Sen. Jeffrey M. Schoenberg
Filed: 5/30/2004
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1 | AMENDMENT TO HOUSE BILL 1010
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2 | AMENDMENT NO. ______. Amend House Bill 1010 by replacing | ||||||
3 | everything after the enacting clause with the following: and
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4 | "Section 5. The Illinois Finance Authority Act is amended | ||||||
5 | by changing Sections 801-10, 801-25, 801-40, and 845-40 and by | ||||||
6 | adding Section 845-90 as follows:
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7 | (20 ILCS 3501/801-10)
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8 | Sec. 801-10. Definitions. The following terms, whenever | ||||||
9 | used or referred
to
in this Act, shall have the following | ||||||
10 | meanings, except in such instances where
the context may | ||||||
11 | clearly indicate otherwise:
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12 | (a) The term "Authority" means the Illinois Finance | ||||||
13 | Authority created by
this Act.
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14 | (b) The term "project" means an industrial project, housing | ||||||
15 | project, public
purpose project, higher education project, | ||||||
16 | health facility project, cultural
institution project, | ||||||
17 | agricultural facility or agribusiness, and "project" may
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18 | include any combination of one or more of the foregoing | ||||||
19 | undertaken jointly by
any person with one or more other | ||||||
20 | persons , but "project" shall not include any
facility used or | ||||||
21 | to be used for sectarian instruction or as a place of
religious
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22 | worship nor any facility which is used or to be used primarily | ||||||
23 | in connection
with any part of the program of a school or | ||||||
24 | department of divinity for any
religious denomination or the |
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1 | training of ministers, priests, rabbis or other
professional | ||||||
2 | persons in the field of religion .
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3 | (c) The term "public purpose project" means any project or | ||||||
4 | facility
including
without limitation land, buildings, | ||||||
5 | structures, machinery, equipment and all
other real and | ||||||
6 | personal property, which is authorized or required by law to be
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7 | acquired, constructed, improved, rehabilitated, reconstructed, | ||||||
8 | replaced or
maintained by any unit of government or any other | ||||||
9 | lawful public purpose which
is authorized or required by law to | ||||||
10 | be undertaken by any unit of government.
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11 | (d) The term "industrial project" means the acquisition, | ||||||
12 | construction,
refurbishment, creation, development or | ||||||
13 | redevelopment of any facility,
equipment, machinery, real | ||||||
14 | property or personal property for use by any
instrumentality of | ||||||
15 | the State or its political subdivisions, for use by any
person | ||||||
16 | or institution, public or private, for profit or not for | ||||||
17 | profit, or for
use in any trade or business including, but not | ||||||
18 | limited to, any industrial,
manufacturing or commercial | ||||||
19 | enterprise and which is (1) a capital project
including but not | ||||||
20 | limited to: (i) land and any rights therein, one or more
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21 | buildings, structures or other improvements, machinery and | ||||||
22 | equipment, whether
now existing or hereafter acquired, and | ||||||
23 | whether or not located on the same site
or sites; (ii) all | ||||||
24 | appurtenances and facilities incidental to the foregoing,
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25 | including, but not limited to utilities, access roads, railroad | ||||||
26 | sidings, track,
docking and similar facilities, parking | ||||||
27 | facilities, dockage, wharfage, railroad
roadbed, track, | ||||||
28 | trestle, depot, terminal, switching and signaling or related
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29 | equipment, site preparation and landscaping; and (iii) all | ||||||
30 | non-capital costs
and expenses relating thereto or (2) any | ||||||
31 | addition to, renovation,
rehabilitation or
improvement of a | ||||||
32 | capital project or (3) any activity or undertaking which the
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33 | Authority determines will aid, assist or encourage economic | ||||||
34 | growth, development
or redevelopment within the State or any |
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1 | area thereof, will promote the
expansion, retention or | ||||||
2 | diversification of employment opportunities within the
State | ||||||
3 | or any area thereof or will aid in stabilizing or developing | ||||||
4 | any industry
or economic sector of the State economy. The term | ||||||
5 | "industrial project" also
means the production of motion | ||||||
6 | pictures.
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7 | (e) The term "bond" or "bonds" shall include bonds, notes | ||||||
8 | (including bond,
grant or revenue anticipation notes), | ||||||
9 | certificates and/or other evidences of
indebtedness | ||||||
10 | representing an obligation to pay money, including refunding
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11 | bonds.
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12 | (f) The terms "lease agreement" and "loan agreement" shall | ||||||
13 | mean: (i) an
agreement whereby a project acquired by the | ||||||
14 | Authority by purchase, gift or
lease
is leased to any person, | ||||||
15 | corporation or unit of local government which will use
or cause | ||||||
16 | the project to be used as a project as heretofore defined upon | ||||||
17 | terms
providing for lease rental payments at least sufficient | ||||||
18 | to pay when due all
principal of, interest and premium, if any, | ||||||
19 | on any bonds of the Authority
issued
with respect to such | ||||||
20 | project, providing for the maintenance, insuring and
operation | ||||||
21 | of the project on terms satisfactory to the Authority, | ||||||
22 | providing for
disposition of the project upon termination of | ||||||
23 | the lease term, including
purchase options or abandonment of | ||||||
24 | the premises, and such other terms as may be
deemed desirable | ||||||
25 | by the Authority, or (ii) any agreement pursuant to which the
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26 | Authority agrees to loan the proceeds of its bonds issued with | ||||||
27 | respect to a
project or other funds of the Authority to any | ||||||
28 | person which will use or cause
the project to be used as a | ||||||
29 | project as heretofore defined upon terms providing
for loan | ||||||
30 | repayment installments at least sufficient to pay when due all
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31 | principal of, interest and premium, if any, on any bonds of the | ||||||
32 | Authority, if
any, issued with respect to the project, and | ||||||
33 | providing for maintenance,
insurance and other matters as may | ||||||
34 | be deemed desirable by the Authority.
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1 | (g) The term "financial aid" means the expenditure of | ||||||
2 | Authority funds or
funds provided by the Authority through the | ||||||
3 | issuance of its bonds, notes or
other
evidences of indebtedness | ||||||
4 | or from other sources for the development,
construction, | ||||||
5 | acquisition or improvement of a project.
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6 | (h) The term "person" means an individual, corporation, | ||||||
7 | unit of government,
business trust, estate, trust, partnership | ||||||
8 | or association, 2 or more persons
having a joint or common | ||||||
9 | interest, or any other legal entity.
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10 | (i) The term "unit of government" means the federal | ||||||
11 | government, the State or
unit of local government, a school | ||||||
12 | district, or any agency or instrumentality,
office, officer, | ||||||
13 | department, division, bureau, commission, college or
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14 | university thereof.
