, a fire protection district, a township fire department, or a non-profit ambulance service. The Authority shall make loans based on need, as determined by the State Fire Marshal. (b) The loan funds, subject to appropriation, shall be paid out of the Ambulance Revolving Loan Fund, a special fund in the State treasury. The Fund shall consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program. The Fund shall be used for loans to fire departments, fire protection districts, and non-profit ambulance services to purchase ambulances and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund. As soon as practical after the effective date of this amendatory Act of the 97th General Assembly, all moneys in the Ambulance Revolving Loan Fund shall be paid by the State Fire Marshal to the Authority, and, on and after the effective date of this amendatory Act of the 97th General Assembly, all future moneys deposited into the Ambulance Revolving Loan Fund under this Section shall be paid by the State Fire Marshal to the Authority under the continuing appropriation provision of subsection (b-1) of this Section; provided that the Authority and the State Fire Marshal enter into an intergovernmental agreement to use the moneys transferred to the Authority from the Fund solely for the purposes for which the moneys would otherwise be used under this Section and to set forth procedures to otherwise administer the use of the moneys. (b-1) There is hereby appropriated, on a continuing annual basis in each fiscal year, from the Ambulance Revolving Loan Fund, the amount, if any, of funds received into the Ambulance Revolving Loan Fund to the State Fire Marshal for payment to the Authority for the purposes for which the moneys would otherwise be used under this Section. (c) A loan for the purchase of ambulances may not exceed $200,000 to any fire department, fire protection district, or non-profit ambulance service. The repayment period for the loan may not exceed 10 years. The fire department, fire protection district, or non-profit ambulance service` shall repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Ambulance Revolving Loan Fund. (d) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the program.
(Source: P.A. 100-152, eff. 1-1-18.) |
(20 ILCS 3501/825-87) Sec. 825-87. Public life safety capital investment finance program. (a) In addition to the powers set forth in Sections 825-80, 825-81, and 825-85 of this Act and in furtherance of the purposes and programs set forth in those Sections, the Authority may use loans as authorized in this Act to maximize the number of participants in the programs and to maximize the efficient use of taxpayer appropriated funds. The moneys identified in Sections 825-80, 825-81, and 825-85 of this Act shall be used by the Authority only for the express purposes described in those Sections. (b) The Authority, after consulting with the State Fire Marshal, may determine the financial structure, including but not limited to the terms, conditions, collateral, maturity, and interest rate, of loans authorized by the programs under Sections 825-80, 825-81, and 825-85 of this Act. (c) The Authority and the State Fire Marshal may access the moneys referenced in Sections 825-80, 825-81, and 825-85 of this Act and may fix, determine, charge, and collect fees, in connection with the programs under Sections 825-80, 825-81 and 825-85 of this Act and in furtherance of the purposes set forth in this Section. (d) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the programs under this Section.
(Source: P.A. 97-901, eff. 1-1-13.) |
(20 ILCS 3501/825-90) Sec. 825-90. Illinois Power Agency Bonds.
(a) In this Section:
"Agency" means the Illinois Power Agency. "Agency loan agreement" means any agreement pursuant to which the Illinois Finance Authority agrees to loan the proceeds of its revenue bonds issued with respect to a specific Illinois Power Agency project to the Illinois Power Agency upon terms providing for loan repayment installments at least sufficient to pay when due all principal of, interest and premium, if any, on any revenue bonds of the Authority, if any, issued with respect to the Illinois Power Agency project, and providing for maintenance, insurance, and other matters as may be deemed desirable by the Authority.
"Authority" means the Illinois Finance Authority. "Director" means the Director of the Illinois Power Agency. "Facility" means an electric generating unit or a co-generating unit that produces electricity along with related equipment necessary to connect the facility to an electric transmission or distribution system. "Governmental aggregator" means one or more units of local government that individually or collectively procures electricity to serve residential retail electrical loads located within its or their jurisdiction. "Local government" means a unit of local government as defined in Section 1 of Article VII of the Illinois Constitution of 1970. "Project" means any project as defined in the Illinois Power Agency Act. "Real property" means any interest in land, together with all structures, fixtures, and improvements thereon, including lands under water and riparian rights, any easements, covenants, licenses, leases, rights-of-way, uses, and other interests, together with any liens, judgments, mortgages, or other claims or security interests related to real property. "Revenue bond" means any bond, note, or other evidence of indebtedness issued by the Illinois Finance Authority on behalf of the Illinois Power Agency, the principal and interest of which is payable solely from revenues or income derived from any project or activity of the Agency. (b) Powers and duties; Illinois Power Agency Program. The Authority has the power: (1) To accept from time to time pursuant to an Agency | ||
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(2) To issue revenue bonds in one or more series | ||
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(3) To provide for the funding of any reserves or | ||
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(4) To accept the pledge of any Agency revenue, | ||
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(5) To enter into agreements or contracts with third | ||
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(6) To charge reasonable fees to defray the cost of | ||
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(7) To obtain and maintain guarantees, letters of | ||
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(8) To provide technical assistance, at the request | ||
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(9) To sell, transfer, or otherwise defease revenue | ||
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(10) To enter into agreements or contracts with any | ||
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(11) To make and enter into all other agreements and | ||
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(12) To contract for and finance the costs of audits | ||
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(13) To exercise such other powers as are necessary | ||
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(c) Illinois Power Agency participation. The Agency is authorized to voluntarily participate in this program as described in the Illinois Power Agency Act. The Authority may issue revenue bonds on behalf of the Agency pursuant to an Agency loan agreement entered into by the parties as set forth in the Illinois Power Agency Act. Any proceeds from the sale of those revenue bonds shall be deposited into the Illinois Power Agency Facilities Fund to be used by the Agency for the purposes set forth in the Illinois Power Agency Act. (d) Pledge of revenues by the Agency. Any pledge of revenues or other moneys made by the Agency shall be binding from the time the pledge is made. Revenues and other moneys so pledged shall be held in the Illinois Power Agency Facilities Fund, Illinois Power Agency Debt Service Fund, or other funds as directed by the Agency loan agreement. Revenues or other moneys so pledged and thereafter received by the State Treasurer shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be binding against all parties having claims of any kind of tort, contract, or otherwise against the Authority, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Authority. The State pledges to and agrees with the holders of revenue bonds, and the beneficial owners of the revenue bonds issued on behalf of the Agency, that the State shall not limit or restrict the rights hereby vested in the Authority to purchase, acquire, hold, sell, or defease revenue bonds or other investments or to establish and collect such fees or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of operation of the Authority, and to fulfill the terms of any agreement made with the holders of the revenue bonds issued by the Authority on behalf of the Agency or in any way impair the rights or remedies of the holders of those revenue bonds or the beneficial owners of the revenue bonds until those revenue bonds are fully paid and discharged or provision for their payment has been made. The revenue bonds shall not be a debt of the State, the Authority, any political subdivision thereof (other than the Agency to the extent provided therein), any governmental aggregator as defined in the Illinois Power Agency Act, or any local government, and neither the State, the Authority, any political subdivision thereof (other than the Agency to the extent provided therein), any governmental aggregator, nor any local government shall be liable thereon. The Authority shall not have the power to pledge the credit, the revenues, or the taxing power of the State, any political subdivision thereof (other than the Agency to the extent provided in the Agency loan agreement relating to the revenue bonds in question), any governmental aggregator, or of any local government, and neither the credit, the revenues, nor the taxing power of the State, any political subdivision thereof (other than the Agency to the extent provided in the Agency loan agreement relating to the revenue bonds in question), any governmental aggregator, or of any local government shall be, or shall be deemed to be, pledged to the payment of any revenue bonds, or obligations of the Agency. (e) Exemption from taxation. The creation of the Illinois Power Agency is in all respects for the benefit of the people of Illinois and for the improvement of their health, safety, welfare, comfort, and security, and its purposes are public purposes. In consideration thereof, the revenue bonds issued on behalf of the Agency pursuant to this Act and the income from these revenue bonds may be free from all taxation by the State or its political subdivisions, except for estate, transfer, and inheritance taxes. The exemption from taxation provided by the preceding sentence shall apply to the income on any revenue bonds issued on behalf of the Agency only if the Authority with concurrence of the Agency in its sole judgment determines that the exemption enhances the marketability of the revenue bonds or reduces the interest rates that would otherwise be borne by the revenue bonds and that the project for which the revenue bonds will be issued will be owned by the Agency or another governmental entity and that the project is used for public consumption. For purposes of Section 250 of the Illinois Income Tax Act, the exemption of the Agency shall terminate after all of the revenue bonds have been paid. The amount of the income that shall be added and then subtracted on the Illinois income tax return of a taxpayer, subject to Section 203 of the Illinois Income Tax Act, from federal adjusted gross income or federal taxable income in computing Illinois base income shall be the interest net of any bond premium amortization.
(Source: P.A. 95-481, eff. 8-28-07; 95-876, eff. 8-21-08.) |
(20 ILCS 3501/825-95)
Sec. 825-95. Emerald ash borer revolving loan program. (a) The Illinois Finance Authority may administer an emerald ash borer revolving loan program. The program shall provide low-interest or zero-interest loans to units of local government for the treatment of standing trees and replanting of trees on public lands that are within emerald ash borer quarantine areas as established by the Illinois Department of Agriculture. The Authority may make loans based on the recommendation of the Department of Agriculture.
For the purposes of this Section, "treatment" means the administration, by environmentally sensitive processes and methods, of products and materials proven by academic research to protect ash trees from the invasive Emerald Ash Borer in order to prevent or reverse the damage and preserve the trees. (b) The loan funds, subject to appropriation, must be paid out of the Emerald Ash Borer Revolving Loan Fund, a special fund created in the State treasury. The moneys in the Fund consist of any moneys transferred or appropriated into the Fund as well as all repayments of loans made under this program. Moneys in the Fund may be used only for loans to units of local government for the treatment of standing trees and replanting of trees within emerald ash borer quarantine areas established by the Department of Agriculture and for no other purpose. All interest earned on moneys in the Fund must be deposited into the Fund.
(c) A loan for the treatment of standing trees and replanting of trees on public lands within emerald ash borer quarantine areas established by the Department of Agriculture may not exceed $5,000,000 to any one unit of local government. The repayment period for the loan may not exceed 20 years. The unit of local government shall repay, each year, at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans must be deposited into the Emerald Ash Borer Revolving Loan Fund.
(d) Any loan under this Section to a unit of local government may not exceed the moneys that the unit of local government expends or dedicates for the reforestation project for which the loan is made.
(e) The Department of Agriculture may enter into agreements with a unit of local government under which the unit of local government is authorized to assist the Department in carrying out its duties in a quarantined area, including inspection and eradication of any dangerous insect or dangerous plant disease, and including the transportation, processing, and disposal of diseased material. The Department is authorized to provide compensation or financial assistance to the unit of local government for its costs.
(f) The Authority, with the assistance of the Department of Agriculture and the Department of Natural Resources, shall adopt rules to administer the program under this Section.
