Sen. James T. Meeks
Filed: 5/30/2008
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1 | AMENDMENT TO HOUSE BILL 5618
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2 | AMENDMENT NO. ______. Amend House Bill 5618 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Department of Commerce and Economic | ||||||
5 | Opportunity Law of the
Civil Administrative Code of Illinois is | ||||||
6 | amended by adding Section 605-982 as follows: | ||||||
7 | (20 ILCS 605/605-982 new) | ||||||
8 | Sec. 605-982. Hospital Capital Investment Program. | ||||||
9 | (a) Subject to appropriation, the Department shall | ||||||
10 | establish and administer a program to award capital grants to | ||||||
11 | Illinois hospitals under the Hospital Licensing Act or | ||||||
12 | organized under the University of Illinois Hospitals Act. | ||||||
13 | Grants awarded under this program shall be to fund capital | ||||||
14 | projects to improve, replace, or acquire a hospital's facility, | ||||||
15 | equipment, or technology. | ||||||
16 | (b) In awarding grants under this program, the Department |
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1 | shall consider criteria that include, but are not limited to: | ||||||
2 | (1) Geographic diversity. Grants shall be awarded to | ||||||
3 | hospitals located throughout the State in both rural and | ||||||
4 | urban locations. | ||||||
5 | (2) The proposed project's likely benefit in terms of | ||||||
6 | improved patient safety, quality of care, access to care, | ||||||
7 | or efficiency, with priority being given to projects for | ||||||
8 | life safety issues or renovation of core infrastructure, | ||||||
9 | such as replacing or installing heating, ventilation, and | ||||||
10 | air conditioning systems or sprinkler systems. | ||||||
11 | (3) The relationship between the proposed project and | ||||||
12 | the hospital's strategic or capital plan. | ||||||
13 | (4) The extent to which there is support from other | ||||||
14 | health care providers (such as physicians, health clinics, | ||||||
15 | and other hospitals) and community organizations for the | ||||||
16 | hospital's proposed project. | ||||||
17 | (5) The ability of the hospital to provide its share of | ||||||
18 | the cost of the project as well as ongoing maintenance and | ||||||
19 | support of the project. | ||||||
20 | (c) The program shall provide a maximum grant of 90% of the | ||||||
21 | total project costs, provided however that no individual grant | ||||||
22 | may exceed $4 million. The total project costs shall include | ||||||
23 | all costs the entity must incur in order to successfully | ||||||
24 | implement the project, including non-capital costs, such as | ||||||
25 | planning, workforce analysis, training, education, or other | ||||||
26 | related costs. However, the amount of any grant under this |
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1 | program shall be limited to the capital costs of the program. | ||||||
2 | Each hospital is eligible to receive a maximum of $4 million | ||||||
3 | from the program. Notwithstanding any other provision of this | ||||||
4 | Section, a hospital seeking to re-open as a hospital may | ||||||
5 | receive a capital grant under this program of up to $15 million | ||||||
6 | but only if that facility operated as a hospital and is located | ||||||
7 | in a county with a population of less that 20,000 that does not | ||||||
8 | have another licensed hospital on the effective date of this | ||||||
9 | amendatory Act of the 95th General Assembly.
In determining the | ||||||
10 | size of the grant, the Department shall consider the hospital's | ||||||
11 | financial ability to make capital improvements and the extent | ||||||
12 | to which the grant is necessary to the hospital's financial | ||||||
13 | ability to implement the project. Hospitals that face a greater | ||||||
14 | challenge in raising the financial capital needed to improve, | ||||||
15 | replace, or acquire their facilities and equipment should | ||||||
16 | receive priority in receiving capital grants and this priority | ||||||
17 | may be recognized by providing larger grants to hospitals with | ||||||
18 | greater need. In making this determination, the Department may | ||||||
19 | consider criteria that include, but are not limited to: age of | ||||||
20 | plant and equipment, operating margin, cash and investments, | ||||||
21 | and payor mix. | ||||||
22 | (d) Grants under the program shall be used only for | ||||||
23 | expenditures of a bondable nature. | ||||||
24 | (e) In establishing and administering this program, the | ||||||
25 | Department shall seek the advice of a statewide association | ||||||
26 | representing hospitals. |
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1 | (f) The Hospital Capital Investment Program Fund is created | ||||||
2 | as a separate fund within the State treasury. | ||||||
3 | The purpose of the Fund is to provide capital grants to | ||||||
4 | Illinois hospitals.
