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1 | AN ACT concerning State government.
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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 Section 801-10 and by adding Section 825-12 as | ||||||||||||||||||||||||||
6 | 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, | ||||||||||||||||||||||||||
15 | conservation project, housing project, public
purpose project, | ||||||||||||||||||||||||||
16 | higher education project, health facility project, cultural
| ||||||||||||||||||||||||||
17 | institution project, agricultural facility or agribusiness, | ||||||||||||||||||||||||||
18 | and "project" may
include any combination of one or more of the | ||||||||||||||||||||||||||
19 | foregoing undertaken jointly by
any person with one or more | ||||||||||||||||||||||||||
20 | other persons.
| ||||||||||||||||||||||||||
21 | (c) The term "public purpose project" means any project or | ||||||||||||||||||||||||||
22 | facility
including
without limitation land, buildings, | ||||||||||||||||||||||||||
23 | structures, machinery, equipment and all
other real and |
| |||||||
| |||||||
1 | personal property, which is authorized or required by law to be
| ||||||
2 | acquired, constructed, improved, rehabilitated, reconstructed, | ||||||
3 | replaced or
maintained by any unit of government or any other | ||||||
4 | lawful public purpose which
is authorized or required by law to | ||||||
5 | be undertaken by any unit of government.
| ||||||
6 | (d) The term "industrial project" means the acquisition, | ||||||
7 | construction,
refurbishment, creation, development or | ||||||
8 | redevelopment of any facility,
equipment, machinery, real | ||||||
9 | property or personal property for use by any
instrumentality of | ||||||
10 | the State or its political subdivisions, for use by any
person | ||||||
11 | or institution, public or private, for profit or not for | ||||||
12 | profit, or for
use in any trade or business including, but not | ||||||
13 | limited to, any industrial,
manufacturing or commercial | ||||||
14 | enterprise and which is (1) a capital project
including but not | ||||||
15 | limited to: (i) land and any rights therein, one or more
| ||||||
16 | buildings, structures or other improvements, machinery and | ||||||
17 | equipment, whether
now existing or hereafter acquired, and | ||||||
18 | whether or not located on the same site
or sites; (ii) all | ||||||
19 | appurtenances and facilities incidental to the foregoing,
| ||||||
20 | including, but not limited to utilities, access roads, railroad | ||||||
21 | sidings, track,
docking and similar facilities, parking | ||||||
22 | facilities, dockage, wharfage, railroad
roadbed, track, | ||||||
23 | trestle, depot, terminal, switching and signaling or related
| ||||||
24 | equipment, site preparation and landscaping; and (iii) all | ||||||
25 | non-capital costs
and expenses relating thereto or (2) any | ||||||
26 | addition to, renovation,
rehabilitation or
improvement of a |
| |||||||
| |||||||
1 | capital project or (3) any activity or undertaking which the
| ||||||
2 | Authority determines will aid, assist or encourage economic | ||||||
3 | growth, development
or redevelopment within the State or any | ||||||
4 | area thereof, will promote the
expansion, retention or | ||||||
5 | diversification of employment opportunities within the
State | ||||||
6 | or any area thereof or will aid in stabilizing or developing | ||||||
7 | any industry
or economic sector of the State economy. The term | ||||||
8 | "industrial project" also
means the production of motion | ||||||
9 | pictures.
| ||||||
10 | (e) The term "bond" or "bonds" shall include bonds, notes | ||||||
11 | (including bond,
grant or revenue anticipation notes), | ||||||
12 | certificates and/or other evidences of
indebtedness | ||||||
13 | representing an obligation to pay money, including refunding
| ||||||
14 | bonds.