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15 | (j) The term "health facility" means: (a) any public or | ||||||
16 | private institution,
place, building, or agency required to be | ||||||
17 | licensed under the Hospital Licensing
Act; (b) any public or | ||||||
18 | private institution, place, building, or agency required
to be | ||||||
19 | licensed under the Nursing Home Care Act; (c)
any public or | ||||||
20 | licensed private hospital as defined in the Mental Health and
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21 | Developmental Disabilities Code; (d) any such facility | ||||||
22 | exempted from such
licensure when the Director of Public Health | ||||||
23 | attests that such exempted
facility
meets the statutory | ||||||
24 | definition of a facility subject to licensure; (e) any
other
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25 | public or private health service institution, place, building, | ||||||
26 | or agency which
the Director of Public Health attests is | ||||||
27 | subject to certification by the
Secretary, U.S. Department of | ||||||
28 | Health and Human Services under the Social
Security Act, as now | ||||||
29 | or hereafter amended, or which the Director of Public
Health | ||||||
30 | attests is subject to standard-setting by a recognized public | ||||||
31 | or
voluntary accrediting or standard-setting agency; (f) any | ||||||
32 | public or private
institution, place, building or agency | ||||||
33 | engaged in providing one or more
supporting services to a | ||||||
34 | health facility; (g) any public or private
institution,
place, |
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1 | building or agency engaged in providing training in the healing | ||||||
2 | arts,
including but not limited to schools of medicine, | ||||||
3 | dentistry, osteopathy,
optometry, podiatry, pharmacy or | ||||||
4 | nursing, schools for the training of x-ray,
laboratory or other | ||||||
5 | health care technicians and schools for the training of
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6 | para-professionals in the health care field; (h) any public or | ||||||
7 | private
congregate, life or extended care or elderly housing | ||||||
8 | facility or any public or
private home for the aged or infirm, | ||||||
9 | including, without limitation, any
Facility as defined in the | ||||||
10 | Life Care Facilities Act; (i) any public or private
mental, | ||||||
11 | emotional or physical rehabilitation facility or any public or | ||||||
12 | private
educational, counseling, or rehabilitation facility or | ||||||
13 | home, for those persons
with a developmental disability, those | ||||||
14 | who are physically ill or disabled, the
emotionally disturbed, | ||||||
15 | those persons with a mental illness or persons with
learning or | ||||||
16 | similar disabilities or problems; (j) any public or private
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17 | alcohol, drug or substance abuse diagnosis, counseling | ||||||
18 | treatment or
rehabilitation
facility, (k) any public or private | ||||||
19 | institution, place, building or agency
licensed by the | ||||||
20 | Department of Children and Family Services or which is not so
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21 | licensed but which the Director of Children and Family Services | ||||||
22 | attests
provides child care, child welfare or other services of | ||||||
23 | the type provided by
facilities
subject to such licensure; (l) | ||||||
24 | any public or private adoption agency or
facility; and (m) any | ||||||
25 | public or private blood bank or blood center. "Health
facility" | ||||||
26 | also means a public or private structure or structures suitable
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27 | primarily for use as a laboratory, laundry, nurses or interns | ||||||
28 | residence or
other housing or hotel facility used in whole or | ||||||
29 | in part for staff, employees
or
students and their families, | ||||||
30 | patients or relatives of patients admitted for
treatment or | ||||||
31 | care in a health facility, or persons conducting business with | ||||||
32 | a
health facility, physician's facility, surgicenter, | ||||||
33 | administration building,
research facility, maintenance, | ||||||
34 | storage or utility facility and all structures
or facilities |
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1 | related to any of the foregoing or required or useful for the
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2 | operation of a health facility, including parking or other | ||||||
3 | facilities or other
supporting service structures required or | ||||||
4 | useful for the orderly conduct of
such health facility.
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5 | (k) The term "participating health institution" means a | ||||||
6 | private corporation
or association or public entity of this | ||||||
7 | State, authorized by the laws of this
State to provide or | ||||||
8 | operate a health facility as defined in this Act and which,
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9 | pursuant to the provisions of this Act, undertakes the | ||||||
10 | financing, construction
or acquisition of a project or | ||||||
11 | undertakes the refunding or refinancing of
obligations, loans, | ||||||
12 | indebtedness or advances as provided in this Act.
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13 | (l) The term "health facility project", means a specific | ||||||
14 | health facility
work
or improvement to be financed or | ||||||
15 | refinanced (including without limitation
through reimbursement | ||||||
16 | of prior expenditures), acquired, constructed, enlarged,
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17 | remodeled, renovated, improved, furnished, or equipped, with | ||||||
18 | funds provided in
whole or in part hereunder, any accounts | ||||||
19 | receivable, working capital, liability
or insurance cost or | ||||||
20 | operating expense financing or refinancing program of a
health | ||||||
21 | facility with or involving funds provided in whole or in part | ||||||
22 | hereunder,
or any combination thereof.
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23 | (m) The term "bond resolution" means the resolution or | ||||||
24 | resolutions
authorizing the issuance of, or providing terms and | ||||||
25 | conditions related to,
bonds issued
under this Act and | ||||||
26 | includes, where appropriate, any trust agreement, trust
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27 | indenture, indenture of mortgage or deed of trust providing | ||||||
28 | terms and
conditions for such bonds.
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29 | (n) The term "property" means any real, personal or mixed | ||||||
30 | property, whether
tangible or intangible, or any interest | ||||||
31 | therein, including, without limitation,
any real estate, | ||||||
32 | leasehold interests, appurtenances, buildings, easements,
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33 | equipment, furnishings, furniture, improvements, machinery, | ||||||
34 | rights of way,
structures, accounts, contract rights or any |
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1 | interest therein.
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2 | (o) The term "revenues" means, with respect to any project, | ||||||
3 | the rents, fees,
charges, interest, principal repayments, | ||||||
4 | collections and other income or profit
derived therefrom.
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5 | (p) The term "higher education project" means, in the case | ||||||
6 | of a private
institution of higher education, an educational | ||||||
7 | facility to be acquired,
constructed, enlarged, remodeled, | ||||||
8 | renovated, improved, furnished, or equipped,
or any | ||||||
9 | combination thereof.
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10 | (q) The term "cultural institution project" means, in the | ||||||
11 | case of a cultural
institution, a cultural facility to be | ||||||
12 | acquired, constructed, enlarged,
remodeled, renovated, | ||||||
13 | improved, furnished, or equipped, or any combination
thereof.
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14 | (r) The term "educational facility" means any property | ||||||
15 | located within the
State
constructed or acquired before or | ||||||
16 | after the effective date of this Act, which
is
or will be, in | ||||||
17 | whole or in part, suitable for the instruction, feeding,
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18 | recreation or housing of students, the conducting of research | ||||||
19 | or other work of
a
private institution of higher education, the | ||||||
20 | use by a private institution of
higher education in connection | ||||||
21 | with any educational, research or related or
incidental | ||||||
22 | activities then being or to be conducted by it, or any | ||||||
23 | combination
of the foregoing, including, without limitation, | ||||||
24 | any such property suitable for
use as or in connection with any | ||||||
25 | one or more of the following: an academic
facility, | ||||||
26 | administrative facility, agricultural facility, assembly hall,
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27 | athletic facility, auditorium, boating facility, campus, | ||||||
28 | communication
facility,
computer facility, continuing | ||||||
29 | education facility, classroom, dining hall,
dormitory, | ||||||
30 | exhibition hall, fire fighting facility, fire prevention | ||||||
31 | facility,
food service and preparation facility, gymnasium, | ||||||
32 | greenhouse, health care
facility, hospital, housing, | ||||||
33 | instructional facility, laboratory, library,
maintenance | ||||||
34 | facility, medical facility, museum, offices, parking area,
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1 | physical education facility, recreational facility, research | ||||||
2 | facility, stadium,
storage facility, student union, study | ||||||
3 | facility, theatre or utility. An
educational facility shall not | ||||||
4 | include any property used or to be used for
sectarian | ||||||
5 | instruction or study or as a place for devotional activities or
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6 | religious worship nor any property which is used or to be used | ||||||
7 | primarily in
connection with any part of the program of a | ||||||
8 | school or department of divinity
for any religious | ||||||
9 | denomination.