(Source: P.A. 98-90, eff. 7-15-13.) |
(20 ILCS 3501/825-100) Sec. 825-100. School Wind and Solar Generation Program. (a) There is created the School Wind and Solar Generation Program to fund wind generation projects and solar generation projects for school districts and community college districts. The Authority may implement and administer this program. Under the program, the Authority may provide to school districts and community college districts that apply, full or partial low-interest loans for, without limitation, engineering studies, feasibility studies, research studies, and construction costs for wind generation projects and solar generation projects. The loan funds, subject to appropriation, shall be paid out of the School Wind and Solar Generation Revolving Loan Fund. All repayments of loans shall be deposited into the School Wind and Solar Generation Revolving Loan Fund. (b) The Authority may make available information regarding the School Wind and Solar Generation Program to all school districts and community college districts in this State. (c) The School Wind and Solar Generation Revolving Loan Fund is created as a special fund in the State treasury. The School Wind and Solar Generation Revolving Loan Fund shall consist of any moneys appropriated into the School Wind and Solar Generation Revolving Loan Fund, as well as all repayments of loans made under the School Wind and Solar Generation Program. All interest earned on moneys in the School Wind and Solar Generation Revolving Loan Fund shall be deposited into the Fund. All money in the School Wind and Solar Generation Revolving Loan Fund must be used, subject to appropriation, by the Authority for the purposes of this Section. (d) The Authority may accept additional funding for the School Wind and Solar Generation Program from the federal government and private donations. (e) The Authority may adopt any rules necessary to implement this Section.
(Source: P.A. 96-725, eff. 8-25-09.) |
(20 ILCS 3501/825-105) Sec. 825-105. Illiana Expressway financing. For the purpose of financing the Illiana Expressway under the Public Private Agreements for the Illiana Expressway Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 96-913, eff. 6-9-10; 97-333, eff. 8-12-11.) |
(20 ILCS 3501/825-106) Sec. 825-106. Transportation project financing. For the purpose of financing a transportation project undertaken under the Public-Private Partnerships for Transportation Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 97-502, eff. 8-23-11.) |
(20 ILCS 3501/825-106.5) Sec. 825-106.5. South Suburban Airport financing. For the purpose of financing the South Suburban Airport under the Public-Private Agreements for the South Suburban Airport Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 98-109, eff. 7-25-13.) |
(20 ILCS 3501/825-107)
Sec. 825-107. Implementation of ARRA provisions regarding recovery zone bonds.(a) Findings. Recovery zone bonds authorized by the American Recovery and Reinvestment Act of
2009 are an important economic development tool for the State. All counties in the State and
municipalities in the State with a population of 100,000 or more have received an
allocation of recovery zone bond authorization. Under federal law, those allocations must be
used on or before December 31, 2010. The State strongly encourages counties and
municipalities to issue recovery zone bonds to spur economic development in the State.
Under federal law, the allocations may be voluntarily waived to the State for reallocation
by the State to other jurisdictions and other projects in the State. This Section sets forth the
process by which the Authority, on behalf of the State, will receive otherwise unused
allocations and ensure that this valuable economic development incentive will be used to the
fullest extent feasible for the benefit of the citizens of the State of Illinois. (b) Definitions. (i) "Affected local government" means either any | ||
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(ii) "Allocation amount" means the $666,972,000 | ||
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(iii) "ARRA" means, collectively, the American | ||
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(iv) "ARRA implementing regulations" means the | ||
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(v) "Code" means the Internal Revenue Code of 1986, | ||
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(vi) "Recovery zone" means any area designated | ||
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(vii) "Recovery zone bond" means any recovery zone | ||
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(viii) "Recovery zone bond allocation" means an | ||
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(ix) "Regional authority" means the Central Illinois | ||
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(x) "Sub-allocation" means the portion of the | ||
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(xi) "Waived recovery zone bond allocation" means | ||
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(xii) "Waiver agreement" means an agreement between | ||
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(c) Additional findings. It is found and declared that: (i) it is in the public interest and for the benefit | ||
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(ii) those incentives include the maximum use of the | ||
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(iii) those incentives also include the issuance by | ||
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(iv) the provisions of this Section reflect the | ||
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(d) Powers of Authority. (i) In order to carry out the provisions of ARRA and | ||
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(A) the power to receive from any affected local | ||
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(B) at the Authority's sole discretion, the power | ||
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(C) the power to enter into waiver agreements | ||
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(D) the power to designate areas within the | ||
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(E) the power to issue recovery zone bonds for | ||
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(ii) In addition to the powers set forth in item | ||
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(iii) In addition to the powers set forth in items | ||
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(iv) The Authority has the power to adopt | ||
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(v) Unless extended by an act of the United States | ||
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(e) Established dates for notice. Any affected local government or any regional authority that has issued recovery zone bonds on or before the effective date of this Section must report its issuance of recovery zone bonds to the Authority within 30 days after the effective date of this Section. After the effective date of this Section, any affected local government or any regional authority must report its issuance of recovery zone bonds to the Authority not less than 30 days after those bonds are issued.(f) Reports to the General Assembly. Starting 60 days after the effective date of this Section and ending on January 15, 2011, the Authority shall file a report before the 15th day of each month with the General Assembly detailing its implementation of this Section, including but not limited to the dollar amount of the allocation amount that has been reallocated by the Authority pursuant to this Section, the recovery zone bonds issued in the State as of the date of the report, and descriptions of the qualifying projects financed by those recovery zone bonds.
(Source: P.A. 96-1020, eff. 7-12-10; 97-333, eff. 8-12-11.)
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(20 ILCS 3501/825-108) Sec. 825-108. Transportation project financing. For the purpose of financing a transportation facility undertaken under the Innovations for Transportation Infrastructure Act, the Authority may apply for an allocation of tax-exempt bond financing authorization provided by subsection (m) of Section 142 of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 102-1094, eff. 6-15-22.) |
(20 ILCS 3501/825-110) Sec. 825-110. Implementation of ARRA provisions regarding qualified energy conservation bonds.(a) Definitions. (i) "Affected local government" means any county or | ||
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(ii) "Allocation amount" means the $133,846,000 | ||
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(iii) "ARRA" means, collectively, the American | ||
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(iv) "ARRA implementing regulations" means the | ||
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(v) "Code" means the Internal Revenue Code of 1986, | ||
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(vi) "Qualified energy conservation bond" means any | ||
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(vii) "Qualified energy conservation bond | ||
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(viii) "Regional authority" means the Central | ||
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(ix) "Sub-allocation" means the portion of the | ||
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(x) "Waived qualified energy conservation bond | ||
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(xi) "Waiver agreement" means an agreement between | ||
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(b) Findings. It is found and declared that: (i) it is in the public interest and for the benefit | ||
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(ii) those incentives include the maximum use of the | ||
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(iii) those incentives also include the issuance by | ||
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(c) Powers of Authority. (i) In order to carry out the provisions of ARRA and | ||
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(A) the power to receive from any affected local | ||
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(B) at the Authority's sole discretion, the power | ||
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(C) the power to enter into waiver agreements | ||
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(D) the power to issue qualified energy | ||
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(ii) In addition to the powers set forth in item | ||
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(iii) In addition to the powers set forth in items | ||
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(iv) The Authority has the power to adopt | ||
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(d) Established dates for notice. Any affected local government or regional authority that has issued qualified energy conservation bonds on or before the effective date of this Section must report its issuance of qualified energy conservation bonds to the Authority within 30 days after the effective date of this Section. After the effective date of this Section, any affected local government or any regional authority must report its issuance of qualified energy conservation bonds to the Authority not less than 30 days after those bonds are issued.(e) Reports to the General Assembly. Starting 60 days after the effective date of this Section and ending when there is no longer any allocation amount, the Authority shall file a report before the end of each fiscal year with the General Assembly detailing its implementation of this Section, including but not limited to the dollar amount of the allocation amount that has been reallocated by the Authority pursuant to this Section, the qualified energy conservation bonds issued in the State as of the date of the report, and descriptions of the qualifying projects financed by those qualified energy conservation bonds.
(Source: P.A. 98-90, eff. 7-15-13.) |
(20 ILCS 3501/825-115) Sec. 825-115. (Repealed).
(Source: P.A. 97-971, eff. 1-1-13. Repealed internally, eff. 12-31-19.) |
(20 ILCS 3501/Art. 830 heading) ARTICLE 830
AGRICULTURAL ASSISTANCE
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(20 ILCS 3501/830-5)
Sec. 830-5. The Authority shall have the following powers:
(a) To loan its funds to one or more persons to be used by such persons to
pay
the costs of acquiring, constructing, reconstructing or improving Agricultural
Facilities, soil or water conservation projects or watershed areas, such loans
to be on such terms and conditions, and for such period of time, and secured or
evidenced by such mortgages, deeds of trust, notes, debentures, bonds or other
secured or unsecured evidences of indebtedness of such persons as the Board may
determine;
(b) To loan its funds to any agribusiness which operates or will operate a
facility located in Illinois for those purposes permitted by rules and
regulations issued pursuant to the Internal Revenue Code of 1954, as amended,
relating to the use of moneys loaned from the proceeds from the issuance of
industrial development revenue bonds; such loans shall be on terms and
conditions, and for periods of time, and secured or evidenced by mortgages,
deeds of trust, notes, debentures, bonds or other secured or unsecured
evidences
of indebtedness of such agribusiness as the Board may require;
(c) To purchase, or to make commitments to purchase, from lenders notes,
debentures, bonds or other evidences of indebtedness secured by mortgages,
deeds of trust, or security devices, or unsecured, as the Authority may
determine, or portions thereof or participations therein, which notes, bonds,
or other evidences of indebtedness shall have been or will be executed by the
obligors thereon to obtain funds with which to acquire, by purchase,
construction, or otherwise, reconstruct or improve Agricultural Facilities;
(d) To contract with lenders or others for the origination of or the
servicing
of the loans made by the Authority pursuant to this
Section or
represented by the notes, bonds, or other evidences of indebtedness which it
has purchased pursuant to this
Section; provided that such
servicing fees shall not exceed one percent per annum of the principal amount
outstanding owed to the Authority; and
(e) To enter into a State Guarantee with a lender or a person holding a note
and
to sell or issue such State Guarantees, bonds or evidences of indebtedness in a
primary or a secondary market and to make payment on a State Guarantee from available sources, including but not limited to, the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund created under Section 830-30 and Section 830-35, respectively, and the Industrial Project Insurance Fund created under Article 805 of this Act.
(Source: P.A. 96-897, eff. 5-24-10.)
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(20 ILCS 3501/830-10)
Sec. 830-10.
(a) The Authority may establish a Farm Debt Relief Program to
help provide
eligible Illinois farmers with State assistance in meeting their
farming-related debts.
(b) To be eligible for the program, a person must (1) be actively engaged in
farming in this State, (2) have farming-related debts in an amount equal to at
least 55% of the person's total assets, and (3) demonstrate that he can secure
credit from a conventional lender for the 1986 crop year.
