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| Public Act 096-1493 | ||||
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 1. Short title. This Act may be cited as the | ||||
Private Activity Bond Approval Act. | ||||
Section 5. Public policy. 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. | ||||
Section 10. Definition. "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 | ||||
the facility. | ||||
Section 15. Qualifications for facility requiring host | ||||
approval. | ||||
(a) Host approval shall not be granted unless and until the | ||
Governor has received the items and information listed in | ||
subsection (b) of this Section and has issued an approval as | ||
set forth in subsection (c) of this Section. | ||
(b) The following items and information must be received by | ||
the Governor: | ||
(1) a copy of the notice of public hearing pertaining | ||
to the facilities; | ||
(2) minutes or another official record of the public | ||
hearing; | ||
(3) the maximum stated principal amount of the bonds; | ||
(4) a description of the facility, including its | ||
location; | ||
(5) a description of the plan of finance; | ||
(6) the name of the issuer of the bonds; and | ||
(7) the name of the initial owner or principal user of | ||
the facility. | ||
(c) If, and only if, the Governor determines that the | ||
facility and the items and information submitted under | ||
subsection (b) of this Section are consistent with the laws and | ||
public policy of the State and are in the best interest of the | ||
State, then the Governor shall issue a written approval under | ||
this Section authorizing the governmental unit to grant its | ||
host approval in its discretion.
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Section 99. Effective date. This Act takes effect January | ||
1, 2011.
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