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10 | (s) The term "cultural facility" means any property located | ||||||
11 | within the State
constructed or acquired before or after the | ||||||
12 | effective date of this Act, which
is or will be, in whole or in | ||||||
13 | part, suitable for the particular purposes or
needs
of a | ||||||
14 | cultural institution, including, without limitation, any such | ||||||
15 | property
suitable for use as or in connection with any one or | ||||||
16 | more of the following: an
administrative facility, aquarium, | ||||||
17 | assembly hall, auditorium, botanical garden,
exhibition hall, | ||||||
18 | gallery, greenhouse, library, museum, scientific laboratory,
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19 | theater or zoological facility, and shall also include, without | ||||||
20 | limitation,
books, works of art or music, animal, plant or | ||||||
21 | aquatic life or other items for
display, exhibition or | ||||||
22 | performance. The term "cultural facility" includes
buildings | ||||||
23 | on the National Register of Historic Places which are owned or
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24 | operated by nonprofit entities. A cultural facility shall not | ||||||
25 | include any
property used or to be used for sectarian | ||||||
26 | instruction or study or as a place
for devotional activities or | ||||||
27 | religious worship nor any property which is used
or to
be used | ||||||
28 | primarily in connection with any part of the program of a | ||||||
29 | school or
department of divinity for any religious | ||||||
30 | denomination.
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31 | (t) "Private institution of higher education" means a | ||||||
32 | not-for-profit
educational institution which is not owned by | ||||||
33 | the State or any political
subdivision, agency, | ||||||
34 | instrumentality, district or municipality thereof, which
is
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1 | authorized by law to provide a program of education beyond the | ||||||
2 | high school
level
and which:
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3 | (1) Admits as regular students only individuals having | ||||||
4 | a
certificate of graduation from a high school, or the | ||||||
5 | recognized equivalent of
such a certificate;
| ||||||
6 | (2) Provides an educational program for which it awards | ||||||
7 | a
bachelor's degree, or provides an educational program, | ||||||
8 | admission into which is
conditioned upon the prior | ||||||
9 | attainment of a bachelor's degree or its equivalent,
for | ||||||
10 | which it awards a postgraduate degree, or provides not less | ||||||
11 | than a 2-year
program which is acceptable for full credit | ||||||
12 | toward such a degree, or offers a
2-year program in | ||||||
13 | engineering, mathematics, or the physical or biological
| ||||||
14 | sciences
which is designed to prepare the student to work | ||||||
15 | as a technician and at a
semiprofessional level in | ||||||
16 | engineering, scientific, or other technological
fields
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17 | which require the understanding and application of basic | ||||||
18 | engineering,
scientific, or mathematical principles or | ||||||
19 | knowledge;
| ||||||
20 | (3) Is accredited by a nationally recognized | ||||||
21 | accrediting agency or
association or, if not so accredited, | ||||||
22 | is an institution whose credits are
accepted, on transfer, | ||||||
23 | by not less than 3 institutions which are so accredited,
| ||||||
24 | for credit on the same basis as if transferred from an | ||||||
25 | institution so
accredited, and holds an unrevoked | ||||||
26 | certificate of approval under the Private
College Act from | ||||||
27 | the Board of Higher Education, or is qualified as a
"degree | ||||||
28 | granting institution" under the Academic Degree Act; and
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29 | (4) Does not discriminate in the admission of students | ||||||
30 | on the basis
of race or
, color or creed .
"Private | ||||||
31 | institution of higher education" also includes any | ||||||
32 | "academic
institution".
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33 | (u) The term "academic institution" means any | ||||||
34 | not-for-profit institution
which
is not owned by the State or |
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1 | any political subdivision, agency,
instrumentality,
district | ||||||
2 | or municipality thereof, which institution engages in, or | ||||||
3 | facilitates
academic, scientific, educational or professional | ||||||
4 | research or learning in a
field or fields of study taught at a | ||||||
5 | private institution of higher education.
Academic institutions | ||||||
6 | include, without limitation, libraries, archives,
academic, | ||||||
7 | scientific, educational or professional societies, | ||||||
8 | institutions,
associations or foundations having such | ||||||
9 | purposes. Academic institution does not
include any school or | ||||||
10 | any institution primarily engaged in religious or
sectarian | ||||||
11 | activities.
| ||||||
12 | (v) The term "cultural institution" means any | ||||||
13 | not-for-profit institution
which
is not owned by the State or | ||||||
14 | any political subdivision, agency,
instrumentality,
district | ||||||
15 | or municipality thereof, which institution engages in the | ||||||
16 | cultural,
intellectual, scientific, educational or artistic | ||||||
17 | enrichment of the people of
the State. Cultural institutions | ||||||
18 | include, without limitation, aquaria,
botanical societies, | ||||||
19 | historical societies, libraries, museums, performing arts
| ||||||
20 | associations or societies, scientific societies and zoological | ||||||
21 | societies.
Cultural institution does not include any | ||||||
22 | institution primarily engaged in
religious or sectarian | ||||||
23 | activities.
| ||||||
24 | (w) The term "affiliate" means, with respect to financing | ||||||
25 | of an agricultural
facility or an agribusiness, any lender, any | ||||||
26 | person, firm or corporation
controlled by, or under common | ||||||
27 | control with, such lender, and any person, firm
or corporation | ||||||
28 | controlling such lender.
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29 | (x) The term "agricultural facility" means land, any | ||||||
30 | building or other
improvement thereon or thereto, and any | ||||||
31 | personal properties deemed necessary or
suitable for use, | ||||||
32 | whether or not now in existence, in farming, ranching, the
| ||||||
33 | production of agricultural commodities (including, without | ||||||
34 | limitation, the
products of aquaculture, hydroponics and |
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| |||||||
1 | silviculture) or the treating,
processing or storing of such | ||||||
2 | agricultural commodities when such activities are
customarily | ||||||
3 | engaged in by farmers as a part of farming.
| ||||||
4 | (y) The term "lender" with respect to financing of an | ||||||
5 | agricultural facility
or an agribusiness, means any federal or | ||||||
6 | State chartered bank, Federal Land
Bank,
Production Credit | ||||||
7 | Association, Bank for Cooperatives, federal or State
chartered | ||||||
8 | savings and loan association or building and loan association, | ||||||
9 | Small
Business
Investment Company or any other institution | ||||||
10 | qualified within this State to
originate and service loans, | ||||||
11 | including, but without limitation to, insurance
companies, | ||||||
12 | credit unions and mortgage loan companies. "Lender" also means | ||||||
13 | a
wholly owned subsidiary of a manufacturer, seller or | ||||||
14 | distributor of goods or
services that makes loans to businesses | ||||||
15 | or individuals, commonly known as a
"captive finance company".
