Full Text of SB1912 96th General Assembly
SB1912eng 96TH GENERAL ASSEMBLY
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by | 5 |
| changing Sections 825-65, 825-70, 825-75, and 830-25 as | 6 |
| follows:
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| (20 ILCS 3501/825-65)
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| Sec. 825-65. Clean Coal and Renewable Energy Project | 9 |
| Financing.
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| (a) Findings and declaration of policy. | 11 |
| (i) It is hereby found and declared that
Illinois has | 12 |
| abundant coal resources and, in some areas of Illinois, the | 13 |
| demand
for power exceeds the generating capacity. | 14 |
| Incentives to encourage the
construction of coal-fired | 15 |
| electric generating plants in Illinois to ensure
power | 16 |
| generating capacity into the future and to advance clean | 17 |
| coal technology and the use of Illinois coal are in the | 18 |
| best interests of all of
the citizens of Illinois. | 19 |
| (ii) It is further found and declared that Illinois has | 20 |
| abundant potential and resources to develop renewable | 21 |
| energy resources projects, including renewable fuels. The | 22 |
| development of those projects will create jobs and | 23 |
| investment as well as decrease environmental impacts and |
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| promote energy independence in Illinois. Accordingly, the | 2 |
| development of those projects is in the best interests of | 3 |
| all of the citizens of Illinois. | 4 |
| (iii) The Authority is authorized to issue bonds to | 5 |
| help
finance Clean Coal and Renewable Energy projects | 6 |
| pursuant to this
Section.
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| (b) Definitions. Definition. | 8 |
| "Clean Coal Project and Energy projects " means (i) new | 9 |
| electric
generating facilities or new gasification facilities, | 10 |
| 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 | 12 |
| Illinois, which
may
include mine-mouth power plants, projects | 13 |
| that employ the use of clean coal
technology, projects to | 14 |
| provide scrubber technology for existing energy
generating | 15 |
| plants, or projects to provide electric transmission | 16 |
| facilities or new gasification facilities , including the | 17 |
| pipeline or other methods of transport that transfers carbon | 18 |
| from the point of production to the point of storage or | 19 |
| sequestration, (ii) "clean coal facility", as defined in | 20 |
| Section 1-10 of the Illinois Power Agency Act, including the | 21 |
| pipeline or other methods of transport that transfers carbon | 22 |
| from the point of production to the point of storage or | 23 |
| sequestration, or (iii) "clean coal SNG facility", as defined | 24 |
| in Section 1-10 of the Illinois Power Agency Act including the | 25 |
| pipeline or other methods of transport that transfers carbon | 26 |
| from the point of production to the point of storage or |
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| sequestration. | 2 |
| "Renewable Energy Project" means (i) a project that | 3 |
| produces renewable energy resources, as defined in Section 1-10 | 4 |
| of the Illinois Power Agency Act, including the transmission | 5 |
| lines and associated equipment that transfers electricity from | 6 |
| points of supply to points of delivery, (ii) storage technology | 7 |
| for renewable energy such as lithium ion and other batteries, | 8 |
| or (iii) a plant that produces a renewable fuel, as defined in | 9 |
| Section 10 of the Illinois Renewable Fuels Development Program | 10 |
| Act .
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| (c) Creation of reserve funds. The Authority may establish | 12 |
| and maintain one
or more reserve funds to enhance bonds issued | 13 |
| by the Authority for a Clean Coal Project or a Renewable
and
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| Energy Project projects .
There may be one or more accounts in | 15 |
| these reserve funds in which there may be
deposited:
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| (1) any proceeds of the bonds issued by the Authority | 17 |
| required to
be deposited therein by the terms of any | 18 |
| contract between the Authority and its
bondholders or any | 19 |
| resolution of the Authority;
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| (2) any other moneys or funds of the Authority that it | 21 |
| may
determine to deposit therein from any other source; and
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| (3) any other moneys or funds made available to the | 23 |
| Authority.
