Full Text of SB0043 100th General Assembly
SB0043enr 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning finance.
| 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 Sections 801-5, 801-10, 801-40, 805-5, 805-15, | 6 | | 825-65, 830-30, 830-35, 830-55, and 845-75 as follows:
| 7 | | (20 ILCS 3501/801-5)
| 8 | | Sec. 801-5. Findings and declaration of policy. The General | 9 | | Assembly
hereby finds, determines and declares:
| 10 | | (a) that there are a number of existing State authorities | 11 | | authorized to
issue
bonds to alleviate the conditions and | 12 | | promote the objectives set forth below;
and to provide a | 13 | | stronger, better coordinated development effort, it is
| 14 | | determined to be in the interest of promoting the health, | 15 | | safety, morals and
general welfare of all the people of the | 16 | | State to consolidate certain of such
existing authorities into | 17 | | one finance authority;
| 18 | | (b) that involuntary unemployment affects the health, | 19 | | safety, morals and
general welfare of the people of the State | 20 | | of Illinois;
| 21 | | (c) that the economic burdens resulting from involuntary | 22 | | unemployment fall
in
part upon the State in the form of public | 23 | | assistance and reduced tax revenues,
and in the event the |
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| 1 | | unemployed worker and his family migrate elsewhere to find
| 2 | | work, may also fall upon the municipalities and other taxing | 3 | | districts within
the areas of unemployment in the form of | 4 | | reduced tax revenues, thereby
endangering their financial | 5 | | ability to support necessary governmental services
for their | 6 | | remaining inhabitants;
| 7 | | (d) that a vigorous growing economy is the basic source of | 8 | | job
opportunities;
| 9 | | (e) that protection against involuntary unemployment, its | 10 | | economic burdens
and the spread of economic stagnation can best | 11 | | be provided by promoting,
attracting,
stimulating and | 12 | | revitalizing industry, manufacturing and commerce in the | 13 | | State;
| 14 | | (f) that the State has a responsibility to help create a | 15 | | favorable climate
for new and improved job opportunities for | 16 | | its citizens by encouraging the
development of commercial | 17 | | businesses and industrial and manufacturing plants
within the | 18 | | State;
| 19 | | (g) that increased availability of funds for construction | 20 | | of new facilities
and the expansion and improvement of existing | 21 | | facilities for industrial,
commercial
and manufacturing | 22 | | facilities will provide for new and continued employment in
the | 23 | | construction industry and alleviate the burden of | 24 | | unemployment;
| 25 | | (h) that in the absence of direct governmental subsidies | 26 | | the unaided
operations of private enterprise do not provide |
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| 1 | | sufficient resources for
residential
construction, | 2 | | rehabilitation, rental or purchase, and that support from | 3 | | housing
related commercial facilities is one means of | 4 | | stimulating residential
construction, rehabilitation, rental | 5 | | and purchase;
| 6 | | (i) that it is in the public interest and the policy of | 7 | | this State to foster
and promote by all reasonable means the | 8 | | provision of adequate capital markets
and facilities for | 9 | | borrowing money by units of local government, and for the
| 10 | | financing of their respective public improvements and other | 11 | | governmental
purposes within the State from proceeds of bonds | 12 | | or notes issued by those
governmental units; and to assist | 13 | | local governmental units in fulfilling their
needs for those | 14 | | purposes by use of creation of indebtedness;
| 15 | | (j) that it is in the public interest and the policy of | 16 | | this State to the
extent possible, to reduce the costs of | 17 | | indebtedness to taxpayers and residents
of this State and to | 18 | | encourage continued investor interest in the purchase of
bonds | 19 | | or notes of governmental units as sound and preferred | 20 | | securities for
investment; and to encourage governmental units | 21 | | to continue their independent
undertakings of public | 22 | | improvements and other governmental purposes and the
financing | 23 | | thereof, and to assist them in those activities by making funds
| 24 | | available at reduced interest costs for orderly financing of | 25 | | those purposes,
especially during periods of restricted credit | 26 | | or money supply, and
particularly for those governmental units |
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| 1 | | not otherwise able to borrow for
those purposes;
| 2 | | (k) that in this State the following conditions exist: (i) | 3 | | an inadequate
supply of funds at interest rates sufficiently | 4 | | low to enable persons engaged in
agriculture in this State to | 5 | | pursue agricultural operations at present levels;
(ii) that | 6 | | such inability to pursue agricultural operations lessens the | 7 | | supply
of agricultural commodities available to fulfill the | 8 | | needs of the citizens of
this
State; (iii) that such inability | 9 | | to continue operations decreases available
employment in the | 10 | | agricultural sector of the State and results in unemployment
| 11 | | and its attendant problems; (iv) that such conditions prevent | 12 | | the acquisition
of an adequate capital stock of farm equipment | 13 | | and machinery, much of which is
manufactured in this State, | 14 | | therefore impairing the productivity of
agricultural
land and, | 15 | | further, causing unemployment or lack of appropriate increase | 16 | | in
employment in such manufacturing; (v) that such conditions | 17 | | are conducive to
consolidation of acreage of agricultural land | 18 | | with fewer individuals living and
farming on the traditional | 19 | | family farm; (vi) that these conditions result in a
loss in | 20 | | population, unemployment and movement of persons from rural to | 21 | | urban
areas accompanied by added costs to communities for | 22 | | creation of new public
facilities and services; (vii) that | 23 | | there have been recurrent shortages of
funds for agricultural | 24 | | purposes from private market sources at reasonable rates
of
| 25 | | interest; (viii) that these shortages have made the sale and | 26 | | purchase of
agricultural land to family farmers a virtual |
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| 1 | | impossibility in many parts of
the State; (ix) that the | 2 | | ordinary operations of private enterprise have not in
the
past | 3 | | corrected these conditions; and (x) that a stable supply of | 4 | | adequate funds
for agricultural financing is required to | 5 | | encourage family farmers in an
orderly
and sustained manner and | 6 | | to reduce the problems described above;
| 7 | | (l) that for the benefit of the people of the State of | 8 | | Illinois, the conduct
and increase of their commerce, the | 9 | | protection and enhancement of their
welfare,
the development of | 10 | | continued prosperity and the improvement of their health and
| 11 | | living conditions it is essential that all the people of the | 12 | | State be given the
fullest opportunity to learn and to develop | 13 | | their intellectual and mental
capacities and skills; that to | 14 | | achieve these ends it is of the utmost
importance
that private | 15 | | institutions of higher education within the State be provided | 16 | | with
appropriate additional means to assist the people of the | 17 | | State in achieving the
required levels of learning and | 18 | | development of their intellectual and mental
capacities and | 19 | | skills and that cultural institutions within the State be
| 20 | | provided with appropriate additional means to expand the | 21 | | services and resources
which they offer for the cultural, | 22 | | intellectual, scientific, educational and
artistic enrichment | 23 | | of the people of the State;
| 24 | | (m) that in order to foster civic and neighborhood pride, | 25 | | citizens require
access to facilities such as educational | 26 | | institutions, recreation, parks and
open spaces, entertainment |
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| 1 | | and sports, a reliable transportation network,
cultural | 2 | | facilities and theaters and other facilities as authorized by | 3 | | this
Act, and that it is in the best interests of the State to | 4 | | lower the costs of
all such facilities by providing financing | 5 | | through the State;
| 6 | | (n) that to preserve and protect the health of the citizens | 7 | | of the State,
and
lower the costs of health care, that | 8 | | financing for health facilities should be
provided through the | 9 | | State; and
it is hereby declared to be the policy of the State, | 10 | | in the interest of
promoting the health, safety, morals and | 11 | | general welfare of all the people of
the State, to address the | 12 | | conditions noted above, to increase job opportunities
and to | 13 | | retain existing jobs in the State, by making available through | 14 | | the
Illinois Finance Authority, hereinafter created, funds for | 15 | | the development,
improvement and creation of industrial, | 16 | | housing, local government, educational,
health, public purpose | 17 | | and other projects; to issue its bonds and notes to make
funds | 18 | | at reduced rates and on more favorable terms for borrowing by | 19 | | local
governmental units through the purchase of the bonds or | 20 | | notes of the
governmental units; and to make or acquire loans | 21 | | for the acquisition and
development of agricultural | 22 | | facilities; to provide financing for private
institutions of | 23 | | higher education, cultural institutions, health facilities and
| 24 | | other facilities and projects as authorized by this Act; and to | 25 | | grant broad
powers to the Illinois Finance Authority to | 26 | | accomplish and to carry out these
policies of the State which |
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| 1 | | are in the public interest of the State and of its
taxpayers | 2 | | and residents; and
| 3 | | (o) that providing financing alternatives for projects | 4 | | that are located outside the State that are owned, operated, | 5 | | leased, managed by, or otherwise affiliated with, institutions | 6 | | located within the State would promote the economy of the State | 7 | | for the benefit of the health, welfare, safety, trade, | 8 | | commerce, industry, and economy of the people of the State by | 9 | | creating employment opportunities in the State and lowering the | 10 | | cost of accessing healthcare, private education, or cultural | 11 | | institutions in the State by reducing the cost of financing or | 12 | | operating those projects ; and .
| 13 | | (p) that the realization of the objectives of the Authority | 14 | | identified in this Act including, without limitation, those | 15 | | designed (1) to assist and enable veterans, minorities, women | 16 | | and disabled individuals to own and operate small businesses; | 17 | | (2) to assist in the delivery of agricultural assistance; and | 18 | | (3) to aid, assist, and encourage economic growth and | 19 | | development within this State, will be enhanced by empowering | 20 | | the Authority to purchase loan participations from | 21 | | participating lenders. | 22 | | (Source: P.A. 96-1021, eff. 7-12-10.)
| 23 | | (20 ILCS 3501/801-10)
| 24 | | Sec. 801-10. Definitions. The following terms, whenever | 25 | | used or referred
to
in this Act, shall have the following |
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| 1 | | meanings, except in such instances where
the context may | 2 | | clearly indicate otherwise:
| 3 | | (a) The term "Authority" means the Illinois Finance | 4 | | Authority created by
this Act.
| 5 | | (b) The term "project" means an industrial project, | 6 | | conservation project, housing project, public
purpose project, | 7 | | higher education project, health facility project, cultural
| 8 | | institution project, municipal bond program project, PACE | 9 | | Project, agricultural facility or agribusiness, and "project" | 10 | | may
include any combination of one or more of the foregoing | 11 | | undertaken jointly by
any person with one or more other | 12 | | persons.
| 13 | | (c) The term "public purpose project" means any project or | 14 | | facility,
including
without limitation land, buildings, | 15 | | structures, machinery, equipment and all
other real and | 16 | | personal property, which is authorized or required by law to be
| 17 | | acquired, constructed, improved, rehabilitated, reconstructed, | 18 | | replaced or
maintained by any unit of government or any other | 19 | | lawful public purpose which
is authorized or required by law to | 20 | | be undertaken by any unit of government.
| 21 | | (d) The term "industrial project" means the acquisition, | 22 | | construction,
refurbishment, creation, development or | 23 | | redevelopment of any facility,
equipment, machinery, real | 24 | | property or personal property for use by any
instrumentality of | 25 | | the State or its political subdivisions, for use by any
person | 26 | | or institution, public or private, for profit or not for |
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| 1 | | profit, or for
use in any trade or business, including, but not | 2 | | limited to, any industrial,
manufacturing or commercial | 3 | | enterprise that is located within or outside the State, | 4 | | provided that, with respect to a project involving property | 5 | | located outside the State, the property must be owned, | 6 | | operated, leased or managed by an entity located within the | 7 | | State or an entity affiliated with an entity located within the | 8 | | State, and which is (1) a capital project,
including, but not | 9 | | limited to: (i) land and any rights therein, one or more
| 10 | | buildings, structures or other improvements, machinery and | 11 | | equipment, whether
now existing or hereafter acquired, and | 12 | | whether or not located on the same site
or sites; (ii) all | 13 | | appurtenances and facilities incidental to the foregoing,
| 14 | | including, but not limited to, utilities, access roads, | 15 | | railroad sidings, track,
docking and similar facilities, | 16 | | parking facilities, dockage, wharfage, railroad
roadbed, | 17 | | track, trestle, depot, terminal, switching and signaling or | 18 | | related
equipment, site preparation and landscaping; and (iii) | 19 | | all non-capital costs
and expenses relating thereto or (2) any | 20 | | addition to, renovation,
rehabilitation or
improvement of a | 21 | | capital project or (3) any activity or undertaking within or | 22 | | outside the State, provided that, with respect to a project | 23 | | involving property located outside the State, the property must | 24 | | be owned, operated, leased or managed by an entity located | 25 | | within the State or an entity affiliated with an entity located | 26 | | within the State, which the
Authority determines will aid, |
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| 1 | | assist or encourage economic growth, development
or | 2 | | redevelopment within the State or any area thereof, will | 3 | | promote the
expansion, retention or diversification of | 4 | | employment opportunities within the
State or any area thereof | 5 | | or will aid in stabilizing or developing any industry
or | 6 | | economic sector of the State economy. The term "industrial | 7 | | project" also
means the production of motion pictures.