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16 | (z) The term "agribusiness" means any sole proprietorship, | ||||||
17 | limited
partnership, co-partnership, joint venture, | ||||||
18 | corporation or cooperative which
operates or will operate a | ||||||
19 | facility located within the State of Illinois that
is related | ||||||
20 | to the
processing of agricultural commodities (including, | ||||||
21 | without limitation, the
products of aquaculture, hydroponics | ||||||
22 | and silviculture) or the manufacturing,
production or | ||||||
23 | construction of agricultural buildings, structures, equipment,
| ||||||
24 | implements, and supplies, or any other facilities or processes | ||||||
25 | used in
agricultural production. Agribusiness includes but is | ||||||
26 | not limited to the
following:
| ||||||
27 | (1) grain handling and processing, including grain | ||||||
28 | storage,
drying, treatment, conditioning, mailing and | ||||||
29 | packaging;
| ||||||
30 | (2) seed and feed grain development and processing;
| ||||||
31 | (3) fruit and vegetable processing, including | ||||||
32 | preparation, canning
and packaging;
| ||||||
33 | (4) processing of livestock and livestock products, | ||||||
34 | dairy products,
poultry and poultry products, fish or |
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| |||||||
1 | apiarian products, including slaughter,
shearing, | ||||||
2 | collecting, preparation, canning and packaging;
| ||||||
3 | (5) fertilizer and agricultural chemical | ||||||
4 | manufacturing,
processing, application and supplying;
| ||||||
5 | (6) farm machinery, equipment and implement | ||||||
6 | manufacturing and
supplying;
| ||||||
7 | (7) manufacturing and supplying of agricultural | ||||||
8 | commodity
processing machinery and equipment, including | ||||||
9 | machinery and equipment used in
slaughter, treatment, | ||||||
10 | handling, collecting, preparation, canning or packaging
of | ||||||
11 | agricultural commodities;
| ||||||
12 | (8) farm building and farm structure manufacturing, | ||||||
13 | construction
and supplying;
| ||||||
14 | (9) construction, manufacturing, implementation, | ||||||
15 | supplying or
servicing of irrigation, drainage and soil and | ||||||
16 | water conservation devices or
equipment;
| ||||||
17 | (10) fuel processing and development facilities that | ||||||
18 | produce fuel
from agricultural commodities or byproducts;
| ||||||
19 | (11) facilities and equipment for processing and | ||||||
20 | packaging
agricultural commodities specifically for | ||||||
21 | export;
| ||||||
22 | (12) facilities and equipment for forestry product | ||||||
23 | processing and
supplying, including sawmilling operations, | ||||||
24 | wood chip operations, timber
harvesting operations, and | ||||||
25 | manufacturing of prefabricated buildings, paper,
furniture | ||||||
26 | or other goods from forestry products;
| ||||||
27 | (13) facilities and equipment for research and | ||||||
28 | development of
products, processes and equipment for the | ||||||
29 | production, processing, preparation
or packaging of | ||||||
30 | agricultural commodities and byproducts.
| ||||||
31 | (aa) The term "asset" with respect to financing of any | ||||||
32 | agricultural facility
or
any agribusiness, means, but is not | ||||||
33 | limited to the following: cash crops or
feed on hand; livestock | ||||||
34 | held for sale; breeding stock; marketable bonds and
securities; |
| |||||||
| |||||||
1 | securities not readily marketable; accounts receivable; notes
| ||||||
2 | receivable; cash invested in growing crops; net cash value of | ||||||
3 | life insurance;
machinery and equipment; cars and trucks; farm | ||||||
4 | and other real estate including
life estates and personal | ||||||
5 | residence; value of beneficial interests in trusts;
government | ||||||
6 | payments or grants; and any other assets.
| ||||||
7 | (bb) The term "liability" with respect to financing of any | ||||||
8 | agricultural
facility or any agribusiness shall include, but | ||||||
9 | not be limited to the
following:
accounts payable; notes or | ||||||
10 | other indebtedness owed to any source; taxes; rent;
amounts | ||||||
11 | owed on real estate contracts or real estate mortgages; | ||||||
12 | judgments;
accrued interest payable; and any other liability.
| ||||||
13 | (cc) The term "Predecessor Authorities" means those | ||||||
14 | authorities as described
in Section 845-75.
| ||||||
15 | (dd) The term "housing project" means a specific work or | ||||||
16 | improvement
undertaken
to provide residential dwelling | ||||||
17 | accommodations, including the acquisition,
construction or | ||||||
18 | rehabilitation of lands, buildings and community facilities | ||||||
19 | and
in connection therewith to provide nonhousing facilities | ||||||
20 | which are part of the
housing project, including land, | ||||||
21 | buildings, improvements, equipment and all
ancillary | ||||||
22 | facilities for use for offices, stores, retirement homes, | ||||||
23 | hotels,
financial institutions, service, health care, | ||||||
24 | education, recreation or research
establishments, or any other | ||||||
25 | commercial purpose which are or are to be related
to a housing | ||||||
26 | development.
| ||||||
27 | (Source: P.A. 93-205, eff. 1-1-04.)
| ||||||
28 | (20 ILCS 3501/801-25)
| ||||||
29 | Sec. 801-25. All official acts of the Authority shall | ||||||
30 | require the approval
of
a majority of all members then holding | ||||||
31 | office and who are permitted to vote on the matter under | ||||||
32 | Section 845-45
at least 8 members . All meetings of the | ||||||
33 | Authority and the Advisory Councils
shall be conducted in |
| |||||||
| |||||||
1 | accordance with the Open Meetings Act. A quorum shall consist | ||||||
2 | of a majority of members then holding office. All meetings | ||||||
3 | shall
be conducted at a single location within this State with | ||||||
4 | a quorum of members physically present at this location. Other | ||||||
5 | members who are not physically present at this location may | ||||||
6 | participate in the meeting and vote on all matters by means of | ||||||
7 | a video or audio conference
among members physically
present at | ||||||
8 | this location . The Auditor General shall conduct financial | ||||||
9 | audits
and program audits of the Authority, in accordance with | ||||||
10 | the Illinois State
Auditing Act.
| ||||||
11 | (Source: P.A. 93-205, eff. 1-1-04.)
| ||||||
12 | (20 ILCS 3501/801-40)
| ||||||
13 | Sec. 801-40. In addition to the powers otherwise authorized | ||||||
14 | by law and in
addition to the foregoing general corporate | ||||||
15 | powers, the Authority shall also
have the following additional | ||||||
16 | specific powers to be exercised in furtherance of
the purposes | ||||||
17 | of this Act.
| ||||||
18 | (a) The Authority shall have power (i) to accept grants, | ||||||
19 | loans or
appropriations from the federal government or the | ||||||
20 | State, or any agency or
instrumentality thereof, to be used for | ||||||
21 | the operating expenses of the
Authority,
or for any purposes of | ||||||
22 | the Authority, including the making of direct loans of
such | ||||||
23 | funds with respect to projects, and (ii) to enter into any | ||||||
24 | agreement with
the federal government or the State, or any | ||||||
25 | agency or instrumentality thereof,
in relationship to such | ||||||
26 | grants, loans or appropriations.
| ||||||
27 | (b) The Authority shall have power to procure and enter | ||||||
28 | into contracts for
any
type of insurance and indemnity | ||||||
29 | agreements covering loss or damage to property
from any cause, | ||||||
30 | including loss of use and occupancy, or covering any other
| ||||||
31 | insurable risk.
| ||||||
32 | (c) The Authority shall have the continuing power to issue | ||||||
33 | bonds for its
corporate purposes. Bonds may be issued by the |
| |||||||
| |||||||
1 | Authority in one or more series
and may provide for the payment | ||||||
2 | of any interest deemed necessary on such bonds,
of the costs of | ||||||
3 | issuance of such bonds, of any premium on any insurance, or of
| ||||||
4 | the cost of any guarantees, letters of credit or other similar | ||||||
5 | documents, may
provide for the funding of the reserves deemed | ||||||
6 | necessary in connection with
such bonds, and may provide for | ||||||
7 | the refunding or advance refunding of any bonds
or
for accounts | ||||||
8 | deemed necessary in connection with any purpose of the | ||||||
9 | Authority.
