[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
91_HB1274ham001
LRB9102393NTsbam
1 AMENDMENT TO HOUSE BILL 1274
2 AMENDMENT NO. . Amend House Bill 1274 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Illinois Educational Facilities
5 Authority Act is amended by changing Sections 1, 3, 3.03,
6 3.06, 3.06a, 3.07c, 3.08, 5.11, 5.12, 5.16, and 24 and adding
7 Sections 3.10, 5.11a, and 5.11b as follows:
8 (110 ILCS 1015/1) (from Ch. 144, par. 1301)
9 Sec. 1. Declaration of purpose. It is declared that for
10 the benefit of the people of the State of Illinois, the
11 conduct and increase of their commerce, the protection and
12 enhancement of their welfare, the development of continued
13 prosperity and the improvement of their health and living
14 conditions it is essential that all the people of the State
15 be given the fullest opportunity to learn and to develop
16 their intellectual and mental capacities and skills; that to
17 achieve these ends it is of the utmost importance that
18 private institutions of higher education within the State be
19 provided with appropriate additional means to assist the
20 people of the State in achieving the required levels of
21 learning and development of their intellectual and mental
22 capacities and skills and that cultural institutions within
-2- LRB9102393NTsbam
1 the State be provided with appropriate additional means to
2 expand the services and resources which they offer for the
3 cultural, intellectual, scientific, educational and artistic
4 enrichment of the people of the State; and that, in execution
5 of the public policy set forth above, it is the purpose of
6 this Act to provide a measure of assistance and an
7 alternative method of financing to enable private
8 institutions of higher education and cultural institutions in
9 the State to: (i) finance or to refund or refinance
10 outstanding indebtedness incurred by them for the
11 construction or acquisition of educational facilities and
12 structures or cultural facilities and structures, whether or
13 not constructed or acquired prior to the effective date of
14 this Act, (ii) and to provide the needed additional
15 facilities and structures for the public benefit and good,
16 and (iii) enable these institutions to obtain working capital
17 through financing or refinancing of their accounts receivable
18 or otherwise in execution of the public policy set forth
19 above.
20 (Source: P.A. 88-555, eff. 7-27-94.)
21 (110 ILCS 1015/3) (from Ch. 144, par. 1303)
22 Sec. 3. Definitions. In this Act, unless the context
23 otherwise requires, the terms specified in Sections 3.01
24 through 3.10 3.09 have the meanings ascribed to them in those
25 Sections.
26 (Source: P.A. 84-995.)
27 (110 ILCS 1015/3.03) (from Ch. 144, par. 1303.03)
28 Sec. 3.03. Cost. "Cost", as applied to a project
29 financed under this Act, means all costs necessary or
30 incident to the acquisition, and construction,and financing
31 of the project, including the costs of refunding or
32 refinancing outstanding indebtedness incurred for the
-3- LRB9102393NTsbam
1 financing of such project, engineering, legal and,
2 architectural fees, working capital, and all other necessary
3 and incidental expenses, together with interest on bonds
4 issued to finance the project to a date 6 months subsequent
5 to the estimated date of completion.
6 (Source: P.A. 78-399.)
7 (110 ILCS 1015/3.06) (from Ch. 144, par. 1303.06)
8 Sec. 3.06. Educational facility. "Educational facility"
9 may comprise any property located within the State or, if the
10 property is owned, operated, or managed by or for the benefit
11 of a participating institution or an affiliate of the
12 institution, located outside the State, constructed or
13 acquired before or after the effective date of this Act,
14 which is or will be, in whole or in part, suitable for the
15 instruction, feeding, recreation or housing of students, the
16 conducting of research or other work of a private institution
17 of higher education, the use by a private institution of
18 higher education in connection with any educational, research
19 or related or incidental activities then being or to be
20 conducted by it, or any combination of the foregoing,
21 including, without limitation, any such property suitable for
22 use as or in connection with any one or more of the
23 following: an academic facility, administrative facility,
24 agricultural facility, assembly hall, athletic facility,
25 auditorium, boating facility, campus, communication facility,
26 computer facility, continuing education facility, classroom,
27 dining hall, dormitory, exhibition hall, fire fighting
28 facility, fire prevention facility, food service and
29 preparation facility, gymnasium, greenhouse, health care
30 facility, hospital, housing, instructional facility,
31 laboratory, library, maintenance facility, medical facility,
32 museum, offices, parking area, physical education facility,
33 recreational facility, research facility, stadium, storage
-4- LRB9102393NTsbam
1 facility, student union, study facility, theatre or utility.
