State of Illinois
91st General Assembly
Legislation

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[ Engrossed ][ Enrolled ][ House Amendment 001 ]

91_HB1274

 
                                               LRB9102393NTsb

 1        AN  ACT  to  amend  the  Illinois  Educational Facilities
 2    Authority Act.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Illinois Educational Facilities Authority
 6    Act  is amended by changing Sections 1, 3, 3.03, 3.06, 3.06a,
 7    3.07c, 3.08, and 5.11 and adding Sections 3.10 and  5.11a  as
 8    follows:

 9        (110 ILCS 1015/1) (from Ch. 144, par. 1301)
10        Sec. 1.  Declaration of purpose.  It is declared that for
11    the  benefit  of  the  people  of  the State of Illinois, the
12    conduct and increase of their commerce,  the  protection  and
13    enhancement  of  their  welfare, the development of continued
14    prosperity and the improvement of  their  health  and  living
15    conditions  it  is essential that all the people of the State
16    be given the fullest opportunity  to  learn  and  to  develop
17    their  intellectual and mental capacities and skills; that to
18    achieve these ends  it  is  of  the  utmost  importance  that
19    private  institutions of higher education within the State be
20    provided with appropriate  additional  means  to  assist  the
21    people  of  the  State  in  achieving  the required levels of
22    learning and development of  their  intellectual  and  mental
23    capacities  and  skills and that cultural institutions within
24    the State be provided with appropriate  additional  means  to
25    expand  the  services  and resources which they offer for the
26    cultural, intellectual, scientific, educational and  artistic
27    enrichment of the people of the State; and that, in execution
28    of  the  public  policy set forth above, it is the purpose of
29    this  Act  to  provide  a  measure  of  assistance   and   an
30    alternative   method   of   financing   to   enable   private
31    institutions of higher education and cultural institutions in
 
                            -2-                LRB9102393NTsb
 1    the   State  to:  (i)  finance  or  to  refund  or  refinance
 2    outstanding   indebtedness   incurred   by   them   for   the
 3    construction or acquisition  of  educational  facilities  and
 4    structures  or cultural facilities and structures, whether or
 5    not constructed or acquired prior to the  effective  date  of
 6    this   Act,   (ii)  and  to  provide  the  needed  additional
 7    facilities and structures for the public  benefit  and  good,
 8    and (iii) enable these institutions to obtain working capital
 9    through financing or refinancing of their accounts receivable
10    or  otherwise  in  execution  of  the public policy set forth
11    above.
12    (Source: P.A. 88-555, eff. 7-27-94.)

13        (110 ILCS 1015/3) (from Ch. 144, par. 1303)
14        Sec. 3.  Definitions.  In this Act,  unless  the  context
15    otherwise  requires,  the  terms  specified  in Sections 3.01
16    through 3.10 3.09 have the meanings ascribed to them in those
17    Sections.
18    (Source: P.A. 84-995.)

19        (110 ILCS 1015/3.03) (from Ch. 144, par. 1303.03)
20        Sec.  3.03.  Cost.  "Cost",  as  applied  to  a   project
21    financed  under  this  Act,  means  all  costs  necessary  or
22    incident  to  the acquisition, and construction,and financing
23    of  the  project,  including  the  costs  of   refunding   or
24    refinancing   outstanding   indebtedness   incurred  for  the
25    financing  of   such   project,   engineering,   legal   and,
26    architectural  fees, working capital, and all other necessary
27    and incidental expenses,  together  with  interest  on  bonds
28    issued  to  finance the project to a date 6 months subsequent
29    to the estimated date of completion.
30    (Source: P.A. 78-399.)

31        (110 ILCS 1015/3.06) (from Ch. 144, par. 1303.06)
 
                            -3-                LRB9102393NTsb
 1        Sec. 3.06.  Educational facility.  "Educational facility"
 2    may comprise any property located within the State or, if the
 3    property is owned, operated, or managed by or for the benefit
 4    of  a  participating  institution  or  an  affiliate  of  the
 5    institution,  located  outside  the  State,  constructed   or
 6    acquired  before  or  after  the  effective date of this Act,
 7    which is or will be, in whole or in part,  suitable  for  the
 8    instruction,  feeding, recreation or housing of students, the
 9    conducting of research or other work of a private institution
10    of higher education, the use  by  a  private  institution  of
11    higher education in connection with any educational, research
12    or  related  or  incidental  activities  then  being or to be
13    conducted  by  it,  or  any  combination  of  the  foregoing,
14    including, without limitation, any such property suitable for
15    use as  or  in  connection  with  any  one  or  more  of  the
16    following:  an  academic  facility,  administrative facility,
17    agricultural  facility,  assembly  hall,  athletic  facility,
18    auditorium, boating facility, campus, communication facility,
19    computer facility, continuing education facility,  classroom,
20    dining   hall,  dormitory,  exhibition  hall,  fire  fighting
21    facility,  fire  prevention  facility,   food   service   and
22    preparation  facility,  gymnasium,  greenhouse,  health  care
23    facility,    hospital,   housing,   instructional   facility,
24    laboratory, library, maintenance facility, medical  facility,
25    museum,  offices,  parking area, physical education facility,
26    recreational facility, research  facility,  stadium,  storage
27    facility,  student union, study facility, theatre or utility.
28    An educational facility shall not include any  property  used
29    or  to  be  used  for  sectarian instruction or study or as a
30    place for devotional activities or religious worship nor  any
31    property  which is used or to be used primarily in connection
32    with any part of the program of a  school  or  department  of
33    divinity for any religious denomination.
34    (Source: P.A. 78-399.)
 
