Full Text of HB2599 99th General Assembly
HB2599 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB2599 Introduced , by Rep. Kenneth Dunkin SYNOPSIS AS INTRODUCED: | | |
Amends the Illinois Finance Authority Act. Makes a technical change in a
Section concerning definitions.
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| | A BILL FOR |
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| | | HB2599 | | LRB099 09337 HLH 29542 b |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Finance Authority Act is amended by | 5 | | changing Section 805-10 as follows:
| 6 | | (20 ILCS 3501/805-10)
| 7 | | Sec. 805-10. Definitions. The
The following terms, | 8 | | whenever used or referred
to in this Article, shall have the | 9 | | following meanings ascribed to them, except
where the context | 10 | | clearly requires otherwise: | 11 | | (a) "Financial Institution" means a financial institution | 12 | | which is a trust
company, a bank, a savings bank, a credit | 13 | | union, an investment bank, a broker,
an investment trust, a | 14 | | pension fund, a building and loan association, a savings
and | 15 | | loan association, an insurance company, or any other | 16 | | institution acceptable
to the Authority, authorized to do | 17 | | business in the State and approved by the
Authority to insure | 18 | | bonds or loans for industrial projects authorized by this
Act.
| 19 | | (b) "Participating lender" means any trust company, bank, | 20 | | savings bank,
credit
union, investment bank, broker, | 21 | | investment trust, pension fund, building and
loan association, | 22 | | savings and loan association, insurance company or other
| 23 | | institution approved by the Authority which assumes a portion |
| | | HB2599 | - 2 - | LRB099 09337 HLH 29542 b |
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| 1 | | of the risk on a
loan for an industrial project as provided in
| 2 | | Section 805-30 of this Act.
| 3 | | (Source: P.A. 93-205, eff. 1-1-04.)
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