| 8 | | (e) The term "bond" or "bonds" shall include bonds, notes | 9 | | (including bond,
grant or revenue anticipation notes), | 10 | | certificates and/or other evidences of
indebtedness | 11 | | representing an obligation to pay money, including refunding
| 12 | | bonds.
| 13 | | (f) The terms "lease agreement" and "loan agreement" shall | 14 | | mean: (i) an
agreement whereby a project acquired by the | 15 | | Authority by purchase, gift or
lease
is leased to any person, | 16 | | corporation or unit of local government which will use
or cause | 17 | | the project to be used as a project as heretofore defined upon | 18 | | terms
providing for lease rental payments at least sufficient | 19 | | to pay when due all
principal of, interest and premium, if any, | 20 | | on any bonds of the Authority
issued
with respect to such | 21 | | project, providing for the maintenance, insuring and
operation | 22 | | of the project on terms satisfactory to the Authority, | 23 | | providing for
disposition of the project upon termination of | 24 | | the lease term, including
purchase options or abandonment of | 25 | | the premises, and such other terms as may be
deemed desirable | 26 | | by the Authority, or (ii) any agreement pursuant to which the
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| 1 | | Authority agrees to loan the proceeds of its bonds issued with | 2 | | respect to a
project or other funds of the Authority to any | 3 | | person which will use or cause
the project to be used as a | 4 | | project as heretofore defined upon terms providing
for loan | 5 | | repayment installments at least sufficient to pay when due all
| 6 | | principal of, interest and premium, if any, on any bonds of the | 7 | | Authority, if
any, issued with respect to the project, and | 8 | | providing for maintenance,
insurance and other matters as may | 9 | | be deemed desirable by the Authority.
| 10 | | (g) The term "financial aid" means the expenditure of | 11 | | Authority funds or
funds provided by the Authority through the | 12 | | issuance of its bonds, notes or
other
evidences of indebtedness | 13 | | or from other sources for the development,
construction, | 14 | | acquisition or improvement of a project.
| 15 | | (h) The term "person" means an individual, corporation, | 16 | | unit of government,
business trust, estate, trust, partnership | 17 | | or association, 2 or more persons
having a joint or common | 18 | | interest, or any other legal entity.
| 19 | | (i) The term "unit of government" means the federal | 20 | | government, the State or
unit of local government, a school | 21 | | district, or any agency or instrumentality,
office, officer, | 22 | | department, division, bureau, commission, college or
| 23 | | university thereof.
| 24 | | (j) The term "health facility" means: (a) any public or | 25 | | private institution,
place, building, or agency required to be | 26 | | licensed under the Hospital Licensing
Act; (b) any public or |
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| 1 | | private institution, place, building, or agency required
to be | 2 | | licensed under the Nursing Home Care Act, the Specialized | 3 | | Mental Health Rehabilitation Act of 2013, the ID/DD Community | 4 | | Care Act, or the MC/DD Act; (c)
any public or licensed private | 5 | | hospital as defined in the Mental Health and
Developmental | 6 | | Disabilities Code; (d) any such facility exempted from such
| 7 | | licensure when the Director of Public Health attests that such | 8 | | exempted
facility
meets the statutory definition of a facility | 9 | | subject to licensure; (e) any
other
public or private health | 10 | | service institution, place, building, or agency which
the | 11 | | Director of Public Health attests is subject to certification | 12 | | by the
Secretary, U.S. Department of Health and Human Services | 13 | | under the Social
Security Act, as now or hereafter amended, or | 14 | | which the Director of Public
Health attests is subject to | 15 | | standard-setting by a recognized public or
voluntary | 16 | | accrediting or standard-setting agency; (f) any public or | 17 | | private
institution, place, building or agency engaged in | 18 | | providing one or more
supporting services to a health facility; | 19 | | (g) any public or private
institution,
place, building or | 20 | | agency engaged in providing training in the healing arts,
| 21 | | including, but not limited to, schools of medicine, dentistry, | 22 | | osteopathy,
optometry, podiatry, pharmacy or nursing, schools | 23 | | for the training of x-ray,
laboratory or other health care | 24 | | technicians and schools for the training of
para-professionals | 25 | | in the health care field; (h) any public or private
congregate, | 26 | | life or extended care or elderly housing facility or any public |
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| 1 | | or
private home for the aged or infirm, including, without | 2 | | limitation, any
Facility as defined in the Life Care Facilities | 3 | | Act; (i) any public or private
mental, emotional or physical | 4 | | rehabilitation facility or any public or private
educational, | 5 | | counseling, or rehabilitation facility or home, for those | 6 | | persons
with a developmental disability, those who are | 7 | | physically ill or disabled, the
emotionally disturbed, those | 8 | | persons with a mental illness or persons with
learning or | 9 | | similar disabilities or problems; (j) any public or private
| 10 | | alcohol, drug or substance abuse diagnosis, counseling | 11 | | treatment or
rehabilitation
facility, (k) any public or private | 12 | | institution, place, building or agency
licensed by the | 13 | | Department of Children and Family Services or which is not so
| 14 | | licensed but which the Director of Children and Family Services | 15 | | attests
provides child care, child welfare or other services of | 16 | | the type provided by
facilities
subject to such licensure; (l) | 17 | | any public or private adoption agency or
facility; and (m) any | 18 | | public or private blood bank or blood center. "Health
facility" | 19 | | also means a public or private structure or structures suitable
| 20 | | primarily for use as a laboratory, laundry, nurses or interns | 21 | | residence or
other housing or hotel facility used in whole or | 22 | | in part for staff, employees
or
students and their families, | 23 | | patients or relatives of patients admitted for
treatment or | 24 | | care in a health facility, or persons conducting business with | 25 | | a
health facility, physician's facility, surgicenter, | 26 | | administration building,
research facility, maintenance, |
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| 1 | | storage or utility facility and all structures
or facilities | 2 | | related to any of the foregoing or required or useful for the
| 3 | | operation of a health facility, including parking or other | 4 | | facilities or other
supporting service structures required or | 5 | | useful for the orderly conduct of
such health facility. "Health | 6 | | facility" also means, with respect to a project located outside | 7 | | the State, any public or private institution, place, building, | 8 | | or agency which provides services similar to those described | 9 | | above, provided that such project is owned, operated, leased or | 10 | | managed by a participating health institution located within | 11 | | the State, or a participating health institution affiliated | 12 | | with an entity located within the State.
| 13 | | (k) The term "participating health institution" means (i) a | 14 | | private corporation
or association or (ii) a public entity of | 15 | | this State, in either case authorized by the laws of this
State | 16 | | or the applicable state to provide or operate a health facility | 17 | | as defined in this Act and which,
pursuant to the provisions of | 18 | | this Act, undertakes the financing, construction
or | 19 | | acquisition of a project or undertakes the refunding or | 20 | | refinancing of
obligations, loans, indebtedness or advances as | 21 | | provided in this Act.
| 22 | | (l) The term "health facility project", means a specific | 23 | | health facility
work
or improvement to be financed or | 24 | | refinanced (including without limitation
through reimbursement | 25 | | of prior expenditures), acquired, constructed, enlarged,
| 26 | | remodeled, renovated, improved, furnished, or equipped, with |
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| 1 | | funds provided in
whole or in part hereunder, any accounts | 2 | | receivable, working capital, liability
or insurance cost or | 3 | | operating expense financing or refinancing program of a
health | 4 | | facility with or involving funds provided in whole or in part | 5 | | hereunder,
or any combination thereof.
| 6 | | (m) The term "bond resolution" means the resolution or | 7 | | resolutions
authorizing the issuance of, or providing terms and | 8 | | conditions related to,
bonds issued
under this Act and | 9 | | includes, where appropriate, any trust agreement, trust
| 10 | | indenture, indenture of mortgage or deed of trust providing | 11 | | terms and
conditions for such bonds.
| 12 | | (n) The term "property" means any real, personal or mixed | 13 | | property, whether
tangible or intangible, or any interest | 14 | | therein, including, without limitation,
any real estate, | 15 | | leasehold interests, appurtenances, buildings, easements,
| 16 | | equipment, furnishings, furniture, improvements, machinery, | 17 | | rights of way,
structures, accounts, contract rights or any | 18 | | interest therein.
| 19 | | (o) The term "revenues" means, with respect to any project, | 20 | | the rents, fees,
charges, interest, principal repayments, | 21 | | collections and other income or profit
derived therefrom.
| 22 | | (p) The term "higher education project" means, in the case | 23 | | of a private
institution of higher education, an educational | 24 | | facility to be acquired,
constructed, enlarged, remodeled, | 25 | | renovated, improved, furnished, or equipped,
or any | 26 | | combination thereof.
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| 1 | | (q) The term "cultural institution project" means, in the | 2 | | case of a cultural
institution, a cultural facility to be | 3 | | acquired, constructed, enlarged,
remodeled, renovated, | 4 | | improved, furnished, or equipped, or any combination
thereof.
| 5 | | (r) The term "educational facility" means any property | 6 | | located within the
State, or any property located outside the | 7 | | State, provided that, if the property is located outside the | 8 | | State, it must be owned, operated, leased or managed by an | 9 | | entity located within the State or an entity affiliated with an | 10 | | entity located within the State, in each case
constructed or | 11 | | acquired before or after the effective date of this Act, which
| 12 | | is
or will be, in whole or in part, suitable for the | 13 | | instruction, feeding,
recreation or housing of students, the | 14 | | conducting of research or other work of
a
private institution | 15 | | of higher education, the use by a private institution of
higher | 16 | | education in connection with any educational, research or | 17 | | related or
incidental activities then being or to be conducted | 18 | | by it, or any combination
of the foregoing, including, without | 19 | | limitation, any such property suitable for
use as or in | 20 | | connection with any one or more of the following: an academic
| 21 | | facility, administrative facility, agricultural facility, | 22 | | assembly hall,
athletic facility, auditorium, boating | 23 | | facility, campus, communication
facility,
computer facility, | 24 | | continuing education facility, classroom, dining hall,
| 25 | | dormitory, exhibition hall, fire fighting facility, fire | 26 | | prevention facility,
food service and preparation facility, |
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| 1 | | gymnasium, greenhouse, health care
facility, hospital, | 2 | | housing, instructional facility, laboratory, library,
| 3 | | maintenance facility, medical facility, museum, offices, | 4 | | parking area,
physical education facility, recreational | 5 | | facility, research facility, stadium,
storage facility, | 6 | | student union, study facility, theatre or utility.
| 7 | | (s) The term "cultural facility" means any property located | 8 | | within the State, or any property located outside the State, | 9 | | provided that, if the property is located outside the State, it | 10 | | must be owned, operated, leased or managed by an entity located | 11 | | within the State or an entity affiliated with an entity located | 12 | | within the State, in each case
constructed or acquired before | 13 | | or after the effective date of this Act, which
is or will be, | 14 | | in whole or in part, suitable for the particular purposes or
| 15 | | needs
of a cultural institution, including, without | 16 | | limitation, any such property
suitable for use as or in | 17 | | connection with any one or more of the following: an
| 18 | | administrative facility, aquarium, assembly hall, auditorium, | 19 | | botanical garden,
exhibition hall, gallery, greenhouse, | 20 | | library, museum, scientific laboratory,
theater or zoological | 21 | | facility, and shall also include, without limitation,
books, | 22 | | works of art or music, animal, plant or aquatic life or other | 23 | | items for
display, exhibition or performance. The term | 24 | | "cultural facility" includes
buildings on the National | 25 | | Register of Historic Places which are owned or
operated by | 26 | | nonprofit entities.
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| 1 | | (t) "Private institution of higher education" means a | 2 | | not-for-profit
educational institution which is not owned by | 3 | | the State or any political
subdivision, agency, | 4 | | instrumentality, district or municipality thereof, which
is
| 5 | | authorized by law to provide a program of education beyond the | 6 | | high school
level
and which:
| 7 | | (1) Admits as regular students only individuals having | 8 | | a
certificate of graduation from a high school, or the | 9 | | recognized equivalent of
such a certificate;
| 10 | | (2) Provides an educational program for which it awards | 11 | | a
bachelor's degree, or provides an educational program, | 12 | | admission into which is
conditioned upon the prior | 13 | | attainment of a bachelor's degree or its equivalent,
for | 14 | | which it awards a postgraduate degree, or provides not less | 15 | | than a 2-year
program which is acceptable for full credit | 16 | | toward such a degree, or offers a
2-year program in | 17 | | engineering, mathematics, or the physical or biological
| 18 | | sciences
which is designed to prepare the student to work | 19 | | as a technician and at a
semiprofessional level in | 20 | | engineering, scientific, or other technological
fields
| 21 | | which require the understanding and application of basic | 22 | | engineering,
scientific, or mathematical principles or | 23 | | knowledge;
| 24 | | (3) Is accredited by a nationally recognized | 25 | | accrediting agency or
association or, if not so accredited, | 26 | | is an institution whose credits are
accepted, on transfer, |
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| 1 | | by not less than 3 institutions which are so accredited,
| 2 | | for credit on the same basis as if transferred from an | 3 | | institution so
accredited, and holds an unrevoked | 4 | | certificate of approval under the Private
College Act from | 5 | | the Board of Higher Education, or is qualified as a
"degree | 6 | | granting institution" under the Academic Degree Act; and
| 7 | | (4) Does not discriminate in the admission of students | 8 | | on the basis
of race or color.