There shall be deposited into the Fund | ||||||
5 | amounts including, but not limited to, the following: | ||||||
6 | (1) Any appropriations, grants, or gifts made to the | ||||||
7 | Fund. | ||||||
8 | (2) Any income from interest on investments or moneys | ||||||
9 | in the Fund. | ||||||
10 | Section 10. The Illinois Finance Authority Act is amended | ||||||
11 | by changing Section 801-40 as follows:
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12 | (20 ILCS 3501/801-40)
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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.
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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 |
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1 | agency or instrumentality thereof,
in relationship to such | ||||||
2 | grants, loans or appropriations.
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3 | (b) The Authority shall have power to procure and enter | ||||||
4 | into contracts for
any
type of insurance and indemnity | ||||||
5 | agreements covering loss or damage to property
from any cause, | ||||||
6 | including loss of use and occupancy, or covering any other
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7 | insurable risk.
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8 | (c) The Authority shall have the continuing power to issue | ||||||
9 | bonds for its
corporate purposes. Bonds may be issued by the | ||||||
10 | Authority in one or more series
and may provide for the payment | ||||||
11 | of any interest deemed necessary on such bonds,
of the costs of | ||||||
12 | issuance of such bonds, of any premium on any insurance, or of
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13 | the cost of any guarantees, letters of credit or other similar | ||||||
14 | documents, may
provide for the funding of the reserves deemed | ||||||
15 | necessary in connection with
such bonds, and may provide for | ||||||
16 | the refunding or advance refunding of any bonds
or
for accounts | ||||||
17 | deemed necessary in connection with any purpose of the | ||||||
18 | Authority.
The bonds may bear interest payable at any time or | ||||||
19 | times and at any rate or
rates, notwithstanding any other | ||||||
20 | provision of law to the contrary, and such
rate or rates may be | ||||||
21 | established by an index or formula which may be
implemented or
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22 | established by persons appointed or retained therefor by the | ||||||
23 | Authority, or may
bear no interest or may bear interest payable | ||||||
24 | at maturity or upon redemption
prior to maturity, may bear such | ||||||
25 | date or dates, may be payable at such time or
times and at such | ||||||
26 | place or places, may mature at any time or times not later
than |
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1 | 40 years from the date of issuance, may be sold at public or | ||||||
2 | private sale
at such time or times and at such price or prices, | ||||||
3 | may be secured by such
pledges, reserves, guarantees, letters | ||||||
4 | of credit, insurance contracts or other
similar credit support | ||||||
5 | or liquidity instruments, may be executed in such
manner, may | ||||||
6 | be subject to redemption prior to maturity, may provide for the
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7 | registration of the bonds, and may be subject to such other | ||||||
8 | terms and
conditions all as may
be provided by the resolution | ||||||
9 | or indenture authorizing the issuance of such
bonds. The holder | ||||||
10 | or holders of any bonds issued by the Authority may bring
suits | ||||||
11 | at law or proceedings in equity to compel the performance and | ||||||
12 | observance
by any person or by the Authority or any of its | ||||||
13 | agents or employees of any
contract or covenant made with the | ||||||
14 | holders of such bonds and to compel such
person or the | ||||||
15 | Authority and any of its agents or employees to perform any
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16 | duties
required to be performed for the benefit of the holders | ||||||
17 | of any such bonds by
the provision of the resolution | ||||||
18 | authorizing their issuance, and to enjoin such
person or the | ||||||
19 | Authority and any of its agents or employees from taking any
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20 | action in conflict with any such contract or covenant.
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21 | Notwithstanding the form and tenor of any such bonds and in the | ||||||
22 | absence of any
express recital on the face thereof that it is | ||||||
23 | non-negotiable, all such bonds
shall be negotiable | ||||||
24 | instruments. Pending the preparation and execution of any
such | ||||||
25 | bonds, temporary bonds may be issued as provided by the | ||||||
26 | resolution.
The bonds shall be sold by the Authority in such |
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1 | manner as it shall determine.