Subject to the terms of any pledge to the owners | 24 |
| of any bonds, moneys in any
reserve fund may be held and | 25 |
| applied to the payment of principal, premium, if
any, and | 26 |
| 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 | 3 |
| one or more
resolutions of the Authority for any Clean Coal | 4 |
| Project or Renewable and Energy Project projects | 5 |
| authorized
under this Section, within the authorization | 6 |
| set forth in subsection 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 Project and Renewable Energy Project bond | 2 |
| authorization and financing limits. In
addition
to any other | 3 |
| bonds authorized to be issued under
Sections 801-40(w), 825-60, | 4 |
| 830-25
and 845-5, the Authority may have outstanding, at any | 5 |
| time, bonds for the
purpose
enumerated in this
Section 825-65 | 6 |
| in an aggregate principal amount that shall not
exceed | 7 |
| $3,000,000,000 $2,700,000,000 , of which may be issued to | 8 |
| finance Clean Coal Projects, as defined in this Section 825-65, | 9 |
| and Renewable Energy Projects, as defined in this Section | 10 |
| 825-65. no more than $300,000,000 may be issued to
finance | 11 |
| transmission facilities, no more than $500,000,000 may be | 12 |
| issued to
finance scrubbers at existing generating plants, no | 13 |
| more than $500,000,000 may
be issued to finance alternative | 14 |
| energy sources, including renewable energy
projects and no more | 15 |
| than $1,400,000,000 may be issued to finance new electric
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| generating
facilities or new gasification facilities, as | 17 |
| defined in
Section 605-332 of the Department of
Commerce and | 18 |
| Economic Opportunity Law of the Civil Administrative Code of
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| Illinois. An application for a loan
financed from bond proceeds | 20 |
| from a borrower or its affiliates for a Clean Coal Project or a | 21 |
| Renewable
and Energy Project project may not be approved by the | 22 |
| Authority for an amount in excess
of $450,000,000 for any one | 23 |
| borrower or its affiliates. These bonds shall not
constitute an | 24 |
| indebtedness or obligation of the State of Illinois and it | 25 |
| shall
be plainly stated on the face of each bond that it does | 26 |
| not constitute an
indebtedness or obligation of the State of |
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| Illinois, but is payable solely from
the revenues, income or | 2 |
| other assets of the Authority pledged therefor.
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| (f) The bonding authority granted under this Section is in | 4 |
| addition to and not limited by the provisions of Section 845-5. | 5 |
| Additional Clean Coal and Energy bond authorization and | 6 |
| financing
limits.
In addition to any other bonds authorized to | 7 |
| be issued under this Act, the
Authority may issue bonds for the | 8 |
| purpose enumerated in this
Section 825-65 in an
aggregate | 9 |
| 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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| (20 ILCS 3501/825-70)
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| Sec. 825-70. Criteria for participation in the program. | 13 |
| Applications to
the
Authority for financing of any Clean Coal | 14 |
| or Renewable and Energy Project project shall be reviewed
by | 15 |
| the Authority. Upon submission of any such application, the | 16 |
| Authority staff
shall review the application for its | 17 |
| completeness and may, at the discretion of
the Authority staff, | 18 |
| request such additional information as it deems necessary
or | 19 |
| advisable to aid in review. If the Authority receives | 20 |
| applications for
financing for Clean Coal and Renewable Energy | 21 |
| Projects projects in excess of the bond
authorization
available | 22 |
| for such financing at any one time, it shall consider | 23 |
| applications in
the order of priority as it shall determine, in | 24 |
| consultation with other State
agencies.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| (20 ILCS 3501/825-75)
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| Sec. 825-75. Additional Security. In the event that the | 3 |
| Authority
determines
that monies of the Authority will not be | 4 |
| sufficient for the payment of the
principal of and interest on | 5 |
| any bonds issued by the Authority under
Sections
825-65 through | 6 |
| 825-75 of this Act for Clean Coal Projects or Renewable Energy | 7 |
| Projects new electric generating facilities or new | 8 |
| gasification facilities
during the next State fiscal
year, the | 9 |
| Chairperson, as soon as practicable, shall certify to the | 10 |
| Governor
the
amount required by the Authority to enable it to | 11 |
| pay such principal, premium,
if
any, and interest on such | 12 |
| bonds. The Governor shall submit the amount so
certified to the | 13 |
| General Assembly as soon as practicable, but no later than the
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| end of the current State fiscal year. This subsection shall
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| apply to any
bonds or notes as to which the Authority shall | 16 |
| have determined, in the
resolution authorizing the issuance of | 17 |
| the bonds or notes, that this subsection
shall apply. Whenever | 18 |
| the Authority makes such a determination, that fact
shall be | 19 |
| plainly stated on the face of the bonds or notes and that fact | 20 |
| should
also be reported to the Governor.
In the event of a | 21 |
| withdrawal of moneys from a reserve fund established with
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| respect to any issue or issues of bonds of the Authority to pay | 23 |
| principal,
premium, if any, and interest on such bonds, the | 24 |
| Chairman of the Authority, as
soon as practicable, shall | 25 |
| certify to the Governor the amount required to
restore the |
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| reserve fund to the level required in the resolution or | 2 |
| indenture
securing those bonds. The Governor shall submit the | 3 |
| amount so certified to the
General Assembly as soon as | 4 |
| practicable, but no later than the end of the
current State | 5 |
| fiscal year. The Authority shall obtain written approval from | 6 |
| the
Governor for any bonds and notes to be issued under this | 7 |
| Section.
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| (Source: P.A. 95-470, eff. 8-27-07.)
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| (20 ILCS 3501/830-25)
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| Sec. 830-25. Bonded indebtedness limitation. The Authority | 11 |
| shall not have
outstanding at any one time State Guarantees | 12 |
| under
Section 830-30 in an aggregate
principal amount exceeding | 13 |
| $160,000,000. The Authority shall not have
outstanding at any | 14 |
| one time State Guarantees under
Sections 830-35, 830-45 and | 15 |
| 830-50 in an aggregate principal amount exceeding
$225,000,000 | 16 |
| $75,000,000 .
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| Section 99. Effective date. This Act takes effect upon | 19 |
| becoming law.
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