"Private institution of | 9 | | higher education" also includes any "academic
| 10 | | institution".
| 11 | | (u) The term "academic institution" means any | 12 | | not-for-profit institution
which
is not owned by the State or | 13 | | any political subdivision, agency,
instrumentality,
district | 14 | | or municipality thereof, which institution engages in, or | 15 | | facilitates
academic, scientific, educational or professional | 16 | | research or learning in a
field or fields of study taught at a | 17 | | private institution of higher education.
Academic institutions | 18 | | include, without limitation, libraries, archives,
academic, | 19 | | scientific, educational or professional societies, | 20 | | institutions,
associations or foundations having such | 21 | | purposes.
| 22 | | (v) The term "cultural institution" means any | 23 | | not-for-profit institution
which
is not owned by the State or | 24 | | any political subdivision, agency,
instrumentality,
district | 25 | | or municipality thereof, which institution engages in the | 26 | | cultural,
intellectual, scientific, educational or artistic |
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| 1 | | enrichment of the people of
the State. Cultural institutions | 2 | | include, without limitation, aquaria,
botanical societies, | 3 | | historical societies, libraries, museums, performing arts
| 4 | | associations or societies, scientific societies and zoological | 5 | | societies.
| 6 | | (w) The term "affiliate" means, with respect to financing | 7 | | of an agricultural
facility or an agribusiness, any lender, any | 8 | | person, firm or corporation
controlled by, or under common | 9 | | control with, such lender, and any person, firm
or corporation | 10 | | controlling such lender.
| 11 | | (x) The term "agricultural facility" means land, any | 12 | | building or other
improvement thereon or thereto, and any | 13 | | personal properties deemed necessary or
suitable for use, | 14 | | whether or not now in existence, in farming, ranching, the
| 15 | | production of agricultural commodities (including, without | 16 | | limitation, the
products of aquaculture, hydroponics and | 17 | | silviculture) or the treating,
processing or storing of such | 18 | | agricultural commodities when such activities are
customarily | 19 | | engaged in by farmers as a part of farming and which land, | 20 | | building, improvement or personal property is located within | 21 | | the State, or is located outside the State, provided that, if | 22 | | such property is located outside the State, it must be owned, | 23 | | operated, leased, or managed by an entity located within the | 24 | | State or an entity affiliated with an entity located within the | 25 | | State.
| 26 | | (y) The term "lender" with respect to financing of an |
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| 1 | | agricultural facility
or an agribusiness, means any federal or | 2 | | State chartered bank, Federal Land
Bank,
Production Credit | 3 | | Association, Bank for Cooperatives, federal or State
chartered | 4 | | savings and loan association or building and loan association, | 5 | | Small
Business
Investment Company or any other institution | 6 | | qualified within this State to
originate and service loans, | 7 | | including, but without limitation to, insurance
companies, | 8 | | credit unions and mortgage loan companies. "Lender" also means | 9 | | a
wholly owned subsidiary of a manufacturer, seller or | 10 | | distributor of goods or
services that makes loans to businesses | 11 | | or individuals, commonly known as a
"captive finance company".
| 12 | | (z) The term "agribusiness" means any sole proprietorship, | 13 | | limited
partnership, co-partnership, joint venture, | 14 | | corporation or cooperative which
operates or will operate a | 15 | | facility located within the State or outside the State, | 16 | | provided that, if any facility is located outside the State, it | 17 | | must be owned, operated, leased, or managed by an entity | 18 | | located within the State or an entity affiliated with an entity | 19 | | located within the State, that
is related to the
processing of | 20 | | agricultural commodities (including, without limitation, the
| 21 | | products of aquaculture, hydroponics and silviculture) or the | 22 | | manufacturing,
production or construction of agricultural | 23 | | buildings, structures, equipment,
implements, and supplies, or | 24 | | any other facilities or processes used in
agricultural | 25 | | production. Agribusiness includes but is not limited to the
| 26 | | following:
|
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| 1 | | (1) grain handling and processing, including grain | 2 | | storage,
drying, treatment, conditioning, mailing and | 3 | | packaging;
| 4 | | (2) seed and feed grain development and processing;
| 5 | | (3) fruit and vegetable processing, including | 6 | | preparation, canning
and packaging;
| 7 | | (4) processing of livestock and livestock products, | 8 | | dairy products,
poultry and poultry products, fish or | 9 | | apiarian products, including slaughter,
shearing, | 10 | | collecting, preparation, canning and packaging;
| 11 | | (5) fertilizer and agricultural chemical | 12 | | manufacturing,
processing, application and supplying;
| 13 | | (6) farm machinery, equipment and implement | 14 | | manufacturing and
supplying;
| 15 | | (7) manufacturing and supplying of agricultural | 16 | | commodity
processing machinery and equipment, including | 17 | | machinery and equipment used in
slaughter, treatment, | 18 | | handling, collecting, preparation, canning or packaging
of | 19 | | agricultural commodities;
| 20 | | (8) farm building and farm structure manufacturing, | 21 | | construction
and supplying;
| 22 | | (9) construction, manufacturing, implementation, | 23 | | supplying or
servicing of irrigation, drainage and soil and | 24 | | water conservation devices or
equipment;
| 25 | | (10) fuel processing and development facilities that | 26 | | produce fuel
from agricultural commodities or byproducts;
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| 1 | | (11) facilities and equipment for processing and | 2 | | packaging
agricultural commodities specifically for | 3 | | export;
| 4 | | (12) facilities and equipment for forestry product | 5 | | processing and
supplying, including sawmilling operations, | 6 | | wood chip operations, timber
harvesting operations, and | 7 | | manufacturing of prefabricated buildings, paper,
furniture | 8 | | or other goods from forestry products;
| 9 | | (13) facilities and equipment for research and | 10 | | development of
products, processes and equipment for the | 11 | | production, processing, preparation
or packaging of | 12 | | agricultural commodities and byproducts.
| 13 | | (aa) The term "asset" with respect to financing of any | 14 | | agricultural facility
or
any agribusiness, means, but is not | 15 | | limited to the following: cash crops or
feed on hand; livestock | 16 | | held for sale; breeding stock; marketable bonds and
securities; | 17 | | securities not readily marketable; accounts receivable; notes
| 18 | | receivable; cash invested in growing crops; net cash value of | 19 | | life insurance;
machinery and equipment; cars and trucks; farm | 20 | | and other real estate including
life estates and personal | 21 | | residence; value of beneficial interests in trusts;
government | 22 | | payments or grants; and any other assets.
| 23 | | (bb) The term "liability" with respect to financing of any | 24 | | agricultural
facility or any agribusiness shall include, but | 25 | | not be limited to the
following:
accounts payable; notes or | 26 | | other indebtedness owed to any source; taxes; rent;
amounts |
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| 1 | | owed on real estate contracts or real estate mortgages; | 2 | | judgments;
accrued interest payable; and any other liability.
| 3 | | (cc) The term "Predecessor Authorities" means those | 4 | | authorities as described
in Section 845-75.
| 5 | | (dd) The term "housing project" means a specific work or | 6 | | improvement located within the State or outside the State and
| 7 | | undertaken
to provide residential dwelling accommodations, | 8 | | including the acquisition,
construction or rehabilitation of | 9 | | lands, buildings and community facilities and
in connection | 10 | | therewith to provide nonhousing facilities which are part of | 11 | | the
housing project, including land, buildings, improvements, | 12 | | equipment and all
ancillary facilities for use for offices, | 13 | | stores, retirement homes, hotels,
financial institutions, | 14 | | service, health care, education, recreation or research
| 15 | | establishments, or any other commercial purpose which are or | 16 | | are to be related
to a housing development, provided that any | 17 | | work or improvement located outside the State is owned, | 18 | | operated, leased or managed by an entity located within the | 19 | | State, or any entity affiliated with an entity located within | 20 | | the State. | 21 | | (ee) The term "conservation project" means any project | 22 | | including the acquisition, construction, rehabilitation, | 23 | | maintenance, operation, or upgrade that is intended to create | 24 | | or expand open space or to reduce energy usage through | 25 | | efficiency measures. For the purpose of this definition, "open | 26 | | space" has the definition set forth under Section 10 of the |
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| 1 | | Illinois Open Land Trust Act.
| 2 | | (ff) The term "significant presence" means the existence | 3 | | within the State of the national or regional headquarters of an | 4 | | entity or group or such other facility of an entity or group of | 5 | | entities where a significant amount of the business functions | 6 | | are performed for such entity or group of entities. | 7 | | (gg) The term "municipal bond issuer" means the State or | 8 | | any other state or commonwealth of the United States, or any | 9 | | unit of local government, school district, agency or | 10 | | instrumentality, office, department, division, bureau, | 11 | | commission, college or university thereof located in the State | 12 | | or any other state or commonwealth of the United States. | 13 | | (hh) The term "municipal bond program project" means a | 14 | | program for the funding of the purchase of bonds, notes or | 15 | | other obligations issued by or on behalf of a municipal bond | 16 | | issuer. | 17 | | (ii) The term "participating lender" means any trust | 18 | | company, bank, savings bank, credit union, merchant bank, | 19 | | investment bank, broker, investment trust, pension fund, | 20 | | building and loan association, savings and loan association, | 21 | | insurance company, venture capital company, or other | 22 | | institution approved by the Authority which provides a portion | 23 | | of the financing for a project. | 24 | | (jj) The term "loan participation" means any loan in which | 25 | | the Authority co-operates with a participating lender to | 26 | | provide all or a portion of the financing for a project. |
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| 1 | | (kk) The term "PACE Project" means an energy project as | 2 | | defined in Section 5 of the Property Assessed Clean Energy Act. | 3 | | (Source: P.A. 98-90, eff. 7-15-13; 98-104, eff. 7-22-13; | 4 | | 98-756, eff. 7-16-14; 99-180, eff. 7-29-15.)
| 5 | | (20 ILCS 3501/801-40)
| 6 | | Sec. 801-40. In addition to the powers otherwise authorized | 7 | | by law and in
addition to the foregoing general corporate | 8 | | powers, the Authority shall also
have the following additional | 9 | | specific powers to be exercised in furtherance of
the purposes | 10 | | of this Act.
| 11 | | (a) The Authority shall have power (i) to accept grants, | 12 | | loans or
appropriations from the federal government or the | 13 | | State, or any agency or
instrumentality thereof, to be used for | 14 | | the operating expenses of the
Authority,
or for any purposes of | 15 | | the Authority, including the making of direct loans of
such | 16 | | funds with respect to projects, and (ii) to enter into any | 17 | | agreement with
the federal government or the State, or any | 18 | | agency or instrumentality thereof,
in relationship to such | 19 | | grants, loans or appropriations.
| 20 | | (b) The Authority shall have power to procure and enter | 21 | | into contracts for
any
type of insurance and indemnity | 22 | | agreements covering loss or damage to property
from any cause, | 23 | | including loss of use and occupancy, or covering any other
| 24 | | insurable risk.
| 25 | | (c) The Authority shall have the continuing power to issue |
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| 1 | | bonds for its
corporate purposes. Bonds may be issued by the | 2 | | Authority in one or more series
and may provide for the payment | 3 | | of any interest deemed necessary on such bonds,
of the costs of | 4 | | issuance of such bonds, of any premium on any insurance, or of
| 5 | | the cost of any guarantees, letters of credit or other similar | 6 | | documents, may
provide for the funding of the reserves deemed | 7 | | necessary in connection with
such bonds, and may provide for | 8 | | the refunding or advance refunding of any bonds
or
for accounts | 9 | | deemed necessary in connection with any purpose of the | 10 | | Authority.
The bonds may bear interest payable at any time or | 11 | | times and at any rate or
rates, notwithstanding any other | 12 | | provision of law to the contrary, and such
rate or rates may be | 13 | | established by an index or formula which may be
implemented or
| 14 | | established by persons appointed or retained therefor by the | 15 | | Authority, or may
bear no interest or may bear interest payable | 16 | | at maturity or upon redemption
prior to maturity, may bear such | 17 | | date or dates, may be payable at such time or
times and at such | 18 | | place or places, may mature at any time or times not later
than | 19 | | 40 years from the date of issuance, may be sold at public or | 20 | | private sale
at such time or times and at such price or prices, | 21 | | may be secured by such
pledges, reserves, guarantees, letters | 22 | | of credit, insurance contracts or other
similar credit support | 23 | | or liquidity instruments, may be executed in such
manner, may | 24 | | be subject to redemption prior to maturity, may provide for the
| 25 | | registration of the bonds, and may be subject to such other | 26 | | terms and
conditions all as may
be provided by the resolution |
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| 1 | | or indenture authorizing the issuance of such
bonds. The holder | 2 | | or holders of any bonds issued by the Authority may bring
suits | 3 | | at law or proceedings in equity to compel the performance and | 4 | | observance
by any person or by the Authority or any of its | 5 | | agents or employees of any
contract or covenant made with the | 6 | | holders of such bonds and to compel such
person or the | 7 | | Authority and any of its agents or employees to perform any
| 8 | | duties
required to be performed for the benefit of the holders | 9 | | of any such bonds by
the provision of the resolution | 10 | | authorizing their issuance, and to enjoin such
person or the | 11 | | Authority and any of its agents or employees from taking any
| 12 | | action in conflict with any such contract or covenant.
| 13 | | Notwithstanding the form and tenor of any such bonds and in the | 14 | | absence of any
express recital on the face thereof that it is | 15 | | non-negotiable, all such bonds
shall be negotiable | 16 | | instruments. Pending the preparation and execution of any
such | 17 | | bonds, temporary bonds may be issued as provided by the | 18 | | resolution.