The bonds may be secured as | ||||||
2 | provided in the authorizing resolution by the
receipts, | ||||||
3 | revenues, income and other available funds of the Authority and | ||||||
4 | by
any amounts derived by the Authority from the loan agreement | ||||||
5 | or lease agreement
with respect to the project or projects; and | ||||||
6 | bonds may be issued as general
obligations of the Authority | ||||||
7 | payable from such revenues, funds and obligations
of the | ||||||
8 | Authority as the bond resolution shall provide, or may be | ||||||
9 | issued as
limited obligations with a claim for payment solely | ||||||
10 | from such revenues, funds
and obligations as the bond | ||||||
11 | resolution shall provide. The Authority may grant a
specific | ||||||
12 | pledge or assignment of and lien on or security interest in | ||||||
13 | such
rights, revenues, income, or amounts and may grant a | ||||||
14 | specific pledge or
assignment of and lien on or security | ||||||
15 | interest in any reserves, funds or
accounts established in the | ||||||
16 | resolution authorizing the issuance of bonds. Any
such pledge, | ||||||
17 | assignment, lien or security interest for the benefit of the
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18 | holders of the Authority's bonds shall be valid and binding | ||||||
19 | from the time the
bonds are issued without any physical | ||||||
20 | delivery or further act, and shall be
valid and binding as | ||||||
21 | against and prior to the claims of all other parties
having | ||||||
22 | claims against the Authority or any other person irrespective | ||||||
23 | of whether
the
other parties have notice of the pledge, | ||||||
24 | assignment, lien or security interest.
As evidence of such | ||||||
25 | pledge, assignment, lien and security interest, the
Authority | ||||||
26 | may execute and deliver a mortgage, trust agreement, indenture |
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1 | or
security agreement or an assignment thereof.
A remedy for | ||||||
2 | any breach or default of the terms of any such agreement by the
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3 | Authority may be by mandamus proceedings in any court of | ||||||
4 | competent jurisdiction
to compel the performance and | ||||||
5 | compliance therewith, but the agreement may
prescribe by whom | ||||||
6 | or on whose behalf such action may be instituted.
It is | ||||||
7 | expressly understood that the Authority may, but need not, | ||||||
8 | acquire title
to any project with respect to which it exercises | ||||||
9 | its authority.
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10 | (d) With respect to the powers granted by this Act, the | ||||||
11 | Authority may adopt
rules and regulations prescribing the | ||||||
12 | procedures by which persons may apply for
assistance under this | ||||||
13 | Act. Nothing herein shall be deemed to preclude the
Authority, | ||||||
14 | prior to the filing of any formal application, from conducting
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15 | preliminary discussions and investigations with respect to the | ||||||
16 | subject matter
of any prospective application.
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17 | (e) The Authority shall have power to acquire by purchase, | ||||||
18 | lease, gift or
otherwise any property or rights therein from | ||||||
19 | any person useful for its
purposes, whether improved for the | ||||||
20 | purposes of any prospective project, or
unimproved. The | ||||||
21 | Authority may also accept any donation of funds for its
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22 | purposes from any such source. The Authority shall have no | ||||||
23 | independent power of
condemnation but may acquire any property | ||||||
24 | or rights therein obtained upon
condemnation by any other | ||||||
25 | authority, governmental entity or unit of local
government with | ||||||
26 | such power.
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1 | (f) The Authority shall have power to develop, construct | ||||||
2 | and improve either
under its own direction, or through | ||||||
3 | collaboration with any approved applicant,
or to acquire | ||||||
4 | through purchase or otherwise, any project, using for such
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5 | purpose the proceeds derived from the sale of its bonds or from | ||||||
6 | governmental
loans or
grants, and to hold title in the name of | ||||||
7 | the Authority to such projects.