| ||||||
15 | (f) The terms "lease agreement" and "loan agreement" shall | ||||||
16 | mean: (i) an
agreement whereby a project acquired by the | ||||||
17 | Authority by purchase, gift or
lease
is leased to any person, | ||||||
18 | corporation or unit of local government which will use
or cause | ||||||
19 | the project to be used as a project as heretofore defined upon | ||||||
20 | terms
providing for lease rental payments at least sufficient | ||||||
21 | to pay when due all
principal of, interest and premium, if any, | ||||||
22 | on any bonds of the Authority
issued
with respect to such | ||||||
23 | project, providing for the maintenance, insuring and
operation | ||||||
24 | of the project on terms satisfactory to the Authority, | ||||||
25 | providing for
disposition of the project upon termination of | ||||||
26 | the lease term, including
purchase options or abandonment of |
| |||||||
| |||||||
1 | the premises, and such other terms as may be
deemed desirable | ||||||
2 | by the Authority, or (ii) any agreement pursuant to which the
| ||||||
3 | Authority agrees to loan the proceeds of its bonds issued with | ||||||
4 | respect to a
project or other funds of the Authority to any | ||||||
5 | person which will use or cause
the project to be used as a | ||||||
6 | project as heretofore defined upon terms providing
for loan | ||||||
7 | repayment installments at least sufficient to pay when due all
| ||||||
8 | principal of, interest and premium, if any, on any bonds of the | ||||||
9 | Authority, if
any, issued with respect to the project, and | ||||||
10 | providing for maintenance,
insurance and other matters as may | ||||||
11 | be deemed desirable by the Authority.
| ||||||
12 | (g) The term "financial aid" means the expenditure of | ||||||
13 | Authority funds or
funds provided by the Authority through the | ||||||
14 | issuance of its bonds, notes or
other
evidences of indebtedness | ||||||
15 | or from other sources for the development,
construction, | ||||||
16 | acquisition or improvement of a project.
| ||||||
17 | (h) The term "person" means an individual, corporation, | ||||||
18 | unit of government,
business trust, estate, trust, partnership | ||||||
19 | or association, 2 or more persons
having a joint or common | ||||||
20 | interest, or any other legal entity.
| ||||||
21 | (i) The term "unit of government" means the federal | ||||||
22 | government, the State or
unit of local government, a school | ||||||
23 | district, or any agency or instrumentality,
office, officer, | ||||||
24 | department, division, bureau, commission, college or
| ||||||
25 | university thereof.
| ||||||
26 | (j) The term "health facility" means: (a) any public or |
| |||||||
| |||||||
1 | private institution,
place, building, or agency required to be | ||||||
2 | licensed under the Hospital Licensing
Act; (b) any public or | ||||||
3 | private institution, place, building, or agency required
to be | ||||||
4 | licensed under the Nursing Home Care Act; (c)
any public or | ||||||
5 | licensed private hospital as defined in the Mental Health and
| ||||||
6 | Developmental Disabilities Code; (d) any such facility | ||||||
7 | exempted from such
licensure when the Director of Public Health | ||||||
8 | attests that such exempted
facility
meets the statutory | ||||||
9 | definition of a facility subject to licensure; (e) any
other
| ||||||
10 | public or private health service institution, place, building, | ||||||
11 | or agency which
the Director of Public Health attests is | ||||||
12 | subject to certification by the
Secretary, U.S. Department of | ||||||
13 | Health and Human Services under the Social
Security Act, as now | ||||||
14 | or hereafter amended, or which the Director of Public
Health | ||||||
15 | attests is subject to standard-setting by a recognized public | ||||||
16 | or
voluntary accrediting or standard-setting agency; (f) any | ||||||
17 | public or private
institution, place, building or agency | ||||||
18 | engaged in providing one or more
supporting services to a | ||||||
19 | health facility; (g) any public or private
institution,
place, | ||||||
20 | building or agency engaged in providing training in the healing | ||||||
21 | arts,
including but not limited to schools of medicine, | ||||||
22 | dentistry, osteopathy,
optometry, podiatry, pharmacy or | ||||||