The bonds shall be sold by the Authority in such | 19 | | manner as it shall determine.
The bonds may be secured as | 20 | | provided in the authorizing resolution by the
receipts, | 21 | | revenues, income and other available funds of the Authority and | 22 | | by
any amounts derived by the Authority from the loan agreement | 23 | | or lease agreement
with respect to the project or projects; and | 24 | | bonds may be issued as general
obligations of the Authority | 25 | | payable from such revenues, funds and obligations
of the | 26 | | Authority as the bond resolution shall provide, or may be |
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| 1 | | issued as
limited obligations with a claim for payment solely | 2 | | from such revenues, funds
and obligations as the bond | 3 | | resolution shall provide. The Authority may grant a
specific | 4 | | pledge or assignment of and lien on or security interest in | 5 | | such
rights, revenues, income, or amounts and may grant a | 6 | | specific pledge or
assignment of and lien on or security | 7 | | interest in any reserves, funds or
accounts established in the | 8 | | resolution authorizing the issuance of bonds. Any
such pledge, | 9 | | assignment, lien or security interest for the benefit of the
| 10 | | holders of the Authority's bonds shall be valid and binding | 11 | | from the time the
bonds are issued without any physical | 12 | | delivery or further act, and shall be
valid and binding as | 13 | | against and prior to the claims of all other parties
having | 14 | | claims against the Authority or any other person irrespective | 15 | | of whether
the
other parties have notice of the pledge, | 16 | | assignment, lien or security interest.
As evidence of such | 17 | | pledge, assignment, lien and security interest, the
Authority | 18 | | may execute and deliver a mortgage, trust agreement, indenture | 19 | | or
security agreement or an assignment thereof.
A remedy for | 20 | | any breach or default of the terms of any such agreement by the
| 21 | | Authority may be by mandamus proceedings in any court of | 22 | | competent jurisdiction
to compel the performance and | 23 | | compliance therewith, but the agreement may
prescribe by whom | 24 | | or on whose behalf such action may be instituted.
It is | 25 | | expressly understood that the Authority may, but need not, | 26 | | acquire title
to any project with respect to which it exercises |
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| 1 | | its authority.
| 2 | | (d) With respect to the powers granted by this Act, the | 3 | | Authority may adopt
rules and regulations prescribing the | 4 | | procedures by which persons may apply for
assistance under this | 5 | | Act. Nothing herein shall be deemed to preclude the
Authority, | 6 | | prior to the filing of any formal application, from conducting
| 7 | | preliminary discussions and investigations with respect to the | 8 | | subject matter
of any prospective application.
| 9 | | (e) The Authority shall have power to acquire by purchase, | 10 | | lease, gift or
otherwise any property or rights therein from | 11 | | any person useful for its
purposes, whether improved for the | 12 | | purposes of any prospective project, or
unimproved. The | 13 | | Authority may also accept any donation of funds for its
| 14 | | purposes from any such source. The Authority shall have no | 15 | | independent power of
condemnation but may acquire any property | 16 | | or rights therein obtained upon
condemnation by any other | 17 | | authority, governmental entity or unit of local
government with | 18 | | such power.
| 19 | | (f) The Authority shall have power to develop, construct | 20 | | and improve either
under its own direction, or through | 21 | | collaboration with any approved applicant,
or to acquire | 22 | | through purchase or otherwise, any project, using for such
| 23 | | purpose the proceeds derived from the sale of its bonds or from | 24 | | governmental
loans or
grants, and to hold title in the name of | 25 | | the Authority to such projects.
| 26 | | (g) The Authority shall have power to lease pursuant to a |
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| 1 | | lease agreement
any
project so developed and constructed or | 2 | | acquired to the approved tenant on such
terms and conditions as | 3 | | may be appropriate to further the purposes of this Act
and to | 4 | | maintain the credit of the Authority. Any such lease may | 5 | | provide for
either the Authority or the approved tenant to | 6 | | assume initially, in whole or in
part, the costs of | 7 | | maintenance, repair and improvements during the leasehold
| 8 | | period. In no case, however, shall the total rentals from any | 9 | | project during
any initial leasehold period or the total loan | 10 | | repayments to be made pursuant
to any loan agreement, be less | 11 | | than an amount necessary to return over such
lease
or loan | 12 | | period (1) all costs incurred in connection with the | 13 | | development,
construction, acquisition or improvement of the | 14 | | project and for repair,
maintenance and improvements thereto | 15 | | during the period of the lease or loan;
provided, however, that | 16 | | the rentals or loan repayments need not include costs
met | 17 | | through the use of funds other than those obtained by the | 18 | | Authority through
the issuance of its bonds or governmental | 19 | | loans; (2) a reasonable percentage
additive to be agreed upon | 20 | | by the Authority and the borrower or tenant to cover
a properly | 21 | | allocable portion of the Authority's general expenses, | 22 | | including,
but not limited to, administrative expenses, | 23 | | salaries and general insurance,
and
(3) an amount sufficient to | 24 | | pay when due all principal of, interest and
premium, if
any on, | 25 | | any bonds issued by the Authority with respect to the project. | 26 | | The
portion of total rentals payable under clause (3) of this |
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| 1 | | subsection (g) shall
be deposited in such special accounts, | 2 | | including all sinking funds, acquisition
or construction | 3 | | funds, debt service and other funds as provided by any
| 4 | | resolution, mortgage or trust agreement of the Authority | 5 | | pursuant to which any
bond is issued.
| 6 | | (h) The Authority has the power, upon the termination of | 7 | | any leasehold
period
of any project, to sell or lease for a | 8 | | further term or terms such project on
such terms and conditions | 9 | | as the Authority shall deem reasonable and consistent
with the | 10 | | purposes of the Act. The net proceeds from all such sales and | 11 | | the
revenues or income from such leases shall be used to | 12 | | satisfy any indebtedness
of
the Authority with respect to such | 13 | | project and any balance may be used to pay
any expenses of the | 14 | | Authority or be used for the further development,
construction, | 15 | | acquisition or improvement of projects.
In the event any | 16 | | project is vacated by a tenant prior to the termination of the
| 17 | | initial leasehold period, the Authority shall sell or lease the | 18 | | facilities of
the project on the most advantageous terms | 19 | | available. The net proceeds of any
such disposition shall be | 20 | | treated in the same manner as the proceeds from sales
or the | 21 | | revenues or income from leases subsequent to the termination of | 22 | | any
initial leasehold period.
| 23 | | (i) The Authority shall have the power to make loans , or to | 24 | | purchase loan participations in loans made, to persons to | 25 | | finance a
project, to enter into loan agreements or agreements | 26 | | with participating lenders with respect thereto, and to accept
|
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| 1 | | guarantees from persons of its loans or the resultant evidences | 2 | | of obligations
of the Authority.
| 3 | | (j) The Authority may fix, determine, charge and collect | 4 | | any premiums, fees,
charges, costs and expenses, including, | 5 | | without limitation, any application
fees, commitment fees, | 6 | | program fees, financing charges or publication fees from
any | 7 | | person in connection with its activities under this Act.
| 8 | | (k) In addition to the funds established as provided | 9 | | herein, the Authority
shall have the power to create and | 10 | | establish such reserve funds and accounts as
may be necessary | 11 | | or desirable to accomplish its purposes under this Act and to
| 12 | | deposit its available monies into the funds and accounts.
| 13 | | (l) At the request of the governing body of any unit of | 14 | | local government,
the
Authority is authorized to market such | 15 | | local government's revenue bond
offerings by preparing bond | 16 | | issues for sale, advertising for sealed bids,
receiving bids
at | 17 | | its offices, making the award to the bidder that offers the | 18 | | most favorable
terms or arranging for negotiated placements or | 19 | | underwritings of such
securities. The Authority may, at its | 20 | | discretion, offer for concurrent sale the
revenue bonds of | 21 | | several local governments. Sales by the Authority of revenue
| 22 | | bonds under this Section shall in no way imply State guarantee | 23 | | of such debt
issue. The Authority may require such financial | 24 | | information from participating
local governments as it deems | 25 | | necessary in order to carry out the purposes of
this subsection | 26 | | (1).
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| 1 | | (m) The Authority may make grants to any county to which | 2 | | Division 5-37 of
the
Counties Code is applicable to assist in | 3 | | the financing of capital development,
construction and | 4 | | renovation of new or existing facilities for hospitals and
| 5 | | health care facilities under that Act. Such grants may only be | 6 | | made from funds
appropriated for such purposes from the Build | 7 | | Illinois Bond Fund.
| 8 | | (n) The Authority may establish an urban development action | 9 | | grant program
for
the purpose of assisting municipalities in | 10 | | Illinois which are experiencing
severe economic distress to | 11 | | help stimulate economic development activities
needed to aid in | 12 | | economic recovery. The Authority shall determine the types of
| 13 | | activities and projects for which the urban development action | 14 | | grants may be
used, provided that such projects and activities | 15 | | are broadly defined to include
all reasonable projects and | 16 | | activities the primary objectives of which are the
development | 17 | | of viable urban communities, including decent housing and a
| 18 | | suitable living environment, and expansion of economic | 19 | | opportunity, principally
for
persons of low and moderate | 20 | | incomes. The Authority shall enter into grant
agreements from | 21 | | monies appropriated for such purposes from the Build Illinois
| 22 | | Bond Fund. The Authority shall monitor the
use of the grants, | 23 | | and shall provide for audits of the funds as well as
recovery | 24 | | by the Authority of any funds determined to have been spent in
| 25 | | violation of this
subsection (n) or any rule or regulation | 26 | | promulgated hereunder. The Authority
shall provide technical |
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| 1 | | assistance with regard to the effective use of the
urban | 2 | | development action grants. The Authority shall file an annual | 3 | | report to
the
General Assembly concerning the progress of the | 4 | | grant program.
| 5 | | (o) The Authority may establish a Housing Partnership | 6 | | Program whereby the
Authority provides zero-interest loans to | 7 | | municipalities for the purpose of
assisting in the financing of | 8 | | projects for the rehabilitation of affordable
multi-family | 9 | | housing for low and moderate income residents. The Authority | 10 | | may
provide such loans only upon a municipality's providing | 11 | | evidence that it has
obtained private funding for the | 12 | | rehabilitation project. The Authority shall
provide 3 State | 13 | | dollars for every 7 dollars obtained by the municipality from
| 14 | | sources other than the State of Illinois. The loans shall be | 15 | | made from monies
appropriated for such purpose from the Build | 16 | | Illinois Bond Fund. The total amount of loans available under | 17 | | the Housing
Partnership Program shall not exceed $30,000,000. | 18 | | State loan monies under this
subsection shall be used only for | 19 | | the acquisition and rehabilitation of
existing
buildings | 20 | | containing 4 or more dwelling units. The terms of any loan made | 21 | | by
the municipality under this subsection shall require | 22 | | repayment of the loan to
the municipality upon any sale or | 23 | | other transfer of the project.
| 24 | | (p) The Authority may award grants to universities and | 25 | | research
institutions,
research consortiums and other | 26 | | not-for-profit entities for the purposes of:
remodeling or |
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| 1 | | otherwise physically altering existing laboratory or research
| 2 | | facilities, expansion or physical additions to existing | 3 | | laboratory or research
facilities, construction of new | 4 | | laboratory or research facilities or
acquisition of modern | 5 | | equipment to support laboratory or research operations
| 6 | | provided that
such grants (i) be used solely in support of | 7 | | project and equipment acquisitions
which enhance technology | 8 | | transfer, and (ii) not constitute more than 60 percent
of the | 9 | | total project or acquisition cost.
| 10 | | (q) Grants may be awarded by the Authority to units of | 11 | | local government for
the
purpose of developing the appropriate | 12 | | infrastructure or defraying other costs
to
the local government | 13 | | in support of laboratory or research facilities provided
that | 14 | | such grants may not exceed 40% of the cost to the unit of local
| 15 | | government.
| 16 | | (r) In addition to the powers granted to the Authority | 17 | | under subsection (i), and in all cases supplemental to it, the | 18 | | The Authority may establish a direct loan program Direct Loan | 19 | | Program to make loans to , or may purchase participations in | 20 | | loans made by participating lenders to,
individuals, | 21 | | partnerships , or corporations , or other business entities for | 22 | | the purpose of financing an industrial
project, as defined in
| 23 | | Section 801-10 of this Act. For the purposes of such program
| 24 | | and not by way of limitation on any other program of the | 25 | | Authority, including, without limitation, programs established | 26 | | under subsection (i), the
Authority shall have the power to |
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| 1 | | issue bonds, notes, or other evidences of
indebtedness | 2 | | including commercial paper for purposes of providing a fund of
| 3 | | capital from which it may make such loans. The Authority shall | 4 | | have the power
to use any appropriations from the State made | 5 | | especially for the Authority's direct loan program, or moneys | 6 | | at any time held by the Authority under this Act outside the | 7 | | State treasury in the custody of either the Treasurer of the | 8 | | Authority or a trustee or depository appointed by the | 9 | | Authority,
Direct Loan Program for additional capital to make | 10 | | such loans or purchase such loan participations, or for the
| 11 | | purposes of reserve funds or pledged funds which secure the | 12 | | Authority's
obligations of repayment of any bond, note or other | 13 | | form of indebtedness
established for the purpose of providing | 14 | | capital for which it intends to make
such loans or purchase | 15 | | such loan participations under the Direct Loan Program . For the | 16 | | purpose of obtaining such
capital, the Authority may also enter | 17 | | into agreements with financial
institutions , participating | 18 | | lenders, and other persons for the purpose of administering a | 19 | | loan participation program, selling loans or and developing
a | 20 | | secondary market for such loans or loan participations .