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8 | (g) The Authority shall have power to lease pursuant to a | ||||||
9 | lease agreement
any
project so developed and constructed or | ||||||
10 | acquired to the approved tenant on such
terms and conditions as | ||||||
11 | may be appropriate to further the purposes of this Act
and to | ||||||
12 | maintain the credit of the Authority. Any such lease may | ||||||
13 | provide for
either the Authority or the approved tenant to | ||||||
14 | assume initially, in whole or in
part, the costs of | ||||||
15 | maintenance, repair and improvements during the leasehold
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16 | period. In no case, however, shall the total rentals from any | ||||||
17 | project during
any initial leasehold period or the total loan | ||||||
18 | repayments to be made pursuant
to any loan agreement, be less | ||||||
19 | than an amount necessary to return over such
lease
or loan | ||||||
20 | period (1) all costs incurred in connection with the | ||||||
21 | development,
construction, acquisition or improvement of the | ||||||
22 | project and for repair,
maintenance and improvements thereto | ||||||
23 | during the period of the lease or loan;
provided, however, that | ||||||
24 | the rentals or loan repayments need not include costs
met | ||||||
25 | through the use of funds other than those obtained by the | ||||||
26 | Authority through
the issuance of its bonds or governmental |
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1 | loans; (2) a reasonable percentage
additive to be agreed upon | ||||||
2 | by the Authority and the borrower or tenant to cover
a properly | ||||||
3 | allocable portion of the Authority's general expenses, | ||||||
4 | including,
but not limited to, administrative expenses, | ||||||
5 | salaries and general insurance,
and
(3) an amount sufficient to | ||||||
6 | pay when due all principal of, interest and
premium, if
any on, | ||||||
7 | any bonds issued by the Authority with respect to the project. | ||||||
8 | The
portion of total rentals payable under clause (3) of this | ||||||
9 | subsection (g) shall
be deposited in such special accounts, | ||||||
10 | including all sinking funds, acquisition
or construction | ||||||
11 | funds, debt service and other funds as provided by any
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12 | resolution, mortgage or trust agreement of the Authority | ||||||
13 | pursuant to which any
bond is issued.
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14 | (h) The Authority has the power, upon the termination of | ||||||
15 | any leasehold
period
of any project, to sell or lease for a | ||||||
16 | further term or terms such project on
such terms and conditions | ||||||
17 | as the Authority shall deem reasonable and consistent
with the | ||||||
18 | purposes of the Act. The net proceeds from all such sales and | ||||||
19 | the
revenues or income from such leases shall be used to | ||||||
20 | satisfy any indebtedness
of
the Authority with respect to such | ||||||
21 | project and any balance may be used to pay
any expenses of the | ||||||
22 | Authority or be used for the further development,
construction, | ||||||
23 | acquisition or improvement of projects.
In the event any | ||||||
24 | project is vacated by a tenant prior to the termination of the
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25 | initial leasehold period, the Authority shall sell or lease the | ||||||
26 | facilities of
the project on the most advantageous terms |
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1 | available. The net proceeds of any
such disposition shall be | ||||||
2 | treated in the same manner as the proceeds from sales
or the | ||||||
3 | revenues or income from leases subsequent to the termination of | ||||||
4 | any
initial leasehold period.
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5 | (i) The Authority shall have the power to make loans to | ||||||
6 | persons to finance a
project, to enter into loan agreements | ||||||
7 | with respect thereto, and to accept
guarantees from persons of | ||||||
8 | its loans or the resultant evidences of obligations
of the | ||||||
9 | Authority.
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10 | (j) The Authority may fix, determine, charge and collect | ||||||
11 | any premiums, fees,
charges, costs and expenses, including, | ||||||
12 | without limitation, any application
fees, commitment fees, | ||||||
13 | program fees, financing charges or publication fees from
any | ||||||
14 | person in connection with its activities under this Act.
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15 | (k) In addition to the funds established as provided | ||||||
16 | herein, the Authority
shall have the power to create and | ||||||
17 | establish such reserve funds and accounts as
may be necessary | ||||||
18 | or desirable to accomplish its purposes under this Act and to
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19 | deposit its available monies into the funds and accounts.
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20 | (l) At the request of the governing body of any unit of | ||||||
21 | local government,
the
Authority is authorized to market such | ||||||
22 | local government's revenue bond
offerings by preparing bond | ||||||
23 | issues for sale, advertising for sealed bids,
receiving bids
at | ||||||
24 | its offices, making the award to the bidder that offers the | ||||||
25 | most favorable
terms or arranging for negotiated placements or | ||||||
26 | underwritings of such
securities. The Authority may, at its |
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1 | discretion, offer for concurrent sale the
revenue bonds of | ||||||
2 | several local governments. Sales by the Authority of revenue
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3 | bonds under this Section shall in no way imply State guarantee | ||||||
4 | of such debt
issue. The Authority may require such financial | ||||||
5 | information from participating
local governments as it deems | ||||||
6 | necessary in order to carry out the purposes of
this subsection | ||||||
7 | (1).
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8 | (m) The Authority may make grants to any county to which | ||||||
9 | Division 5-37 of
the
Counties Code is applicable to assist in | ||||||
10 | the financing of capital development,
construction and | ||||||
11 | renovation of new or existing facilities for hospitals and
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12 | health care facilities under that Act. Such grants may only be | ||||||
13 | made from funds
appropriated for such purposes from the Build | ||||||
14 | Illinois Bond Fund.
