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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Finance Authority Act is amended by | ||||||||||||||||||||||||||
5 | changing Sections 825-65 and 825-75 as follows:
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6 | (20 ILCS 3501/825-65)
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7 | Sec. 825-65. Clean Coal and Energy Project Financing.
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8 | (a) Findings and declaration of policy. It is hereby found | ||||||||||||||||||||||||||
9 | and declared that
Illinois has abundant coal resources and, in | ||||||||||||||||||||||||||
10 | some areas of Illinois, the demand
for power exceeds the | ||||||||||||||||||||||||||
11 | generating capacity. Incentives to encourage the
construction | ||||||||||||||||||||||||||
12 | of coal-fired electric generating plants in Illinois to ensure
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13 | power generating capacity into the future and to advance clean | ||||||||||||||||||||||||||
14 | coal technology and the use of Illinois coal are in the best | ||||||||||||||||||||||||||
15 | interests of all of
the citizens of Illinois. The Authority is | ||||||||||||||||||||||||||
16 | authorized to issue bonds to help
finance Clean Coal and Energy | ||||||||||||||||||||||||||
17 | projects pursuant to this
Section.
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18 | (b) Definition. "Clean Coal and Energy projects" means new | ||||||||||||||||||||||||||
19 | electric
generating facilities, as defined in
Section 605-332 | ||||||||||||||||||||||||||
20 | of the Department of Commerce and
Economic Opportunity Law of | ||||||||||||||||||||||||||
21 | the Civil Administrative Code of Illinois, which
may
include | ||||||||||||||||||||||||||
22 | mine-mouth power plants, projects that employ the use of clean | ||||||||||||||||||||||||||
23 | coal
technology, projects to provide scrubber technology for |
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1 | existing energy
generating plants, or projects to provide | ||||||
2 | electric transmission facilities or new gasification | ||||||
3 | facilities .
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4 | (c) Creation of reserve funds. The Authority may establish | ||||||
5 | and maintain one
or more reserve funds to enhance bonds issued | ||||||
6 | by the Authority for Clean Coal
and
Energy projects to develop | ||||||
7 | alternative energy sources, including renewable
energy | ||||||
8 | projects, projects to provide scrubber technology for existing | ||||||
9 | energy
generating plants or projects to provide electric | ||||||
10 | transmission facilities .
There may be one or more accounts in | ||||||
11 | these reserve funds in which there may be
deposited:
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12 | (1) any proceeds of the bonds issued by the Authority | ||||||
13 | required to
be deposited therein by the terms of any | ||||||
14 | contract between the Authority and its
bondholders or any | ||||||
15 | resolution of the Authority;
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16 | (2) any other moneys or funds of the Authority that it | ||||||
17 | may
determine to deposit therein from any other source; and
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18 | (3) any other moneys or funds made available to the | ||||||
19 | Authority.
Subject to the terms of any pledge to the owners | ||||||
20 | of any bonds, moneys in any
reserve fund may be held and | ||||||
21 | applied to the payment of principal, premium, if
any, and | ||||||
22 | interest of such bonds.
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23 | (d) Powers and duties. The Authority has the power:
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24 | (1) To issue bonds in one or more series pursuant to | ||||||
25 | one or more
resolutions of the Authority for any Clean Coal | ||||||
26 | and Energy projects authorized
under this Section, within |
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1 | the authorization set forth in subsections (e)
and (f).
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2 | (2) To provide for the funding of any reserves or other | ||||||
3 | funds or
accounts deemed necessary by the Authority in | ||||||
4 | connection with any bonds issued
by the Authority.
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5 | (3) To pledge any funds of the Authority or funds made | ||||||
6 | available to
the Authority that may be applied to such | ||||||
7 | purpose as security for any bonds or
any guarantees, | ||||||
8 | letters of credit, insurance contracts or similar credit
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9 | support
or liquidity instruments securing the bonds.
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10 | (4) To enter into agreements or contracts with third | ||||||
11 | parties,
whether public or private, including, without | ||||||
12 | limitation, the United States of
America, the State or any | ||||||
13 | department or agency thereof, to obtain any
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14 | appropriations, grants, loans or guarantees that are | ||||||
15 | deemed necessary or
desirable by the Authority. Any such | ||||||
16 | guarantee, agreement or contract may
contain terms and | ||||||
17 | provisions necessary or desirable in connection with the
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18 | program, subject to the requirements established by the | ||||||
19 | Act.