Loans | 21 | | made under the direct loan program specifically established | 22 | | under this subsection (r), including loans under such program | 23 | | made by participating lenders in which the Authority purchases | 24 | | a participation, Direct Loan Program may be in an amount not to | 25 | | exceed $600,000
$300,000 and shall be made for a portion of an | 26 | | industrial project which does
not exceed 50% of the total |
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| 1 | | project. No loan may be made by the Authority
unless
approved | 2 | | by the affirmative vote of at least 8 members of the board. The
| 3 | | Authority shall establish procedures and publish rules which | 4 | | shall provide for
the submission, review, and analysis of each | 5 | | direct loan and loan participation application and which
shall | 6 | | preserve the ability of each board member and the Executive | 7 | | Director, as applicable, to reach an individual business
| 8 | | judgment regarding the propriety of making each direct loan or | 9 | | loan participation . The collective
discretion of the board to | 10 | | approve or disapprove each loan shall be
unencumbered.
The | 11 | | Authority may establish and collect such fees and charges, | 12 | | determine and
enforce such terms and conditions, and charge | 13 | | such interest rates as it
determines to be necessary and | 14 | | appropriate to the successful administration of
the direct loan | 15 | | program, including purchasing loan participations Direct Loan | 16 | | Program . The Authority may require such interests in collateral
| 17 | | and such guarantees as it determines are necessary to protect | 18 | | project the Authority's
interest in the repayment of the | 19 | | principal and interest of each loan and loan participation made | 20 | | under
the direct loan program Direct Loan Program . The | 21 | | restrictions established under this subsection (r) shall not be | 22 | | applicable to any loan or loan participation made under | 23 | | subsection (i) or to any loan or loan participation made under | 24 | | any other Section of this Act.
| 25 | | (s) The Authority may guarantee private loans to third | 26 | | parties up to a
specified dollar amount in order to promote |
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| 1 | | economic development in this State.
| 2 | | (t) The Authority may adopt rules and regulations as may be | 3 | | necessary or
advisable to implement the powers conferred by | 4 | | this Act.
| 5 | | (u) The Authority shall have the power to issue bonds, | 6 | | notes or other
evidences
of indebtedness, which may be used to | 7 | | make loans to units of local government
which are authorized to | 8 | | enter into loan agreements and other documents and to
issue | 9 | | bonds, notes and other evidences of indebtedness for the | 10 | | purpose of
financing the protection of storm sewer outfalls, | 11 | | the construction of adequate
storm sewer outfalls, and the | 12 | | provision for flood protection of sanitary sewage
treatment | 13 | | plans, in counties that have established a stormwater | 14 | | management
planning committee in accordance with
Section | 15 | | 5-1062 of the Counties Code. Any
such loan shall be made by the | 16 | | Authority pursuant to the provisions of
Section
820-5 to 820-60 | 17 | | of this Act. The unit of local government shall pay back to the
| 18 | | Authority the principal amount of the loan, plus annual | 19 | | interest as determined
by the Authority. The Authority shall | 20 | | have the power, subject to appropriations
by the General | 21 | | Assembly, to subsidize or buy down a portion of the interest on
| 22 | | such loans, up to 4% per annum.
| 23 | | (v) The Authority may accept security interests as provided | 24 | | in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| 25 | | (w) Moral Obligation. In the event that the Authority | 26 | | determines that monies
of the Authority will not be sufficient |
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| 1 | | for the payment of the principal of and
interest on its bonds | 2 | | during the next State fiscal year, the Chairperson, as
soon as | 3 | | practicable, shall certify to the Governor the amount required | 4 | | by the
Authority to enable it to pay such principal of and | 5 | | interest on the bonds. The
Governor shall submit the amount so | 6 | | certified to the General Assembly as soon
as
practicable, but | 7 | | no later than the end of the current State fiscal year. This
| 8 | | subsection shall apply only to any bonds or notes as to which | 9 | | the Authority
shall have determined, in the resolution | 10 | | authorizing the issuance of the bonds
or notes, that this | 11 | | subsection shall apply. Whenever the Authority makes such a
| 12 | | determination, that fact shall be plainly stated on the face of | 13 | | the bonds or
notes and that fact shall also be reported to the | 14 | | Governor. In the event of a
withdrawal of moneys from a reserve | 15 | | fund established with respect to any issue
or issues of bonds | 16 | | of the Authority to pay principal or interest on those
bonds,
| 17 | | the Chairperson of the Authority, as soon as practicable, shall | 18 | | certify to the
Governor the amount required to restore the | 19 | | reserve fund to the level required
in the resolution or | 20 | | indenture securing those bonds. The Governor shall submit
the | 21 | | amount so certified to the General Assembly as soon as | 22 | | practicable, but no
later than the end of the current State | 23 | | fiscal year. The Authority shall obtain
written approval from | 24 | | the Governor for any bonds and notes to be issued under
this | 25 | | Section.
In addition to any other bonds authorized to be issued | 26 | | under
Sections 825-60, 825-65(e), 830-25 and 845-5, the |
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| 1 | | principal amount of Authority
bonds outstanding
issued under | 2 | | this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | 3 | | 360/2-6(c), which have
been
assumed by the Authority, shall not | 4 | | exceed $150,000,000. This subsection (w) shall in no way be | 5 | | applied to any bonds issued by the Authority on behalf of the | 6 | | Illinois Power Agency under Section 825-90 of this Act.
| 7 | | (x) The Authority may enter into agreements or contracts | 8 | | with any person necessary or appropriate to place the payment | 9 | | obligations of the Authority under any of its bonds in whole or | 10 | | in part on any interest rate basis, cash flow basis, or other | 11 | | basis desired by the Authority, including without limitation | 12 | | agreements or contracts commonly known as "interest rate swap | 13 | | agreements", "forward payment conversion agreements", and | 14 | | "futures", or agreements or contracts to exchange cash flows or | 15 | | a series of payments, or agreements or contracts, including | 16 | | without limitation agreements or contracts commonly known as | 17 | | "options", "puts", or "calls", to hedge payment, rate spread, | 18 | | or similar exposure; provided that any such agreement or | 19 | | contract shall not constitute an obligation for borrowed money | 20 | | and shall not be taken into account under Section 845-5 of this | 21 | | Act or any other debt limit of the Authority or the State of | 22 | | Illinois.
| 23 | | (y) The Authority shall publish summaries of projects and | 24 | | actions approved by the members of the Authority on its | 25 | | website. These summaries shall include, but not be limited to, | 26 | | information regarding the: |
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| 1 | | (1) project; | 2 | | (2) Board's action or actions; | 3 | | (3) purpose of the project; | 4 | | (4) Authority's program and contribution; | 5 | | (5) volume cap; | 6 | | (6) jobs retained; | 7 | | (7) projected new jobs; | 8 | | (8) construction jobs created; | 9 | | (9) estimated sources and uses of funds; | 10 | | (10) financing summary; | 11 | | (11) project summary; | 12 | | (12) business summary; | 13 | | (13) ownership or economic disclosure statement; | 14 | | (14) professional and financial information; | 15 | | (15) service area; and | 16 | | (16) legislative district. | 17 | | The disclosure of information pursuant to this subsection | 18 | | shall comply with the Freedom of Information Act. | 19 | | (Source: P.A. 95-470, eff. 8-27-07; 95-481, eff. 8-28-07; | 20 | | 95-876, eff. 8-21-08; 96-795, eff. 7-1-10 (see Section 5 of | 21 | | P.A. 96-793 for the effective date of changes made by P.A. | 22 | | 96-795) .)
| 23 | | (20 ILCS 3501/805-5)
| 24 | | Sec. 805-5. Findings and Declaration of Policy. It is | 25 | | hereby found and
declared that a continuing need exists to |
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| 1 | | maintain and develop the State's
economy; that there are | 2 | | significant barriers in the capital markets inhibiting
the | 3 | | issuance by the Authority of industrial revenue bonds, loans, | 4 | | and State Guarantees to assist in
financing
industrial | 5 | | projects, PACE Projects, farmers, and agribusiness in the | 6 | | State, particularly for smaller firms; and that the
| 7 | | establishment of the Industrial Revenue Bond Insurance Fund and | 8 | | the exercise by
the Authority of the powers granted in
this | 9 | | Article will promote
economic development by widening the | 10 | | market for the Authority's revenue bonds, loans, PACE Projects, | 11 | | and State Guarantees.
| 12 | | (Source: P.A. 96-897, eff. 5-24-10.)
| 13 | | (20 ILCS 3501/805-15)
| 14 | | Sec. 805-15. Industrial Project Insurance Fund. There is | 15 | | created the
Industrial Project Insurance Fund, hereafter | 16 | | referred to in
Sections 805-15
through 805-50 of this Act as | 17 | | the "Fund". The Treasurer shall have custody of
the
Fund, which | 18 | | shall be held outside of the State treasury, except that | 19 | | custody
may
be transferred to and held by any bank, trust | 20 | | company or other fiduciary with
whom the Authority executes a | 21 | | trust agreement as authorized by paragraph (h) of
Section | 22 | | 805-20 of this Act. Any portion of the Fund against which a | 23 | | charge has
been made, shall be held for the benefit of the | 24 | | holders of the loans or bonds
insured under
Section 805-20 of | 25 | | this Act or the holders of State Guarantees under Article 830 |
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| 1 | | of this Act.
There shall be deposited in the Fund such amounts, | 2 | | including but not limited
to:
| 3 | | (a) All receipts of bond and loan insurance premiums;
| 4 | | (b) All proceeds of assets of whatever nature received by | 5 | | the Authority as a
result of default or delinquency with | 6 | | respect to insured loans or bonds or State Guarantees with
| 7 | | respect to which payments from the Fund have been made, | 8 | | including proceeds from
the sale, disposal, lease or rental of | 9 | | real or personal property which the
Authority may receive under | 10 | | the provisions of
this Article but excluding the proceeds of | 11 | | insurance hereunder;
| 12 | | (c) All receipts from any applicable contract or agreement | 13 | | entered into by
the Authority under paragraph (b) of Section | 14 | | 805-20 of this Act;
| 15 | | (d) Any State appropriations, transfers of appropriations, | 16 | | or transfers of
general obligation bond proceeds or other | 17 | | monies made available to the Fund.
Amounts in the Fund shall be | 18 | | used in accordance with the provisions of
this Article to | 19 | | satisfy any valid insurance claim payable
therefrom and may be | 20 | | used for any other purpose determined by the Authority in
| 21 | | accordance with insurance contract or contracts with financial | 22 | | institutions
entered into pursuant to this Act, including | 23 | | without limitation protecting the
interest of the Authority in | 24 | | industrial projects during periods of loan
delinquency or upon | 25 | | loan default through the purchase of industrial projects in
| 26 | | foreclosure proceedings or in lieu of foreclosure or through |
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| 1 | | any other means.
Such amounts may also be used to pay | 2 | | administrative costs and expenses
reasonably allocable to the | 3 | | activities in connection with the Fund and to pay
taxes, | 4 | | maintenance, insurance, security and any other costs and | 5 | | expenses of
bidding for, acquiring, owning, carrying and | 6 | | disposing of industrial projects or PACE Projects,
which were | 7 | | financed with the proceeds of loans or insured bonds or loans , | 8 | | including loans or loan participations made under subsections | 9 | | (i) or (r) of Section 801-40 . In the case of
a default in | 10 | | payment with respect to any loan, mortgage or other agreement | 11 | | so
insured or otherwise representing possible loss to the | 12 | | Authority , the amount of the default shall immediately, and at | 13 | | all times during
the continuance of such default, and to the | 14 | | extent provided in any applicable
agreement, constitute a | 15 | | charge on the Fund.
