HB1415 95TH GENERAL ASSEMBLY

LRB095 09800 RCE 30010 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1415

Introduced 2/21/2007, by Rep. Kurt M. Granberg

SYNOPSIS AS INTRODUCED:

20 ILCS 3501/825-80 new

Amends the Illinois Finance Authority Act. Provides that whenever the Authority is authorized under the Act to provide financial assistance to organizations, the Authority may provide that assistance for the purpose of funding projects outside the State if the organization or an affiliate also either (i) has a principal office in Illinois or (ii) is financing a project located within Illinois. Provides that "organization" includes, without limitation, higher education, industrial, cultural, housing, health care, and other organizations.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Finance Authority Act is amended by adding Section 825-80 as follows:

(20 ILCS 3501/825-80 new)

Sec. 825-80. Out-of-State projects. Whenever the Authority is authorized under this Act to provide financial assistance to organizations, the Authority may provide that assistance for the purpose of funding projects outside the State if the organization or an affiliate also either (i) has a principal office in Illinois or (ii) is financing a project located within Illinois. In this Section, "organization" includes, without limitation, higher education, industrial, cultural, housing, health care, and other organizations.