Full Text of HB1010 93rd General Assembly
HB1010sam001 93RD GENERAL ASSEMBLY
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Sen. Jeffrey M. Schoenberg
Filed: 5/30/2004
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| AMENDMENT TO HOUSE BILL 1010
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| AMENDMENT NO. ______. Amend House Bill 1010 by replacing | 3 |
| everything after the enacting clause with the following: and
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| "Section 5. The Illinois Finance Authority Act is amended | 5 |
| by changing Sections 801-10, 801-25, 801-40, and 845-40 and by | 6 |
| adding Section 845-90 as follows:
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| (20 ILCS 3501/801-10)
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| 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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| (a) The term "Authority" means the Illinois Finance | 13 |
| Authority created by
this Act.
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| (b) The term "project" means an industrial project, housing | 15 |
| project, public
purpose project, higher education project, | 16 |
| health facility project, cultural
institution project, | 17 |
| agricultural facility or agribusiness, and "project" may
| 18 |
| include any combination of one or more of the foregoing | 19 |
| undertaken jointly by
any person with one or more other | 20 |
| persons , but "project" shall not include any
facility used or | 21 |
| to be used for sectarian instruction or as a place of
religious
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| worship nor any facility which is used or to be used primarily | 23 |
| in connection
with any part of the program of a school or | 24 |
| department of divinity for any
religious denomination or the |
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| training of ministers, priests, rabbis or other
professional | 2 |
| persons in the field of religion .
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| (c) The term "public purpose project" means any project or | 4 |
| facility
including
without limitation land, buildings, | 5 |
| structures, machinery, equipment and all
other real and | 6 |
| personal property, which is authorized or required by law to be
| 7 |
| acquired, constructed, improved, rehabilitated, reconstructed, | 8 |
| replaced or
maintained by any unit of government or any other | 9 |
| lawful public purpose which
is authorized or required by law to | 10 |
| be undertaken by any unit of government.
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| (d) The term "industrial project" means the acquisition, | 12 |
| construction,
refurbishment, creation, development or | 13 |
| redevelopment of any facility,
equipment, machinery, real | 14 |
| property or personal property for use by any
instrumentality of | 15 |
| the State or its political subdivisions, for use by any
person | 16 |
| or institution, public or private, for profit or not for | 17 |
| profit, or for
use in any trade or business including, but not | 18 |
| limited to, any industrial,
manufacturing or commercial | 19 |
| enterprise and which is (1) a capital project
including but not | 20 |
| limited to: (i) land and any rights therein, one or more
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| buildings, structures or other improvements, machinery and | 22 |
| equipment, whether
now existing or hereafter acquired, and | 23 |
| whether or not located on the same site
or sites; (ii) all | 24 |
| appurtenances and facilities incidental to the foregoing,
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| including, but not limited to utilities, access roads, railroad | 26 |
| sidings, track,
docking and similar facilities, parking | 27 |
| facilities, dockage, wharfage, railroad
roadbed, track, | 28 |
| trestle, depot, terminal, switching and signaling or related
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| equipment, site preparation and landscaping; and (iii) all | 30 |
| non-capital costs
and expenses relating thereto or (2) any | 31 |
| addition to, renovation,
rehabilitation or
improvement of a | 32 |
| capital project or (3) any activity or undertaking which the
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| Authority determines will aid, assist or encourage economic | 34 |
| growth, development
or redevelopment within the State or any |
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| area thereof, will promote the
expansion, retention or | 2 |
| diversification of employment opportunities within the
State | 3 |
| or any area thereof or will aid in stabilizing or developing | 4 |
| any industry
or economic sector of the State economy. The term | 5 |
| "industrial project" also
means the production of motion | 6 |
| pictures.
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| (e) The term "bond" or "bonds" shall include bonds, notes | 8 |
| (including bond,
grant or revenue anticipation notes), | 9 |
| certificates and/or other evidences of
indebtedness | 10 |
| representing an obligation to pay money, including refunding
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| bonds.
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| (f) The terms "lease agreement" and "loan agreement" shall | 13 |
| mean: (i) an
agreement whereby a project acquired by the | 14 |
| Authority by purchase, gift or
lease
is leased to any person, | 15 |
| corporation or unit of local government which will use
or cause | 16 |
| the project to be used as a project as heretofore defined upon | 17 |
| terms
providing for lease rental payments at least sufficient | 18 |
| to pay when due all
principal of, interest and premium, if any, | 19 |
| on any bonds of the Authority
issued
with respect to such | 20 |
| project, providing for the maintenance, insuring and
operation | 21 |
| of the project on terms satisfactory to the Authority, | 22 |
| providing for
disposition of the project upon termination of | 23 |
| the lease term, including
purchase options or abandonment of | 24 |
| the premises, and such other terms as may be
deemed desirable | 25 |
| by the Authority, or (ii) any agreement pursuant to which the
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| Authority agrees to loan the proceeds of its bonds issued with | 27 |
| respect to a
project or other funds of the Authority to any | 28 |
| person which will use or cause
the project to be used as a | 29 |
| project as heretofore defined upon terms providing
for loan | 30 |
| repayment installments at least sufficient to pay when due all
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| principal of, interest and premium, if any, on any bonds of the | 32 |
| Authority, if
any, issued with respect to the project, and | 33 |
| providing for maintenance,
insurance and other matters as may | 34 |
| be deemed desirable by the Authority.
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| (g) The term "financial aid" means the expenditure of | 2 |
| Authority funds or
funds provided by the Authority through the | 3 |
| issuance of its bonds, notes or
other
evidences of indebtedness | 4 |
| or from other sources for the development,
construction, | 5 |
| acquisition or improvement of a project.
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| (h) The term "person" means an individual, corporation, | 7 |
| unit of government,
business trust, estate, trust, partnership | 8 |
| or association, 2 or more persons
having a joint or common | 9 |
| interest, or any other legal entity.
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| (i) The term "unit of government" means the federal | 11 |
| government, the State or
unit of local government, a school | 12 |
| district, or any agency or instrumentality,
office, officer, | 13 |
| department, division, bureau, commission, college or
| 14 |
| university thereof.