23 | nursing, schools for the training of x-ray,
laboratory or other | ||||||
24 | health care technicians and schools for the training of
| ||||||
25 | para-professionals in the health care field; (h) any public or | ||||||
26 | private
congregate, life or extended care or elderly housing |
| |||||||
| |||||||
1 | facility or any public or
private home for the aged or infirm, | ||||||
2 | including, without limitation, any
Facility as defined in the | ||||||
3 | Life Care Facilities Act; (i) any public or private
mental, | ||||||
4 | emotional or physical rehabilitation facility or any public or | ||||||
5 | private
educational, counseling, or rehabilitation facility or | ||||||
6 | home, for those persons
with a developmental disability, those | ||||||
7 | who are physically ill or disabled, the
emotionally disturbed, | ||||||
8 | those persons with a mental illness or persons with
learning or | ||||||
9 | similar disabilities or problems; (j) any public or private
| ||||||
10 | alcohol, drug or substance abuse diagnosis, counseling | ||||||
11 | treatment or
rehabilitation
facility, (k) any public or private | ||||||
12 | institution, place, building or agency
licensed by the | ||||||
13 | Department of Children and Family Services or which is not so
| ||||||
14 | licensed but which the Director of Children and Family Services | ||||||
15 | attests
provides child care, child welfare or other services of | ||||||
16 | the type provided by
facilities
subject to such licensure; (l) | ||||||
17 | any public or private adoption agency or
facility; and (m) any | ||||||
18 | public or private blood bank or blood center. "Health
facility" | ||||||
19 | also means a public or private structure or structures suitable
| ||||||
20 | primarily for use as a laboratory, laundry, nurses or interns | ||||||
21 | residence or
other housing or hotel facility used in whole or | ||||||
22 | in part for staff, employees
or
students and their families, | ||||||
23 | patients or relatives of patients admitted for
treatment or | ||||||
24 | care in a health facility, or persons conducting business with | ||||||
25 | a
health facility, physician's facility, surgicenter, | ||||||
26 | administration building,
research facility, maintenance, |
| |||||||
| |||||||
1 | storage or utility facility and all structures
or facilities | ||||||
2 | related to any of the foregoing or required or useful for the
| ||||||
3 | operation of a health facility, including parking or other | ||||||
4 | facilities or other
supporting service structures required or | ||||||
5 | useful for the orderly conduct of
such health facility.
| ||||||
6 | (k) The term "participating health institution" means a | ||||||
7 | private corporation
or association or public entity of this | ||||||
8 | State, authorized by the laws of this
State to provide or | ||||||
9 | operate a health facility as defined in this Act and which,
| ||||||
10 | pursuant to the provisions of this Act, undertakes the | ||||||
11 | financing, construction
or acquisition of a project or | ||||||
12 | undertakes the refunding or refinancing of
obligations, loans, | ||||||
13 | indebtedness or advances as provided in this Act.
| ||||||
14 | (l) The term "health facility project", means a specific | ||||||
15 | health facility
work
or improvement to be financed or | ||||||
16 | refinanced (including without limitation
through reimbursement | ||||||
17 | of prior expenditures), acquired, constructed, enlarged,
| ||||||
18 | remodeled, renovated, improved, furnished, or equipped, with | ||||||
19 | funds provided in
whole or in part hereunder, any accounts | ||||||
20 | receivable, working capital, liability
or insurance cost or | ||||||
21 | operating expense financing or refinancing program of a
health | ||||||
22 | facility with or involving funds provided in whole or in part | ||||||
23 | hereunder,
or any combination thereof.
| ||||||
24 | (m) The term "bond resolution" means the resolution or | ||||||
25 | resolutions
authorizing the issuance of, or providing terms and | ||||||
26 | conditions related to,
bonds issued
under this Act and |
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| |||||||
1 | includes, where appropriate, any trust agreement, trust
| ||||||
2 | indenture, indenture of mortgage or deed of trust providing | ||||||
3 | terms and
conditions for such bonds.