(c) An eligible person may apply to the Authority, in such manner as the
Authority may specify, for a one-time farm debt relief payment of up to 2% of
the person's outstanding farming-related debt. If the Authority determines that
the applicant is eligible for a payment under this
Section, it may then approve
a payment to the applicant. Such payment shall consist of a payment made by the
Authority directly to one or more of the applicant's farming-related creditors,
to be applied to the reduction of the applicant's farming-related debt. The
applicant shall be entitled to select the creditor or creditors to receive the
payment, unless the applicant is subject to the jurisdiction of a bankruptcy
court, in which case the selection of the court shall control.
(d) Payments shall be made from the Farm Emergency Assistance Fund, which is
hereby established as a special fund in the State treasury, from funds
appropriated to the Authority for that purpose. No grant may exceed the lesser
of (1) 2% of the applicant's outstanding farm-related debt, or (2) $2000. Not
more than one grant under this
Section may be made to any one person, or to any
one household, or to any single farming operation.
(e) Payments to applicants having farming-related debts in an amount equal
to
at least 55% of the person's total assets, but less than 70%, shall be repaid
by
the applicant to the Authority for deposit into the Farm Emergency Assistance
Fund within five years from the date the payment was made. Repayment shall be
made in equal installments during the five-year period with no additional
interest charge and may be prepaid in whole or in part at any time. Applicants
having farming-related debts in an amount equal to at least 70% of the person's
total assets shall not be required to make any repayment. Assets shall include,
but not be 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. Debts 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.
(Source: P.A. 98-90, eff. 7-15-13.)
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(20 ILCS 3501/830-15)
Sec. 830-15. Interest-buy-back program.
(a) The Authority may establish an interest-buy-back program to subsidize
the interest cost on certain loans to Illinois farmers.
(b) To be eligible an applicant must (i) be a resident of Illinois; (ii) be
a
principal operator of a farm or land; (iii) derive at least 50% of annual gross
income from farming; and (iv) have a net worth of at least $10,000. The
Authority shall establish minimum and maximum financial requirements, maximum
payment amounts, starting and ending dates for the program, and other criteria.
(c) Lenders may apply on behalf of eligible applicants on forms provided by
the
Authority. Lenders may submit requests for payment on forms provided by the
Authority. Lenders and applicants shall be responsible for any fees or charges
the Authority may require.
(d) The Authority shall make payments to lenders from available
appropriations from the General Revenue Fund.
(Source: P.A. 98-90, eff. 7-15-13.)
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(20 ILCS 3501/830-20)
Sec. 830-20.
The Authority may not pass a resolution authorizing the
issuance
of any notes or bonds in excess of $450,000 for any one agricultural real
estate
borrower. In any calendar year after 2007, the $450,000 amount shall be increased by an amount equal to such dollar amount multiplied by the inflation percentage determined under Section 305(c) of the federal Consolidated Farm and Rural Development Act (7 U.S.C. 1925) as of June 18, 2008. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100. No proceeds from any bonds issued by the Authority shall be loaned to
any natural person who has a net worth in excess of $500,000 for the purchase
of
new depreciable agricultural property or to any agribusiness that, including
all
affiliates and subsidiaries, has more than 100 employees and a gross income
exceeding $2,000,000 for the preceding calendar year; provided, however, that
the employee size and gross income limitations shall not apply to any loans to
agribusinesses for research and development purposes, and provided further that
the Authority shall retain the power to waive such limitations for any
agribusiness that, at the time of application, does not operate a facility
within this State.
(Source: P.A. 96-531, eff. 8-14-09.)
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(20 ILCS 3501/830-25)
Sec. 830-25. Bonded indebtedness limitation. The Authority shall not have
outstanding at any one time State Guarantees under
Section 830-30 in an aggregate
principal amount exceeding $160,000,000. The Authority shall not have
outstanding at any one time State Guarantees under
Sections 830-35, 830-45 and 830-50 in an aggregate principal amount exceeding
$225,000,000. The Guarantees in this Section may be used to support Renewable Energy Projects as described in clauses (A) and (B) of subsection (b)(iii) of Section 825-65 of this Act.
(Source: P.A. 96-103, eff. 1-1-10.)
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(20 ILCS 3501/830-30)
Sec. 830-30. State Guarantees for existing debt.
(a) The Authority is authorized to issue State Guarantees for farmers'
existing
debts held by a lender. For the purposes of this
Section, a farmer shall be a
resident of Illinois, who is a principal operator of a farm or land, at least
50% of whose annual gross income is derived from farming and whose debt to
asset
ratio shall not be less than 40%, except in those cases where the applicant has
previously used the guarantee program there shall be no debt to asset ratio or
income restriction. For the purposes of this
Section, debt to asset ratio shall
mean the current outstanding liabilities of the farmer divided by the current
outstanding assets of the farmer. The Authority shall establish the maximum
permissible debt to asset ratio based on criteria established by the Authority.
Lenders shall apply for the State Guarantees on forms provided by the Authority
and certify that the application and any other documents submitted are true and
correct. The lender or borrower, or both in combination, shall pay an
administrative fee as determined by the Authority. The applicant shall be
responsible for paying any fees or charges involved in recording mortgages,
releases, financing statements, insurance for secondary market issues and any
other similar fees or charges as the Authority may require. The application
shall at a minimum contain the farmer's name, address, present credit and
financial information, including cash flow statements, financial statements,
balance sheets, and any other information pertinent to the application, and the
collateral to be used to secure the State Guarantee. In addition, the lender
must agree to bring the farmer's debt to a current status at the time the State
Guarantee is provided and must also agree to charge a fixed or adjustable
interest rate which the Authority determines to be below the market rate of
interest generally available to the borrower. If both the lender and applicant
agree, the interest rate on the State Guarantee Loan can be converted to a fixed
interest rate at any time during the term of the loan.
Any State Guarantees provided under this
Section (i) shall not exceed $500,000
per farmer, (ii) shall be set up on a payment schedule not to exceed 30 years,
and shall be no longer than 30 years in duration, and (iii) shall be subject to
an annual review and renewal by the lender and the Authority; provided that
only
one such State Guarantee shall be outstanding per farmer at any one time. No
State Guarantee shall be revoked by the Authority without a 90-day notice, in
writing, to all parties. In those cases where the borrower has not previously
used the guarantee program, the lender shall not call due any loan during the
first 3 years for any reason except for lack of performance or insufficient
collateral. The lender can review and withdraw or continue with the State
Guarantee on an annual basis after the first 3 years of the loan, provided a
90-day notice, in writing, to all parties has been given.
(b) The Authority shall provide or renew a State Guarantee to a lender if:
(i) A fee equal to 25 basis points on the loan is | ||
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(ii) The application provides collateral acceptable | ||
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(iii) The lender assumes all responsibility and costs | ||
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(iv) The lender is responsible for the first 15% of | ||
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(c) There is hereby created outside of the State treasury a special fund to
be
known as the Illinois Agricultural Loan Guarantee Fund. The State Treasurer
shall be custodian of this Fund. Any amounts in the Illinois Agricultural Loan
Guarantee Fund not currently needed to meet the obligations of the Fund shall
be
invested as provided by law or used by the Authority to make direct loans or originate or purchase loan participations under subsection (i) or (r) of Section 801-40. All interest earned from these investments
shall be deposited into the Fund until the Fund reaches the maximum amount
authorized in this Act; thereafter, interest earned shall be deposited into the
General Revenue Fund. After September 1, 1989, annual investment earnings equal
to 1.5% of the Fund shall remain in the Fund to be used for the purposes
established in
Section 830-40 of this Act. All earnings on direct loans or loan participations made by the Authority under subsection (i) or (r) of Section 801-40 with amounts in this Fund shall become funds of the Authority. The Authority is authorized to
transfer to the Fund such amounts as are necessary to satisfy claims during the
duration of the State Guarantee program to secure State Guarantees issued under
this
Section, provided that amounts to be paid from the Industrial Project Insurance Fund created under Article 805 of this Act may be paid by the Authority directly to satisfy claims and need not
be deposited first into the Illinois Agricultural Loan Guarantee Fund. If for any reason the General Assembly fails to make an
appropriation sufficient to meet these obligations, this Act shall constitute
an
irrevocable and continuing appropriation of an amount necessary to secure
guarantees as defaults occur and the irrevocable and continuing authority for,
and direction to, the State Treasurer and the Comptroller to make the necessary
transfers to the Illinois Agricultural Loan Guarantee Fund, as directed by the
Governor, out of the General Revenue Fund. Within 30 days after November 15,
1985, the Authority may transfer up to $7,000,000 from available appropriations
into the Illinois Agricultural Loan Guarantee Fund for the purposes of this
Act.
Thereafter, the Authority may transfer additional amounts into the Illinois
Agricultural Loan Guarantee Fund to secure guarantees for defaults as defaults
occur. In the event of default by the farmer, the lender shall be entitled to,
and the Authority shall direct payment on, the State Guarantee after 90 days of
delinquency. All payments by the Authority to satisfy claims against the State Guarantee shall be made, in whole or in part, from any of the following funds in such order and in such amounts as the Authority shall determine: (1) the Industrial Project Insurance Fund created under Article 805 of this Act (if the Authority exercises its discretion under subsection (j) of Section 805-20); (2) the Illinois Agricultural Loan Guarantee Fund; or (3) the Illinois Farmer and Agribusiness Loan Guarantee Fund.
The Illinois Agricultural Loan Guarantee Fund shall guarantee receipt of payment
of the 85% of the principal and interest owed on the State Guarantee Loan by the
farmer to the guarantee holder, provided that payments by the Authority to satisfy claims against the State Guarantee shall be made in accordance with the preceding sentence. It shall be the responsibility of the lender to
proceed with the collecting and disposing of collateral on the State Guarantee under this Section, Section 830-35, Section 830-45, Section 830-50, Section 830-55, or Article 835
within 14 months of the time the State Guarantee is declared delinquent;
provided, however, that the lender shall not collect or dispose of collateral on
the State Guarantee without the express written prior approval of the Authority.
If the lender does not dispose of the collateral within 14 months, the lender
shall be liable to repay to the State interest on the State Guarantee equal to
the same rate which the lender charges on the State Guarantee; provided,
however, that the Authority may extend the 14-month period for a lender in the
case of bankruptcy or extenuating circumstances. The Fund from which a payment is made shall be reimbursed
for any amounts paid from that Fund under this
Section, Section 830-35, Section 830-45, Section 830-50, Section 830-55, or Article 835 upon liquidation of the collateral. The
Authority, by resolution of the Board, may borrow sums from the Fund and
provide
for repayment as soon as may be practical upon receipt of payments of principal
and interest by a farmer. Money may be borrowed from the Fund by the Authority
for the sole purpose of paying certain interest costs for farmers associated
with selling a loan subject to a State Guarantee in a secondary market as may
be
deemed reasonable and necessary by the Authority.
(d) Notwithstanding the provisions of this
Section 830-30 with respect to the
farmers and lenders who may obtain State Guarantees, the Authority may
promulgate rules establishing the eligibility of farmers and lenders to
participate in the State guarantee program and the terms, standards, and
procedures that will apply, when the Authority finds that emergency conditions
in Illinois agriculture have created the need for State Guarantees pursuant to
terms, standards, and procedures other than those specified in this
Section.