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| (j) The term "health facility" means: (a) any public or | 16 |
| private institution,
place, building, or agency required to be | 17 |
| licensed under the Hospital Licensing
Act; (b) any public or | 18 |
| private institution, place, building, or agency required
to be | 19 |
| licensed under the Nursing Home Care Act; (c)
any public or | 20 |
| licensed private hospital as defined in the Mental Health and
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| Developmental Disabilities Code; (d) any such facility | 22 |
| exempted from such
licensure when the Director of Public Health | 23 |
| attests that such exempted
facility
meets the statutory | 24 |
| definition of a facility subject to licensure; (e) any
other
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| public or private health service institution, place, building, | 26 |
| or agency which
the Director of Public Health attests is | 27 |
| subject to certification by the
Secretary, U.S. Department of | 28 |
| Health and Human Services under the Social
Security Act, as now | 29 |
| or hereafter amended, or which the Director of Public
Health | 30 |
| attests is subject to standard-setting by a recognized public | 31 |
| or
voluntary accrediting or standard-setting agency; (f) any | 32 |
| public or private
institution, place, building or agency | 33 |
| engaged in providing one or more
supporting services to a | 34 |
| health facility; (g) any public or private
institution,
place, |
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| building or agency engaged in providing training in the healing | 2 |
| arts,
including but not limited to schools of medicine, | 3 |
| dentistry, osteopathy,
optometry, podiatry, pharmacy or | 4 |
| nursing, schools for the training of x-ray,
laboratory or other | 5 |
| health care technicians and schools for the training of
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| para-professionals in the health care field; (h) any public or | 7 |
| private
congregate, life or extended care or elderly housing | 8 |
| facility or any public or
private home for the aged or infirm, | 9 |
| including, without limitation, any
Facility as defined in the | 10 |
| Life Care Facilities Act; (i) any public or private
mental, | 11 |
| emotional or physical rehabilitation facility or any public or | 12 |
| private
educational, counseling, or rehabilitation facility or | 13 |
| home, for those persons
with a developmental disability, those | 14 |
| who are physically ill or disabled, the
emotionally disturbed, | 15 |
| those persons with a mental illness or persons with
learning or | 16 |
| similar disabilities or problems; (j) any public or private
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| alcohol, drug or substance abuse diagnosis, counseling | 18 |
| treatment or
rehabilitation
facility, (k) any public or private | 19 |
| institution, place, building or agency
licensed by the | 20 |
| Department of Children and Family Services or which is not so
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| licensed but which the Director of Children and Family Services | 22 |
| attests
provides child care, child welfare or other services of | 23 |
| the type provided by
facilities
subject to such licensure; (l) | 24 |
| any public or private adoption agency or
facility; and (m) any | 25 |
| public or private blood bank or blood center. "Health
facility" | 26 |
| also means a public or private structure or structures suitable
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| primarily for use as a laboratory, laundry, nurses or interns | 28 |
| residence or
other housing or hotel facility used in whole or | 29 |
| in part for staff, employees
or
students and their families, | 30 |
| patients or relatives of patients admitted for
treatment or | 31 |
| care in a health facility, or persons conducting business with | 32 |
| a
health facility, physician's facility, surgicenter, | 33 |
| administration building,
research facility, maintenance, | 34 |
| storage or utility facility and all structures
or facilities |
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| related to any of the foregoing or required or useful for the
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| operation of a health facility, including parking or other | 3 |
| facilities or other
supporting service structures required or | 4 |
| useful for the orderly conduct of
such health facility.
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| (k) The term "participating health institution" means a | 6 |
| private corporation
or association or public entity of this | 7 |
| State, authorized by the laws of this
State to provide or | 8 |
| operate a health facility as defined in this Act and which,
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| pursuant to the provisions of this Act, undertakes the | 10 |
| financing, construction
or acquisition of a project or | 11 |
| undertakes the refunding or refinancing of
obligations, loans, | 12 |
| indebtedness or advances as provided in this Act.
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| (l) The term "health facility project", means a specific | 14 |
| health facility
work
or improvement to be financed or | 15 |
| refinanced (including without limitation
through reimbursement | 16 |
| of prior expenditures), acquired, constructed, enlarged,
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| remodeled, renovated, improved, furnished, or equipped, with | 18 |
| funds provided in
whole or in part hereunder, any accounts | 19 |
| receivable, working capital, liability
or insurance cost or | 20 |
| operating expense financing or refinancing program of a
health | 21 |
| facility with or involving funds provided in whole or in part | 22 |
| hereunder,
or any combination thereof.
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| (m) The term "bond resolution" means the resolution or | 24 |
| resolutions
authorizing the issuance of, or providing terms and | 25 |
| conditions related to,
bonds issued
under this Act and | 26 |
| includes, where appropriate, any trust agreement, trust
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| indenture, indenture of mortgage or deed of trust providing | 28 |
| terms and
conditions for such bonds.
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| (n) The term "property" means any real, personal or mixed | 30 |
| property, whether
tangible or intangible, or any interest | 31 |
| therein, including, without limitation,
any real estate, | 32 |
| leasehold interests, appurtenances, buildings, easements,
| 33 |
| equipment, furnishings, furniture, improvements, machinery, | 34 |
| rights of way,
structures, accounts, contract rights or any |
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| interest therein.
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| (o) The term "revenues" means, with respect to any project, | 3 |
| the rents, fees,
charges, interest, principal repayments, | 4 |
| collections and other income or profit
derived therefrom.
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| (p) The term "higher education project" means, in the case | 6 |
| of a private
institution of higher education, an educational | 7 |
| facility to be acquired,
constructed, enlarged, remodeled, | 8 |
| renovated, improved, furnished, or equipped,
or any | 9 |
| combination thereof.
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| (q) The term "cultural institution project" means, in the | 11 |
| case of a cultural
institution, a cultural facility to be | 12 |
| acquired, constructed, enlarged,
remodeled, renovated, | 13 |
| improved, furnished, or equipped, or any combination
thereof.
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| (r) The term "educational facility" means any property | 15 |
| located within the
State
constructed or acquired before or | 16 |
| after the effective date of this Act, which
is
or will be, in | 17 |
| whole or in part, suitable for the instruction, feeding,
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| recreation or housing of students, the conducting of research | 19 |
| or other work of
a
private institution of higher education, the | 20 |
| use by a private institution of
higher education in connection | 21 |
| with any educational, research or related or
incidental | 22 |
| activities then being or to be conducted by it, or any | 23 |
| combination
of the foregoing, including, without limitation, | 24 |
| any such property suitable for
use as or in connection with any | 25 |
| one or more of the following: an academic
facility, | 26 |
| administrative facility, agricultural facility, assembly hall,
| 27 |
| athletic facility, auditorium, boating facility, campus, | 28 |
| communication
facility,
computer facility, continuing | 29 |
| education facility, classroom, dining hall,
dormitory, | 30 |
| exhibition hall, fire fighting facility, fire prevention | 31 |
| facility,
food service and preparation facility, gymnasium, | 32 |
| greenhouse, health care
facility, hospital, housing, | 33 |
| instructional facility, laboratory, library,
maintenance | 34 |
| facility, medical facility, museum, offices, parking area,
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| physical education facility, recreational facility, research | 2 |
| facility, stadium,
storage facility, student union, study | 3 |
| facility, theatre or utility. An
educational facility shall not | 4 |
| include any property used or to be used for
sectarian | 5 |
| instruction or study or as a place for devotional activities or
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| religious worship nor any property which is used or to be used | 7 |
| primarily in
connection with any part of the program of a | 8 |
| school or department of divinity
for any religious | 9 |
| denomination.