The bonds may bear interest payable at any time or | ||||||
10 | times and at any rate or
rates, notwithstanding any other | ||||||
11 | provision of law to the contrary, and such
rate or rates may be | ||||||
12 | established by an index or formula which may be
implemented or
| ||||||
13 | established by persons appointed or retained therefor by the | ||||||
14 | Authority, or may
bear no interest or may bear interest payable | ||||||
15 | at maturity or upon redemption
prior to maturity, may bear such | ||||||
16 | date or dates, may be payable at such time or
times and at such | ||||||
17 | place or places, may mature at any time or times not later
than | ||||||
18 | 40 years from the date of issuance, may be sold at public or | ||||||
19 | private sale
at such time or times and at such price or prices, | ||||||
20 | may be secured by such
pledges, reserves, guarantees, letters | ||||||
21 | of credit, insurance contracts or other
similar credit support | ||||||
22 | or liquidity instruments, may be executed in such
manner, may | ||||||
23 | be subject to redemption prior to maturity, may provide for the
| ||||||
24 | registration of the bonds, and may be subject to such other | ||||||
25 | terms and
conditions all as may
be provided by the resolution | ||||||
26 | or indenture authorizing the issuance of such
bonds. The holder | ||||||
27 | or holders of any bonds issued by the Authority may bring
suits | ||||||
28 | at law or proceedings in equity to compel the performance and | ||||||
29 | observance
by any person or by the Authority or any of its | ||||||
30 | agents or employees of any
contract or covenant made with the | ||||||
31 | holders of such bonds and to compel such
person or the | ||||||
32 | Authority and any of its agents or employees to perform any
| ||||||
33 | duties
required to be performed for the benefit of the holders | ||||||
34 | of any such bonds by
the provision of the resolution |
| |||||||
| |||||||
1 | authorizing their issuance, and to enjoin such
person or the | ||||||
2 | Authority and any of its agents or employees from taking any
| ||||||
3 | action in conflict with any such contract or covenant.
| ||||||
4 | Notwithstanding the form and tenor of any such bonds and in the | ||||||
5 | absence of any
express recital on the face thereof that it is | ||||||
6 | non-negotiable, all such bonds
shall be negotiable | ||||||
7 | instruments. Pending the preparation and execution of any
such | ||||||
8 | bonds, temporary bonds may be issued as provided by the | ||||||
9 | resolution.
The bonds shall be sold by the Authority in such | ||||||
10 | manner as it shall determine.
The bonds may be secured as | ||||||
11 | provided in the authorizing resolution by the
receipts, | ||||||
12 | revenues, income and other available funds of the Authority and | ||||||
13 | by
any amounts derived by the Authority from the loan agreement | ||||||
14 | or lease agreement
with respect to the project or projects; and | ||||||
15 | bonds may be issued as general
obligations of the Authority | ||||||
16 | payable from such revenues, funds and obligations
of the | ||||||
17 | Authority as the bond resolution shall provide, or may be | ||||||
18 | issued as
limited obligations with a claim for payment solely | ||||||
19 | from such revenues, funds
and obligations as the bond | ||||||
20 | resolution shall provide. The Authority may grant a
specific | ||||||
21 | pledge or assignment of and lien on or security interest in | ||||||
22 | such
rights, revenues, income, or amounts and may grant a | ||||||
23 | specific pledge or
assignment of and lien on or security | ||||||
24 | interest in any reserves, funds or
accounts established in the | ||||||
25 | resolution authorizing the issuance of bonds. Any
such pledge, | ||||||
26 | assignment, lien or security interest for the benefit of the
| ||||||
27 | holders of the Authority's bonds shall be valid and binding | ||||||
28 | from the time the
bonds are issued without any physical | ||||||
29 | delivery or further act, and shall be
valid and binding as | ||||||
30 | against and prior to the claims of all other parties
having | ||||||
31 | claims against the Authority or any other person irrespective | ||||||
32 | of whether
the
other parties have notice of the pledge, | ||||||
33 | assignment, lien or security interest.
As evidence of such | ||||||
34 | pledge, assignment, lien and security interest, the
Authority |
| |||||||
| |||||||
1 | may execute and deliver a mortgage, trust agreement, indenture | ||||||
2 | or
security agreement or an assignment thereof.
A remedy for | ||||||
3 | any breach or default of the terms of any such agreement by the
| ||||||
4 | Authority may be by mandamus proceedings in any court of | ||||||
5 | competent jurisdiction
to compel the performance and | ||||||
6 | compliance therewith, but the agreement may
prescribe by whom | ||||||
7 | or on whose behalf such action may be instituted.
It is | ||||||
8 | expressly understood that the Authority may, but need not, | ||||||
9 | acquire title
to any project with respect to which it exercises | ||||||
10 | its authority.
| ||||||
11 | (d) With respect to the powers granted by this Act, the | ||||||
12 | Authority may adopt
rules and regulations prescribing the | ||||||
13 | procedures by which persons may apply for
assistance under this | ||||||
14 | Act. Nothing herein shall be deemed to preclude the
Authority, | ||||||
15 | prior to the filing of any formal application, from conducting
| ||||||
16 | preliminary discussions and investigations with respect to the | ||||||
17 | subject matter
of any prospective application.
| ||||||
18 | (e) The Authority shall have power to acquire by purchase, | ||||||
19 | lease, gift or
otherwise any property or rights therein from | ||||||
20 | any person useful for its
purposes, whether improved for the | ||||||
21 | purposes of any prospective project, or
unimproved. The | ||||||
22 | Authority may also accept any donation of funds for its
| ||||||
23 | purposes from any such source. The Authority shall have no | ||||||
24 | independent power of
condemnation but may acquire any property | ||||||
25 | or rights therein obtained upon
condemnation by any other | ||||||
26 | authority, governmental entity or unit of local
government with | ||||||
27 | such power.
| ||||||
28 | (f) The Authority shall have power to develop, construct | ||||||
29 | and improve either
under its own direction, or through | ||||||
30 | collaboration with any approved applicant,
or to acquire | ||||||
31 | through purchase or otherwise, any project, using for such
| ||||||
32 | purpose the proceeds derived from the sale of its bonds or from | ||||||
33 | governmental
loans or
grants, and to hold title in the name of | ||||||
34 | the Authority to such projects.