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15 | (n) The Authority may establish an urban development action | ||||||
16 | grant program
for
the purpose of assisting municipalities in | ||||||
17 | Illinois which are experiencing
severe economic distress to | ||||||
18 | help stimulate economic development activities
needed to aid in | ||||||
19 | economic recovery. The Authority shall determine the types of
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20 | activities and projects for which the urban development action | ||||||
21 | grants may be
used, provided that such projects and activities | ||||||
22 | are broadly defined to include
all reasonable projects and | ||||||
23 | activities the primary objectives of which are the
development | ||||||
24 | of viable urban communities, including decent housing and a
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25 | suitable living environment, and expansion of economic | ||||||
26 | opportunity, principally
for
persons of low and moderate |
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1 | incomes. The Authority shall enter into grant
agreements from | ||||||
2 | monies appropriated for such purposes from the Build Illinois
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3 | Bond Fund. The Authority shall monitor the
use of the grants, | ||||||
4 | and shall provide for audits of the funds as well as
recovery | ||||||
5 | by the Authority of any funds determined to have been spent in
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6 | violation of this
subsection (n) or any rule or regulation | ||||||
7 | promulgated hereunder. The Authority
shall provide technical | ||||||
8 | assistance with regard to the effective use of the
urban | ||||||
9 | development action grants. The Authority shall file an annual | ||||||
10 | report to
the
General Assembly concerning the progress of the | ||||||
11 | grant program.
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12 | (o) The Authority may establish a Housing Partnership | ||||||
13 | Program whereby the
Authority provides zero-interest loans to | ||||||
14 | municipalities for the purpose of
assisting in the financing of | ||||||
15 | projects for the rehabilitation of affordable
multi-family | ||||||
16 | housing for low and moderate income residents. The Authority | ||||||
17 | may
provide such loans only upon a municipality's providing | ||||||
18 | evidence that it has
obtained private funding for the | ||||||
19 | rehabilitation project. The Authority shall
provide 3 State | ||||||
20 | dollars for every 7 dollars obtained by the municipality from
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21 | sources other than the State of Illinois. The loans shall be | ||||||
22 | made from monies
appropriated for such purpose from the Build | ||||||
23 | Illinois Bond Fund. The total amount of loans available under | ||||||
24 | the Housing
Partnership Program shall not exceed $30,000,000. | ||||||
25 | State loan monies under this
subsection shall be used only for | ||||||
26 | the acquisition and rehabilitation of
existing
buildings |
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1 | containing 4 or more dwelling units. The terms of any loan made | ||||||
2 | by
the municipality under this subsection shall require | ||||||
3 | repayment of the loan to
the municipality upon any sale or | ||||||
4 | other transfer of the project.
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5 | (p) The Authority may award grants to universities and | ||||||
6 | research
institutions,
research consortiums and other | ||||||
7 | not-for-profit entities for the purposes of:
remodeling or | ||||||
8 | otherwise physically altering existing laboratory or research
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9 | facilities, expansion or physical additions to existing | ||||||
10 | laboratory or research
facilities, construction of new | ||||||
11 | laboratory or research facilities or
acquisition of modern | ||||||
12 | equipment to support laboratory or research operations
| ||||||
13 | provided that
such grants (i) be used solely in support of | ||||||
14 | project and equipment acquisitions
which enhance technology | ||||||
15 | transfer, and (ii) not constitute more than 60 percent
of the | ||||||
16 | total project or acquisition cost.
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17 | (q) Grants may be awarded by the Authority to units of | ||||||
18 | local government for
the
purpose of developing the appropriate | ||||||
19 | infrastructure or defraying other costs
to
the local government | ||||||
20 | in support of laboratory or research facilities provided
that | ||||||
21 | such grants may not exceed 40% of the cost to the unit of local
| ||||||
22 | government.