| ||||||
4 | (n) The term "property" means any real, personal or mixed | ||||||
5 | property, whether
tangible or intangible, or any interest | ||||||
6 | therein, including, without limitation,
any real estate, | ||||||
7 | leasehold interests, appurtenances, buildings, easements,
| ||||||
8 | equipment, furnishings, furniture, improvements, machinery, | ||||||
9 | rights of way,
structures, accounts, contract rights or any | ||||||
10 | interest therein.
| ||||||
11 | (o) The term "revenues" means, with respect to any project, | ||||||
12 | the rents, fees,
charges, interest, principal repayments, | ||||||
13 | collections and other income or profit
derived therefrom.
| ||||||
14 | (p) The term "higher education project" means, in the case | ||||||
15 | of a private
institution of higher education, an educational | ||||||
16 | facility to be acquired,
constructed, enlarged, remodeled, | ||||||
17 | renovated, improved, furnished, or equipped,
or any | ||||||
18 | combination thereof.
| ||||||
19 | (q) The term "cultural institution project" means, in the | ||||||
20 | case of a cultural
institution, a cultural facility to be | ||||||
21 | acquired, constructed, enlarged,
remodeled, renovated, | ||||||
22 | improved, furnished, or equipped, or any combination
thereof.
| ||||||
23 | (r) The term "educational facility" means any property | ||||||
24 | located within the
State
constructed or acquired before or | ||||||
25 | after the effective date of this Act, which
is
or will be, in | ||||||
26 | whole or in part, suitable for the instruction, feeding,
|
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| |||||||
1 | recreation or housing of students, the conducting of research | ||||||
2 | or other work of
a
private institution of higher education, the | ||||||
3 | use by a private institution of
higher education in connection | ||||||
4 | with any educational, research or related or
incidental | ||||||
5 | activities then being or to be conducted by it, or any | ||||||
6 | combination
of the foregoing, including, without limitation, | ||||||
7 | any such property suitable for
use as or in connection with any | ||||||
8 | one or more of the following: an academic
facility, | ||||||
9 | administrative facility, agricultural facility, assembly hall,
| ||||||
10 | athletic facility, auditorium, boating facility, campus, | ||||||
11 | communication
facility,
computer facility, continuing | ||||||
12 | education facility, classroom, dining hall,
dormitory, | ||||||
13 | exhibition hall, fire fighting facility, fire prevention | ||||||
14 | facility,
food service and preparation facility, gymnasium, | ||||||
15 | greenhouse, health care
facility, hospital, housing, | ||||||
16 | instructional facility, laboratory, library,
maintenance | ||||||
17 | facility, medical facility, museum, offices, parking area,
| ||||||
18 | physical education facility, recreational facility, research | ||||||
19 | facility, stadium,
storage facility, student union, study | ||||||
20 | facility, theatre or utility.
| ||||||
21 | (s) The term "cultural facility" means any property located | ||||||
22 | within the State
constructed or acquired before or after the | ||||||
23 | effective date of this Act, which
is or will be, in whole or in | ||||||
24 | part, suitable for the particular purposes or
needs
of a | ||||||
25 | cultural institution, including, without limitation, any such | ||||||
26 | property
suitable for use as or in connection with any one or |
| |||||||
| |||||||
1 | more of the following: an
administrative facility, aquarium, | ||||||
2 | assembly hall, auditorium, botanical garden,
exhibition hall, | ||||||
3 | gallery, greenhouse, library, museum, scientific laboratory,
| ||||||
4 | theater or zoological facility, and shall also include, without | ||||||
5 | limitation,
books, works of art or music, animal, plant or | ||||||
6 | aquatic life or other items for
display, exhibition or | ||||||
7 | performance. The term "cultural facility" includes
buildings | ||||||
8 | on the National Register of Historic Places which are owned or
| ||||||
9 | operated by nonprofit entities.