|
| |||||||
| |||||||
1 | (g) The Authority shall have power to lease pursuant to a | ||||||
2 | lease agreement
any
project so developed and constructed or | ||||||
3 | acquired to the approved tenant on such
terms and conditions as | ||||||
4 | may be appropriate to further the purposes of this Act
and to | ||||||
5 | maintain the credit of the Authority. Any such lease may | ||||||
6 | provide for
either the Authority or the approved tenant to | ||||||
7 | assume initially, in whole or in
part, the costs of | ||||||
8 | maintenance, repair and improvements during the leasehold
| ||||||
9 | period. In no case, however, shall the total rentals from any | ||||||
10 | project during
any initial leasehold period or the total loan | ||||||
11 | repayments to be made pursuant
to any loan agreement, be less | ||||||
12 | than an amount necessary to return over such
lease
or loan | ||||||
13 | period (1) all costs incurred in connection with the | ||||||
14 | development,
construction, acquisition or improvement of the | ||||||
15 | project and for repair,
maintenance and improvements thereto | ||||||
16 | during the period of the lease or loan;
provided, however, that | ||||||
17 | the rentals or loan repayments need not include costs
met | ||||||
18 | through the use of funds other than those obtained by the | ||||||
19 | Authority through
the issuance of its bonds or governmental | ||||||
20 | loans; (2) a reasonable percentage
additive to be agreed upon | ||||||
21 | by the Authority and the borrower or tenant to cover
a properly | ||||||
22 | allocable portion of the Authority's general expenses, | ||||||
23 | including,
but not limited to, administrative expenses, | ||||||
24 | salaries and general insurance,
and
(3) an amount sufficient to | ||||||
25 | pay when due all principal of, interest and
premium, if
any on, | ||||||
26 | any bonds issued by the Authority with respect to the project. | ||||||
27 | The
portion of total rentals payable under clause (3) of this | ||||||
28 | subsection (g) shall
be deposited in such special accounts, | ||||||
29 | including all sinking funds, acquisition
or construction | ||||||
30 | funds, debt service and other funds as provided by any
| ||||||
31 | resolution, mortgage or trust agreement of the Authority | ||||||
32 | pursuant to which any
bond is issued.
| ||||||
33 | (h) The Authority has the power, upon the termination of | ||||||
34 | any leasehold
period
of any project, to sell or lease for a |
| |||||||
| |||||||
1 | further term or terms such project on
such terms and conditions | ||||||
2 | as the Authority shall deem reasonable and consistent
with the | ||||||
3 | purposes of the Act. The net proceeds from all such sales and | ||||||
4 | the
revenues or income from such leases shall be used to | ||||||
5 | satisfy any indebtedness
of
the Authority with respect to such | ||||||
6 | project and any balance may be used to pay
any expenses of the | ||||||
7 | Authority or be used for the further development,
construction, | ||||||
8 | acquisition or improvement of projects.
In the event any | ||||||
9 | project is vacated by a tenant prior to the termination of the
| ||||||
10 | initial leasehold period, the Authority shall sell or lease the | ||||||
11 | facilities of
the project on the most advantageous terms | ||||||
12 | available. The net proceeds of any
such disposition shall be | ||||||
13 | treated in the same manner as the proceeds from sales
or the | ||||||
14 | revenues or income from leases subsequent to the termination of | ||||||
15 | any
initial leasehold period.
| ||||||
16 | (i) The Authority shall have the power to make loans to | ||||||
17 | persons to finance a
project, to enter into loan agreements | ||||||
18 | with respect thereto, and to accept
guarantees from persons of | ||||||
19 | its loans or the resultant evidences of obligations
of the | ||||||
20 | Authority.
| ||||||
21 | (j) The Authority may fix, determine, charge and collect | ||||||
22 | any premiums, fees,
charges, costs and expenses, including, | ||||||
23 | without limitation, any application
fees, commitment fees, | ||||||
24 | program fees, financing charges or publication fees from
any | ||||||
25 | person in connection with its activities under this Act.
| ||||||
26 | (k) In addition to the funds established as provided | ||||||
27 | herein, the Authority
shall have the power to create and | ||||||
28 | establish such reserve funds and accounts as
may be necessary | ||||||
29 | or desirable to accomplish its purposes under this Act and to
| ||||||
30 | deposit its available monies into the funds and accounts.
| ||||||
31 | (l) At the request of the governing body of any unit of | ||||||
32 | local government,
the
Authority is authorized to market such | ||||||
33 | local government's revenue bond
offerings by preparing bond | ||||||
34 | issues for sale, advertising for sealed bids,
receiving bids
at |
| |||||||
| |||||||
1 | its offices, making the award to the bidder that offers the | ||||||
2 | most favorable
terms or arranging for negotiated placements or | ||||||
3 | underwritings of such
securities. The Authority may, at its | ||||||
4 | discretion, offer for concurrent sale the
revenue bonds of | ||||||
5 | several local governments. Sales by the Authority of revenue
| ||||||
6 | bonds under this Section shall in no way imply State guarantee | ||||||
7 | of such debt
issue. The Authority may require such financial | ||||||
8 | information from participating
local governments as it deems | ||||||
9 | necessary in order to carry out the purposes of
this subsection | ||||||
10 | (1).
| ||||||
11 | (m) The Authority may make grants to any county to which | ||||||
12 | Division 5-37 of
the
Counties Code is applicable to assist in | ||||||
13 | the financing of capital development,
construction and | ||||||
14 | renovation of new or existing facilities for hospitals and
| ||||||
15 | health care facilities under that Act. Such grants may only be | ||||||
16 | made from funds
appropriated for such purposes from the Build | ||||||
17 | Illinois Bond Fund or the Build
Illinois Purposes Fund.
| ||||||
18 | (n) The Authority may establish an urban development action | ||||||
19 | grant program
for
the purpose of assisting municipalities in | ||||||
20 | Illinois which are experiencing
severe economic distress to | ||||||
21 | help stimulate economic development activities
needed to aid in | ||||||
22 | economic recovery. The Authority shall determine the types of
| ||||||
23 | activities and projects for which the urban development action | ||||||
24 | grants may be
used, provided that such projects and activities | ||||||
25 | are broadly defined to include
all reasonable projects and | ||||||
26 | activities the primary objectives of which are the
development | ||||||
27 | of viable urban communities, including decent housing and a
| ||||||
28 | suitable living environment, and expansion of economic | ||||||
29 | opportunity, principally
for
persons of low and moderate | ||||||
30 | incomes. The Authority shall enter into grant
agreements from | ||||||
31 | monies appropriated for such purposes from the Build Illinois
| ||||||
32 | Bond Fund or the Build Illinois Purposes Fund. The Authority | ||||||
33 | shall monitor the
use of the grants, and shall provide for | ||||||
34 | audits of the funds as well as
recovery by the Authority of any |
| |||||||
| |||||||
1 | funds determined to have been spent in
violation of this
| ||||||
2 | subsection (n) or any rule or regulation promulgated hereunder. | ||||||
3 | The Authority
shall provide technical assistance with regard to | ||||||
4 | the effective use of the
urban development action grants. The | ||||||
5 | Authority shall file an annual report to
the
General Assembly | ||||||
6 | concerning the progress of the grant program.
| ||||||
7 | (o) The Authority may establish a Housing Partnership | ||||||
8 | Program whereby the
Authority provides zero-interest loans to | ||||||
9 | municipalities for the purpose of
assisting in the financing of | ||||||
10 | projects for the rehabilitation of affordable
multi-family | ||||||
11 | housing for low and moderate income residents. The Authority | ||||||
12 | may
provide such loans only upon a municipality's providing | ||||||
13 | evidence that it has
obtained private funding for the | ||||||
14 | rehabilitation project. The Authority shall
provide 3 State | ||||||
15 | dollars for every 7 dollars obtained by the municipality from
| ||||||
16 | sources other than the State of Illinois. The loans shall be | ||||||
17 | made from monies
appropriated for such purpose from the Build | ||||||
18 | Illinois Bond Fund or the Build
Illinois Purposes Fund. The | ||||||
19 | total amount of loans available under the Housing
Partnership | ||||||
20 | Program shall not exceed $30,000,000. State loan monies under | ||||||
21 | this
subsection shall be used only for the acquisition and | ||||||
22 | rehabilitation of
existing
buildings containing 4 or more | ||||||
23 | dwelling units. The terms of any loan made by
the municipality | ||||||
24 | under this subsection shall require repayment of the loan to
| ||||||
25 | the municipality upon any sale or other transfer of the | ||||||
26 | project.