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23 | (r) The Authority may establish a Direct Loan Program to | ||||||
24 | make loans to
individuals, partnerships or corporations for the | ||||||
25 | purpose of an industrial
project, as defined in
Section 801-10 | ||||||
26 | of this Act. For the purposes of such program
and not by way of |
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1 | limitation on any other program of the Authority, the
Authority | ||||||
2 | shall have the power to issue bonds, notes, or other evidences | ||||||
3 | of
indebtedness including commercial paper for purposes of | ||||||
4 | providing a fund of
capital from which it may make such loans. | ||||||
5 | The Authority shall have the power
to use any appropriations | ||||||
6 | from the State made especially for the Authority's
Direct Loan | ||||||
7 | Program for additional capital to make such loans or for the
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8 | purposes of reserve funds or pledged funds which secure the | ||||||
9 | Authority's
obligations of repayment of any bond, note or other | ||||||
10 | form of indebtedness
established for the purpose of providing | ||||||
11 | capital for which it intends to make
such loans under the | ||||||
12 | Direct Loan Program. For the purpose of obtaining such
capital, | ||||||
13 | the Authority may also enter into agreements with financial
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14 | institutions and other persons for the purpose of selling loans | ||||||
15 | and developing
a secondary market for such loans.
Loans made | ||||||
16 | under the Direct Loan Program may be in an amount not to exceed
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17 | $300,000 and shall be made for a portion of an industrial | ||||||
18 | project which does
not exceed 50% of the total project. No loan | ||||||
19 | may be made by the Authority
unless
approved by the affirmative | ||||||
20 | vote of at least 8 members of the board. The
Authority shall | ||||||
21 | establish procedures and publish rules which shall provide for
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22 | the submission, review, and analysis of each direct loan | ||||||
23 | application and which
shall preserve the ability of each board | ||||||
24 | member to reach an individual business
judgment regarding the | ||||||
25 | propriety of making each direct loan. The collective
discretion | ||||||
26 | of the board to approve or disapprove each loan shall be
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1 | unencumbered.
The Authority may establish and collect such fees | ||||||
2 | and charges, determine and
enforce such terms and conditions, | ||||||
3 | and charge such interest rates as it
determines to be necessary | ||||||
4 | and appropriate to the successful administration of
the Direct | ||||||
5 | Loan Program. The Authority may require such interests in | ||||||
6 | collateral
and such guarantees as it determines are necessary | ||||||
7 | to project the Authority's
interest in the repayment of the | ||||||
8 | principal and interest of each loan made under
the Direct Loan | ||||||
9 | Program.
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10 | (s) The Authority may guarantee private loans to third | ||||||
11 | parties up to a
specified dollar amount in order to promote | ||||||
12 | economic development in this State.
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13 | (t) The Authority may adopt rules and regulations as may be | ||||||
14 | necessary or
advisable to implement the powers conferred by | ||||||
15 | this Act.
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16 | (u) The Authority shall have the power to issue bonds, | ||||||
17 | notes or other
evidences
of indebtedness, which may be used to | ||||||
18 | make loans to units of local government
which are authorized to | ||||||
19 | enter into loan agreements and other documents and to
issue | ||||||
20 | bonds, notes and other evidences of indebtedness for the | ||||||
21 | purpose of
financing the protection of storm sewer outfalls, | ||||||
22 | the construction of adequate
storm sewer outfalls, and the | ||||||
23 | provision for flood protection of sanitary sewage
treatment | ||||||
24 | plans, in counties that have established a stormwater | ||||||
25 | management
planning committee in accordance with
Section | ||||||
26 | 5-1062 of the Counties Code. Any
such loan shall be made by the |
| |||||||
| |||||||
1 | Authority pursuant to the provisions of
Section
820-5 to 820-60 | ||||||
2 | of this Act. The unit of local government shall pay back to the
| ||||||
3 | Authority the principal amount of the loan, plus annual | ||||||
4 | interest as determined
by the Authority. The Authority shall | ||||||
5 | have the power, subject to appropriations
by the General | ||||||
6 | Assembly, to subsidize or buy down a portion of the interest on
| ||||||
7 | such loans, up to 4% per annum.