| ||||||
10 | (t) "Private institution of higher education" means a | ||||||
11 | not-for-profit
educational institution which is not owned by | ||||||
12 | the State or any political
subdivision, agency, | ||||||
13 | instrumentality, district or municipality thereof, which
is
| ||||||
14 | authorized by law to provide a program of education beyond the | ||||||
15 | high school
level
and which:
| ||||||
16 | (1) Admits as regular students only individuals having | ||||||
17 | a
certificate of graduation from a high school, or the | ||||||
18 | recognized equivalent of
such a certificate;
| ||||||
19 | (2) Provides an educational program for which it awards | ||||||
20 | a
bachelor's degree, or provides an educational program, | ||||||
21 | admission into which is
conditioned upon the prior | ||||||
22 | attainment of a bachelor's degree or its equivalent,
for | ||||||
23 | which it awards a postgraduate degree, or provides not less | ||||||
24 | than a 2-year
program which is acceptable for full credit | ||||||
25 | toward such a degree, or offers a
2-year program in | ||||||
26 | engineering, mathematics, or the physical or biological
|
| |||||||
| |||||||
1 | sciences
which is designed to prepare the student to work | ||||||
2 | as a technician and at a
semiprofessional level in | ||||||
3 | engineering, scientific, or other technological
fields
| ||||||
4 | which require the understanding and application of basic | ||||||
5 | engineering,
scientific, or mathematical principles or | ||||||
6 | knowledge;
| ||||||
7 | (3) Is accredited by a nationally recognized | ||||||
8 | accrediting agency or
association or, if not so accredited, | ||||||
9 | is an institution whose credits are
accepted, on transfer, | ||||||
10 | by not less than 3 institutions which are so accredited,
| ||||||
11 | for credit on the same basis as if transferred from an | ||||||
12 | institution so
accredited, and holds an unrevoked | ||||||
13 | certificate of approval under the Private
College Act from | ||||||
14 | the Board of Higher Education, or is qualified as a
"degree | ||||||
15 | granting institution" under the Academic Degree Act; and
| ||||||
16 | (4) Does not discriminate in the admission of students | ||||||
17 | on the basis
of race or color.
"Private institution of | ||||||
18 | higher education" also includes any "academic
| ||||||
19 | institution".
| ||||||
20 | (u) The term "academic institution" means any | ||||||
21 | not-for-profit institution
which
is not owned by the State or | ||||||
22 | any political subdivision, agency,
instrumentality,
district | ||||||
23 | or municipality thereof, which institution engages in, or | ||||||
24 | facilitates
academic, scientific, educational or professional | ||||||
25 | research or learning in a
field or fields of study taught at a | ||||||
26 | private institution of higher education.
Academic institutions |
| |||||||
| |||||||
1 | include, without limitation, libraries, archives,
academic, | ||||||
2 | scientific, educational or professional societies, | ||||||
3 | institutions,
associations or foundations having such | ||||||
4 | purposes.
| ||||||
5 | (v) The term "cultural institution" means any | ||||||
6 | not-for-profit institution
which
is not owned by the State or | ||||||
7 | any political subdivision, agency,
instrumentality,
district | ||||||
8 | or municipality thereof, which institution engages in the | ||||||
9 | cultural,
intellectual, scientific, educational or artistic | ||||||
10 | enrichment of the people of
the State. Cultural institutions | ||||||
11 | include, without limitation, aquaria,
botanical societies, | ||||||
12 | historical societies, libraries, museums, performing arts
| ||||||
13 | associations or societies, scientific societies and zoological | ||||||
14 | societies.
| ||||||
15 | (w) The term "affiliate" means, with respect to financing | ||||||
16 | of an agricultural
facility or an agribusiness, any lender, any | ||||||
17 | person, firm or corporation
controlled by, or under common | ||||||
18 | control with, such lender, and any person, firm
or corporation | ||||||
19 | controlling such lender.
