97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0307

 

Introduced 2/8/2011, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3501/805-10

    Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning definitions.


LRB097 04879 PJG 44919 b

 

 

A BILL FOR

 

SB0307LRB097 04879 PJG 44919 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Finance Authority Act is amended by
5changing Section 805-10 as follows:
 
6    (20 ILCS 3501/805-10)
7    Sec. 805-10. Definitions. The The following terms,
8whenever used or referred to in this Article, shall have the
9following meanings ascribed to them, except where the context
10clearly requires otherwise:
11    (a) "Financial Institution" means a financial institution
12which is a trust company, a bank, a savings bank, a credit
13union, an investment bank, a broker, an investment trust, a
14pension fund, a building and loan association, a savings and
15loan association, an insurance company, or any other
16institution acceptable to the Authority, authorized to do
17business in the State and approved by the Authority to insure
18bonds or loans for industrial projects authorized by this Act.
19    (b) "Participating lender" means any trust company, bank,
20savings bank, credit union, investment bank, broker,
21investment trust, pension fund, building and loan association,
22savings and loan association, insurance company or other
23institution approved by the Authority which assumes a portion

 

 

SB0307- 2 -LRB097 04879 PJG 44919 b

1of the risk on a loan for an industrial project as provided in
2Section 805-30 of this Act.
3(Source: P.A. 93-205, eff. 1-1-04.)