2 An educational facility shall not include any property used
3 or to be used for sectarian instruction or study or as a
4 place for devotional activities or religious worship nor any
5 property which is used or to be used primarily in connection
6 with any part of the program of a school or department of
7 divinity for any religious denomination.
8 (Source: P.A. 78-399.)
9 (110 ILCS 1015/3.06a) (from Ch. 144, par. 1303.06a)
10 Sec. 3.06a. Cultural facility. "Cultural facility" may
11 comprise any property located within the State or, if the
12 property is owned, operated, or managed by or for the benefit
13 of a participating institution or an affiliate of the
14 institution, located outside the State, constructed or
15 acquired before or after the effective date of this Act,
16 which is or will be, in whole or in part, suitable for the
17 particular purposes or needs of a cultural institution,
18 including, without limitation, any such property suitable for
19 use as or in connection with any one or more of the
20 following: an administrative facility, aquarium, assembly
21 hall, auditorium, botanical garden, exhibition hall, gallery,
22 greenhouse, library, museum, scientific laboratory, theater
23 or zoological facility, and shall also include, without
24 limitation, books, works of art or music, animal, plant or
25 aquatic life or other items for display, exhibition or
26 performance. The term "cultural facility" includes buildings
27 on the National Register of Historic Places which are owned
28 or operated by nonprofit entities. A cultural facility shall
29 not include any property used or to be used for sectarian
30 instruction or study or as a place for devotional activities
31 or religious worship nor any property which is used or to be
32 used primarily in connection with any part of the program of
33 a school or department of divinity for any religious
-5- LRB9102393NTsbam
1 denomination.
2 (Source: P.A. 84-995.)
3 (110 ILCS 1015/3.07c) (from Ch. 144, par. 1303.07c)
4 Sec. 3.07c. Participating institution. "Participating
5 institution" means a private institution of higher education,
6 a cultural institution, or a not for profit organization that
7 provides financial or other assistance to or for the benefit
8 of private institutions of higher education or cultural
9 institutions, as the case may be, which, pursuant to the
10 provisions of this Act, undertakes a project or the refunding
11 or refinancing of outstanding indebtedness incurred for the
12 financing of a project or undertakes the financing of working
13 capital.
14 (Source: P.A. 88-555, eff. 7-27-94.)
15 (110 ILCS 1015/3.08) (from Ch. 144, par. 1303.08)
16 Sec. 3.08. Property. "Property" means any real, personal
17 or mixed property, or any interest therein, including,
18 without limitation, any real estate, appurtenances,
19 buildings, easements, equipment, furnishings, furniture,
20 improvements, machinery, commodities, rights of way and
21 structures, or any interest therein.
22 (Source: P.A. 76-1810.)
23 (110 ILCS 1015/3.10 new)
24 Sec. 3.10. Working capital. "Working capital" means,
25 with respect to any participating institution, funds to be
26 used in or reserved for the operations of the participating
27 institution.
28 (110 ILCS 1015/5.11) (from Ch. 144, par. 1305.11)
29 Sec. 5.11. Loans for cost of project and related capital
30 needs. To make loans to any participating institution for
-6- LRB9102393NTsbam
1 the cost of a project and other related capital needs in
2 accordance with an agreement between the Authority and the
3 participating institution; provided that no such loan shall
4 exceed the total cost of the project as determined by the
5 participating institution and approved by the Authority.
6 (Source: P.A. 84-995.)
7 (110 ILCS 1015/5.11a new)
8 Sec. 5.11a. Working capital bonds. In accordance with
9 applicable law, to issue bonds for the purpose of financing
10 working capital for one or more participating institutions,
11 whether through a financing of their accounts receivable or
12 otherwise, either singly or on a combined basis with other
13 participating institutions.