(Source: P.A. 100-919, eff. 8-17-18; 101-81, eff. 7-12-19.)
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(20 ILCS 3501/830-35)
Sec. 830-35. State Guarantees for loans to farmers and agribusiness;
eligibility. (a) The Authority is authorized to issue State Guarantees to lenders for
loans
to eligible farmers and agribusinesses for purposes set forth in this
Section.
For purposes of this
Section, an eligible farmer shall be a resident of Illinois
(i) who is principal operator of a farm or land, at least 50% of whose annual
gross income is derived from farming, (ii) whose annual total sales of
agricultural products, commodities, or livestock exceeds $20,000, and (iii)
whose net worth does not exceed $500,000. An eligible agribusiness shall be
that as defined in
Section 801-10 of this Act.
The Authority may approve applications by farmers and agribusinesses that
promote diversification of the farm economy of this State through the growth
and
development of new crops or livestock not customarily grown or produced in this
State or that emphasize a vertical integration of grain or livestock produced
or
raised in this State into a finished agricultural product for consumption or
use. "New crops or livestock not customarily grown or produced in this State"
shall not include corn, soybeans, wheat, swine, or beef or dairy cattle.
"Vertical integration of grain or livestock produced or raised in this State"
shall include any new or existing grain or livestock grown or produced in this
State.
Lenders shall apply for the State Guarantees on forms provided by the
Authority,
certify that the application and any other documents submitted are true and
correct, and pay an administrative fee as determined by the Authority. The
applicant shall be responsible for paying any fees or charges involved in
recording mortgages, releases, financing statements, insurance for secondary
market issues and any other similar fees or charges as the Authority may
require. The application shall at a minimum contain the farmer's or
agribusiness' name, address, present credit and financial information,
including cash flow statements, financial statements, balance sheets, and any
other
information pertinent to the application, and the collateral to be used to
secure the State Guarantee. In addition, the lender must agree to charge an
interest rate, which may vary, on the loan that the Authority determines to be
below the market rate of interest generally available to the borrower. If both
the lender and applicant agree, the interest rate on the State Guarantee Loan
can be converted to a fixed interest rate at any time during the term of the
loan.
Any State Guarantees provided under this
Section (i) shall not exceed $500,000
per farmer or an amount as determined by the Authority on a case-by-case
basis for an agribusiness, (ii) shall not exceed a term of 15 years, and (iii)
shall be subject to an annual review and renewal by the lender and the
Authority; provided that only one such State Guarantee shall be made per farmer
or agribusiness, except that additional State Guarantees may be made for
purposes of expansion of projects financed in part by a previously issued State
Guarantee. No State Guarantee shall be revoked by the Authority without a
90-day notice, in writing, to all parties. The lender shall not call due any
loan
for any reason except for lack of performance, insufficient collateral, or
maturity. A lender may review and withdraw or continue with a State Guarantee
on an annual basis after the first 5 years following closing of the loan
application if the loan contract provides for an interest rate that shall not
vary. A lender shall not withdraw a State Guarantee if the loan contract
provides for an interest rate that may vary, except for reasons set forth
herein.
(b) The Authority shall provide or renew a State Guarantee to a lender if:
(i) A fee equal to 25 basis points on the loan is | ||
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(ii) The application provides collateral acceptable | ||
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(iii) The lender assumes all responsibility and costs | ||
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(iv) The lender is responsible for the first 15% of | ||
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(c) There is hereby created outside of the State treasury a special fund to
be
known as the Illinois Farmer and Agribusiness Loan Guarantee Fund. The State
Treasurer shall be custodian of this Fund. Any amounts in the Fund not
currently needed to meet the obligations of the Fund shall be invested as
provided by law, or used by the Authority to make direct loans or originate or purchase loan participations under subsection (i) or (r) of Section 801-40. All interest earned from these investments shall be
deposited into the Fund until the Fund reaches the maximum amounts authorized
in
this Act; thereafter, interest earned shall be deposited into the General
Revenue Fund. After September 1, 1989, annual investment earnings equal to 1.5%
of the Fund shall remain in the Fund to be used for the purposes established in
Section 830-40 of this Act. All earnings on direct loans or loan participations made by the Authority under subsection (i) or (r) of Section 801-40 with amounts in this Fund shall become funds of the Authority. The Authority is authorized to transfer such
amounts
as are necessary to satisfy claims from available appropriations and from fund
balances of the Farm Emergency Assistance Fund as of June 30 of each year to
the
Illinois Farmer and Agribusiness Loan Guarantee Fund to secure State Guarantees
issued under this
Section,
Sections 830-30, 830-45, 830-50, and 830-55, and Article 835 of this Act. Amounts to be paid from the Industrial Project Insurance Fund created under Article 805 of this Act may be paid by the Authority directly to satisfy claims and need not be deposited first into the Illinois Farmer and Agribusiness Loan Guarantee Fund. If for any reason the
General Assembly fails to make an appropriation sufficient to meet these
obligations, this Act shall constitute an irrevocable and continuing
appropriation of an amount necessary to secure guarantees as defaults occur and
the irrevocable and continuing authority for, and direction to, the State
Treasurer and the Comptroller to make the necessary transfers to the Illinois
Farmer and Agribusiness Loan Guarantee Fund, as directed by the Governor, out
of
the General Revenue Fund. In the event of default by the borrower on State
Guarantee Loans under this
Section,
Section 830-45,
Section 830-50, or Section 830-55, the lender
shall be entitled to, and the Authority shall direct payment on, the State
Guarantee after 90 days of delinquency. All payments by the Authority to satisfy
claims against the State Guarantee shall be made, in whole or in part, from any of the following funds in such order and in such amounts as the Authority shall determine: (1) the Industrial Project Insurance Fund created under Article 805 of this Act (if the Authority exercises its discretion under subsection (j) of Section 805-20); (2) the Illinois Farmer and Agribusiness Loan Guarantee Fund; or (3) the Illinois Farmer and Agribusiness Loan Guarantee Fund. It shall be the responsibility of the
lender to proceed with the collecting and disposing of collateral on the State
Guarantee under this
Section,
Section 830-45,
Section 830-50, or Section 830-55 within 14 months of
the time the State Guarantee is declared delinquent. If the lender does not
dispose of the collateral within 14 months, the lender shall be liable to repay
to the State interest on the State Guarantee equal to the same rate that the
lender charges on the State Guarantee, provided that the Authority shall have
the authority to extend the 14-month period for a lender in the case of
bankruptcy or extenuating circumstances. The Fund shall be reimbursed for any
amounts paid under this
Section, Section 830-30,
Section 830-45,
Section 830-50, Section 830-55, or Article 835 upon liquidation
of the collateral.
The Authority, by resolution of the Board, may borrow sums from the Fund and
provide for repayment as soon as may be practical upon receipt of payments of
principal and interest by a borrower on State Guarantee Loans under this
Section, Section 830-30,
Section 830-45,
Section 830-50, Section 830-55, or Article 835. Money may be borrowed from the Fund by
the Authority for the sole purpose of paying certain interest costs for
borrowers associated with selling a loan subject to a State Guarantee under
this
Section, Section 830-30,
Section 830-45,
Section 830-50, Section 830-55, or Article 835 in a secondary market as may be deemed
reasonable and necessary by the Authority.
(d) Notwithstanding the provisions of this
Section 830-35 with respect to the
farmers, agribusinesses, and lenders who may obtain State Guarantees, the
Authority may promulgate rules establishing the eligibility of farmers,
agribusinesses, and lenders to participate in the State Guarantee program and
the terms, standards, and procedures that will apply, when the Authority finds
that emergency conditions in Illinois agriculture have created the need for
State Guarantees pursuant to terms, standards, and procedures other than those
specified in this
Section.
(Source: P.A. 100-919, eff. 8-17-18; 101-81, eff. 7-12-19.)
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(20 ILCS 3501/830-40)
Sec. 830-40.
Cooperative agreement with the University of Illinois.
(a) The Authority may enter into a cooperative agreement with the University
of
Illinois whereby the University's College of Agriculture, or a department
thereof, shall assess and evaluate the need for additional, and the
performance of existing, State credit and finance programs administered by the
Authority for farmers and agribusinesses. Pursuant to the cooperative
agreement, the Authority may request from the University an evaluation of
financial positions and lending risks of existing farm operations and existing
and developing agricultural industries, an assessment and evaluation of the
design, operation and performance of existing and proposed credit programs, an
assessment of potential for development of agricultural industry, an assessment
of the performance of credit markets and development of improved State credit
instruments and programs, and any other information deemed necessary by the
Authority to carry forth its credit and finance programs.
(b) A cooperative agreement entered into by the Authority and the University
may provide for payment for services rendered by the University pursuant to the
cooperative agreement from interest earnings remaining in the Illinois
Agricultural Loan Guarantee Fund, as provided for in
Section 830-30 of this Act,
and the Illinois Farmer and Agribusiness Loan Guarantee Fund, as provided for
in
Section 830-40 of this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/830-45)
Sec. 830-45. Young Farmer Loan Guarantee Program.
(a) The Authority is authorized to issue State Guarantees to lenders for
loans
to finance or refinance debts of young farmers. For the purposes of this
Section, a young farmer is a resident of Illinois who is at least 18 years of
age and who is a principal operator of a farm or land, who derives at least 50%
of annual gross income from farming, whose net worth is not less than $10,000
and whose debt to asset ratio is not less than 40%. For the purposes of this
Section, debt to asset ratio means current outstanding liabilities, including
any debt to be financed or refinanced under this
Section 830-45, divided by
current outstanding assets. The Authority shall establish the maximum
permissible debt to asset ratio based on criteria established by the Authority.
Lenders shall apply for the State Guarantees on forms provided by the Authority
and certify that the application and any other documents submitted are true and
correct. The lender or borrower, or both in combination, shall pay an
administrative fee as determined by the Authority. The applicant shall be
responsible for paying any fee or charge involved in recording mortgages,
releases, financing statements, insurance for secondary market issues, and any
other similar fee or charge that the Authority may require. The application
shall at a minimum contain the young farmer's name, address, present credit and
financial information, including cash flow statements, financial statements,
balance sheets, and any other information pertinent to the application, and the
collateral to be used to secure the State Guarantee. In addition, the borrower
must certify to the Authority that, at the time the State Guarantee is
provided,
the borrower will not be delinquent in the repayment of any debt. The lender
must agree to charge a fixed or adjustable interest rate that the Authority
determines to be below the market rate of interest generally available to the
borrower. If both the lender and applicant agree, the interest rate on the
State guaranteed loan can be converted to a fixed interest rate at any time
during the term of the loan.
State Guarantees provided under this
Section (i) shall not exceed $500,000 per
young farmer, (ii) shall be set up on a payment schedule not to exceed 30
years,
but shall be no longer than 15 years in duration, and (iii) shall be subject to
an annual review and renewal by the lender and the Authority. A young farmer
may
use this program more than once provided the aggregate principal amount of
State
Guarantees under this
Section to that young farmer does not exceed $500,000. No
State Guarantee shall be revoked by the Authority without a 90-day notice, in
writing, to all parties.