| 10 |
| (s) The term "cultural facility" means any property located | 11 |
| within the State
constructed or acquired before or after the | 12 |
| effective date of this Act, which
is or will be, in whole or in | 13 |
| part, suitable for the particular purposes or
needs
of a | 14 |
| cultural institution, including, without limitation, any such | 15 |
| property
suitable for use as or in connection with any one or | 16 |
| more of the following: an
administrative facility, aquarium, | 17 |
| assembly hall, auditorium, botanical garden,
exhibition hall, | 18 |
| gallery, greenhouse, library, museum, scientific laboratory,
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| theater or zoological facility, and shall also include, without | 20 |
| limitation,
books, works of art or music, animal, plant or | 21 |
| aquatic life or other items for
display, exhibition or | 22 |
| performance. The term "cultural facility" includes
buildings | 23 |
| on the National Register of Historic Places which are owned or
| 24 |
| operated by nonprofit entities. A cultural facility shall not | 25 |
| include any
property used or to be used for sectarian | 26 |
| instruction or study or as a place
for devotional activities or | 27 |
| religious worship nor any property which is used
or to
be used | 28 |
| primarily in connection with any part of the program of a | 29 |
| school or
department of divinity for any religious | 30 |
| denomination.
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| (t) "Private institution of higher education" means a | 32 |
| not-for-profit
educational institution which is not owned by | 33 |
| the State or any political
subdivision, agency, | 34 |
| instrumentality, district or municipality thereof, which
is
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| authorized by law to provide a program of education beyond the | 2 |
| high school
level
and which:
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| (1) Admits as regular students only individuals having | 4 |
| a
certificate of graduation from a high school, or the | 5 |
| recognized equivalent of
such a certificate;
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| (2) Provides an educational program for which it awards | 7 |
| a
bachelor's degree, or provides an educational program, | 8 |
| admission into which is
conditioned upon the prior | 9 |
| attainment of a bachelor's degree or its equivalent,
for | 10 |
| which it awards a postgraduate degree, or provides not less | 11 |
| than a 2-year
program which is acceptable for full credit | 12 |
| toward such a degree, or offers a
2-year program in | 13 |
| engineering, mathematics, or the physical or biological
| 14 |
| sciences
which is designed to prepare the student to work | 15 |
| as a technician and at a
semiprofessional level in | 16 |
| engineering, scientific, or other technological
fields
| 17 |
| which require the understanding and application of basic | 18 |
| engineering,
scientific, or mathematical principles or | 19 |
| knowledge;
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| (3) Is accredited by a nationally recognized | 21 |
| accrediting agency or
association or, if not so accredited, | 22 |
| is an institution whose credits are
accepted, on transfer, | 23 |
| by not less than 3 institutions which are so accredited,
| 24 |
| for credit on the same basis as if transferred from an | 25 |
| institution so
accredited, and holds an unrevoked | 26 |
| certificate of approval under the Private
College Act from | 27 |
| the Board of Higher Education, or is qualified as a
"degree | 28 |
| granting institution" under the Academic Degree Act; and
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| (4) Does not discriminate in the admission of students | 30 |
| on the basis
of race or
, color or creed .
"Private | 31 |
| institution of higher education" also includes any | 32 |
| "academic
institution".
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| (u) The term "academic institution" means any | 34 |
| not-for-profit institution
which
is not owned by the State or |
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| any political subdivision, agency,
instrumentality,
district | 2 |
| or municipality thereof, which institution engages in, or | 3 |
| facilitates
academic, scientific, educational or professional | 4 |
| research or learning in a
field or fields of study taught at a | 5 |
| private institution of higher education.
Academic institutions | 6 |
| include, without limitation, libraries, archives,
academic, | 7 |
| scientific, educational or professional societies, | 8 |
| institutions,
associations or foundations having such | 9 |
| purposes. Academic institution does not
include any school or | 10 |
| any institution primarily engaged in religious or
sectarian | 11 |
| activities.
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| (v) The term "cultural institution" means any | 13 |
| not-for-profit institution
which
is not owned by the State or | 14 |
| any political subdivision, agency,
instrumentality,
district | 15 |
| or municipality thereof, which institution engages in the | 16 |
| cultural,
intellectual, scientific, educational or artistic | 17 |
| enrichment of the people of
the State. Cultural institutions | 18 |
| include, without limitation, aquaria,
botanical societies, | 19 |
| historical societies, libraries, museums, performing arts
| 20 |
| associations or societies, scientific societies and zoological | 21 |
| societies.
Cultural institution does not include any | 22 |
| institution primarily engaged in
religious or sectarian | 23 |
| activities.
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| (w) The term "affiliate" means, with respect to financing | 25 |
| of an agricultural
facility or an agribusiness, any lender, any | 26 |
| person, firm or corporation
controlled by, or under common | 27 |
| control with, such lender, and any person, firm
or corporation | 28 |
| controlling such lender.
| 29 |
| (x) The term "agricultural facility" means land, any | 30 |
| building or other
improvement thereon or thereto, and any | 31 |
| personal properties deemed necessary or
suitable for use, | 32 |
| whether or not now in existence, in farming, ranching, the
| 33 |
| production of agricultural commodities (including, without | 34 |
| limitation, the
products of aquaculture, hydroponics and |
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| silviculture) or the treating,
processing or storing of such | 2 |
| agricultural commodities when such activities are
customarily | 3 |
| engaged in by farmers as a part of farming.
| 4 |
| (y) The term "lender" with respect to financing of an | 5 |
| agricultural facility
or an agribusiness, means any federal or | 6 |
| State chartered bank, Federal Land
Bank,
Production Credit | 7 |
| Association, Bank for Cooperatives, federal or State
chartered | 8 |
| savings and loan association or building and loan association, | 9 |
| Small
Business
Investment Company or any other institution | 10 |
| qualified within this State to
originate and service loans, | 11 |
| including, but without limitation to, insurance
companies, | 12 |
| credit unions and mortgage loan companies. "Lender" also means | 13 |
| a
wholly owned subsidiary of a manufacturer, seller or | 14 |
| distributor of goods or
services that makes loans to businesses | 15 |
| or individuals, commonly known as a
"captive finance company".