Any amounts in the Fund not currently | 16 | | needed to meet the obligations of the
Fund may be invested as | 17 | | provided by law in obligations designated by the
Authority, or | 18 | | used to make direct loans or purchase loan participations under | 19 | | subsections (i) or (r) of Section 801-40. All
and all income | 20 | | from such investments shall become part of the Fund. All income | 21 | | from direct loans or loan participations made under subsections | 22 | | (i) or (r) of Section 801-40 shall become funds of the | 23 | | Authority. In making
such investments, the Authority shall act | 24 | | with the care, skill, diligence and
prudence under the | 25 | | circumstances of a prudent person acting in a like capacity
in | 26 | | the conduct of an enterprise of like character and with like |
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| 1 | | aims. It shall
diversify such investments of the Authority so | 2 | | as to minimize the risk of large
losses, unless under the | 3 | | circumstances it is clearly not prudent to do so.
Amounts in | 4 | | the Fund may also be used to satisfy State Guarantees under | 5 | | Article 830 of this Act.
| 6 | | (Source: P.A. 96-897, eff. 5-24-10.)
| 7 | | (20 ILCS 3501/825-65) | 8 | | Sec. 825-65. Clean Coal, Coal, Energy Efficiency, PACE, and | 9 | | Renewable Energy Project Financing. | 10 | | (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-fueled | 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 resource projects and that there are many | 22 | | opportunities to invest in cost-effective energy | 23 | | efficiency projects throughout the State. The development | 24 | | of those projects will create jobs and investment as well | 25 | | as decrease environmental impacts and promote energy |
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| 1 | | independence in Illinois. Accordingly, the development of | 2 | | those projects is in the best interests of all of the | 3 | | citizens of Illinois. | 4 | | (iii) The Authority is authorized to issue bonds to | 5 | | help
finance Clean Coal, Coal, Energy Efficiency, PACE, and | 6 | | Renewable Energy projects pursuant to this
Section. | 7 | | (b) Definitions. | 8 | | (i) "Clean Coal Project" means (A) "clean coal | 9 | | facility", as defined in Section 1-10 of the Illinois Power | 10 | | Agency Act; (B) "clean coal SNG facility", as defined in | 11 | | Section 1-10 of the Illinois Power Agency Act; (C) | 12 | | transmission lines and associated equipment that transfer | 13 | | electricity from points of supply to points of delivery for | 14 | | projects described in this subsection (b); (D) pipelines or | 15 | | other methods to transfer carbon dioxide from the point of | 16 | | production to the point of storage or sequestration for | 17 | | projects described in this subsection (b); or (E) projects | 18 | | to provide carbon abatement technology for existing | 19 | | generating facilities. | 20 | | (ii) "Coal Project" means new electric
generating | 21 | | facilities or new gasification facilities, as defined in
| 22 | | Section 605-332 of the Department of Commerce and
Economic | 23 | | Opportunity Law of the Civil Administrative Code of | 24 | | Illinois, which
may
include mine-mouth power plants, | 25 | | projects that employ the use of clean coal
technology, | 26 | | projects to provide scrubber technology for existing |
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| 1 | | energy
generating plants, or projects to provide electric | 2 | | transmission facilities or new gasification facilities. | 3 | | (iii) "Energy Efficiency Project" means measures that | 4 | | reduce the amount of electricity or natural gas required to | 5 | | achieve a given end use, consistent with Section 1-10 of | 6 | | the Illinois Power Agency Act. "Energy Efficiency Project" | 7 | | also includes measures that reduce the total Btus of | 8 | | electricity and natural gas needed to meet the end use or | 9 | | uses consistent with Section 1-10 of the Illinois Power | 10 | | Agency Act. | 11 | | (iv) "Renewable Energy Project" means (A) a project | 12 | | that uses renewable energy resources, as defined in Section | 13 | | 1-10 of the Illinois Power Agency Act; (B) a project that | 14 | | uses environmentally preferable technologies and practices | 15 | | that result in improvements to the production of renewable | 16 | | fuels, including but not limited to, cellulosic | 17 | | conversion, water and energy conservation, fractionation, | 18 | | alternative feedstocks, or reduced greenhouse gas | 19 | | emissions; (C) transmission lines and associated equipment | 20 | | that transfer electricity from points of supply to points | 21 | | of delivery for projects described in this subsection (b); | 22 | | or (D) projects that use technology for the storage of | 23 | | renewable energy, including, without limitation, the use | 24 | | of battery or electrochemical storage technology for | 25 | | mobile or stationary applications. | 26 | | (c) Creation of reserve funds. The Authority may establish |
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| 1 | | and maintain one
or more reserve funds to enhance bonds issued | 2 | | by the Authority for a Clean Coal Project, a Coal Project, an | 3 | | Energy Efficiency Project, a PACE Project, or a Renewable
| 4 | | Energy Project.
There may be one or more accounts in these | 5 | | reserve funds in which there may be
deposited: | 6 | | (1) any proceeds of the bonds issued by the Authority | 7 | | required to
be deposited therein by the terms of any | 8 | | contract between the Authority and its
bondholders or any | 9 | | resolution of the Authority; | 10 | | (2) any other moneys or funds of the Authority that it | 11 | | may
determine to deposit therein from any other source; and | 12 | | (3) any other moneys or funds made available to the | 13 | | Authority.
Subject to the terms of any pledge to the owners | 14 | | of any bonds, moneys in any
reserve fund may be held and | 15 | | applied to the payment of principal, premium, if
any, and | 16 | | interest of such bonds. | 17 | | (d) Powers and duties. The Authority has the power: | 18 | | (1) To issue bonds in one or more series pursuant to | 19 | | one or more
resolutions of the Authority for any Clean Coal | 20 | | Project, Coal Project, Energy Efficiency Project, PACE | 21 | | Project, or Renewable Energy Project authorized
under this | 22 | | Section, within the authorization set forth in subsection | 23 | | (e). | 24 | | (2) To provide for the funding of any reserves or other | 25 | | funds or
accounts deemed necessary by the Authority in | 26 | | connection with any bonds issued
by the Authority. |
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| 1 | | (3) To pledge any funds of the Authority or funds made | 2 | | available to
the Authority that may be applied to such | 3 | | purpose as security for any bonds or
any guarantees, | 4 | | letters of credit, insurance contracts or similar credit
| 5 | | support
or liquidity instruments securing the bonds. | 6 | | (4) To enter into agreements or contracts with third | 7 | | parties,
whether public or private, including, without | 8 | | limitation, the United States of
America, the State or any | 9 | | department or agency thereof, to obtain any
| 10 | | appropriations, grants, loans or guarantees that are | 11 | | deemed necessary or
desirable by the Authority. Any such | 12 | | guarantee, agreement or contract may
contain terms and | 13 | | provisions necessary or desirable in connection with the
| 14 | | program, subject to the requirements established by the | 15 | | Act. | 16 | | (4.5) To make loans under subsection (i) of Section | 17 | | 801-40 to finance loans for PACE Projects. | 18 | | (5) To exercise such other powers as are necessary or | 19 | | incidental to
the foregoing. | 20 | | (e) Clean Coal Project, Coal Project, Energy Efficiency | 21 | | Project, PACE Project, and Renewable Energy Project bond | 22 | | authorization and financing limits. In
addition
to any other | 23 | | bonds authorized to be issued under
Sections 801-40(w), 825-60, | 24 | | 830-25
and 845-5, the Authority may have outstanding, at any | 25 | | time, bonds for the
purpose
enumerated in this
Section 825-65 | 26 | | in an aggregate principal amount that shall not
exceed |
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| 1 | | $3,000,000,000, subject to the following limitations: (i) up to | 2 | | $300,000,000 may be issued to
finance projects, as described in | 3 | | clause (C) of subsection (b)(i) and clause (C) of subsection | 4 | | (b)(iv) of this Section 825-65; (ii) up to $500,000,000 may be | 5 | | issued to
finance projects, as described in clauses (D) and (E) | 6 | | of subsection (b)(i) of this Section 825-65; (iii) up to | 7 | | $2,000,000,000 may
be issued to finance Clean Coal Projects, as | 8 | | described in clauses (A) and (B) of subsection (b)(i) of this | 9 | | Section 825-65 and Coal Projects, as described in subsection | 10 | | (b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000 | 11 | | may be issued to finance Energy Efficiency Projects, as | 12 | | described in subsection (b)(iii) of this Section 825-65 , and | 13 | | Renewable Energy Projects, as described in clauses (A), (B), | 14 | | and (D) of subsection (b) (iv) (iii) of this Section 825-65 , and | 15 | | PACE Projects . An application for a loan
financed from bond | 16 | | proceeds from a borrower or its affiliates for a Clean Coal | 17 | | Project, a Coal Project, Energy Efficiency Project, PACE | 18 | | Project, or a Renewable
Energy Project may not be approved by | 19 | | the Authority for an amount in excess
of $450,000,000 for any | 20 | | borrower or its affiliates. A Clean Coal Project , or Coal | 21 | | Project , or PACE Project must be located within the State. An | 22 | | Energy Efficiency Project may be located within the State or | 23 | | outside the State, provided that, if the Energy Efficiency | 24 | | Project is located outside of the State, it must be owned, | 25 | | operated, leased, or managed by an entity located within the | 26 | | State or any entity affiliated with an entity located within |
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| 1 | | the State. These bonds shall not
constitute an indebtedness or | 2 | | obligation of the State of Illinois and it shall
be plainly | 3 | | stated on the face of each bond that it does not constitute an
| 4 | | indebtedness or obligation of the State of Illinois, but is | 5 | | payable solely from
the revenues, income or other assets of the | 6 | | Authority pledged therefor. | 7 | | (f) The bonding authority granted under this Section is in | 8 | | addition to and not limited by the provisions of Section 845-5. | 9 | | (Source: P.A. 100-201, eff. 8-18-17.)
| 10 | | (20 ILCS 3501/830-30)
| 11 | | Sec. 830-30. State Guarantees for existing debt.
| 12 | | (a) The Authority is authorized to issue State Guarantees | 13 | | for farmers'
existing
debts held by a lender. For the purposes | 14 | | of this
Section, a farmer shall be a
resident of Illinois, who | 15 | | is a principal operator of a farm or land, at least
50% of | 16 | | whose annual gross income is derived from farming and whose | 17 | | debt to
asset
ratio shall not be less than 40%, except in those | 18 | | cases where the applicant has
previously used the guarantee | 19 | | program there shall be no debt to asset ratio or
income | 20 | | restriction. For the purposes of this
Section, debt to asset | 21 | | ratio shall
mean the current outstanding liabilities of the | 22 | | farmer divided by the current
outstanding assets of the farmer. | 23 | | The Authority shall establish the maximum
permissible debt to | 24 | | asset ratio based on criteria established by the Authority.
| 25 | | Lenders shall apply for the State Guarantees on forms provided |
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| 1 | | by the Authority
and certify that the application and any other | 2 | | documents submitted are true and
correct. The lender or | 3 | | borrower, or both in combination, shall pay an
administrative | 4 | | fee as determined by the Authority. The applicant shall be
| 5 | | responsible for paying any fees or charges involved in | 6 | | recording mortgages,
releases, financing statements, insurance | 7 | | for secondary market issues and any
other similar fees or | 8 | | charges as the Authority may require. The application
shall at | 9 | | a minimum contain the farmer's name, address, present credit | 10 | | and
financial information, including cash flow statements, | 11 | | financial statements,
balance sheets, and any other | 12 | | information pertinent to the application, and the
collateral to | 13 | | be used to secure the State Guarantee. In addition, the lender
| 14 | | must agree to bring the farmer's debt to a current status at | 15 | | the time the State
Guarantee is provided and must also agree to | 16 | | charge a fixed or adjustable
interest rate which the Authority | 17 | | determines to be below the market rate of
interest generally | 18 | | available to the borrower. If both the lender and applicant
| 19 | | agree, the interest rate on the State Guarantee Loan can be | 20 | | converted to a fixed
interest rate at any time during the term | 21 | | of the loan.