(b) The Authority shall provide or renew a State Guarantee to a lender if:
(i) The lender pays a fee equal to 25 basis points on | ||
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(ii) The application provides collateral acceptable | ||
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(iii) The lender assumes all responsibility and costs | ||
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(iv) The lender is at risk for the first 15% of the | ||
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(c) The Illinois Agricultural Loan Guarantee Fund, the Illinois Farmer and Agribusiness Loan Guarantee Fund, and the Industrial Project Insurance Fund may be used to
secure State Guarantees issued under this
Section as provided in
Section 830-30, Section 830-35, and subsection (j) of Section 805-20, respectively. All payments by the Authority to satisfy claims against the State Guarantee shall be made, in whole or in part, from any of the following funds in such order and in such amounts as the Authority shall determine: (1) the Industrial Project Insurance Fund (if the Authority exercises its discretion under subsection (j) of Section 805-20); (2) the Illinois Agricultural Loan Guarantee Fund; or (3) the Illinois Farmer and Agribusiness Loan Guarantee Fund.
(d) Notwithstanding the provisions of this
Section 830-45 with respect to the
young farmers and lenders who may obtain State Guarantees, the Authority may
promulgate rules establishing the eligibility of young farmers and lenders to
participate in the State Guarantee program and the terms, standards, and
procedures that will apply, when the Authority finds that emergency conditions
in Illinois agriculture have created the need for State Guarantees pursuant to
terms, standards, and procedures other than those specified in this
Section.
(Source: P.A. 99-509, eff. 6-24-16.)
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(20 ILCS 3501/830-50)
Sec. 830-50. Specialized Livestock Guarantee Program.
(a) The Authority is authorized to issue State Guarantees to lenders for
loans
to finance or refinance debts for specialized livestock operations that are or
will be located in Illinois. For purposes of this
Section, a "specialized
livestock operation" includes, but is not limited to, dairy, beef, and swine
enterprises. For purposes of this Section, a specialized livestock operation also includes livestock operations using anaerobic digestors to generate electricity.
(b) Lenders shall apply for the State Guarantees on forms provided by the
Authority and certify that the application and any other documents submitted
are true and correct. The lender or borrower, or both in combination, shall pay
an administrative fee as determined by the Authority. The applicant shall be
responsible for paying any fee or charge involved in recording mortgages,
releases, financing statements, insurance for secondary market issues, and any
other similar fee or charge that the Authority may require. The application
shall, at a minimum, contain the farmer's name, address, present credit and
financial information, including cash flow statements, financial statements,
balance sheets, and any other information pertinent to the application, and the
collateral to be used to secure the State Guarantee. In addition, the borrower
must certify to the Authority that, at the time the State Guarantee is
provided,
the borrower will not be delinquent in the repayment of any debt. The lender
must agree to charge a fixed or adjustable interest rate that the Authority
determines to be below the market rate of interest generally available to the
borrower. If both the lender and applicant agree, the interest rate on the
State guaranteed loan can be converted to a fixed interest rate at any time
during the term of the loan.
(c) State Guarantees provided under this
Section (i) shall not exceed
$1,000,000 per applicant, (ii) shall be no longer than 15 years in duration,
and
(iii) shall be subject to an annual review and renewal by the lender and the
Authority. An applicant may use this program more than once, provided that the
aggregate principal amount of State Guarantees under this
Section to that
applicant does not exceed $1,000,000. A State Guarantee shall not be revoked by
the Authority without a 90-day notice, in writing, to all parties.
(d) The Authority shall provide or renew a State Guarantee to a lender if:
(i) The lender pays a fee equal to 25 basis points on the loan to the Authority
on
an annual basis. (ii) The application provides collateral acceptable to the
Authority that is at least equal to the State Guarantee. (iii) The lender
assumes all responsibility and costs for pursuing legal action on collecting
any
loan that is delinquent or in default. (iv) The lender is at risk for the first
15% of the outstanding principal of the note for which the State Guarantee is
provided.
(e) The Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund may be used to
secure State Guarantees issued under this
Section as provided in
Section 830-30 and Section 830-35, respectively.
(f) Notwithstanding the provisions of this
Section 830-50 with respect to the
specialized livestock operations and lenders who may obtain State Guarantees,
the Authority may promulgate rules establishing the eligibility of specialized
livestock operations and lenders to participate in the State Guarantee program
and the terms, standards, and procedures that will apply, when the Authority
finds that emergency conditions in Illinois agriculture have created the need
for State Guarantees pursuant to terms, standards, and procedures other than
those specified in this Section.
(Source: P.A. 95-697, eff. 11-6-07; 96-897, eff. 5-24-10.)
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(20 ILCS 3501/830-55) Sec. 830-55. Working Capital Loan Guarantee Program. (a) The Authority is authorized to issue State Guarantees to lenders for loans to finance needed input costs related to and in connection with planting and raising agricultural crops and commodities in Illinois. Eligible input costs include, but are not limited to, fertilizer, chemicals, feed, seed, fuel, parts, and repairs. At the discretion of the Authority, the farmer, producer, or agribusiness must be able to provide the originating lender with a first lien on the proposed crop or commodity to be raised and an assignment of Federal Crop Insurance sufficient to secure the Working Capital Loan. Additional collateral may be required as deemed necessary by the lender and the Authority. For the purposes of this Section, an eligible farmer, producer, or agribusiness is a resident of Illinois who is at least 18 years of age and who is a principal operator of a farm or land, who derives at least 50% of annual gross income from farming, and whose debt to asset ratio is not less than 40%. For the purposes of this Section, debt to asset ratio means current outstanding liabilities, including any debt to be financed or refinanced under this Section 830-55, divided by current outstanding assets. The Authority shall establish the maximum permissible debt to asset ratio based on criteria established by the Authority. Lenders shall apply for the State Guarantees on forms provided by the Authority and certify that the application and any other documents submitted are true and correct. The lender or borrower, or both in combination, shall pay an administrative fee as determined by the Authority. The applicant shall be responsible for paying any fee or charge involved in recording mortgages, releases, financing statements, insurance for secondary market issues, and any other similar fee or charge that the Authority may require. The application shall at a minimum contain the borrower's name, address, present credit and financial information, including cash flow statements, financial statements, balance sheets, and any other information pertinent to the application, and the collateral to be used to secure the State Guarantee. In addition, the borrower must certify to the Authority that, at the time the State Guarantee is provided, the borrower will not be delinquent in the repayment of any debt. The lender must agree to charge a fixed or adjustable interest rate that the Authority determines to be below the market rate of interest generally available to the borrower. If both the lender and applicant agree, the interest rate on the State guaranteed loan can be converted to a fixed interest rate at any time during the term of the loan. State Guarantees provided under this Section (i) shall not exceed $250,000 per borrower, (ii) shall be repaid annually, and (iii) shall be subject to an annual review and renewal by the lender and the Authority. The State Guarantee may be renewed annually, for a period not to exceed 3 total years per State Guarantee, if the borrower meets financial criteria and other conditions, as established by the Authority. A farmer or agribusiness may use this program more than once provided the aggregate principal amount of State Guarantees under this Section to that farmer or agribusiness does not exceed $250,000 annually. No State Guarantee shall be revoked by the Authority without a 90-day notice, in writing, to all parties. (b) The Authority shall provide a State Guarantee to a lender if: (i) The borrower pays to the Authority a fee equal to | ||
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(ii) The application provides collateral acceptable | ||
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(iii) The lender assumes all responsibility and costs | ||
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(iv) The lender is at risk for the first 15% of the | ||
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(c) The Illinois Agricultural Loan Guarantee Fund, the Illinois Farmer and Agribusiness Loan Guarantee Fund, and the Industrial Project Insurance Fund may be used to secure State Guarantees issued under this Section as provided in Section 830-30, Section 830-35, and subsection (j) of Section 805-20, respectively, or to make direct loans or purchase loan participations under subsection (i) or (r) of Section 801-40. If the Authority exercises its discretion under subsection (j) of Section 805-20 to secure a State Guarantee with the Industrial Project Insurance Fund and also exercises its discretion under this subsection to secure the same State Guarantee with the Illinois Agricultural Loan Guarantee Fund, the Illinois Farmer and Agribusiness Loan Guarantee Fund, or both, all payments by the Authority to satisfy claims against the State Guarantee shall be made from the Industrial Project Insurance Fund, the Illinois Agricultural Loan Guarantee Fund, or the Illinois Farmer and Agribusiness Loan Guarantee Fund, as applicable, in such order and in such amounts as the Authority shall determine. (d) Notwithstanding the provisions of this Section 830-55 with respect to the borrowers and lenders who may obtain State Guarantees, the Authority may promulgate rules establishing the eligibility of borrowers and lenders to participate in the State Guarantee program and the terms, standards, and procedures that will apply, when the Authority finds that emergency conditions in Illinois agriculture have created the need for State Guarantees pursuant to terms, standards, and procedures other than those specified in this Section.
(Source: P.A. 100-919, eff. 8-17-18; 101-81, eff. 7-12-19.) |
(20 ILCS 3501/Art. 835 heading) ARTICLE 835 VETERANS ASSISTANCE
(Source: P.A. 99-509, eff. 6-24-16; 100-201, eff. 8-18-17.) |
(20 ILCS 3501/835-5) Sec. 835-5. Legislative findings. The General Assembly hereby finds and declares the following: (i) that there is an inadequate supply of funds available in this State at rates sufficiently low to enable veterans to own and operate small businesses
successfully in this State; (ii) such an inadequate supply of funds makes the
transition of veterans from service in the armed forces of the United States to civilian life more difficult and results in increased unemployment of veterans and its attendant problems; (iii) that there have been recurrent shortages of funds available to small businesses owned and operated by veterans in this State from private market sources at reasonable interest rates; and (iv) that the ordinary operations of
private enterprise have not in the past corrected these conditions.
(Source: P.A. 99-509, eff. 6-24-16.) |
(20 ILCS 3501/835-10) Sec. 835-10. Definitions. As used or referred to in this Article 835, the following
words and terms shall have the following meanings, except where the context clearly requires otherwise: "Fund" means one or more of the Industrial Project Insurance Fund, the
Illinois Agricultural Loan Guarantee Fund, or the Illinois Farmer and Agribusiness Loan Guarantee Fund, as applicable. "Illinois Agricultural Loan Guarantee Fund" means the Illinois Agricultural Loan Guarantee Fund created under Section 830-30(c) of this Act. "Illinois Farmer and Agribusiness Loan Guarantee Fund" means the Illinois Farmer and Agribusiness Loan Guarantee Fund created under Section 830-35(c) of this Act. "Industrial Project Insurance Fund" means the Industrial Project Insurance
Fund created under Section 805-15 of this Act. "Qualified veteran-owned small business" has the meaning provided in subsection (e) of Section 45-57 of the Illinois Procurement Code.