| ||||||
8 | (v) The Authority may accept security interests as provided | ||||||
9 | in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| ||||||
10 | (w) Moral Obligation. In the event that the Authority | ||||||
11 | determines that monies
of the Authority will not be sufficient | ||||||
12 | for the payment of the principal of and
interest on its bonds | ||||||
13 | during the next State fiscal year, the Chairperson, as
soon as | ||||||
14 | practicable, shall certify to the Governor the amount required | ||||||
15 | by the
Authority to enable it to pay such principal of and | ||||||
16 | interest on the bonds. The
Governor shall submit the amount so | ||||||
17 | certified to the General Assembly as soon
as
practicable, but | ||||||
18 | no later than the end of the current State fiscal year. This
| ||||||
19 | subsection shall apply only to any bonds or notes as to which | ||||||
20 | the Authority
shall have determined, in the resolution | ||||||
21 | authorizing the issuance of the bonds
or notes, that this | ||||||
22 | subsection shall apply. Whenever the Authority makes such a
| ||||||
23 | determination, that fact shall be plainly stated on the face of | ||||||
24 | the bonds or
notes and that fact shall also be reported to the | ||||||
25 | Governor. In the event of a
withdrawal of moneys from a reserve | ||||||
26 | fund established with respect to any issue
or issues of bonds |
| |||||||
| |||||||
1 | of the Authority to pay principal or interest on those
bonds,
| ||||||
2 | the Chairperson of the Authority, as soon as practicable, shall | ||||||
3 | certify to the
Governor the amount required to restore the | ||||||
4 | reserve fund to the level required
in the resolution or | ||||||
5 | indenture securing those bonds. The Governor shall submit
the | ||||||
6 | amount so certified to the General Assembly as soon as | ||||||
7 | practicable, but no
later than the end of the current State | ||||||
8 | fiscal year. The Authority shall obtain
written approval from | ||||||
9 | the Governor for any bonds and notes to be issued under
this | ||||||
10 | Section.
In addition to any other bonds authorized to be issued | ||||||
11 | under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | ||||||
12 | principal amount of Authority
bonds outstanding
issued under | ||||||
13 | this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | ||||||
14 | 360/2-6(c), which have
been
assumed by the Authority, shall not | ||||||
15 | exceed $150,000,000. This subsection (w) shall in no way be | ||||||
16 | applied to any bonds issued by the Authority on behalf of the | ||||||
17 | Illinois Power Agency under Section 825-90 of this Act.
| ||||||
18 | (x) The Authority may enter into agreements or contracts | ||||||
19 | with any person necessary or appropriate to place the payment | ||||||
20 | obligations of the Authority under any of its bonds in whole or | ||||||
21 | in part on any interest rate basis, cash flow basis, or other | ||||||
22 | basis desired by the Authority, including without limitation | ||||||
23 | agreements or contracts commonly known as "interest rate swap | ||||||
24 | agreements", "forward payment conversion agreements", and | ||||||
25 | "futures", or agreements or contracts to exchange cash flows or | ||||||
26 | a series of payments, or agreements or contracts, including |
| |||||||
| |||||||
1 | without limitation agreements or contracts commonly known as | ||||||
2 | "options", "puts", or "calls", to hedge payment, rate spread, | ||||||
3 | or similar exposure; provided that any such agreement or | ||||||
4 | contract shall not constitute an obligation for borrowed money | ||||||
5 | and shall not be taken into account under Section 845-5 of this | ||||||
6 | Act or any other debt limit of the Authority or the State of | ||||||
7 | Illinois.
| ||||||
8 | (y) There should be created, and the Authority shall | ||||||
9 | administer, the Urban Revitalization Program, which shall | ||||||
10 | promote the acquisition, development, construction, | ||||||
11 | reconstruction, improvement, financing, architectural | ||||||
12 | planning, and installation of capital facilities in areas of | ||||||
13 | the State of Illinois where the poverty rate, as determined by | ||||||
14 | using the most recent data released by the United States Census | ||||||
15 | Bureau, is at least 3% greater than the State poverty rate as | ||||||
16 | determined by using the most recent data released by the United | ||||||
17 | States Census Bureau, as well as in the Township of Pembroke | ||||||
18 | and in the following zip codes: 60064, 60085, 60087, 60104, | ||||||
19 | 60153, 60160, 60402, 60406, 60409, 60411, 60419, 60426, 60429, | ||||||
20 | 60431, 60432, 60433, 60441, 60472, 60473, 60505, 60608, 60609, | ||||||
21 | 60612, 60614, 60615, 60616, 60617, 60618, 60619, 60620, 60621, | ||||||