Any State Guarantees provided under this
Section | 22 | | (i) shall not exceed $500,000
per farmer, (ii) shall be set up | 23 | | on a payment schedule not to exceed 30 years,
and shall be no | 24 | | longer than 30 years in duration, and (iii) shall be subject to
| 25 | | an annual review and renewal by the lender and the Authority; | 26 | | provided that
only
one such State Guarantee shall be |
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| 1 | | outstanding per farmer at any one time. No
State Guarantee | 2 | | shall be revoked by the Authority without a 90-day notice, in
| 3 | | writing, to all parties. In those cases where the borrower has | 4 | | not previously
used the guarantee program, the lender shall not | 5 | | call due any loan during the
first 3 years for any reason | 6 | | except for lack of performance or insufficient
collateral. The | 7 | | lender can review and withdraw or continue with the State
| 8 | | Guarantee on an annual basis after the first 3 years of the | 9 | | loan, provided a
90-day notice, in writing, to all parties has | 10 | | been given.
| 11 | | (b) The Authority shall provide or renew a State Guarantee | 12 | | to a lender if:
| 13 | | (i) A fee equal to 25 basis points on the loan is paid | 14 | | to the Authority on
an
annual
basis by the lender.
| 15 | | (ii) The application provides collateral acceptable to | 16 | | the
Authority that is at least equal to the State's portion | 17 | | of the Guarantee to be
provided.
| 18 | | (iii) The lender assumes all responsibility and costs | 19 | | for pursuing
legal action on collecting any loan that is | 20 | | delinquent or in default.
| 21 | | (iv) The
lender is responsible for the first 15% of the | 22 | | outstanding principal of the
note
for which the State | 23 | | Guarantee has been applied.
| 24 | | (c) There is hereby created outside of the State treasury a | 25 | | special fund to
be
known as the Illinois Agricultural Loan | 26 | | Guarantee Fund. The State Treasurer
shall be custodian of this |
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| 1 | | Fund. Any amounts in the Illinois Agricultural Loan
Guarantee | 2 | | Fund not currently needed to meet the obligations of the Fund | 3 | | shall
be
invested as provided by law or used by the Authority | 4 | | to make direct loans or originate or purchase loan | 5 | | participations under subsections (i) or (r) of Section 801-40. | 6 | | All , and all interest earned from these investments
shall be | 7 | | deposited into the Fund until the Fund reaches the maximum | 8 | | amount
authorized in this Act; thereafter, interest earned | 9 | | shall be deposited into the
General Revenue Fund. After | 10 | | September 1, 1989, annual investment earnings equal
to 1.5% of | 11 | | the Fund shall remain in the Fund to be used for the purposes
| 12 | | established in
Section 830-40 of this Act. All earnings on | 13 | | direct loans or loan participations made by the Authority under | 14 | | subsections (i) or (r) of Section 801-40 with amounts in this | 15 | | Fund shall become funds of the Authority. The Authority is | 16 | | authorized to
transfer to the Fund such amounts as are | 17 | | necessary to satisfy claims during the
duration of the State | 18 | | Guarantee program to secure State Guarantees issued under
this
| 19 | | Section, provided that amounts to be paid from the Industrial | 20 | | Project Insurance Fund created under Article 805 of this Act | 21 | | may be paid by the Authority directly to satisfy claims and | 22 | | need not
be deposited first into the Illinois Agricultural Loan | 23 | | Guarantee Fund. If for any reason the General Assembly fails to | 24 | | make an
appropriation sufficient to meet these obligations, | 25 | | this Act shall constitute
an
irrevocable and continuing | 26 | | appropriation of an amount necessary to secure
guarantees as |
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| 1 | | defaults occur and the irrevocable and continuing authority | 2 | | for,
and direction to, the State Treasurer and the Comptroller | 3 | | to make the necessary
transfers to the Illinois Agricultural | 4 | | Loan Guarantee Fund, as directed by the
Governor, out of the | 5 | | General Revenue Fund. Within 30 days after November 15,
1985, | 6 | | the Authority may transfer up to $7,000,000 from available | 7 | | appropriations
into the Illinois Agricultural Loan Guarantee | 8 | | Fund for the purposes of this
Act.
Thereafter, the Authority | 9 | | may transfer additional amounts into the Illinois
Agricultural | 10 | | Loan Guarantee Fund to secure guarantees for defaults as | 11 | | defaults
occur. In the event of default by the farmer, the | 12 | | lender shall be entitled to,
and the Authority shall direct | 13 | | payment on, the State Guarantee after 90 days of
delinquency. | 14 | | All payments by the Authority to satisfy claims against the | 15 | | State Guarantee shall be made, in whole or in part, from any of | 16 | | the following funds in such order and in such amounts as the | 17 | | Authority shall determine: (1) the Industrial Project | 18 | | Insurance Fund created under Article 805 of this Act (if the | 19 | | Authority exercises its discretion under subsection (j) of | 20 | | Section 805-20); (2) the Illinois Agricultural Loan Guarantee | 21 | | Fund; or (3) the Illinois Farmer and Agribusiness Loan | 22 | | Guarantee Fund.
The Illinois Agricultural Loan Guarantee Fund | 23 | | shall guarantee receipt of payment
of the 85% of the principal | 24 | | and interest owed on the State Guarantee Loan by the
farmer to | 25 | | the guarantee holder, provided that payments by the Authority | 26 | | to satisfy claims against the State Guarantee shall be made in |
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| 1 | | accordance with the preceding sentence. It shall be the | 2 | | responsibility of the lender to
proceed with the collecting and | 3 | | disposing of collateral on the State Guarantee under this | 4 | | Section, Section 830-35, Section 830-45, Section 830-50, | 5 | | Section 830-55, or Article 835
within 14 months of the time the | 6 | | State Guarantee is declared delinquent;
provided, however, | 7 | | that the lender shall not collect or dispose of collateral on
| 8 | | the State Guarantee without the express written prior approval | 9 | | of the Authority.
If the lender does not dispose of the | 10 | | collateral within 14 months, the lender
shall be liable to | 11 | | repay to the State interest on the State Guarantee equal to
the | 12 | | same rate which the lender charges on the State Guarantee; | 13 | | provided,
however, that the Authority may extend the 14-month | 14 | | period for a lender in the
case of bankruptcy or extenuating | 15 | | circumstances. The Fund from which a payment is made shall be | 16 | | reimbursed
for any amounts paid from that Fund under this
| 17 | | Section, Section 830-35, Section 830-45, Section 830-50, | 18 | | Section 830-55, or Article 835 upon liquidation of the | 19 | | collateral. The
Authority, by resolution of the Board, may | 20 | | borrow sums from the Fund and
provide
for repayment as soon as | 21 | | may be practical upon receipt of payments of principal
and | 22 | | interest by a farmer. Money may be borrowed from the Fund by | 23 | | the Authority
for the sole purpose of paying certain interest | 24 | | costs for farmers associated
with selling a loan subject to a | 25 | | State Guarantee in a secondary market as may
be
deemed | 26 | | reasonable and necessary by the Authority.
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| 1 | | (d) Notwithstanding the provisions of this
Section 830-30 | 2 | | with respect to the
farmers and lenders who may obtain State | 3 | | Guarantees, the Authority may
promulgate rules establishing | 4 | | the eligibility of farmers and lenders to
participate in the | 5 | | State guarantee program and the terms, standards, and
| 6 | | procedures that will apply, when the Authority finds that | 7 | | emergency conditions
in Illinois agriculture have created the | 8 | | need for State Guarantees pursuant to
terms, standards, and | 9 | | procedures other than those specified in this
Section.
| 10 | | (Source: P.A. 99-509, eff. 6-24-16.)
| 11 | | (20 ILCS 3501/830-35)
| 12 | | Sec. 830-35. State Guarantees for loans to farmers and | 13 | | agribusiness;
eligibility. | 14 | | (a) The Authority is authorized to issue State Guarantees | 15 | | to lenders for
loans
to eligible farmers and agribusinesses for | 16 | | purposes set forth in this
Section.
For purposes of this
| 17 | | Section, an eligible farmer shall be a resident of Illinois
(i) | 18 | | who is principal operator of a farm or land, at least 50% of | 19 | | whose annual
gross income is derived from farming, (ii) whose | 20 | | annual total sales of
agricultural products, commodities, or | 21 | | livestock exceeds $20,000, and (iii)
whose net worth does not | 22 | | exceed $500,000. An eligible agribusiness shall be
that as | 23 | | defined in
Section 801-10 of this Act.
The Authority may | 24 | | approve applications by farmers and agribusinesses that
| 25 | | promote diversification of the farm economy of this State |
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| 1 | | through the growth
and
development of new crops or livestock | 2 | | not customarily grown or produced in this
State or that | 3 | | emphasize a vertical integration of grain or livestock produced
| 4 | | or
raised in this State into a finished agricultural product | 5 | | for consumption or
use. "New crops or livestock not customarily | 6 | | grown or produced in this State"
shall not include corn, | 7 | | soybeans, wheat, swine, or beef or dairy cattle.
"Vertical | 8 | | integration of grain or livestock produced or raised in this | 9 | | State"
shall include any new or existing grain or livestock | 10 | | grown or produced in this
State.
Lenders shall apply for the | 11 | | State Guarantees on forms provided by the
Authority,
certify | 12 | | that the application and any other documents submitted are true | 13 | | and
correct, and pay an administrative fee as determined by the | 14 | | Authority. The
applicant shall be responsible for paying any | 15 | | fees or charges involved in
recording mortgages, releases, | 16 | | financing statements, insurance for secondary
market issues | 17 | | and any other similar fees or charges as the Authority may
| 18 | | require. The application shall at a minimum contain the | 19 | | farmer's or
agribusiness' name, address, present credit and | 20 | | financial information,
including cash flow statements, | 21 | | financial statements, balance sheets, and any
other
| 22 | | information pertinent to the application, and the collateral to | 23 | | be used to
secure the State Guarantee. In addition, the lender | 24 | | must agree to charge an
interest rate, which may vary, on the | 25 | | loan that the Authority determines to be
below the market rate | 26 | | of interest generally available to the borrower. If both
the |
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| 1 | | lender and applicant agree, the interest rate on the State | 2 | | Guarantee Loan
can be converted to a fixed interest rate at any | 3 | | time during the term of the
loan.
Any State Guarantees provided | 4 | | under this
Section (i) shall not exceed $500,000
per farmer or | 5 | | an amount as determined by the Authority on a case-by-case
| 6 | | basis for an agribusiness, (ii) shall not exceed a term of 15 | 7 | | years, and (iii)
shall be subject to an annual review and | 8 | | renewal by the lender and the
Authority; provided that only one | 9 | | such State Guarantee shall be made per farmer
or agribusiness, | 10 | | except that additional State Guarantees may be made for
| 11 | | purposes of expansion of projects financed in part by a | 12 | | previously issued State
Guarantee. No State Guarantee shall be | 13 | | revoked by the Authority without a
90-day notice, in writing, | 14 | | to all parties. The lender shall not call due any
loan
for any | 15 | | reason except for lack of performance, insufficient | 16 | | collateral, or
maturity. A lender may review and withdraw or | 17 | | continue with a State Guarantee
on an annual basis after the | 18 | | first 5 years following closing of the loan
application if the | 19 | | loan contract provides for an interest rate that shall not
| 20 | | vary. A lender shall not withdraw a State Guarantee if the loan | 21 | | contract
provides for an interest rate that may vary, except | 22 | | for reasons set forth
herein.
| 23 | | (b) The Authority shall provide or renew a State Guarantee | 24 | | to a lender if:
| 25 | | (i) A fee equal to 25 basis points on the loan is paid | 26 | | to the Authority on
an annual
basis by the lender.
|
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| 1 | | (ii) The application provides collateral acceptable to | 2 | | the
Authority that is at least equal to the State's portion | 3 | | of the Guarantee to be
provided.
| 4 | | (iii) The lender assumes all responsibility and costs | 5 | | for pursuing
legal action on collecting any loan that is | 6 | | delinquent or in default.
| 7 | | (iv) The
lender is responsible for the first 15% of the | 8 | | outstanding principal of the
note
for which the State | 9 | | Guarantee has been applied.