(Source: P.A. 99-509, eff. 6-24-16.) |
(20 ILCS 3501/835-15) Sec. 835-15. Powers and duties. The Authority may enter into a State Guarantee with a lender, or a person holding a note, of a loan or loans to a qualified veteran-owned small business and may make payment, in whole or in part, on a State Guarantee from any of the following funds in such order and in such amounts as the Authority shall determine: (1) the Industrial
Project Insurance Fund (if the Authority exercises its discretion under subsection (j) of Section 805-20); (2) the Illinois Agricultural Loan Guarantee Fund; or (3) the Illinois Farmer and Agribusiness Loan Guarantee Fund.
(Source: P.A. 99-509, eff. 6-24-16.) |
(20 ILCS 3501/835-20) Sec. 835-20. State Guarantees for loans to qualified veteran-owned small businesses. (a) The Authority is authorized to issue State Guarantees to lenders for loans to qualified
veteran-owned small businesses for the general corporate purposes of those qualified veteran-owned small businesses. Lenders shall apply for the State Guarantees on forms provided by the Authority, certify that the application and any other documents submitted are true and correct, and pay an administrative fee as determined by the Authority. The applicant shall be responsible for paying any fees or charges involved in recording mortgages, releases, and financing statements, and any other similar fees or charges as the Authority may require. The application shall, at a minimum, contain the name, address, present credit and financial information, including
cash flow statements, financial statements, and balance sheets, of the qualified veteran-owned small business, any other information pertinent to the application, and the collateral to be used to secure the State Guarantee. In addition, the lender must agree to charge an interest rate, which may vary, on the loan that the Authority determines to be below the market rate of interest generally available to the borrower. If both the lender and applicant agree, the interest rate on the loan subject to a State Guarantee can be converted to a fixed interest rate at any time during the term of the loan. Any State Guarantees provided under this Section shall (i) not exceed $500,000 per qualified veteran-owned small business, (ii) not exceed a term of 15 years, and (iii) be subject to an
annual review and renewal by the lender and the Authority; provided that only one such State Guarantee shall be made per qualified veteran-owned small business, except that additional State Guarantees may be made for purposes of expansion of projects financed in part by a previously issued State Guarantee. No State Guarantee shall be revoked by the Authority without a 90-day notice, in writing, to all parties. The lender shall not call due any loan for any reason except for lack of performance, insufficient collateral, or maturity. A lender may review and withdraw or continue with a State Guarantee on an annual basis after the first 5 years following closing of the loan application if the loan contract provides for an interest rate that does not vary. A lender shall not withdraw a State Guarantee if the loan contract provides for an interest rate that may vary, except for reasons set forth in this Section. (b) The Authority shall provide or renew a State Guarantee to a lender if: (1) a fee equal to 25 basis points on the loan is | ||
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(2) the application provides collateral acceptable to | ||
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(3) the lender assumes all responsibility and costs | ||
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(4) the lender is responsible for the first 15% of | ||
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(c) If, for any reason, the General Assembly fails to make an appropriation sufficient to
meet the obligations under a State Guarantee, this Act shall constitute an irrevocable and continuing appropriation of an amount necessary to secure guarantees as defaults occur and the irrevocable and continuing authority for, and direction to, the State Treasurer and the Comptroller to make the necessary transfers to the Industrial Project Insurance Fund, the Illinois Agricultural Loan Guarantee Fund, or the Illinois Farmer and Agribusiness Loan Guarantee Fund, or any combination of those funds, as directed by the Governor, out of the General Revenue Fund. In the event of a default by the borrower on a loan subject to a State Guarantee under this Section, Section 830-30, Section 830-35, Section 830-45, Section 830-50, or Section 830-55, the lender shall be entitled to, and the Authority shall direct payment on, the State Guarantee after 90 days of delinquency. Payments by the Authority to satisfy claims against the State Guarantee shall be made, in whole or in part, from any of the following funds in such order and in such amounts as the Authority shall determine: (1) the Industrial Project Insurance Fund created under Article 805 of this Act (if the Authority exercises its discretion under subsection (j) of Section 805-20); (2) the Illinois Farmer and Agribusiness Loan Guarantee Fund; or (3) the
Illinois Agricultural Loan Guarantee Fund. It shall be the responsibility of the lender to proceed with collecting and disposing of collateral on the State Guarantee under this Section within 14 months after the State Guarantee is declared delinquent. If the lender does not dispose of the collateral within that 14-month period, the lender shall be liable to repay to the State interest on the State Guarantee at a rate equal to the same rate that the lender charges on the State Guarantee, provided that the
Authority shall have the authority to extend the 14-month period for a lender in the case of bankruptcy or extenuating circumstances. The applicable fund or funds shall be reimbursed for any amounts paid under this Section, Section 830-30, Section 830-35, Section 830-45, Section 830-50, or Section 830-55 upon liquidation of the collateral. The Authority, by resolution of the Board, may borrow sums from a fund or funds and provide for repayment as soon as may be
practical upon receipt of payments of principal and interest by a borrower on loans subject to a State Guarantee under this Section, Section 830-30, Section 830-35, Section 830-45, Section 830-50, or Section 830-55. Money may be borrowed from the Fund by the Authority for the sole
purpose of paying certain interest costs for borrowers associated with selling a loan subject to a State Guarantee under this Section, Section 830-30, Section 830-35, Section 830-45, Section
830-50, or Section 830-55 in a secondary market as may be deemed reasonable and necessary by the Authority. (d) Notwithstanding the provisions of this Section with respect to the qualified veteran-owned small businesses and lenders who may obtain State Guarantees, the Authority
may adopt rules establishing the eligibility of qualified veteran-owned small businesses and lenders to participate in the State Guarantee program and the terms, standards, and procedures that will apply, if the Authority finds that emergency conditions in Illinois have
created the need for State Guarantees pursuant to terms, standards, and procedures other than those specified in this Section.
(Source: P.A. 99-509, eff. 6-24-16.) |
(20 ILCS 3501/835-25) Sec. 835-25. (Repealed).
(Source: P.A. 99-509, eff. 6-24-16. Repealed internally, eff. 8-1-19.) |
(20 ILCS 3501/Art. 840 heading) ARTICLE 840
HEALTH FACILITIES DEVELOPMENT
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(20 ILCS 3501/840-5)
Sec. 840-5. The Authority shall have the following powers:
(a) To fix and revise from time to time and charge and collect rates, rents,
fees and charges for the use of and for the services furnished or to be
furnished by a project or other health facilities owned, financed or refinanced
by the Authority or any portion thereof and to contract with any person,
partnership, association or corporation or other body, public or private, in
respect thereto; to coordinate its policies and procedures and cooperate with
recognized health facility rate setting mechanisms which may now or hereafter
be established.
(b) To establish rules and regulations for the use of a project or other
health
facilities owned, financed or refinanced by the Authority or any portion
thereof
and to designate a participating health institution as its agent to establish
rules and regulations for the use of a project or other health facilities owned
by the Authority undertaken for that participating health institution.
(c) To establish or contract with others to carry out on its behalf a health
facility project cost estimating service and to make this service available on
all projects to provide expert cost estimates and guidance to the participating
health institution and to the Authority. In order to implement this service
and, through it, to contribute to cost containment, the Authority shall have
the power to require such reasonable reports and documents from health facility
projects as may be required for this service and for the development of cost
reports and guidelines. The Authority may appoint a Technical Committee on
Health Facility Project Costs and Cost Containment.
(d) To make mortgage or other secured or unsecured loans to or for the
benefit
of any participating health institution for the cost of a project in accordance
with an agreement between the Authority and the participating health
institution; provided that no such loan shall exceed the total cost of the
project as determined by the participating health institution and approved by
the Authority; provided further that such loans may be made to any entity
affiliated with a participating health institution if the proceeds of such loan
are made available to or applied for the benefit of such participating health
institution.
(e) To make mortgage or other secured or unsecured loans to or for the
benefit of a participating health institution in accordance with an agreement
between
the Authority and the participating health institution to refund outstanding
obligations, loans, indebtedness or advances issued, made, given or incurred by
such participating health institution for the cost of a project; including the
function to issue bonds and make loans to or for the benefit of a participating
health institution to refinance indebtedness incurred by such participating
health institution in projects undertaken and completed or for other health
facilities acquired prior to or after the enactment of this Act when the
Authority finds that such refinancing is in the public interest, and either
alleviates a financial hardship of such participating health institution, or is
in connection with other financing by the Authority for such participating
health institution or may be expected to result in a lessened cost of patient
care and a saving to third parties, including government, and to others who
must pay for care, or any combination thereof; provided further that such loans
may
be made to any entity affiliated with a participating health institution if the
proceeds of such loan are made available to or applied for the benefit of such
participating health institution.
(f) To mortgage all or any portion of a project or other health facilities
and the property on which any such project or other health facilities are
located
whether owned or thereafter acquired, and to assign or pledge mortgages, deeds
of trust, indentures of mortgage or trust or similar instruments, notes, and
other securities of participating health institutions to which or for the
benefit of which the Authority has made loans or of entities affiliated with
such institutions and the revenues therefrom, including payments or income from
any thereof owned or held by the Authority, for the benefit of the holders of
bonds issued to finance such project or health facilities or issued to refund
or refinance outstanding obligations, loans, indebtedness or advances of
participating health institutions as permitted by this Act.
(g) To lease to a participating health institution the project being
financed or refinanced or other health facilities conveyed to the Authority in
connection with such financing or refinancing, upon such terms and conditions
as the
Authority shall deem proper, and to charge and collect rents therefor and to
terminate any such lease upon the failure of the lessee to comply with any of
the obligations thereof; and to include in any such lease, if desired,
provisions that the lessee thereof shall have options to renew the lease for
such period or periods and at such rent as shall be determined by the Authority
or to purchase any or all of the health facilities or that upon payment of all
of the indebtedness incurred by the Authority for the financing of such project
or health facilities or for refunding outstanding obligations, loans,
indebtedness or advances of a participating health institution, then the
Authority may convey any or all of the project or such other health facilities
to the lessee or lessees thereof with or without consideration.
(h) To make studies of needed health facilities that could not sustain a
loan
were it made under this Act and to recommend remedial action to the General
Assembly; to do the same with regard to any laws or regulations that prevent
health facilities from benefiting from this Act.
(i) To assist the Department of Commerce and Economic Opportunity to
establish and implement a program to assist health facilities to identify and
arrange
financing for energy conservation projects in buildings and facilities owned or
leased by health facilities.
(j) To assist the Department of Human Services in establishing a low
interest
loan program to help child care centers and family day care homes serving
children of low income families under
Section 22.4 of the Children and Family
Services Act. The Authority, on or after the effective date of this amendatory Act of the 97th General Assembly, is authorized to convert existing agreements for financial aid in accordance with Section 840-5(j) to permanent capital to leverage additional private capital and establish a revolving loan fund for nonprofit corporations providing human services under contract to the State. (k) To assist the Department of Public Health and nursing homes in undertaking nursing home conversion projects in accordance with the Older Adult Services Act.
(Source: P.A. 97-654, eff. 1-13-12.)