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| (z) The term "agribusiness" means any sole proprietorship, | 17 |
| limited
partnership, co-partnership, joint venture, | 18 |
| corporation or cooperative which
operates or will operate a | 19 |
| facility located within the State of Illinois that
is related | 20 |
| to the
processing of agricultural commodities (including, | 21 |
| without limitation, the
products of aquaculture, hydroponics | 22 |
| and silviculture) or the manufacturing,
production or | 23 |
| construction of agricultural buildings, structures, equipment,
| 24 |
| implements, and supplies, or any other facilities or processes | 25 |
| used in
agricultural production. Agribusiness includes but is | 26 |
| not limited to the
following:
| 27 |
| (1) grain handling and processing, including grain | 28 |
| storage,
drying, treatment, conditioning, mailing and | 29 |
| packaging;
| 30 |
| (2) seed and feed grain development and processing;
| 31 |
| (3) fruit and vegetable processing, including | 32 |
| preparation, canning
and packaging;
| 33 |
| (4) processing of livestock and livestock products, | 34 |
| dairy products,
poultry and poultry products, fish or |
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| apiarian products, including slaughter,
shearing, | 2 |
| collecting, preparation, canning and packaging;
| 3 |
| (5) fertilizer and agricultural chemical | 4 |
| manufacturing,
processing, application and supplying;
| 5 |
| (6) farm machinery, equipment and implement | 6 |
| manufacturing and
supplying;
| 7 |
| (7) manufacturing and supplying of agricultural | 8 |
| commodity
processing machinery and equipment, including | 9 |
| machinery and equipment used in
slaughter, treatment, | 10 |
| handling, collecting, preparation, canning or packaging
of | 11 |
| agricultural commodities;
| 12 |
| (8) farm building and farm structure manufacturing, | 13 |
| construction
and supplying;
| 14 |
| (9) construction, manufacturing, implementation, | 15 |
| supplying or
servicing of irrigation, drainage and soil and | 16 |
| water conservation devices or
equipment;
| 17 |
| (10) fuel processing and development facilities that | 18 |
| produce fuel
from agricultural commodities or byproducts;
| 19 |
| (11) facilities and equipment for processing and | 20 |
| packaging
agricultural commodities specifically for | 21 |
| export;
| 22 |
| (12) facilities and equipment for forestry product | 23 |
| processing and
supplying, including sawmilling operations, | 24 |
| wood chip operations, timber
harvesting operations, and | 25 |
| manufacturing of prefabricated buildings, paper,
furniture | 26 |
| or other goods from forestry products;
| 27 |
| (13) facilities and equipment for research and | 28 |
| development of
products, processes and equipment for the | 29 |
| production, processing, preparation
or packaging of | 30 |
| agricultural commodities and byproducts.
| 31 |
| (aa) The term "asset" with respect to financing of any | 32 |
| agricultural facility
or
any agribusiness, means, but is not | 33 |
| limited to the following: cash crops or
feed on hand; livestock | 34 |
| held for sale; breeding stock; marketable bonds and
securities; |
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| securities not readily marketable; accounts receivable; notes
| 2 |
| receivable; cash invested in growing crops; net cash value of | 3 |
| life insurance;
machinery and equipment; cars and trucks; farm | 4 |
| and other real estate including
life estates and personal | 5 |
| residence; value of beneficial interests in trusts;
government | 6 |
| payments or grants; and any other assets.
| 7 |
| (bb) The term "liability" with respect to financing of any | 8 |
| agricultural
facility or any agribusiness shall include, but | 9 |
| not be limited to the
following:
accounts payable; notes or | 10 |
| other indebtedness owed to any source; taxes; rent;
amounts | 11 |
| owed on real estate contracts or real estate mortgages; | 12 |
| judgments;
accrued interest payable; and any other liability.
| 13 |
| (cc) The term "Predecessor Authorities" means those | 14 |
| authorities as described
in Section 845-75.
| 15 |
| (dd) The term "housing project" means a specific work or | 16 |
| improvement
undertaken
to provide residential dwelling | 17 |
| accommodations, including the acquisition,
construction or | 18 |
| rehabilitation of lands, buildings and community facilities | 19 |
| and
in connection therewith to provide nonhousing facilities | 20 |
| which are part of the
housing project, including land, | 21 |
| buildings, improvements, equipment and all
ancillary | 22 |
| facilities for use for offices, stores, retirement homes, | 23 |
| hotels,
financial institutions, service, health care, | 24 |
| education, recreation or research
establishments, or any other | 25 |
| commercial purpose which are or are to be related
to a housing | 26 |
| development.
| 27 |
| (Source: P.A. 93-205, eff. 1-1-04.)
| 28 |
| (20 ILCS 3501/801-25)
| 29 |
| Sec. 801-25. All official acts of the Authority shall | 30 |
| require the approval
of
a majority of all members then holding | 31 |
| office and who are permitted to vote on the matter under | 32 |
| Section 845-45
at least 8 members . All meetings of the | 33 |
| Authority and the Advisory Councils
shall be conducted in |
|
|
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| accordance with the Open Meetings Act. A quorum shall consist | 2 |
| of a majority of members then holding office. All meetings | 3 |
| shall
be conducted at a single location within this State with | 4 |
| a quorum of members physically present at this location. Other | 5 |
| members who are not physically present at this location may | 6 |
| participate in the meeting and vote on all matters by means of | 7 |
| a video or audio conference
among members physically
present at | 8 |
| this location . The Auditor General shall conduct financial | 9 |
| audits
and program audits of the Authority, in accordance with | 10 |
| the Illinois State
Auditing Act.
| 11 |
| (Source: P.A. 93-205, eff. 1-1-04.)
| 12 |
| (20 ILCS 3501/801-40)
| 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.
| 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 | 25 |
| agency or instrumentality thereof,
in relationship to such | 26 |
| grants, loans or appropriations.
| 27 |
| (b) The Authority shall have power to procure and enter | 28 |
| into contracts for
any
type of insurance and indemnity | 29 |
| agreements covering loss or damage to property
from any cause, | 30 |
| including loss of use and occupancy, or covering any other
| 31 |
| insurable risk.
| 32 |
| (c) The Authority shall have the continuing power to issue | 33 |
| bonds for its
corporate purposes. Bonds may be issued by the |
|
|
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| Authority in one or more series
and may provide for the payment | 2 |
| of any interest deemed necessary on such bonds,
of the costs of | 3 |
| issuance of such bonds, of any premium on any insurance, or of
| 4 |
| the cost of any guarantees, letters of credit or other similar | 5 |
| documents, may
provide for the funding of the reserves deemed | 6 |
| necessary in connection with
such bonds, and may provide for | 7 |
| the refunding or advance refunding of any bonds
or
for accounts | 8 |
| deemed necessary in connection with any purpose of the | 9 |
| Authority.
