Full Text of SB1906 96th General Assembly
SB1906ham002 96TH GENERAL ASSEMBLY
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Rep. William B. Black
Filed: 5/19/2009
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| AMENDMENT TO SENATE BILL 1906
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| AMENDMENT NO. ______. Amend Senate Bill 1906 on page 1, | 3 |
| line 5, by replacing "801-5 and 801-10" with "801-5, 801-10, | 4 |
| and 825-65"; and
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| on page 25, immediately below line 24, by inserting the | 6 |
| following:
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| "(20 ILCS 3501/825-65)
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| Sec. 825-65. Clean Coal and Energy Project Financing.
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| (a) Findings and declaration of policy. It is hereby found | 10 |
| and declared that
Illinois has abundant coal resources and, in | 11 |
| some areas of Illinois, the demand
for power exceeds the | 12 |
| generating capacity. Incentives to encourage the
construction | 13 |
| of coal-fired electric generating plants in Illinois to ensure
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| power generating capacity into the future and to advance clean | 15 |
| coal technology and the use of Illinois coal are in the best | 16 |
| interests of all of
the citizens of Illinois. The Authority is |
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| authorized to issue bonds to help
finance Clean Coal and Energy | 2 |
| projects pursuant to this
Section.
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| (b) Definition. "Clean Coal and Energy projects" means new | 4 |
| electric
generating facilities or new gasification facilities, | 5 |
| as defined in
Section 605-332 of the Department of Commerce and
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| Economic Opportunity Law of the Civil Administrative Code of | 7 |
| Illinois, which
may
include mine-mouth power plants, projects | 8 |
| that employ the use of clean coal
technology, projects to | 9 |
| provide scrubber technology for existing energy
generating | 10 |
| plants, or projects to provide electric transmission | 11 |
| facilities or new gasification facilities.
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| (c) Creation of reserve funds. The Authority may establish | 13 |
| and maintain one
or more reserve funds to enhance bonds issued | 14 |
| by the Authority for Clean Coal
and
Energy projects.
There may | 15 |
| be one or more accounts in these reserve funds in which there | 16 |
| may be
deposited:
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| (1) any proceeds of the bonds issued by the Authority | 18 |
| required to
be deposited therein by the terms of any | 19 |
| contract between the Authority and its
bondholders or any | 20 |
| resolution of the Authority;
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| (2) any other moneys or funds of the Authority that it | 22 |
| may
determine to deposit therein from any other source; and
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| (3) any other moneys or funds made available to the | 24 |
| Authority.
Subject to the terms of any pledge to the owners | 25 |
| of any bonds, moneys in any
reserve fund may be held and | 26 |
| applied to the payment of principal, premium, if
any, and |
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| interest of such bonds.
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| (d) Powers and duties. The Authority has the power:
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| (1) To issue bonds in one or more series pursuant to | 4 |
| one or more
resolutions of the Authority for any Clean Coal | 5 |
| and Energy projects authorized
under this Section, within | 6 |
| the authorization set forth in subsections (e)
and (f).
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| (2) To provide for the funding of any reserves or other | 8 |
| funds or
accounts deemed necessary by the Authority in | 9 |
| connection with any bonds issued
by the Authority.
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| (3) To pledge any funds of the Authority or funds made | 11 |
| available to
the Authority that may be applied to such | 12 |
| purpose as security for any bonds or
any guarantees, | 13 |
| letters of credit, insurance contracts or similar credit
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| support
or liquidity instruments securing the bonds.
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| (4) To enter into agreements or contracts with third | 16 |
| parties,
whether public or private, including, without | 17 |
| limitation, the United States of
America, the State or any | 18 |
| department or agency thereof, to obtain any
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| appropriations, grants, loans or guarantees that are | 20 |
| deemed necessary or
desirable by the Authority. Any such | 21 |
| guarantee, agreement or contract may
contain terms and | 22 |
| provisions necessary or desirable in connection with the
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| program, subject to the requirements established by the | 24 |
| Act.
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| (5) To exercise such other powers as are necessary or | 26 |
| incidental to
the foregoing.
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| (e) Clean Coal and Energy bond authorization and financing | 2 |
| limits. In
addition
to any other bonds authorized to be issued | 3 |
| under
Sections 801-40(w), 825-60, 830-25
and 845-5, the | 4 |
| Authority may have outstanding, at any time, bonds for the
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| purpose
enumerated in this
Section 825-65 in an aggregate | 6 |
| principal amount that shall not
exceed $2,700,000,000, of which | 7 |
| no more than $300,000,000 may be issued to
finance transmission | 8 |
| facilities, no more than $500,000,000 may be issued to
finance | 9 |
| scrubbers at existing generating plants, no more than | 10 |
| $500,000,000 may
be issued to finance alternative energy | 11 |
| sources, including renewable energy
projects , which may | 12 |
| include, but is not limited to, storage technology for | 13 |
| renewable energy such as lithium ion and other batteries, and | 14 |
| no more than $1,400,000,000 may be issued to finance new | 15 |
| electric
generating
facilities or new gasification facilities, | 16 |
| as defined in
Section 605-332 of the Department of
Commerce and | 17 |
| Economic Opportunity Law of the Civil Administrative Code of
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| Illinois. An application for a loan
financed from bond proceeds | 19 |
| from a borrower or its affiliates for a Clean Coal
and Energy | 20 |
| project may not be approved by the Authority for an amount in | 21 |
| excess
of $450,000,000 for any borrower or its affiliates. | 22 |
| These bonds shall not
constitute an indebtedness or obligation | 23 |
| of the State of Illinois and it shall
be plainly stated on the | 24 |
| face of each bond that it does not constitute an
indebtedness | 25 |
| or obligation of the State of Illinois, but is payable solely | 26 |
| from
the revenues, income or other assets of the Authority |
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| pledged therefor.
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| (f) Additional Clean Coal and Energy bond authorization and | 3 |
| financing
limits.
In addition to any other bonds authorized to | 4 |
| be issued under this Act, the
Authority may issue bonds for the | 5 |
| purpose enumerated in this
Section 825-65 in an
aggregate | 6 |
| principal amount that shall not exceed $300,000,000.
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| (Source: P.A. 95-470, eff. 8-27-07.)".
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