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(20 ILCS 3501/840-10)
Sec. 840-10.
By means of this Act it is the intent of the General Assembly
to
provide a measure of assistance and alternative methods of financing to
participating health institutions to aid them in providing needed health
facilities that will assure admission and care of high quality to all who need
it and in dealing with the cash requirements of such facilities, whether
resulting from capital expenditures, operating expenditures, delays in the
receipt of payments for services or otherwise.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/840-15)
Sec. 840-15.
The Authority is authorized and empowered to acquire,
directly
or by and through a participating health institution as its agent, by purchase
solely from funds provided under the authority of this Act, or by gift or
legacy, such lands, structures, property, real or personal, rights,
rights-of-way, franchises, easements and other interests in lands, including
lands lying
under water and riparian rights, which are located within the State as it may
deem necessary or convenient for the construction or operation of a project,
upon such terms and at such prices as may be considered by it to be reasonable
and can be agreed upon between it and the owner thereof, and to take title
thereto in the name of the Authority or in the name of a participating health
institution as its agent.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/840-20)
Sec. 840-20.
It is the intent and purpose of this Act that the exercise by
the Authority of the powers granted to it shall be in all respects for the
benefit of the people of this State to assist them to provide needed health
facilities of the number, size, type, distribution, and operation that will
assure admission and care of high quality to all who need it. To this end, the
Authority is charged with the responsibility to identify and study all projects
which are determined by health planning agencies to be needed but which could
not sustain a loan were such to be made to it under this Act. The Authority
shall, following such study, formulate and recommend to the General Assembly,
such amendments to this and other Acts, and such other specific measures as
grants, loan guarantees, interest subsidies or other actions as may be provided
for by the State which actions would render the construction and operation of
such needed health facility feasible and in the public interest. Further, the
Authority may identify and study any laws or
regulations which it finds handicaps or bars a needed health facility from
participating in the benefits of this Act and may recommend to the General
Assembly such actions as will remedy such situation.
(Source: P.A. 97-789, eff. 7-13-12.)
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(20 ILCS 3501/840-25)
Sec. 840-25.
The Authority shall fix, revise, charge and collect rents for
the use of each health facility owned by the Authority and contract with any
person, partnership, association or corporation, or other body, public or
private, in respect thereof. Each lease entered into by the Authority with a
participating health institution and each agreement, note, mortgage or other
instrument evidencing the obligations of a participating health institution to
the Authority shall provide that the rents or principal, interest and other
charges payable by or for the benefit of the participating health institution
or
the process of accounts receivable purchased by the Authority from the
participating health institution shall be sufficient at all times, (a) to pay
its share of the administrative costs and expenses of the Authority, (b) to pay
the cost of maintaining, repairing and operating the project and other related
health facilities and each and every portion thereof, (c) to pay the principal
of, the premium, if any, and the interest on outstanding bonds of the Authority
issued in respect of such project as the same shall become due and payable, and
(d) to create and maintain reserves which may but need not be required or
provided for in the bond resolution relating to such bonds of the Authority.
The Authority shall pledge the revenues derived and to be derived from a
project
or other related health facilities or from a participating health institution
or
an affiliate thereof for the purposes specified in (a), (b), (c) and (d) of the
preceding sentence and additional bonds may be issued which may rank on a
parity
with other bonds relating to the project to the extent and on the terms and
conditions provided in the bond resolution. Such pledge shall be valid and
binding from the time when the pledge is made; the revenues so pledged by the
Authority shall immediately be subject to the lien of such pledge without any
physical delivery thereof or further act and the lien of any such pledge shall
be valid and binding as against all parties having claims of any kind in tort,
contract or otherwise against the Authority, irrespective of whether such
parties have notice thereof. Neither the bond resolution nor any financing
statement, continuation statement or other instrument by which a pledge is
created or by which the Authority's interest in revenues is assigned need be
filed or recorded in any public records in order to perfect the lien thereof as
against third parties except that a copy of the bond resolution shall be filed
in the records of the Authority and with the Secretary of State.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/840-30)
Sec. 840-30.
It is intended that all private health facilities in this
State
be enabled to benefit from and participate in the provisions of this Act. To
this end, all private health facilities operating, or authorized to be
operated,
under any statute of this State are authorized and empowered to undertake
projects, as defined in this Act, and to utilize the financing sources and
methods of repayment provided by this Act, the provisions of any other laws to
the contrary notwithstanding.
Notwithstanding the provisions of any other law to the contrary, the State of
Illinois and any political subdivision, agency, instrumentality, district or
municipality thereof owning or operating any health facility is hereby
authorized to take all actions necessary or appropriate and to execute and
deliver any and all evidences of indebtedness and agreements, including loan
agreements, leases and agreements providing for credit enhancement, as may be
necessary to permit such publicly owned health facility to avail itself of the
provisions of this Act. Any evidence of indebtedness or agreement entered into
by the State or any political subdivision, agency, instrumentality, district or
municipality thereof pursuant to this Act may provide for the payment of
interest at such rate or rates as shall be determined by the issuer thereof or
obligor thereunder and may be issued or entered into without referendum
approval; provided, that this Act shall not be deemed to be independent
authority for levy of any taxes to pay an obligation owing from the State or
any political subdivision, agency, instrumentality, district or municipality
thereof
and arising hereunder or incurred in connection with a financing pursuant
hereto.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/Art. 845 heading) ARTICLE 845
AUTHORITY DEBTS, CONTRACTS AND REPORTS
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(20 ILCS 3501/845-5)
Sec. 845-5. Bond limitations.
(a) The Authority may not have outstanding at any one time bonds
for any of its corporate purposes in an aggregate principal amount exceeding $28,150,000,000, excluding bonds issued to refund the bonds of the Authority or
bonds of the Predecessor Authorities. (b) The Authority may not have outstanding at any one time revenue bonds in an aggregate principal amount exceeding $4,000,000,000 on behalf of the Illinois Power Agency as set forth in Section 825-90. Any such revenue bonds issued on behalf of the Illinois Power Agency pursuant to this Act shall not be counted against the bond authorization limit set forth in subsection (a).
(Source: P.A. 94-1068, eff. 8-1-06; 95-481, eff. 8-28-07; 95-697, eff. 11-6-07; 95-876, eff. 8-21-08; 95-879, eff. 8-21-08.)
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(20 ILCS 3501/845-10)
Sec. 845-10.
The Authority may issue a single bond issue pursuant to this
Act
for a group of industrial projects, a group of corporations or a group of
business entities, a group of units of local government or other borrowers or
any combination thereof. A bond issue for multiple projects as provided in this
Section shall be subject to all requirements for bond issues as established by
this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-15)
Sec. 845-15.
The Authority may maintain an office or branch office
anywhere
in the State, and may utilize, without the payment of rent, any office
facilities which the State may conveniently make available to it.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-20)
Sec. 845-20.
The Authority shall not have power to levy taxes for any
purpose whatsoever.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-25)
Sec. 845-25.
The Authority shall not incur any obligations for salaries,
office or other administrative expenses prior to the making of appropriations
to meet such expenses. Interest earned from investments of any funds of the
Authority and repayments of principal of such investments shall be available
for appropriation by the Board for the corporate purposes of the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-30)
Sec. 845-30.
The State and all counties, cities, villages, incorporated
towns
and other municipal corporations, political subdivisions and public bodies, and
public officers of any thereof, all banks, bankers, trust companies, savings
banks and institutions, building and loan associations, savings and loan
associations, investment companies and other persons carrying on a banking
business, all insurance companies, insurance associations and other persons
carrying on an insurance business and all executors, administrators, guardians,
trustees and other fiduciaries may legally invest any sinking funds, moneys or
other funds belonging to them or within their control in any bonds or evidences
of indebtedness issued pursuant to this Act or issued by the Predecessor
Authorities, it being the purpose of this Section to authorize the investment
in
such bonds or evidences of indebtedness of all sinking, insurance, retirement,
compensation, pension and trust funds, whether owned or controlled by private
or
public persons or officers; provided, however, that nothing contained in this
Section may be construed as relieving any person from any duty of exercising
reasonable care in selecting securities for purchase or investment.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-35)
Sec. 845-35.
Under no circumstances shall any bonds or other evidences of
indebtedness issued by the Authority or the Predecessor Authorities under this
Act or under any other law be or become an indebtedness or obligation of the
State of Illinois, within the purview of any constitutional limitation or
provision, and it shall be plainly stated on the face of each bond or other
evidence of indebtedness that it does not constitute such an indebtedness or
obligation but is payable solely from the revenues or income of the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-40)
Sec. 845-40.
The Authority shall appoint a secretary and treasurer, who
may,
but need not, be a member or members of the Authority to hold office during the
pleasure of the Authority. Before entering upon the duties of the respective
offices such person or persons shall take and subscribe to the constitutional
oath of office, and the treasurer shall execute a bond with corporate sureties
to be approved by the Authority. The bond shall be payable to the Authority in
whatever penal sum may be directed by the Authority conditioned upon the
faithful performance of the duties of the office and the payment of all money
received by him according to law and the orders of the Authority. The Authority
may, at any time, require a new bond from the treasurer in such penal sum as
may
then be determined by the Authority. The obligation of the sureties shall not
extend to any loss sustained by the insolvency, failure or closing of any
savings and loan association or national or state bank wherein the treasurer
has
deposited funds if the bank or savings and loan association has been approved
by
the Authority as a depository for these funds. The oaths of office and the
treasurer's bond shall be filed in the principal office of the Authority.
All funds of the Authority, including without limitation, grants or loans from
the federal government, the State or any agency or instrumentality thereof,
fees, service charges, interest or other investment earnings on its funds,
payments of principal of and interest on loans of its funds and revenue from
any
other source, except funds the application of which is otherwise specifically
provided for by appropriation, resolution, grant agreement, lease agreement,
loan agreement, indenture, mortgage or trust agreement or other agreement, may
be held by the Authority in its treasury and be generally available for
expenditure by the Authority for any of the purposes authorized by this Act. In
addition to investments authorized by
Section 2 of
the Public Funds Investment Act, funds of the Authority may be invested in (a)
obligations issued by
any
State, unit of local government or school district which obligations are rated
at the time of purchase by a national rating service within the two highest
rating classifications without regard to any rating refinement or gradation by
numerical or other modifier, or (b) equity securities of an investment company
registered under the Investment Company Act of 1940 whose sole assets, other
than cash and other temporary investments, are obligations which are eligible
investments for the Authority, provided that not more than 20% of the assets of
the investment company may consist of unrated obligations of the type described
in clause (a) which the Board of Directors of the investment company has
determined to be of comparable quality to rated obligations described in clause
(a). Funds appropriated by the General Assembly to the Authority shall be held
in the
State treasury unless this Act or the Act making the appropriation specifically
states that the monies are to be held in or appropriated to the Authority's
treasury.