| ||||||
20 | (x) The term "agricultural facility" means land, any | ||||||
21 | building or other
improvement thereon or thereto, and any | ||||||
22 | personal properties deemed necessary or
suitable for use, | ||||||
23 | whether or not now in existence, in farming, ranching, the
| ||||||
24 | production of agricultural commodities (including, without | ||||||
25 | limitation, the
products of aquaculture, hydroponics and | ||||||
26 | silviculture) or the treating,
processing or storing of such |
| |||||||
| |||||||
1 | agricultural commodities when such activities are
customarily | ||||||
2 | engaged in by farmers as a part of farming.
| ||||||
3 | (y) The term "lender" with respect to financing of an | ||||||
4 | agricultural facility
or an agribusiness, means any federal or | ||||||
5 | State chartered bank, Federal Land
Bank,
Production Credit | ||||||
6 | Association, Bank for Cooperatives, federal or State
chartered | ||||||
7 | savings and loan association or building and loan association, | ||||||
8 | Small
Business
Investment Company or any other institution | ||||||
9 | qualified within this State to
originate and service loans, | ||||||
10 | including, but without limitation to, insurance
companies, | ||||||
11 | credit unions and mortgage loan companies. "Lender" also means | ||||||
12 | a
wholly owned subsidiary of a manufacturer, seller or | ||||||
13 | distributor of goods or
services that makes loans to businesses | ||||||
14 | or individuals, commonly known as a
"captive finance company".
| ||||||
15 | (z) The term "agribusiness" means any sole proprietorship, | ||||||
16 | limited
partnership, co-partnership, joint venture, | ||||||
17 | corporation or cooperative which
operates or will operate a | ||||||
18 | facility located within the State of Illinois that
is related | ||||||
19 | to the
processing of agricultural commodities (including, | ||||||
20 | without limitation, the
products of aquaculture, hydroponics | ||||||
21 | and silviculture) or the manufacturing,
production or | ||||||
22 | construction of agricultural buildings, structures, equipment,
| ||||||
23 | implements, and supplies, or any other facilities or processes | ||||||
24 | used in
agricultural production. Agribusiness includes but is | ||||||
25 | not limited to the
following:
| ||||||
26 | (1) grain handling and processing, including grain |
| |||||||
| |||||||
1 | storage,
drying, treatment, conditioning, mailing and | ||||||
2 | packaging;
| ||||||
3 | (2) seed and feed grain development and processing;
| ||||||
4 | (3) fruit and vegetable processing, including | ||||||
5 | preparation, canning
and packaging;
| ||||||
6 | (4) processing of livestock and livestock products, | ||||||
7 | dairy products,
poultry and poultry products, fish or | ||||||
8 | apiarian products, including slaughter,
shearing, | ||||||
9 | collecting, preparation, canning and packaging;
| ||||||
10 | (5) fertilizer and agricultural chemical | ||||||
11 | manufacturing,
processing, application and supplying;
| ||||||
12 | (6) farm machinery, equipment and implement | ||||||
13 | manufacturing and
supplying;
| ||||||
14 | (7) manufacturing and supplying of agricultural | ||||||
15 | commodity
processing machinery and equipment, including | ||||||
16 | machinery and equipment used in
slaughter, treatment, | ||||||
17 | handling, collecting, preparation, canning or packaging
of | ||||||
18 | agricultural commodities;
| ||||||
19 | (8) farm building and farm structure manufacturing, | ||||||
20 | construction
and supplying;
| ||||||
21 | (9) construction, manufacturing, implementation, | ||||||
22 | supplying or
servicing of irrigation, drainage and soil and | ||||||
23 | water conservation devices or
equipment;
| ||||||
24 | (10) fuel processing and development facilities that | ||||||
25 | produce fuel
from agricultural commodities or byproducts;
| ||||||
26 | (11) facilities and equipment for processing and |
| |||||||
| |||||||
1 | packaging
agricultural commodities specifically for | ||||||
2 | export;
| ||||||
3 | (12) facilities and equipment for forestry product | ||||||
4 | processing and
supplying, including sawmilling operations, | ||||||
5 | wood chip operations, timber
harvesting operations, and | ||||||
6 | manufacturing of prefabricated buildings, paper,
furniture | ||||||
7 | or other goods from forestry products;
| ||||||
8 | (13) facilities and equipment for research and | ||||||
9 | development of
products, processes and equipment for the | ||||||
10 | production, processing, preparation
or packaging of | ||||||
11 | agricultural commodities and byproducts.