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 1        (110 ILCS 1015/3.06a) (from Ch. 144, par. 1303.06a)
 2        Sec.  3.06a.  Cultural facility.  "Cultural facility" may
 3    comprise any property located within the  State  or,  if  the
 4    property is owned, operated, or managed by or for the benefit
 5    of  a  participating  institution  or  an  affiliate  of  the
 6    institution,   located  outside  the  State,  constructed  or
 7    acquired before or after the  effective  date  of  this  Act,
 8    which  is  or  will be, in whole or in part, suitable for the
 9    particular purposes  or  needs  of  a  cultural  institution,
10    including, without limitation, any such property suitable for
11    use  as  or  in  connection  with  any  one  or  more  of the
12    following: an  administrative  facility,  aquarium,  assembly
13    hall, auditorium, botanical garden, exhibition hall, gallery,
14    greenhouse,  library,  museum, scientific laboratory, theater
15    or zoological  facility,  and  shall  also  include,  without
16    limitation,  books,  works  of art or music, animal, plant or
17    aquatic life  or  other  items  for  display,  exhibition  or
18    performance.  The term "cultural facility" includes buildings
19    on  the  National Register of Historic Places which are owned
20    or operated by nonprofit entities.  A cultural facility shall
21    not include any property used or to  be  used  for  sectarian
22    instruction  or study or as a place for devotional activities
23    or religious worship nor any property which is used or to  be
24    used  primarily in connection with any part of the program of
25    a  school  or  department  of  divinity  for  any   religious
26    denomination.
27    (Source: P.A. 84-995.)

28        (110 ILCS 1015/3.07c) (from Ch. 144, par. 1303.07c)
29        Sec.  3.07c.   Participating institution.  "Participating
30    institution" means a private institution of higher education,
31    a cultural institution, or a not for profit organization that
32    provides financial or other assistance to or for the  benefit
33    of  private  institutions  of  higher  education  or cultural
 
                            -5-                LRB9102393NTsb
 1    institutions, as the case may  be,  which,  pursuant  to  the
 2    provisions of this Act, undertakes a project or the refunding
 3    or  refinancing  of outstanding indebtedness incurred for the
 4    financing of a project or undertakes the financing of working
 5    capital.
 6    (Source: P.A. 88-555, eff. 7-27-94.)

 7        (110 ILCS 1015/3.08) (from Ch. 144, par. 1303.08)
 8        Sec. 3.08.  Property. "Property" means any real, personal
 9    or  mixed  property,  or  any  interest  therein,  including,
10    without   limitation,   any   real   estate,   appurtenances,
11    buildings,  easements,  equipment,  furnishings,   furniture,
12    improvements,  machinery,  commodities,  rights  of  way  and
13    structures, or any interest therein.
14    (Source: P.A. 76-1810.)

15        (110 ILCS 1015/3.10 new)
16        Sec.  3.10.  Working  capital.   "Working capital" means,
17    with respect to any participating institution,  funds  to  be
18    used  in  or reserved for the operations of the participating
19    institution.

20        (110 ILCS 1015/5.11) (from Ch. 144, par. 1305.11)
21        Sec. 5.11.  Loans for cost of project and related capital
22    needs.  To make loans to any  participating  institution  for
23    the  cost  of  a  project  and other related capital needs in
24    accordance with an agreement between the  Authority  and  the
25    participating  institution;  provided that no such loan shall
26    exceed the total cost of the project  as  determined  by  the
27    participating institution and approved by the Authority.
28    (Source: P.A. 84-995.)

29        (110 ILCS 1015/5.11a new)
30        Sec.  5.11a.  Working  capital bonds.  In accordance with
 
                            -6-                LRB9102393NTsb
 1    applicable law, to issue bonds for the purpose  of  financing
 2    working  capital  for one or more participating institutions,
 3    whether through a financing of their accounts  receivable  or
 4    otherwise,  either  singly  or on a combined basis with other
 5    participating institutions.

 6        Section 99.  Effective date.  This Act takes effect  upon
 7    becoming law.

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