Such funds as are authorized to be held in the Authority's treasury and
deposited in any bank or savings and loan association and placed in the name of
the Authority shall be withdrawn or paid out only by check or draft upon the
bank or savings and loan association, signed by the treasurer and countersigned
by the Chairperson of the Authority. The Authority may designate any of its
members or any officer or employee of the Authority to affix the signature of
the Chairperson and another to affix the signature of the treasurer to any
check
or draft for payment of salaries or wages and for payment of any other
obligations of not more than $2,500.
In case any officer whose signature appears upon any check or draft, issued
pursuant to this Act, ceases to hold his office before the delivery thereof to
the payee, his signature nevertheless shall be valid and sufficient for all
purposes with the same effect as if he had remained in office until delivery
thereof.
No bank or savings and loan association shall receive public funds as permitted
by this
Section, unless it has complied with the requirements established
pursuant to
Section 6 of the Public Funds Investment Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-45)
Sec. 845-45.
(a) No member, officer, agent, or employee of the Authority
shall, in his or
her own name or in the name of a nominee, be an officer or director or hold an
ownership interest of more than 7 1/2% in any person, association, trust,
corporation, partnership, or other entity that is, in its own name or in the
name of a nominee, a party to a contract or agreement upon which the member,
officer, agent, or employee may be called upon to act or vote.
(b) With respect to any direct or any indirect interest, other than an
interest
prohibited in subsection (a), in a contract or agreement upon which the member,
officer, agent, or employee may be called upon to act or vote, a member,
officer, agent, or employee of the Authority shall disclose the interest to the
secretary of the Authority before the taking of final action by the Authority
concerning the contract or agreement and shall so disclose the nature and
extent
of the interest and his or her acquisition of it, and those disclosures shall
be
publicly acknowledged by the Authority and entered upon the minutes of the
Authority. If a member, officer, agent, or employee of the Authority holds such
an interest, then he or she shall refrain from any further official involvement
in regard to the contract or agreement, from voting on any matter pertaining to
the contract or agreement, and from communicating with other members of the
Authority or its officers, agents, and employees concerning the contract or
agreement. Notwithstanding any other provision of law, any contract or
agreement entered into in conformity with this subsection (b) shall not be void
or invalid by reason of the interest described in this subsection, nor shall
any person so disclosing the interest and refraining from further official
involvement as provided in this subsection be guilty of an offense, be removed
from office, or be subject to any other penalty on account of that interest.
(c) Any contract or agreement made in violation of paragraphs (a) or (b) of
this
Section shall be null and void and give rise to no action against the
Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/Art. 850 heading) ARTICLE 850GENERAL PROVISIONS
(Source: P.A. 102-662, eff. 9-15-21.) |
(20 ILCS 3501/845-50)
Sec. 845-50.
The fiscal year for the Authority shall commence on the first
of
July. As soon after the end of each fiscal year as may be expedient, the
Authority shall cause to be prepared and printed a complete report and
financial
statement of its operations and of its assets and liabilities. A reasonably
sufficient number of copies of such report shall be printed for distribution to
persons interested, upon request, and a copy thereof shall be filed with the
Governor, the Secretary of State, the State Comptroller, the Secretary of the
Senate and the Chief Clerk of the House of Representatives.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-55)
Sec. 845-55.
For the purposes of the Illinois Securities Law of 1953,
bonds
issued by the Authority shall be deemed to be securities issued by a public
instrumentality of the State of Illinois.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-60)
Sec. 845-60.
Tax Exemption.
The tax exemptions of outstanding bonds issued
by the Predecessor Authorities pursuant to sections of the enabling acts of the
Predecessor Authorities applicable to those bonds when issued shall remain
valid
and continue to be recognized by the State until final payment of those bonds,
notwithstanding the repeal of the enabling acts of the Predecessor Authorities.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-65)
Sec. 845-65.
If any provision of this Act is held invalid, such provision
shall be deemed to be excised and the invalidity thereof shall not affect any
of
the other provisions of this Act. If the application of any provision of this
Act to any person or circumstance is held invalid, it shall not affect the
application of such provision to such persons or circumstances other than those
as to which it is held invalid.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-70)
Sec. 845-70.
Tax avoidance.
Notwithstanding any other provision of law,
the
Authority shall not enter into any agreement providing for the purchase and
lease of tangible personal property that results in the avoidance of taxation
under the Retailers' Occupation Tax Act, the Use Tax Act, the Service Use Tax
Act, or the Service Occupation Tax Act, without the prior written consent of
the
Governor.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-75)
Sec. 845-75. Transfer of functions from previously existing authorities to
the Illinois Finance Authority.
(a) The Illinois Finance Authority created by the
Illinois Finance Authority Act shall succeed to, assume and exercise all
rights,
powers, duties and responsibilities formerly exercised by the following
Authorities and entities (herein called the "Predecessor Authorities") prior to
the abolition of the Predecessor Authorities by this Act:
The Illinois Development Finance Authority
The Illinois Farm Development Authority
The Illinois Health Facilities Authority
The Illinois Educational Facilities Authority
The Illinois Community Development Finance Corporation
The Illinois Rural Bond Bank
The Illinois Research Park Authority
(b) All books, records, papers, documents and pending business in any way
pertaining
to the Predecessor Authorities are transferred to the Illinois Finance
Authority, but any rights or obligations of any person under any contract made
by, or under any rules, regulations, uniform standards, criteria and guidelines
established or approved by, such Predecessor Authorities shall be unaffected
thereby. All bonds, notes or other evidences of indebtedness outstanding on the
effective date of this Act shall be unaffected by the transfer of functions to
the Illinois Finance Authority. No rule, regulation, standard, criteria or
guideline promulgated, established or approved by the Predecessor Authorities
pursuant to an exercise of any right, power, duty or responsibility assumed by
and transferred to the Illinois Finance Authority shall be affected by this
Act,
and all such rules, regulations, standards, criteria and guidelines shall
become
those of the Illinois Finance Authority until such time as they are amended or
repealed by the Illinois Finance Authority.
(c) The Illinois Finance Authority may exercise all
of the rights,
powers, duties, and responsibilities that were provided for the Illinois Research Park Authority under the provisions of the Illinois Research Park Authority Act, as the text of that Act existed on December 31, 2003, notwithstanding the fact that Public Act 88-669, which created the Illinois Research Park Authority Act, has been held to be unconstitutional as a violation of the single subject clause of the Illinois Constitution in People v. Olender, Docket No. 98932, opinion filed December 15, 2005.
(d) The enactment of Public Act 100-919 shall not affect any right accrued or liability incurred prior to its enactment, including the validity or enforceability of any prior action taken by the Illinois Finance Authority with respect to loans made, or loan participations purchased, by the Authority under subsection (i) or (r) of Section 801-40. (Source: P.A. 100-919, eff. 8-17-18; 101-81, eff. 7-12-19.)
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(20 ILCS 3501/845-80)
Sec. 845-80.
Any reference in statute, in rule, or otherwise to the
following entities is a reference to the Illinois Finance Authority created by
this Act:
The Illinois Development Finance Authority.
The Illinois Farm Development Authority.
The Illinois Health Facilities Authority.
The Illinois Research Park Authority.
The Illinois Rural Bond Bank.
The Illinois Educational Facilities Authority.
The Illinois Community Development Finance Corporation.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/845-85)
Sec. 845-85.
Any reference in statute, in rule, or otherwise to the
following Acts is a reference to this Act:
The Illinois Development Finance Authority Act.
The Illinois Farm Development Act.
The Illinois Health Facilities Authority Act.
The Illinois Research Park Authority Act.
The Rural Bond Bank Act.
The Illinois Educational Facilities Authority Act.
The Illinois Community Development Finance Corporation Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/850-5) Sec. 850-5. Climate Bank. The General Assembly designates the Authority as the Climate Bank to aid in all respects with providing financial assistance, programs, and products to finance and otherwise develop and facilitate opportunities to develop clean energy and provide clean water, drinking water, and wastewater treatment in the State. Nothing in this Section shall be deemed to supersede powers and regulatory duties conferred to other State agencies or governmental units.
(Source: P.A. 102-662, eff. 9-15-21.) |
(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 | ||
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(2) To utilize funding sources, including, but not | ||
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(A) funds repurposed from existing programs | ||
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(B) any federal funds that can be used for | ||
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(C) charitable gifts, grants, and contributions | ||
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(D) earnings and interest derived from | ||
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(3) To enter into contracts with private sources to | ||
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(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.) |
(20 ILCS 3501/850-15) Sec. 850-15. Purposes; Climate Bank. In its role as the Climate Bank for the State, the Authority shall consider the following purposes: (1) the distribution of the benefits of clean | ||
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(2) making clean energy accessible to all, | ||
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(3) accelerating the investment of private capital | ||
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(Source: P.A. 102-662, eff. 9-15-21.) |
(20 ILCS 3501/Art. 890 heading) ARTICLE 890
AMENDATORY PROVISIONS
|
(20 ILCS 3501/890-1)
Sec. 890-1.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-2)
Sec. 890-2.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-3)
Sec. 890-3.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-4)
Sec. 890-4.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-5)
Sec. 890-5.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-6)
Sec. 890-6.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-7)
Sec. 890-7.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-8)
Sec. 890-8.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-9)
Sec. 890-9.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-10)
Sec. 890-10.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-11)
Sec. 890-11.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
|
(20 ILCS 3501/890-12)
Sec. 890-12.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-13)
Sec. 890-13.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-14)
Sec. 890-14.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-15)
Sec. 890-15.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-16)
Sec. 890-16.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-17)
Sec. 890-17.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-18)
Sec. 890-18.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-19)
Sec. 890-19.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-20)
Sec. 890-20.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-21)
Sec. 890-21.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-22)
Sec. 890-22.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-23)
Sec. 890-23.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-24)
Sec. 890-24.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-25)
Sec. 890-25.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-26)
Sec. 890-26.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-27)
Sec. 890-27.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-28)
Sec. 890-28.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-29)
Sec. 890-29.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-30)
Sec. 890-30.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-31)
Sec. 890-31.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04 text omitted.)
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(20 ILCS 3501/890-32)
Sec. 890-32.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-33)
Sec. 890-33.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-34)
Sec. 890-34.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-35)
Sec. 890-35.
Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-36)
Sec. 890-36.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-37)
Sec. 890-37.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-38)
Sec. 890-38.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-39)
Sec. 890-39.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-40)
Sec. 890-40.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-41)
Sec. 890-41.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-42)
Sec. 890-42.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-43)
Sec. 890-43.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-44)
Sec. 890-44.
(Amendatory provisions; text omitted).
(Source: P.A. 93-205, eff. 1-1-04; text omitted.)
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(20 ILCS 3501/890-90)
Sec. 890-90.
The following Acts are repealed:
The Illinois Development Finance Authority Act.
The Illinois Farm Development Act.
The Illinois Health Facilities Authority Act.
The Illinois Research Park Authority Act.
The Rural Bond Bank Act.
The Illinois Educational Facilities Authority Act.
The Illinois Community Development Finance | ||
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(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/Art. 999 heading) ARTICLE 999
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(20 ILCS 3501/999-99)
Sec. 999-99.
Effective date.
This Act takes effect
on January 1, 2004.
(Source: P.A. 93-205, eff. 1-1-04.)
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