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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB1420 Introduced 2/20/2015, by Sen. Mattie Hunter SYNOPSIS AS INTRODUCED:
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| | Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning the powers of the Authority.
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| | A BILL FOR |
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| | SB1420 | | LRB099 09458 MGM 29665 b |
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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 830-5 as follows:
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| 6 | | (20 ILCS 3501/830-5)
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| 7 | | Sec. 830-5. The Authority shall have the following powers:
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| 8 | | (a) To loan its funds to one or more persons to be used by |
| 9 | | such persons to
pay
the
the costs of acquiring, constructing, |
| 10 | | reconstructing or improving Agricultural
Facilities, soil or |
| 11 | | water conservation projects or watershed areas, such loans
to |
| 12 | | be on such terms and conditions, and for such period of time, |
| 13 | | and secured or
evidenced by such mortgages, deeds of trust, |
| 14 | | notes, debentures, bonds or other
secured or unsecured |
| 15 | | evidences of indebtedness of such persons as the Board may
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| 16 | | determine; |
| 17 | | (b) To loan its funds to any agribusiness which operates or |
| 18 | | will operate a
facility located in Illinois for those purposes |
| 19 | | permitted by rules and
regulations issued pursuant to the |
| 20 | | Internal Revenue Code of 1954, as amended,
relating to the use |
| 21 | | of moneys loaned from the proceeds from the issuance of
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| 22 | | industrial development revenue bonds; such loans shall be on |
| 23 | | terms and
conditions, and for periods of time, and secured or |
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| | SB1420 | - 2 - | LRB099 09458 MGM 29665 b |
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| 1 | | evidenced by mortgages,
deeds of trust, notes, debentures, |
| 2 | | bonds or other secured or unsecured
evidences
of indebtedness |
| 3 | | of such agribusiness as the Board may require;
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| 4 | | (c) To purchase, or to make commitments to purchase, from |
| 5 | | lenders notes,
debentures, bonds or other evidences of |
| 6 | | indebtedness secured by mortgages,
deeds of trust, or security |
| 7 | | devices, or unsecured, as the Authority may
determine, or |
| 8 | | portions thereof or participations therein, which notes, |
| 9 | | bonds,
or other evidences of indebtedness shall have been or |
| 10 | | will be executed by the
obligors thereon to obtain funds with |
| 11 | | which to acquire, by purchase,
construction, or otherwise, |
| 12 | | reconstruct or improve Agricultural Facilities;
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| 13 | | (d) To contract with lenders or others for the origination |
| 14 | | of or the
servicing
of the loans made by the Authority pursuant |
| 15 | | to this
Section or
represented by the notes, bonds, or other |
| 16 | | evidences of indebtedness which it
has purchased pursuant to |
| 17 | | this
Section; provided that such
servicing fees shall not |
| 18 | | exceed one percent per annum of the principal amount
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| 19 | | outstanding owed to the Authority; and
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| 20 | | (e) To enter into a State Guarantee with a lender or a |
| 21 | | person holding a note
and
to sell or issue such State |
| 22 | | Guarantees, bonds or evidences of indebtedness in a
primary or |
| 23 | | a secondary market and to make payment on a State Guarantee |
| 24 | | from available sources, including but not limited to, the |
| 25 | | Illinois Agricultural Loan Guarantee Fund and the Illinois |
| 26 | | Farmer and Agribusiness Loan Guarantee Fund created under |