22 | 60622, 60623, 60624, 60628, 60629, 60630, 60632, 62201, 62203, | ||||||
23 | 62204, 62205, 62206, 62207, 62208, 62914, 60636, 60637, 60638, | ||||||
24 | 60639, 60641, 60643, 60644, 60647, 60649, 61101, 61102, 61103, | ||||||
25 | 61104, 61603, 61604, 61605, 60651, 60652, 60653, 60655, 60804, | ||||||
26 | 60827, 61801, 61802, 61820, 61821, 62002, 62040, 62059, 62060, |
| |||||||
| |||||||
1 | 62071, 62090, 62220, 62522, 62523, 62524, 62525, 62526, 62801, | ||||||
2 | 62963, 62232, and 62234. Pursuant to the Urban Revitalization | ||||||
3 | Program, the Authority may provide grants, loans, or other | ||||||
4 | investments for the following specific purposes: | ||||||
5 | (1) Grants or mortgages to promote the affordable | ||||||
6 | financing of construction or rehabilitation of | ||||||
7 | developments designed and planned (i) to make housing | ||||||
8 | available at low and moderate rentals; (ii) to promote home | ||||||
9 | ownership to low and moderate income persons and families; | ||||||
10 | or (iii) to make housing available to senior citizens, | ||||||
11 | persons with disabilities, persons with mental illness, or | ||||||
12 | other groups with specialized or adaptive housing needs. | ||||||
13 | (2) Construction, rehabilitation, or expansion of job | ||||||
14 | training facilities aimed at promoting the creation or | ||||||
15 | retention of jobs within the community. | ||||||
16 | (3) Business development loans and grants, including | ||||||
17 | participation loans, interest-free loans, low-interest | ||||||
18 | micro-loans, small to medium loans to help small businesses | ||||||
19 | that lack sufficient collateral or equity to access funds | ||||||
20 | at competitive terms, small loans for entrepreneurs with no | ||||||
21 | established credit history, and traditional loans. | ||||||
22 | (4) Acquisition and acceptance by gift, grant, | ||||||
23 | purchase, or otherwise of fee simple title, or such lesser | ||||||
24 | interest as may be desired, in land, and improvements or | ||||||
25 | arrangements to improve such land for industrial or | ||||||
26 | commercial site development purposes, and lease or |
| |||||||
| |||||||
1 | conveyance of such land or interest in land so acquired and | ||||||
2 | so improved. | ||||||
3 | (5) Grants to promote the affordable financing of | ||||||
4 | construction, rehabilitation, or expansion of community | ||||||
5 | organizations and social service facilities. | ||||||
6 | (6) Grants to promote the affordable financing of | ||||||
7 | construction, rehabilitation, expansion, or purchase of | ||||||
8 | equipment of or relating to medical facilities, including | ||||||
9 | hospitals, community and public health clinics, and other | ||||||
10 | facilities providing health care services. | ||||||
11 | (7) Grants to promote the affordable financing of | ||||||
12 | construction, rehabilitation, or expansion of educational | ||||||
13 | institutions, including early childhood education, special | ||||||
14 | education, chartered and public education, and higher | ||||||
15 | education. | ||||||
16 | (8) Financial assistance for economic development and | ||||||
17 | commercial
revitalization activities as provided in | ||||||
18 | Section 605-400 of the Department of Commerce and Economic | ||||||
19 | Opportunity Law of the Civil Administrative Code of | ||||||
20 | Illinois. | ||||||
21 | (9) Acquisition, construction, rehabilitation, | ||||||
22 | expansion, or purchase of equipment in support of | ||||||
23 | recreational facilities. | ||||||
24 | (10) Grants, loans, and other activities in support of | ||||||
25 | tourism, as well as grants to construct, rehabilitate, or | ||||||
26 | expand cultural institutions. |
| |||||||
| |||||||
1 | (11) Grants or loans to promote the affordable | ||||||
2 | financing of construction, rehabilitation, or purchase of | ||||||
3 | equipment to improve technological, environmental, and | ||||||
4 | energy infrastructure resources, including gas and | ||||||
5 | electric utility facilities, and water and sewer line | ||||||
6 | extensions, water purification and sewage treatment | ||||||
7 | facilities, and solid waste disposal systems. | ||||||
8 | (12) Construction, rehabilitation, or expansion of | ||||||
9 | facilities used to support or promote public safety or | ||||||
10 | community policing. | ||||||
11 | (Source: P.A. 94-91, eff. 7-1-05; 95-470, eff. 8-27-07; 95-481, | ||||||
12 | eff. 8-28-07; revised 10-30-07.)
| ||||||
13 | Section 15. The State Finance Act is amended by adding | ||||||
14 | Section 5.708 as follows: | ||||||
15 | (30 ILCS 105/5.708 new) | ||||||
16 | Sec. 5.708. The Hospital Capital Improvement Program Fund.
| ||||||
17 | Section 99. Effective date. This Act takes effect upon | ||||||
18 | becoming law.".
|