The bonds may bear interest payable at any time or | 10 |
| times and at any rate or
rates, notwithstanding any other | 11 |
| provision of law to the contrary, and such
rate or rates may be | 12 |
| established by an index or formula which may be
implemented or
| 13 |
| established by persons appointed or retained therefor by the | 14 |
| Authority, or may
bear no interest or may bear interest payable | 15 |
| at maturity or upon redemption
prior to maturity, may bear such | 16 |
| date or dates, may be payable at such time or
times and at such | 17 |
| place or places, may mature at any time or times not later
than | 18 |
| 40 years from the date of issuance, may be sold at public or | 19 |
| private sale
at such time or times and at such price or prices, | 20 |
| may be secured by such
pledges, reserves, guarantees, letters | 21 |
| of credit, insurance contracts or other
similar credit support | 22 |
| or liquidity instruments, may be executed in such
manner, may | 23 |
| be subject to redemption prior to maturity, may provide for the
| 24 |
| registration of the bonds, and may be subject to such other | 25 |
| terms and
conditions all as may
be provided by the resolution | 26 |
| or indenture authorizing the issuance of such
bonds. The holder | 27 |
| or holders of any bonds issued by the Authority may bring
suits | 28 |
| at law or proceedings in equity to compel the performance and | 29 |
| observance
by any person or by the Authority or any of its | 30 |
| agents or employees of any
contract or covenant made with the | 31 |
| holders of such bonds and to compel such
person or the | 32 |
| Authority and any of its agents or employees to perform any
| 33 |
| duties
required to be performed for the benefit of the holders | 34 |
| of any such bonds by
the provision of the resolution |
|
|
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| authorizing their issuance, and to enjoin such
person or the | 2 |
| Authority and any of its agents or employees from taking any
| 3 |
| action in conflict with any such contract or covenant.
| 4 |
| Notwithstanding the form and tenor of any such bonds and in the | 5 |
| absence of any
express recital on the face thereof that it is | 6 |
| non-negotiable, all such bonds
shall be negotiable | 7 |
| instruments. Pending the preparation and execution of any
such | 8 |
| bonds, temporary bonds may be issued as provided by the | 9 |
| resolution.
The bonds shall be sold by the Authority in such | 10 |
| manner as it shall determine.
The bonds may be secured as | 11 |
| provided in the authorizing resolution by the
receipts, | 12 |
| revenues, income and other available funds of the Authority and | 13 |
| by
any amounts derived by the Authority from the loan agreement | 14 |
| or lease agreement
with respect to the project or projects; and | 15 |
| bonds may be issued as general
obligations of the Authority | 16 |
| payable from such revenues, funds and obligations
of the | 17 |
| Authority as the bond resolution shall provide, or may be | 18 |
| issued as
limited obligations with a claim for payment solely | 19 |
| from such revenues, funds
and obligations as the bond | 20 |
| resolution shall provide. The Authority may grant a
specific | 21 |
| pledge or assignment of and lien on or security interest in | 22 |
| such
rights, revenues, income, or amounts and may grant a | 23 |
| specific pledge or
assignment of and lien on or security | 24 |
| interest in any reserves, funds or
accounts established in the | 25 |
| resolution authorizing the issuance of bonds. Any
such pledge, | 26 |
| assignment, lien or security interest for the benefit of the
| 27 |
| holders of the Authority's bonds shall be valid and binding | 28 |
| from the time the
bonds are issued without any physical | 29 |
| delivery or further act, and shall be
valid and binding as | 30 |
| against and prior to the claims of all other parties
having | 31 |
| claims against the Authority or any other person irrespective | 32 |
| of whether
the
other parties have notice of the pledge, | 33 |
| assignment, lien or security interest.
As evidence of such | 34 |
| pledge, assignment, lien and security interest, the
Authority |
|
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| may execute and deliver a mortgage, trust agreement, indenture | 2 |
| or
security agreement or an assignment thereof.
A remedy for | 3 |
| any breach or default of the terms of any such agreement by the
| 4 |
| Authority may be by mandamus proceedings in any court of | 5 |
| competent jurisdiction
to compel the performance and | 6 |
| compliance therewith, but the agreement may
prescribe by whom | 7 |
| or on whose behalf such action may be instituted.
It is | 8 |
| expressly understood that the Authority may, but need not, | 9 |
| acquire title
to any project with respect to which it exercises | 10 |
| its authority.
| 11 |
| (d) With respect to the powers granted by this Act, the | 12 |
| Authority may adopt
rules and regulations prescribing the | 13 |
| procedures by which persons may apply for
assistance under this | 14 |
| Act. Nothing herein shall be deemed to preclude the
Authority, | 15 |
| prior to the filing of any formal application, from conducting
| 16 |
| preliminary discussions and investigations with respect to the | 17 |
| subject matter
of any prospective application.
| 18 |
| (e) The Authority shall have power to acquire by purchase, | 19 |
| lease, gift or
otherwise any property or rights therein from | 20 |
| any person useful for its
purposes, whether improved for the | 21 |
| purposes of any prospective project, or
unimproved. The | 22 |
| Authority may also accept any donation of funds for its
| 23 |
| purposes from any such source. The Authority shall have no | 24 |
| independent power of
condemnation but may acquire any property | 25 |
| or rights therein obtained upon
condemnation by any other | 26 |
| authority, governmental entity or unit of local
government with | 27 |
| such power.
| 28 |
| (f) The Authority shall have power to develop, construct | 29 |
| and improve either
under its own direction, or through | 30 |
| collaboration with any approved applicant,
or to acquire | 31 |
| through purchase or otherwise, any project, using for such
| 32 |
| purpose the proceeds derived from the sale of its bonds or from | 33 |
| governmental
loans or
grants, and to hold title in the name of | 34 |
| the Authority to such projects.