| ||||||
12 | (aa) The term "asset" with respect to financing of any | ||||||
13 | agricultural facility
or
any agribusiness, means, but is not | ||||||
14 | limited to the following: cash crops or
feed on hand; livestock | ||||||
15 | held for sale; breeding stock; marketable bonds and
securities; | ||||||
16 | securities not readily marketable; accounts receivable; notes
| ||||||
17 | receivable; cash invested in growing crops; net cash value of | ||||||
18 | life insurance;
machinery and equipment; cars and trucks; farm | ||||||
19 | and other real estate including
life estates and personal | ||||||
20 | residence; value of beneficial interests in trusts;
government | ||||||
21 | payments or grants; and any other assets.
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22 | (bb) The term "liability" with respect to financing of any | ||||||
23 | agricultural
facility or any agribusiness shall include, but | ||||||
24 | not be limited to the
following:
accounts payable; notes or | ||||||
25 | other indebtedness owed to any source; taxes; rent;
amounts | ||||||
26 | owed on real estate contracts or real estate mortgages; |
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1 | judgments;
accrued interest payable; and any other liability.
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2 | (cc) The term "Predecessor Authorities" means those | ||||||
3 | authorities as described
in Section 845-75.
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4 | (dd) The term "housing project" means a specific work or | ||||||
5 | improvement
undertaken
to provide residential dwelling | ||||||
6 | accommodations, including the acquisition,
construction or | ||||||
7 | rehabilitation of lands, buildings and community facilities | ||||||
8 | and
in connection therewith to provide nonhousing facilities | ||||||
9 | which are part of the
housing project, including land, | ||||||
10 | buildings, improvements, equipment and all
ancillary | ||||||
11 | facilities for use for offices, stores, retirement homes, | ||||||
12 | hotels,
financial institutions, service, health care, | ||||||
13 | education, recreation or research
establishments, or any other | ||||||
14 | commercial purpose which are or are to be related
to a housing | ||||||
15 | development. | ||||||
16 | (ee) The term "conservation project" means any project | ||||||
17 | including the acquisition, construction, rehabilitation, | ||||||
18 | maintenance, operation, or upgrade that is intended to create | ||||||
19 | or expand open space or to reduce energy usage through | ||||||
20 | efficiency measures. For the purpose of this definition, "open | ||||||
21 | space" has the definition set forth under Section 10 of the | ||||||
22 | Illinois Open Land Trust Act.
| ||||||
23 | (Source: P.A. 93-205, eff. 1-1-04; 93-1101, eff. 3-31-05.)
| ||||||
24 | (20 ILCS 3501/825-12 new)
| ||||||
25 | Sec. 825-12. Conservation projects. |
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1 | (a) The Authority may develop a program to provide | ||||||
2 | low-interest loans and other financing to individuals, | ||||||
3 | business entities, private organizations, and units of local | ||||||
4 | government for conservation projects in the State of Illinois. | ||||||
5 | (b) Projects under this Section may include, without | ||||||
6 | limitation, the acquisition of land for open-space projects, | ||||||
7 | preservation or recreation measures for open spaces, and energy | ||||||
8 | conservation or efficiency projects that are intended to reduce | ||||||
9 | energy usage and costs. | ||||||
10 | (c) The Authority, in cooperation with the Department of | ||||||
11 | Natural Resources and the Department of Commerce and Economic | ||||||
12 | Opportunity, may adopt any rules necessary for the | ||||||
13 | administration of this Section. The Authority must include any | ||||||
14 | information concerning the program under this Section on its | ||||||
15 | Internet website.
| ||||||
16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law.
|