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20 | (5) To exercise such other powers as are necessary or | ||||||
21 | incidental to
the foregoing.
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22 | (e) Clean Coal and Energy bond authorization and financing | ||||||
23 | limits. In
addition
to any other bonds authorized to be issued | ||||||
24 | under
Sections 801-40(w), 825-60, 830-25
and 845-5, the | ||||||
25 | Authority may have outstanding, at any time, bonds for the
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26 | purpose
enumerated in this
Section 825-65 in an aggregate |
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1 | principal amount that shall not
exceed $2,700,000,000, of which | ||||||
2 | no more than $300,000,000 may be issued to
finance transmission | ||||||
3 | facilities, no more than $500,000,000 may be issued to
finance | ||||||
4 | scrubbers at existing generating plants, no more than | ||||||
5 | $500,000,000 may
be issued to finance alternative energy | ||||||
6 | sources, including renewable energy
projects and no more than | ||||||
7 | $1,400,000,000 may be issued to finance new electric
generating | ||||||
8 | facilities, as defined in
Section 605-332 of the Department of
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9 | Commerce and Economic Opportunity Law of the Civil | ||||||
10 | Administrative Code of
Illinois , which may include mine-mouth | ||||||
11 | power plants . An application for a loan
financed from bond | ||||||
12 | proceeds from a borrower or its affiliates for a Clean Coal
and | ||||||
13 | Energy project may not be approved by the Authority for an | ||||||
14 | amount in excess
of $450,000,000 for any borrower or its | ||||||
15 | affiliates. These bonds shall not
constitute an indebtedness or | ||||||
16 | obligation of the State of Illinois and it shall
be plainly | ||||||
17 | stated on the face of each bond that it does not constitute an
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18 | indebtedness or obligation of the State of Illinois, but is | ||||||
19 | payable solely from
the revenues, income or other assets of the | ||||||
20 | Authority pledged therefor.
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21 | (f) Additional Clean Coal and Energy bond authorization and | ||||||
22 | financing
limits.
In addition to any other bonds authorized to | ||||||
23 | be issued under this Act, the
Authority may issue bonds for the | ||||||
24 | purpose enumerated in this
Section 825-65 in an
aggregate | ||||||
25 | principal amount that shall not exceed $300,000,000.
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26 | (Source: P.A. 93-205, eff. 1-1-04.)
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1 | (20 ILCS 3501/825-75)
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2 | Sec. 825-75. Additional Security. In the event that the | ||||||
3 | Authority
determines
that monies of the Authority will not be | ||||||
4 | sufficient for the payment of the
principal of and interest on | ||||||
5 | any bonds issued for new facilities by the Authority under
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6 | Sections
825-65 through 825-75 of this Act for energy | ||||||
7 | generation projects that advance
clean coal technology and the | ||||||
8 | use of Illinois coal during the next State fiscal
year, the | ||||||
9 | Chairperson, as soon as practicable, shall certify to the | ||||||
10 | Governor
the
amount required by the Authority to enable it to | ||||||
11 | pay such principal, premium,
if
any, and interest on such | ||||||
12 | bonds. The Governor shall submit the amount so
certified to the | ||||||
13 | General Assembly as soon as practicable, but no later than the
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14 | end of the current State fiscal year. This subsection shall not | ||||||
15 | apply to any
bonds or notes as to which the Authority shall | ||||||
16 | have determined, in the
resolution authorizing the issuance of | ||||||
17 | the bonds or notes, that this subsection
shall not apply. | ||||||
18 | Whenever the Authority makes such a determination, that fact
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19 | shall be plainly stated on the face of the bonds or notes and | ||||||
20 | that fact should
also be reported to the Governor.
In the event | ||||||
21 | of a withdrawal of moneys from a reserve fund established with
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22 | respect to any issue or issues of bonds of the Authority to pay | ||||||
23 | principal,
premium, if any, and interest on such bonds, the | ||||||
24 | Chairman of the Authority, as
soon as practicable, shall | ||||||
25 | certify to the Governor the amount required to
restore the |
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1 | reserve fund to the level required in the resolution or | ||||||
2 | indenture
securing those bonds. The Governor shall submit the | ||||||
3 | amount so certified to the
General Assembly as soon as | ||||||
4 | practicable, but no later than the end of the
current State | ||||||
5 | fiscal year. The Authority shall obtain written approval from | ||||||
6 | the
Governor for any bonds and notes to be issued under this | ||||||
7 | Section.
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8 | (Source: P.A. 93-205, eff. 1-1-04.)
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