| ||||||
27 | (p) The Authority may award grants to universities and | ||||||
28 | research
institutions,
research consortiums and other | ||||||
29 | not-for-profit entities for the purposes of:
remodeling or | ||||||
30 | otherwise physically altering existing laboratory or research
| ||||||
31 | facilities, expansion or physical additions to existing | ||||||
32 | laboratory or research
facilities, construction of new | ||||||
33 | laboratory or research facilities or
acquisition of modern | ||||||
34 | equipment to support laboratory or research operations
|
| |||||||
| |||||||
1 | provided that
such grants (i) be used solely in support of | ||||||
2 | project and equipment acquisitions
which enhance technology | ||||||
3 | transfer, and (ii) not constitute more than 60 percent
of the | ||||||
4 | total project or acquisition cost.
| ||||||
5 | (q) Grants may be awarded by the Authority to units of | ||||||
6 | local government for
the
purpose of developing the appropriate | ||||||
7 | infrastructure or defraying other costs
to
the local government | ||||||
8 | in support of laboratory or research facilities provided
that | ||||||
9 | such grants may not exceed 40% of the cost to the unit of local
| ||||||
10 | government.
| ||||||
11 | (r) The Authority may establish a Direct Loan Program to | ||||||
12 | make loans to
individuals, partnerships or corporations for the | ||||||
13 | purpose of an industrial
project, as defined in
Section 801-10 | ||||||
14 | of this Act. For the purposes of such program
and not by way of | ||||||
15 | limitation on any other program of the Authority, the
Authority | ||||||
16 | shall have the power to issue bonds, notes, or other evidences | ||||||
17 | of
indebtedness including commercial paper for purposes of | ||||||
18 | providing a fund of
capital from which it may make such loans. | ||||||
19 | The Authority shall have the power
to use any appropriations | ||||||
20 | from the State made especially for the Authority's
Direct Loan | ||||||
21 | Program for additional capital to make such loans or for the
| ||||||
22 | purposes of reserve funds or pledged funds which secure the | ||||||
23 | Authority's
obligations of repayment of any bond, note or other | ||||||
24 | form of indebtedness
established for the purpose of providing | ||||||
25 | capital for which it intends to make
such loans under the | ||||||
26 | Direct Loan Program. For the purpose of obtaining such
capital, | ||||||
27 | the Authority may also enter into agreements with financial
| ||||||
28 | institutions and other persons for the purpose of selling loans | ||||||
29 | and developing
a secondary market for such loans.
Loans made | ||||||
30 | under the Direct Loan Program may be in an amount not to exceed
| ||||||
31 | $300,000 and shall be made for a portion of an industrial | ||||||
32 | project which does
not exceed 50% of the total project. No loan | ||||||
33 | may be made by the Authority
unless
approved by the affirmative | ||||||
34 | vote of at least 8 members of the board. The
Authority shall |
| |||||||
| |||||||
1 | establish procedures and publish rules which shall provide for
| ||||||
2 | the submission, review, and analysis of each direct loan | ||||||
3 | application and which
shall preserve the ability of each board | ||||||
4 | member to reach an individual business
judgment regarding the | ||||||
5 | propriety of making each direct loan. The collective
discretion | ||||||
6 | of the board to approve or disapprove each loan shall be
| ||||||
7 | unencumbered.
The Authority may establish and collect such fees | ||||||
8 | and charges, determine and
enforce such terms and conditions, | ||||||
9 | and charge such interest rates as it
determines to be necessary | ||||||
10 | and appropriate to the successful administration of
the Direct | ||||||
11 | Loan Program. The Authority may require such interests in | ||||||
12 | collateral
and such guarantees as it determines are necessary | ||||||
13 | to project the Authority's
interest in the repayment of the | ||||||
14 | principal and interest of each loan made under
the Direct Loan | ||||||
15 | Program.
| ||||||
16 | (s) The Authority may guarantee private loans to third | ||||||
17 | parties up to a
specified dollar amount in order to promote | ||||||
18 | economic development in this State.
| ||||||
19 | (t) The Authority may adopt rules and regulations as may be | ||||||
20 | necessary or
advisable to implement the powers conferred by | ||||||
21 | this Act.
| ||||||
22 | (u) The Authority shall have the power to issue bonds, | ||||||
23 | notes or other
evidences
of indebtedness, which may be used to | ||||||
24 | make loans to units of local government
which are authorized to | ||||||
25 | enter into loan agreements and other documents and to
issue | ||||||
26 | bonds, notes and other evidences of indebtedness for the | ||||||
27 | purpose of
financing the protection of storm sewer outfalls, | ||||||
28 | the construction of adequate
storm sewer outfalls, and the | ||||||
29 | provision for flood protection of sanitary sewage
treatment | ||||||
30 | plans, in counties that have established a stormwater | ||||||
31 | management
planning committee in accordance with
Section | ||||||
32 | 5-1062 of the Counties Code. Any
such loan shall be made by the | ||||||
33 | Authority pursuant to the provisions of
Section
820-5 to 820-60 | ||||||
34 | of this Act. The unit of local government shall pay back to the
|
| |||||||
| |||||||
1 | Authority the principal amount of the loan, plus annual | ||||||
2 | interest as determined
by the Authority. The Authority shall | ||||||
3 | have the power, subject to appropriations
by the General | ||||||
4 | Assembly, to subsidize or buy down a portion of the interest on
| ||||||
5 | such loans, up to 4% per annum.
| ||||||
6 | (v) The Authority may accept security interests as provided | ||||||
7 | in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| ||||||
8 | (w) Moral Obligation. In the event that the Authority | ||||||
9 | determines that monies
of the Authority will not be sufficient | ||||||
10 | for the payment of the principal of and
interest on its bonds | ||||||
11 | during the next State fiscal year, the Chairperson, as
soon as | ||||||
12 | practicable, shall certify to the Governor the amount required | ||||||
13 | by the
Authority to enable it to pay such principal of and | ||||||
14 | interest on the bonds. The
Governor shall submit the amount so | ||||||
15 | certified to the General Assembly as soon
as
practicable, but | ||||||
16 | no later than the end of the current State fiscal year. This
| ||||||
17 | subsection shall apply only to any bonds or notes as to which | ||||||
18 | the Authority
shall have determined, in the resolution | ||||||
19 | authorizing the issuance of the bonds
or notes, that this | ||||||
20 | subsection shall apply. Whenever the Authority makes such a
| ||||||
21 | determination, that fact shall be plainly stated on the face of | ||||||
22 | the bonds or
notes and that fact shall also be reported to the | ||||||
23 | Governor. In the event of a
withdrawal of moneys from a reserve | ||||||
24 | fund established with respect to any issue
or issues of bonds | ||||||
25 | of the Authority to pay principal or interest on those
bonds,
| ||||||
26 | the Chairperson of the Authority, as soon as practicable, shall | ||||||
27 | certify to the
Governor the amount required to restore the | ||||||
28 | reserve fund to the level required
in the resolution or | ||||||
29 | indenture securing those bonds. The Governor shall submit
the | ||||||
30 | amount so certified to the General Assembly as soon as | ||||||
31 | practicable, but no
later than the end of the current State | ||||||
32 | fiscal year. The Authority shall obtain
written approval from | ||||||
33 | the Governor for any bonds and notes to be issued under
this | ||||||
34 | Section.