14 (110 ILCS 1015/5.11b new)
15 Sec. 5.11b. Issuance of bonds for bulk purchases. To
16 issue bonds for the purpose of purchasing, leasing, or
17 otherwise acquiring, financing, selling, or transferring for,
18 to, or on behalf of itself and any participating institution,
19 either alone or in partnership with other participating
20 institutions, commodities or other property necessary for the
21 daily operation of the educational facilities or cultural
22 facilities of the participating institutions and for their
23 employees and patrons, including, but not limited to,
24 electricity, petroleum products, fuel oil, and natural gas.
25 (110 ILCS 1015/5.12) (from Ch. 144, par. 1305.12)
26 Sec. 5.12. Loans to refund outstanding obligations or
27 advances. To make loans to a participating institution to
28 refund outstanding obligations or advances issued, made or
29 given by such participating institution for the cost of a
30 project or for working capital.
31 (Source: P.A. 84-995.)
-7- LRB9102393NTsbam
1 (110 ILCS 1015/5.16) (from Ch. 144, par. 1305.16)
2 Sec. 5.16. Bonds for refunding or refinancing
3 outstanding indebtedness. To issue bonds for the purpose of
4 refunding or refinancing the outstanding indebtedness of a
5 participating institution, whether or not outstanding prior
6 to or after the effective date of this Act, provided that
7 such indebtedness was originally incurred for the purpose of
8 constructing or acquiring an educational facility or a
9 cultural facility or for the purpose of acquiring working
10 capital.
11 (Source: P.A. 84-995.)
12 (110 ILCS 1015/24) (from Ch. 144, par. 1324)
13 Sec. 24. Purchase of securities; security; title to
14 facilities.
15 (a) Notwithstanding any other provision of this Act to
16 the contrary, the Authority may finance the cost of an
17 educational facility or cultural facility, finance working
18 capital, or finance other capital needs or refund outstanding
19 indebtedness incurred prior to or after the effective date of
20 this Act for the construction or acquisition of an
21 educational facility or cultural facility, for the financing
22 of working capital, or for other related capital needs by
23 issuing its bonds for the purpose of purchasing the
24 securities of a participating institution. Any such
25 securities shall have the same principal amounts, maturities
26 and interest rates as the bonds so being issued, may be
27 secured by a first mortgage lien on the educational facility
28 or cultural facility so being financed or by a first mortgage
29 lien or security interests in other real or personal property
30 acceptable to the Authority and created by a mortgage
31 instrument or security agreement satisfactory to the
32 Authority, and may be insured or guaranteed by others. Any
33 such bonds shall be secured by a pledge of such securities
-8- LRB9102393NTsbam
1 under the trust agreement or indenture creating such bonds
2 and, shall be payable solely out of the payments to be made
3 on such securities and shall not exceed in principal amount
4 the cost of such educational facility or cultural facility as
5 determined by the participating institution and approved by
6 the Authority. In other respects, any such bonds shall be
7 subject to the provisions of Section 9 (c) of this Act and
8 the trust agreement or indenture creating such bonds may
9 contain such of the provisions set forth in Section 9 (d)
10 hereof as the Authority may deem appropriate.
11 (b) In the event that an educational facility or
12 cultural facility is financed pursuant to this Section, the
13 title to such facility shall remain in the participating
14 institution owning the same, subject to the lien of the
15 mortgage, if any, securing the securities then being
16 purchased, and there shall be no lease of such facility
17 between the Authority and such participating institution.
18 (c) The provisions of Section 8 of this Act shall not
19 apply to any educational facility or cultural facility
20 financed pursuant to this Section, but the Authority shall
21 return the securities, if any, purchased through the issuance
22 of bonds hereunder to the participating institution issuing
23 such securities when such bonds have been fully paid and
24 retired or when adequate provision has been made to pay and
25 retire the same fully and all other conditions of the trust
26 agreement or indenture creating such bonds have been
27 satisfied and the lien thereof has been released in
28 accordance with the provisions thereof.
29 (Source: P.A. 88-555, eff. 7-27-94.)
30 Section 99. Effective date. This Act takes effect upon
31 becoming law.".