|
|
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| (g) The Authority shall have power to lease pursuant to a | 2 |
| lease agreement
any
project so developed and constructed or | 3 |
| acquired to the approved tenant on such
terms and conditions as | 4 |
| may be appropriate to further the purposes of this Act
and to | 5 |
| maintain the credit of the Authority. Any such lease may | 6 |
| provide for
either the Authority or the approved tenant to | 7 |
| assume initially, in whole or in
part, the costs of | 8 |
| maintenance, repair and improvements during the leasehold
| 9 |
| period. In no case, however, shall the total rentals from any | 10 |
| project during
any initial leasehold period or the total loan | 11 |
| repayments to be made pursuant
to any loan agreement, be less | 12 |
| than an amount necessary to return over such
lease
or loan | 13 |
| period (1) all costs incurred in connection with the | 14 |
| development,
construction, acquisition or improvement of the | 15 |
| project and for repair,
maintenance and improvements thereto | 16 |
| during the period of the lease or loan;
provided, however, that | 17 |
| the rentals or loan repayments need not include costs
met | 18 |
| through the use of funds other than those obtained by the | 19 |
| Authority through
the issuance of its bonds or governmental | 20 |
| loans; (2) a reasonable percentage
additive to be agreed upon | 21 |
| by the Authority and the borrower or tenant to cover
a properly | 22 |
| allocable portion of the Authority's general expenses, | 23 |
| including,
but not limited to, administrative expenses, | 24 |
| salaries and general insurance,
and
(3) an amount sufficient to | 25 |
| pay when due all principal of, interest and
premium, if
any on, | 26 |
| any bonds issued by the Authority with respect to the project. | 27 |
| The
portion of total rentals payable under clause (3) of this | 28 |
| subsection (g) shall
be deposited in such special accounts, | 29 |
| including all sinking funds, acquisition
or construction | 30 |
| funds, debt service and other funds as provided by any
| 31 |
| resolution, mortgage or trust agreement of the Authority | 32 |
| pursuant to which any
bond is issued.
| 33 |
| (h) The Authority has the power, upon the termination of | 34 |
| any leasehold
period
of any project, to sell or lease for a |
|
|
|
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| further term or terms such project on
such terms and conditions | 2 |
| as the Authority shall deem reasonable and consistent
with the | 3 |
| purposes of the Act. The net proceeds from all such sales and | 4 |
| the
revenues or income from such leases shall be used to | 5 |
| satisfy any indebtedness
of
the Authority with respect to such | 6 |
| project and any balance may be used to pay
any expenses of the | 7 |
| Authority or be used for the further development,
construction, | 8 |
| acquisition or improvement of projects.
In the event any | 9 |
| project is vacated by a tenant prior to the termination of the
| 10 |
| initial leasehold period, the Authority shall sell or lease the | 11 |
| facilities of
the project on the most advantageous terms | 12 |
| available. The net proceeds of any
such disposition shall be | 13 |
| treated in the same manner as the proceeds from sales
or the | 14 |
| revenues or income from leases subsequent to the termination of | 15 |
| any
initial leasehold period.
| 16 |
| (i) The Authority shall have the power to make loans to | 17 |
| persons to finance a
project, to enter into loan agreements | 18 |
| with respect thereto, and to accept
guarantees from persons of | 19 |
| its loans or the resultant evidences of obligations
of the | 20 |
| Authority.
| 21 |
| (j) The Authority may fix, determine, charge and collect | 22 |
| any premiums, fees,
charges, costs and expenses, including, | 23 |
| without limitation, any application
fees, commitment fees, | 24 |
| program fees, financing charges or publication fees from
any | 25 |
| person in connection with its activities under this Act.
| 26 |
| (k) In addition to the funds established as provided | 27 |
| herein, the Authority
shall have the power to create and | 28 |
| establish such reserve funds and accounts as
may be necessary | 29 |
| or desirable to accomplish its purposes under this Act and to
| 30 |
| deposit its available monies into the funds and accounts.
| 31 |
| (l) At the request of the governing body of any unit of | 32 |
| local government,
the
Authority is authorized to market such | 33 |
| local government's revenue bond
offerings by preparing bond | 34 |
| issues for sale, advertising for sealed bids,
receiving bids
at |
|
|
|
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| its offices, making the award to the bidder that offers the | 2 |
| most favorable
terms or arranging for negotiated placements or | 3 |
| underwritings of such
securities. The Authority may, at its | 4 |
| discretion, offer for concurrent sale the
revenue bonds of | 5 |
| several local governments. Sales by the Authority of revenue
| 6 |
| bonds under this Section shall in no way imply State guarantee | 7 |
| of such debt
issue. The Authority may require such financial | 8 |
| information from participating
local governments as it deems | 9 |
| necessary in order to carry out the purposes of
this subsection | 10 |
| (1).
| 11 |
| (m) The Authority may make grants to any county to which | 12 |
| Division 5-37 of
the
Counties Code is applicable to assist in | 13 |
| the financing of capital development,
construction and | 14 |
| renovation of new or existing facilities for hospitals and
| 15 |
| health care facilities under that Act. Such grants may only be | 16 |
| made from funds
appropriated for such purposes from the Build | 17 |
| Illinois Bond Fund or the Build
Illinois Purposes Fund.
| 18 |
| (n) The Authority may establish an urban development action | 19 |
| grant program
for
the purpose of assisting municipalities in | 20 |
| Illinois which are experiencing
severe economic distress to | 21 |
| help stimulate economic development activities
needed to aid in | 22 |
| economic recovery. The Authority shall determine the types of
| 23 |
| activities and projects for which the urban development action | 24 |
| grants may be
used, provided that such projects and activities | 25 |
| are broadly defined to include
all reasonable projects and | 26 |
| activities the primary objectives of which are the
development | 27 |
| of viable urban communities, including decent housing and a
| 28 |
| suitable living environment, and expansion of economic | 29 |
| opportunity, principally
for
persons of low and moderate | 30 |
| incomes. The Authority shall enter into grant
agreements from | 31 |
| monies appropriated for such purposes from the Build Illinois
| 32 |
| Bond Fund or the Build Illinois Purposes Fund. The Authority | 33 |
| shall monitor the
use of the grants, and shall provide for | 34 |
| audits of the funds as well as
recovery by the Authority of any |
|
|
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| funds determined to have been spent in
violation of this
| 2 |
| subsection (n) or any rule or regulation promulgated hereunder. | 3 |
| The Authority
shall provide technical assistance with regard to | 4 |
| the effective use of the
urban development action grants. The | 5 |
| Authority shall file an annual report to
the
General Assembly | 6 |
| concerning the progress of the grant program.
| 7 |
| (o) The Authority may establish a Housing Partnership | 8 |
| Program whereby the
Authority provides zero-interest loans to | 9 |
| municipalities for the purpose of
assisting in the financing of | 10 |
| projects for the rehabilitation of affordable
multi-family | 11 |
| housing for low and moderate income residents. The Authority | 12 |
| may
provide such loans only upon a municipality's providing | 13 |
| evidence that it has
obtained private funding for the | 14 |
| rehabilitation project. The Authority shall
provide 3 State | 15 |
| dollars for every 7 dollars obtained by the municipality from
| 16 |
| sources other than the State of Illinois. The loans shall be | 17 |
| made from monies
appropriated for such purpose from the Build | 18 |
| Illinois Bond Fund or the Build
Illinois Purposes Fund. The | 19 |
| total amount of loans available under the Housing
Partnership | 20 |
| Program shall not exceed $30,000,000. State loan monies under | 21 |
| this
subsection shall be used only for the acquisition and | 22 |
| rehabilitation of
existing
buildings containing 4 or more | 23 |
| dwelling units. The terms of any loan made by
the municipality | 24 |
| under this subsection shall require repayment of the loan to
| 25 |
| the municipality upon any sale or other transfer of the | 26 |
| project.