In addition to any other bonds authorized to be issued |
| |||||||
| |||||||
1 | under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | ||||||
2 | principal amount of Authority
bonds outstanding
issued under | ||||||
3 | this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | ||||||
4 | 360/2-6(c), which have
been
assumed by the Authority, shall not | ||||||
5 | exceed $150,000,000. | ||||||
6 | (x) The State pledges to and agrees with the holders of | ||||||
7 | bonds and the beneficial owners of securities that the State | ||||||
8 | shall not limit or restrict the rights vested in the Authority | ||||||
9 | (i) to purchase, acquire, hold, sell, or dispose of securities | ||||||
10 | or other investments, (ii) to establish and collect such fees | ||||||
11 | or other charges as may be convenient or necessary to produce | ||||||
12 | sufficient revenues to meet the expenses of operation of the | ||||||
13 | Authority, and (iii) to fulfill the terms of any agreement made | ||||||
14 | with the holders of bonds or the beneficial owners of | ||||||
15 | securities or in any way impair the rights or remedies of the | ||||||
16 | holders of those bonds or the beneficial owners of securities | ||||||
17 | until the bonds or securities are fully paid and discharged or | ||||||
18 | provision for their payment has been made.
| ||||||
19 | (Source: P.A. 93-205, eff. 1-1-04.)
| ||||||
20 | (20 ILCS 3501/845-40)
| ||||||
21 | Sec. 845-40. The Authority shall appoint a secretary and | ||||||
22 | treasurer, who
may,
but need not, be a member or members of the | ||||||
23 | Authority to hold office during the
pleasure of the Authority. | ||||||
24 | Before entering upon the duties of the respective
offices such | ||||||
25 | person or persons shall take and subscribe to the | ||||||
26 | constitutional
oath of office, and the treasurer shall execute | ||||||
27 | a bond with corporate sureties
to be approved by the Authority. | ||||||
28 | The bond shall be payable to the Authority in
whatever penal | ||||||
29 | sum may be directed by the Authority conditioned upon the
| ||||||
30 | faithful performance of the duties of the office and the | ||||||
31 | payment of all money
received by him according to law and the | ||||||
32 | orders of the Authority. The Authority
may, at any time, | ||||||
33 | require a new bond from the treasurer in such penal sum as
may
|
| |||||||
| |||||||
1 | then be determined by the Authority. The obligation of the | ||||||
2 | sureties shall not
extend to any loss sustained by the | ||||||
3 | insolvency, failure or closing of any
savings and loan | ||||||
4 | association or national or state bank wherein the treasurer
has
| ||||||
5 | deposited funds if the bank or savings and loan association has | ||||||
6 | been approved
by
the Authority as a depository for these funds. | ||||||
7 | The oaths of office and the
treasurer's bond shall be filed in | ||||||
8 | the principal office of the Authority.
All funds of the | ||||||
9 | Authority, including without limitation, grants or loans from
| ||||||
10 | the federal government, the State or any agency or | ||||||
11 | instrumentality thereof,
fees, service charges, interest or | ||||||
12 | other investment earnings on its funds,
payments of principal | ||||||
13 | of and interest on loans of its funds and revenue from
any
| ||||||
14 | other source, except funds the application of which is | ||||||
15 | otherwise specifically
provided for by appropriation, | ||||||
16 | resolution, grant agreement, lease agreement,
loan agreement, | ||||||
17 | indenture, mortgage or trust agreement or other agreement, may
| ||||||
18 | be held by the Authority in its treasury and be generally | ||||||
19 | available for
expenditure by the Authority for any of the | ||||||
20 | purposes authorized by this Act. In
addition to investments | ||||||
21 | authorized by
Section 2 of
the Public Funds Investment Act, | ||||||
22 | funds of the Authority may be invested in (a)
obligations | ||||||
23 | issued by
any
State, unit of local government or school | ||||||
24 | district which obligations are rated
at the time of purchase by | ||||||
25 | a national rating service within the two highest
rating | ||||||
26 | classifications without regard to any rating refinement or | ||||||
27 | gradation by
numerical or other modifier, or (b) equity | ||||||
28 | securities of an investment company
registered under the | ||||||
29 | Investment Company Act of 1940 whose sole assets, other
than | ||||||
30 | cash and other temporary investments, are obligations which are | ||||||
31 | eligible
investments for the Authority, provided that not more | ||||||
32 | than 20% of the assets of
the investment company may consist of | ||||||
33 | unrated obligations of the type described
in clause (a) which | ||||||
34 | the Board of Directors of the investment company has
determined |
| |||||||
| |||||||
1 | to be of comparable quality to rated obligations described in | ||||||
2 | clause
(a). Funds appropriated by the General Assembly to the | ||||||
3 | Authority shall be held
in the
State treasury unless this Act | ||||||
4 | or the Act making the appropriation specifically
states that | ||||||
5 | the monies are to be held in or appropriated to the Authority's
| ||||||
6 | treasury.
Such funds as are authorized to be held in the | ||||||
7 | Authority's treasury and
deposited in any bank or savings and | ||||||
8 | loan association and placed in the name of
the Authority shall | ||||||
9 | be withdrawn or paid out only by check or draft upon the
bank | ||||||
10 | or savings and loan association, signed by the treasurer and | ||||||
11 | countersigned
by the Chairperson or Executive Director of the | ||||||
12 | Authority. The Authority may designate any of its
members or | ||||||
13 | any officer or employee of the Authority to affix the signature | ||||||
14 | of
the Chairperson and another to affix the signature of the | ||||||
15 | treasurer to any
check
or draft for payment of salaries or | ||||||
16 | wages and for payment of any other
obligations of not more than | ||||||
17 | $2,500.
In case any officer whose signature appears upon any | ||||||
18 | check or draft, issued
pursuant to this Act, ceases to hold his | ||||||
19 | office before the delivery thereof to
the payee, his signature | ||||||
20 | nevertheless shall be valid and sufficient for all
purposes | ||||||
21 | with the same effect as if he had remained in office until | ||||||
22 | delivery
thereof.
No bank or savings and loan association shall | ||||||
23 | receive public funds as permitted
by this
Section, unless it | ||||||
24 | has complied with the requirements established
pursuant to
| ||||||
25 | Section 6 of the Public Funds Investment Act.
| ||||||
26 | (Source: P.A. 93-205, eff. 1-1-04.)
| ||||||
27 | (20 ILCS 3501/845-90 new) | ||||||
28 | Sec. 845-90. Amounts of Illinois Farm Development and Rural | ||||||
29 | Bond Bank program funding. The Illinois Finance Authority must, | ||||||
30 | at a minimum, maintain the level of bond funding for all | ||||||
31 | functions and programs that were operated under the Illinois | ||||||
32 | Farm Development Act and the Rural Bond Bank Act that existed | ||||||
33 | before the effective date of Public Act 93-205. ".
|