|Public Act 096-1493|
|SB3776 Enrolled||LRB096 20865 AMC 36639 b|
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Private Activity Bond Approval Act.
It is the policy of this State
that in order to maintain an effective system of monitoring the
use of federal subsidies within the State, facilities within
the State proposed to be financed with bonds issued by an
issuer that does not have jurisdiction over the location of
those facilities must receive prior approval from the Governor
in accordance with this Act.
"Host approval" means an approval
by an applicable elected representative of a governmental unit,
for purposes of Section 147(f)(2)(A)(ii) of the Internal
Revenue Code, having jurisdiction over the area in which a
facility is located that is to be financed with bonds issued by
an issuer that does not have jurisdiction over the location of
Qualifications for facility requiring host