| 27 |
| (p) The Authority may award grants to universities and | 28 |
| research
institutions,
research consortiums and other | 29 |
| not-for-profit entities for the purposes of:
remodeling or | 30 |
| otherwise physically altering existing laboratory or research
| 31 |
| facilities, expansion or physical additions to existing | 32 |
| laboratory or research
facilities, construction of new | 33 |
| laboratory or research facilities or
acquisition of modern | 34 |
| equipment to support laboratory or research operations
|
|
|
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| provided that
such grants (i) be used solely in support of | 2 |
| project and equipment acquisitions
which enhance technology | 3 |
| transfer, and (ii) not constitute more than 60 percent
of the | 4 |
| total project or acquisition cost.
| 5 |
| (q) Grants may be awarded by the Authority to units of | 6 |
| local government for
the
purpose of developing the appropriate | 7 |
| infrastructure or defraying other costs
to
the local government | 8 |
| in support of laboratory or research facilities provided
that | 9 |
| such grants may not exceed 40% of the cost to the unit of local
| 10 |
| government.
| 11 |
| (r) The Authority may establish a Direct Loan Program to | 12 |
| make loans to
individuals, partnerships or corporations for the | 13 |
| purpose of an industrial
project, as defined in
Section 801-10 | 14 |
| of this Act. For the purposes of such program
and not by way of | 15 |
| limitation on any other program of the Authority, the
Authority | 16 |
| shall have the power to issue bonds, notes, or other evidences | 17 |
| of
indebtedness including commercial paper for purposes of | 18 |
| providing a fund of
capital from which it may make such loans. | 19 |
| The Authority shall have the power
to use any appropriations | 20 |
| from the State made especially for the Authority's
Direct Loan | 21 |
| Program for additional capital to make such loans or for the
| 22 |
| purposes of reserve funds or pledged funds which secure the | 23 |
| Authority's
obligations of repayment of any bond, note or other | 24 |
| form of indebtedness
established for the purpose of providing | 25 |
| capital for which it intends to make
such loans under the | 26 |
| Direct Loan Program. For the purpose of obtaining such
capital, | 27 |
| the Authority may also enter into agreements with financial
| 28 |
| institutions and other persons for the purpose of selling loans | 29 |
| and developing
a secondary market for such loans.
Loans made | 30 |
| under the Direct Loan Program may be in an amount not to exceed
| 31 |
| $300,000 and shall be made for a portion of an industrial | 32 |
| project which does
not exceed 50% of the total project. No loan | 33 |
| may be made by the Authority
unless
approved by the affirmative | 34 |
| vote of at least 8 members of the board. The
Authority shall |
|
|
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| establish procedures and publish rules which shall provide for
| 2 |
| the submission, review, and analysis of each direct loan | 3 |
| application and which
shall preserve the ability of each board | 4 |
| member to reach an individual business
judgment regarding the | 5 |
| propriety of making each direct loan. The collective
discretion | 6 |
| of the board to approve or disapprove each loan shall be
| 7 |
| unencumbered.
The Authority may establish and collect such fees | 8 |
| and charges, determine and
enforce such terms and conditions, | 9 |
| and charge such interest rates as it
determines to be necessary | 10 |
| and appropriate to the successful administration of
the Direct | 11 |
| Loan Program. The Authority may require such interests in | 12 |
| collateral
and such guarantees as it determines are necessary | 13 |
| to project the Authority's
interest in the repayment of the | 14 |
| principal and interest of each loan made under
the Direct Loan | 15 |
| Program.
| 16 |
| (s) The Authority may guarantee private loans to third | 17 |
| parties up to a
specified dollar amount in order to promote | 18 |
| economic development in this State.
| 19 |
| (t) The Authority may adopt rules and regulations as may be | 20 |
| necessary or
advisable to implement the powers conferred by | 21 |
| this Act.
| 22 |
| (u) The Authority shall have the power to issue bonds, | 23 |
| notes or other
evidences
of indebtedness, which may be used to | 24 |
| make loans to units of local government
which are authorized to | 25 |
| enter into loan agreements and other documents and to
issue | 26 |
| bonds, notes and other evidences of indebtedness for the | 27 |
| purpose of
financing the protection of storm sewer outfalls, | 28 |
| the construction of adequate
storm sewer outfalls, and the | 29 |
| provision for flood protection of sanitary sewage
treatment | 30 |
| plans, in counties that have established a stormwater | 31 |
| management
planning committee in accordance with
Section | 32 |
| 5-1062 of the Counties Code. Any
such loan shall be made by the | 33 |
| Authority pursuant to the provisions of
Section
820-5 to 820-60 | 34 |
| of this Act. The unit of local government shall pay back to the
|
|
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| Authority the principal amount of the loan, plus annual | 2 |
| interest as determined
by the Authority. The Authority shall | 3 |
| have the power, subject to appropriations
by the General | 4 |
| Assembly, to subsidize or buy down a portion of the interest on
| 5 |
| such loans, up to 4% per annum.
| 6 |
| (v) The Authority may accept security interests as provided | 7 |
| in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| 8 |
| (w) Moral Obligation. In the event that the Authority | 9 |
| determines that monies
of the Authority will not be sufficient | 10 |
| for the payment of the principal of and
interest on its bonds | 11 |
| during the next State fiscal year, the Chairperson, as
soon as | 12 |
| practicable, shall certify to the Governor the amount required | 13 |
| by the
Authority to enable it to pay such principal of and | 14 |
| interest on the bonds. The
Governor shall submit the amount so | 15 |
| certified to the General Assembly as soon
as
practicable, but | 16 |
| no later than the end of the current State fiscal year. This
| 17 |
| subsection shall apply only to any bonds or notes as to which | 18 |
| the Authority
shall have determined, in the resolution | 19 |
| authorizing the issuance of the bonds
or notes, that this | 20 |
| subsection shall apply. Whenever the Authority makes such a
| 21 |
| determination, that fact shall be plainly stated on the face of | 22 |
| the bonds or
notes and that fact shall also be reported to the | 23 |
| Governor. In the event of a
withdrawal of moneys from a reserve | 24 |
| fund established with respect to any issue
or issues of bonds | 25 |
| of the Authority to pay principal or interest on those
bonds,
| 26 |
| the Chairperson of the Authority, as soon as practicable, shall | 27 |
| certify to the
Governor the amount required to restore the | 28 |
| reserve fund to the level required
in the resolution or | 29 |
| indenture securing those bonds. The Governor shall submit
the | 30 |
| amount so certified to the General Assembly as soon as | 31 |
| practicable, but no
later than the end of the current State | 32 |
| fiscal year. The Authority shall obtain
written approval from | 33 |
| the Governor for any bonds and notes to be issued under
this | 34 |
| Section.