| 10 | | (c) There is hereby created outside of the State treasury a | 11 | | special fund to
be
known as the Illinois Farmer and | 12 | | Agribusiness Loan Guarantee Fund. The State
Treasurer shall be | 13 | | custodian of this Fund. Any amounts in the Fund not
currently | 14 | | needed to meet the obligations of the Fund shall be invested as
| 15 | | provided by law, or used by the Authority to make direct loans | 16 | | or originate or purchase loan participations under subsections | 17 | | (i) or (r) of Section 801-40. All and all interest earned from | 18 | | these investments shall be
deposited into the Fund until the | 19 | | Fund reaches the maximum amounts authorized
in
this Act; | 20 | | thereafter, interest earned shall be deposited into the General
| 21 | | Revenue Fund. After September 1, 1989, annual investment | 22 | | earnings equal to 1.5%
of the Fund shall remain in the Fund to | 23 | | be used for the purposes established in
Section 830-40 of this | 24 | | Act. All earnings on direct loans or loan participations made | 25 | | by the Authority under subsections (i) or (r) of Section 801-40 | 26 | | with amounts in this Fund shall become funds of the Authority. |
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| 1 | | The Authority is authorized to transfer such
amounts
as are | 2 | | necessary to satisfy claims from available appropriations and | 3 | | from fund
balances of the Farm Emergency Assistance Fund as of | 4 | | June 30 of each year to
the
Illinois Farmer and Agribusiness | 5 | | Loan Guarantee Fund to secure State Guarantees
issued under | 6 | | this
Section,
Sections 830-30, 830-45, 830-50, and 830-55, and | 7 | | Article 835 of this Act. Amounts to be paid from the Industrial | 8 | | Project Insurance Fund created under Article 805 of this Act | 9 | | may be paid by the Authority directly to satisfy claims and | 10 | | need not be deposited first into the Illinois Farmer and | 11 | | Agribusiness Loan Guarantee Fund. If for any reason the
General | 12 | | Assembly fails to make an appropriation sufficient to meet | 13 | | these
obligations, this Act shall constitute an irrevocable and | 14 | | continuing
appropriation of an amount necessary to secure | 15 | | guarantees as defaults occur and
the irrevocable and continuing | 16 | | authority for, and direction to, the State
Treasurer and the | 17 | | Comptroller to make the necessary transfers to the Illinois
| 18 | | Farmer and Agribusiness Loan Guarantee Fund, as directed by the | 19 | | Governor, out
of
the General Revenue Fund. In the event of | 20 | | default by the borrower on State
Guarantee Loans under this
| 21 | | Section,
Section 830-45,
Section 830-50, or Section 830-55, the | 22 | | lender
shall be entitled to, and the Authority shall direct | 23 | | payment on, the State
Guarantee after 90 days of delinquency. | 24 | | All payments by the Authority to satisfy
claims against the | 25 | | State Guarantee shall be made, in whole or in part, from any of | 26 | | the following funds in such order and in such amounts as the |
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| 1 | | Authority shall determine: (1) the Industrial Project | 2 | | Insurance Fund created under Article 805 of this Act (if the | 3 | | Authority exercises its discretion under subsection (j) of | 4 | | Section 805-20); (2) the Illinois Farmer and Agribusiness Loan | 5 | | Guarantee Fund; or (3) the Illinois Farmer and Agribusiness | 6 | | Loan Guarantee Fund. It shall be the responsibility of the
| 7 | | lender to proceed with the collecting and disposing of | 8 | | collateral on the State
Guarantee under this
Section,
Section | 9 | | 830-45,
Section 830-50, or Section 830-55 within 14 months of
| 10 | | the time the State Guarantee is declared delinquent. If the | 11 | | lender does not
dispose of the collateral within 14 months, the | 12 | | lender shall be liable to repay
to the State interest on the | 13 | | State Guarantee equal to the same rate that the
lender charges | 14 | | on the State Guarantee, provided that the Authority shall have
| 15 | | the authority to extend the 14-month period for a lender in the | 16 | | case of
bankruptcy or extenuating circumstances. The Fund shall | 17 | | be reimbursed for any
amounts paid under this
Section, Section | 18 | | 830-30,
Section 830-45,
Section 830-50, Section 830-55, or | 19 | | Article 835 upon liquidation
of the collateral.
The Authority, | 20 | | by resolution of the Board, may borrow sums from the Fund and
| 21 | | provide for repayment as soon as may be practical upon receipt | 22 | | of payments of
principal and interest by a borrower on State | 23 | | Guarantee Loans under this
Section, Section 830-30,
Section | 24 | | 830-45,
Section 830-50, Section 830-55, or Article 835. Money | 25 | | may be borrowed from the Fund by
the Authority for the sole | 26 | | purpose of paying certain interest costs for
borrowers |
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| 1 | | associated with selling a loan subject to a State Guarantee | 2 | | under
this
Section, Section 830-30,
Section 830-45,
Section | 3 | | 830-50, Section 830-55, or Article 835 in a secondary market as | 4 | | may be deemed
reasonable and necessary by the Authority.
| 5 | | (d) Notwithstanding the provisions of this
Section 830-35 | 6 | | with respect to the
farmers, agribusinesses, and lenders who | 7 | | may obtain State Guarantees, the
Authority may promulgate rules | 8 | | establishing the eligibility of farmers,
agribusinesses, and | 9 | | lenders to participate in the State Guarantee program and
the | 10 | | terms, standards, and procedures that will apply, when the | 11 | | Authority finds
that emergency conditions in Illinois | 12 | | agriculture have created the need for
State Guarantees pursuant | 13 | | to terms, standards, and procedures other than those
specified | 14 | | in this
Section.
| 15 | | (Source: P.A. 99-509, eff. 6-24-16.)
| 16 | | (20 ILCS 3501/830-55) | 17 | | Sec. 830-55. Working Capital Loan Guarantee Program. | 18 | | (a) The Authority is authorized to issue State Guarantees | 19 | | to lenders for loans to finance needed input costs related to | 20 | | and in connection with planting and raising agricultural crops | 21 | | and commodities in Illinois. Eligible input costs include, but | 22 | | are not limited to, fertilizer, chemicals, feed, seed, fuel, | 23 | | parts, and repairs. At the discretion of the Authority, the | 24 | | farmer, producer, or agribusiness must be able to provide the | 25 | | originating lender with a first lien on the proposed crop or |
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| 1 | | commodity to be raised and an assignment of Federal Crop | 2 | | Insurance sufficient to secure the Working Capital Loan. | 3 | | Additional collateral may be required as deemed necessary by | 4 | | the lender and the Authority. | 5 | | For the purposes of this Section, an eligible farmer, | 6 | | producer, or agribusiness is a resident of Illinois who is at | 7 | | least 18 years of age and who is a principal operator of a farm | 8 | | or land, who derives at least 50% of annual gross income from | 9 | | farming, and whose debt to asset ratio is not less than 40%. | 10 | | For the purposes of this Section, debt to asset ratio means | 11 | | current outstanding liabilities, including any debt to be | 12 | | financed or refinanced under this Section 830-55, divided by | 13 | | current outstanding assets. The Authority shall establish the | 14 | | maximum permissible debt to asset ratio based on criteria | 15 | | established by the Authority. Lenders shall apply for the State | 16 | | Guarantees on forms provided by the Authority and certify that | 17 | | the application and any other documents submitted are true and | 18 | | correct. The lender or borrower, or both in combination, shall | 19 | | pay an administrative fee as determined by the Authority. The | 20 | | applicant shall be responsible for paying any fee or charge | 21 | | involved in recording mortgages, releases, financing | 22 | | statements, insurance for secondary market issues, and any | 23 | | other similar fee or charge that the Authority may require. The | 24 | | application shall at a minimum contain the borrower's name, | 25 | | address, present credit and financial information, including | 26 | | cash flow statements, financial statements, balance sheets, |
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| 1 | | and any other information pertinent to the application, and the | 2 | | collateral to be used to secure the State Guarantee. In | 3 | | addition, the borrower must certify to the Authority that, at | 4 | | the time the State Guarantee is provided, the borrower will not | 5 | | be delinquent in the repayment of any debt. The lender must | 6 | | agree to charge a fixed or adjustable interest rate that the | 7 | | Authority determines to be below the market rate of interest | 8 | | generally available to the borrower. If both the lender and | 9 | | applicant agree, the interest rate on the State guaranteed loan | 10 | | can be converted to a fixed interest rate at any time during | 11 | | the term of the loan. State Guarantees provided under this | 12 | | Section (i) shall not exceed $250,000 per borrower, (ii) shall | 13 | | be repaid annually, and (iii) shall be subject to an annual | 14 | | review and renewal by the lender and the Authority. The State | 15 | | Guarantee may be renewed annually, for a period not to exceed 3 | 16 | | total years per State Guarantee, if the borrower meets | 17 | | financial criteria and other conditions, as established by the | 18 | | Authority. A farmer or agribusiness may use this program more | 19 | | than once provided the aggregate principal amount of State | 20 | | Guarantees under this Section to that farmer or agribusiness | 21 | | does not exceed $250,000 annually. No State Guarantee shall be | 22 | | revoked by the Authority without a 90-day notice, in writing, | 23 | | to all parties. | 24 | | (b) The Authority shall provide a State Guarantee to a | 25 | | lender if: | 26 | | (i) The borrower pays to the Authority a fee equal to |
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| 1 | | 100 basis points on the loan. | 2 | | (ii) The application provides collateral acceptable to | 3 | | the Authority that is at least equal to the State | 4 | | Guarantee. | 5 | | (iii) The lender assumes all responsibility and costs | 6 | | for pursuing legal action on collecting any loan that is | 7 | | delinquent or in default. | 8 | | (iv) The lender is at risk for the first 15% of the | 9 | | outstanding principal of the note for which the State | 10 | | Guarantee is provided. | 11 | | (c) The Illinois Agricultural Loan Guarantee Fund, the | 12 | | Illinois Farmer and Agribusiness Loan Guarantee Fund, and the | 13 | | Industrial Project Insurance Fund may be used to secure State | 14 | | Guarantees issued under this Section as provided in Section | 15 | | 830-30, Section 830-35, and subsection (j) of Section 805-20, | 16 | | respectively , or to make direct loans or purchase loan | 17 | | participations under subsections (i) or (r) of Section 801-40 . | 18 | | If the Authority exercises its discretion under subsection (j) | 19 | | of Section 805-20 to secure a State Guarantee with the | 20 | | Industrial Project Insurance Fund and also exercises its | 21 | | discretion under this subsection to secure the same State | 22 | | Guarantee with the Illinois Agricultural Loan Guarantee Fund, | 23 | | the Illinois Farmer and Agribusiness Loan Guarantee Fund, or | 24 | | both, all payments by the Authority to satisfy claims against | 25 | | the State Guarantee shall be made from the Industrial Project | 26 | | Insurance Fund, the Illinois Agricultural Loan Guarantee Fund, |
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| 1 | | or the Illinois Farmer and Agribusiness Loan Guarantee Fund, as | 2 | | applicable, in such order and in such amounts as the Authority | 3 | | shall determine. | 4 | | (d) Notwithstanding the provisions of this Section 830-55 | 5 | | with respect to the borrowers and lenders who may obtain State | 6 | | Guarantees, the Authority may promulgate rules establishing | 7 | | the eligibility of borrowers and lenders to participate in the | 8 | | State Guarantee program and the terms, standards, and | 9 | | procedures that will apply, when the Authority finds that | 10 | | emergency conditions in Illinois agriculture have created the | 11 | | need for State Guarantees pursuant to terms, standards, and | 12 | | procedures other than those specified in this Section.
| 13 | | (Source: P.A. 99-509, eff. 6-24-16.)
| 14 | | (20 ILCS 3501/845-75)
| 15 | | Sec. 845-75. Transfer of functions from previously | 16 | | existing authorities to
the Illinois Finance Authority.
| 17 | | (a) The Illinois Finance Authority created by the
Illinois | 18 | | Finance Authority Act shall succeed to, assume and exercise all
| 19 | | rights,
powers, duties and responsibilities formerly exercised | 20 | | by the following
Authorities and entities (herein called the | 21 | | "Predecessor Authorities") prior to
the abolition of the | 22 | | Predecessor Authorities by this Act:
| 23 | | The Illinois Development Finance Authority
| 24 | | The Illinois Farm Development Authority
| 25 | | The Illinois Health Facilities Authority
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| 1 | | The Illinois Educational Facilities Authority
| 2 | | The Illinois Community Development Finance Corporation
| 3 | | The Illinois Rural Bond Bank
| 4 | | The Illinois Research Park Authority
| 5 | | (b) All books, records, papers, documents and pending | 6 | | business in any way
pertaining
to the Predecessor Authorities | 7 | | are transferred to the Illinois Finance
Authority, but any | 8 | | rights or obligations of any person under any contract made
by, | 9 | | or under any rules, regulations, uniform standards, criteria | 10 | | and guidelines
established or approved by, such Predecessor | 11 | | Authorities shall be unaffected
thereby. All bonds, notes or | 12 | | other evidences of indebtedness outstanding on the
effective | 13 | | date of this Act shall be unaffected by the transfer of | 14 | | functions to
the Illinois Finance Authority. No rule, | 15 | | regulation, standard, criteria or
guideline promulgated, | 16 | | established or approved by the Predecessor Authorities
| 17 | | pursuant to an exercise of any right, power, duty or | 18 | | responsibility assumed by
and transferred to the Illinois | 19 | | Finance Authority shall be affected by this
Act,
and all such | 20 | | rules, regulations, standards, criteria and guidelines shall
| 21 | | become
those of the Illinois Finance Authority until such time | 22 | | as they are amended or
repealed by the Illinois Finance | 23 | | Authority.
| 24 | | (c) The Illinois Finance Authority may exercise all
of the | 25 | | rights,
powers, duties, and responsibilities that were | 26 | | provided for the Illinois Research Park Authority under the |
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| 1 | | provisions of the Illinois Research Park Authority Act, as the | 2 | | text of that Act existed on December 31, 2003, notwithstanding | 3 | | the fact that Public Act 88-669, which created the Illinois | 4 | | Research Park Authority Act, has been held to be | 5 | | unconstitutional as a violation of the single subject clause of | 6 | | the Illinois Constitution in People v. Olender , Docket No. | 7 | | 98932, opinion filed December 15, 2005.
| 8 | | (d) The enactment of this amendatory Act of the 100th | 9 | | General Assembly shall not affect any right accrued or | 10 | | liability incurred prior to its enactment, including the | 11 | | validity or enforceability of any prior action taken by the | 12 | | Illinois Finance Authority with respect to loans made, or loan | 13 | | participations purchased, by the Authority under subsections | 14 | | (i) or (r) of Section 801-40. | 15 | | (Source: P.A. 93-205, eff. 1-1-04; 94-960, eff. 6-27-06.)
| 16 | | Section 99. Effective date. This Act takes effect upon | 17 | | becoming law.
|
|