In addition to any other bonds authorized to be issued |
|
|
|
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| 1 |
| under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | 2 |
| principal amount of Authority
bonds outstanding
issued under | 3 |
| this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | 4 |
| 360/2-6(c), which have
been
assumed by the Authority, shall not | 5 |
| exceed $150,000,000. | 6 |
| (x) The State pledges to and agrees with the holders of | 7 |
| bonds and the beneficial owners of securities that the State | 8 |
| shall not limit or restrict the rights vested in the Authority | 9 |
| (i) to purchase, acquire, hold, sell, or dispose of securities | 10 |
| or other investments, (ii) to establish and collect such fees | 11 |
| or other charges as may be convenient or necessary to produce | 12 |
| sufficient revenues to meet the expenses of operation of the | 13 |
| Authority, and (iii) to fulfill the terms of any agreement made | 14 |
| with the holders of bonds or the beneficial owners of | 15 |
| securities or in any way impair the rights or remedies of the | 16 |
| holders of those bonds or the beneficial owners of securities | 17 |
| until the bonds or securities are fully paid and discharged or | 18 |
| provision for their payment has been made.
| 19 |
| (Source: P.A. 93-205, eff. 1-1-04.)
| 20 |
| (20 ILCS 3501/845-40)
| 21 |
| Sec. 845-40. The Authority shall appoint a secretary and | 22 |
| treasurer, who
may,
but need not, be a member or members of the | 23 |
| Authority to hold office during the
pleasure of the Authority. | 24 |
| Before entering upon the duties of the respective
offices such | 25 |
| person or persons shall take and subscribe to the | 26 |
| constitutional
oath of office, and the treasurer shall execute | 27 |
| a bond with corporate sureties
to be approved by the Authority. | 28 |
| The bond shall be payable to the Authority in
whatever penal | 29 |
| sum may be directed by the Authority conditioned upon the
| 30 |
| faithful performance of the duties of the office and the | 31 |
| payment of all money
received by him according to law and the | 32 |
| orders of the Authority. The Authority
may, at any time, | 33 |
| require a new bond from the treasurer in such penal sum as
may
|
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| 1 |
| then be determined by the Authority. The obligation of the | 2 |
| sureties shall not
extend to any loss sustained by the | 3 |
| insolvency, failure or closing of any
savings and loan | 4 |
| association or national or state bank wherein the treasurer
has
| 5 |
| deposited funds if the bank or savings and loan association has | 6 |
| been approved
by
the Authority as a depository for these funds. | 7 |
| The oaths of office and the
treasurer's bond shall be filed in | 8 |
| the principal office of the Authority.
All funds of the | 9 |
| Authority, including without limitation, grants or loans from
| 10 |
| the federal government, the State or any agency or | 11 |
| instrumentality thereof,
fees, service charges, interest or | 12 |
| other investment earnings on its funds,
payments of principal | 13 |
| of and interest on loans of its funds and revenue from
any
| 14 |
| other source, except funds the application of which is | 15 |
| otherwise specifically
provided for by appropriation, | 16 |
| resolution, grant agreement, lease agreement,
loan agreement, | 17 |
| indenture, mortgage or trust agreement or other agreement, may
| 18 |
| be held by the Authority in its treasury and be generally | 19 |
| available for
expenditure by the Authority for any of the | 20 |
| purposes authorized by this Act. In
addition to investments | 21 |
| authorized by
Section 2 of
the Public Funds Investment Act, | 22 |
| funds of the Authority may be invested in (a)
obligations | 23 |
| issued by
any
State, unit of local government or school | 24 |
| district which obligations are rated
at the time of purchase by | 25 |
| a national rating service within the two highest
rating | 26 |
| classifications without regard to any rating refinement or | 27 |
| gradation by
numerical or other modifier, or (b) equity | 28 |
| securities of an investment company
registered under the | 29 |
| Investment Company Act of 1940 whose sole assets, other
than | 30 |
| cash and other temporary investments, are obligations which are | 31 |
| eligible
investments for the Authority, provided that not more | 32 |
| than 20% of the assets of
the investment company may consist of | 33 |
| unrated obligations of the type described
in clause (a) which | 34 |
| the Board of Directors of the investment company has
determined |
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| 1 |
| to be of comparable quality to rated obligations described in | 2 |
| clause
(a). Funds appropriated by the General Assembly to the | 3 |
| Authority shall be held
in the
State treasury unless this Act | 4 |
| or the Act making the appropriation specifically
states that | 5 |
| the monies are to be held in or appropriated to the Authority's
| 6 |
| treasury.
Such funds as are authorized to be held in the | 7 |
| Authority's treasury and
deposited in any bank or savings and | 8 |
| loan association and placed in the name of
the Authority shall | 9 |
| be withdrawn or paid out only by check or draft upon the
bank | 10 |
| or savings and loan association, signed by the treasurer and | 11 |
| countersigned
by the Chairperson or Executive Director of the | 12 |
| Authority. The Authority may designate any of its
members or | 13 |
| any officer or employee of the Authority to affix the signature | 14 |
| of
the Chairperson and another to affix the signature of the | 15 |
| treasurer to any
check
or draft for payment of salaries or | 16 |
| wages and for payment of any other
obligations of not more than | 17 |
| $2,500.
In case any officer whose signature appears upon any | 18 |
| check or draft, issued
pursuant to this Act, ceases to hold his | 19 |
| office before the delivery thereof to
the payee, his signature | 20 |
| nevertheless shall be valid and sufficient for all
purposes | 21 |
| with the same effect as if he had remained in office until | 22 |
| delivery
thereof.
No bank or savings and loan association shall | 23 |
| receive public funds as permitted
by this
Section, unless it | 24 |
| has complied with the requirements established
pursuant to
| 25 |
| Section 6 of the Public Funds Investment Act.
| 26 |
| (Source: P.A. 93-205, eff. 1-1-04.)
| 27 |
| (20 ILCS 3501/845-90 new) | 28 |
| Sec. 845-90. Amounts of Illinois Farm Development and Rural | 29 |
| Bond Bank program funding. The Illinois Finance Authority must, | 30 |
| at a minimum, maintain the level of bond funding for all | 31 |
| functions and programs that were operated under the Illinois | 32 |
| Farm Development Act and the Rural Bond Bank Act that existed | 33 |
| before the effective date of Public Act 93-205. ".
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