Full Text of SB0057 95th General Assembly
SB0057eng 95TH GENERAL ASSEMBLY
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SB0057 Engrossed |
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LRB095 05151 RCE 25222 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by | 5 |
| changing Sections 801-10, 830-25, and 830-35 as follows:
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| (20 ILCS 3501/801-10)
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| Sec. 801-10. Definitions. The following terms, whenever | 8 |
| used or referred
to
in this Act, shall have the following | 9 |
| meanings, except in such instances where
the context may | 10 |
| clearly indicate otherwise:
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| (a) The term "Authority" means the Illinois Finance | 12 |
| Authority created by
this Act.
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| (b) The term "project" means an industrial project, housing | 14 |
| project, public
purpose project, higher education project, | 15 |
| health facility project, cultural
institution project, | 16 |
| agricultural facility or agribusiness, and "project" may
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| include any combination of one or more of the foregoing | 18 |
| undertaken jointly by
any person with one or more other | 19 |
| persons.
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| (c) The term "public purpose project" means any project or | 21 |
| facility
including
without limitation land, buildings, | 22 |
| structures, machinery, equipment and all
other real and | 23 |
| personal property, which is authorized or required by law to be
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| acquired, constructed, improved, rehabilitated, reconstructed, | 2 |
| replaced or
maintained by any unit of government or any other | 3 |
| lawful public purpose which
is authorized or required by law to | 4 |
| be undertaken by any unit of government.
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| (d) The term "industrial project" means the acquisition, | 6 |
| construction,
refurbishment, creation, development or | 7 |
| redevelopment of any facility,
equipment, machinery, real | 8 |
| property or personal property for use by any
instrumentality of | 9 |
| the State or its political subdivisions, for use by any
person | 10 |
| or institution, public or private, for profit or not for | 11 |
| profit, or for
use in any trade or business including, but not | 12 |
| limited to, any industrial,
manufacturing or commercial | 13 |
| enterprise and which is (1) a capital project
including but not | 14 |
| limited to: (i) land and any rights therein, one or more
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| buildings, structures or other improvements, machinery and | 16 |
| equipment, whether
now existing or hereafter acquired, and | 17 |
| whether or not located on the same site
or sites; (ii) all | 18 |
| appurtenances and facilities incidental to the foregoing,
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| including, but not limited to utilities, access roads, railroad | 20 |
| sidings, track,
docking and similar facilities, parking | 21 |
| facilities, dockage, wharfage, railroad
roadbed, track, | 22 |
| trestle, depot, terminal, switching and signaling or related
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| equipment, site preparation and landscaping; and (iii) all | 24 |
| non-capital costs
and expenses relating thereto or (2) any | 25 |
| addition to, renovation,
rehabilitation or
improvement of a | 26 |
| capital project or (3) any activity or undertaking which the
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| Authority determines will aid, assist or encourage economic | 2 |
| growth, development
or redevelopment within the State or any | 3 |
| area thereof, will promote the
expansion, retention or | 4 |
| diversification of employment opportunities within the
State | 5 |
| or any area thereof or will aid in stabilizing or developing | 6 |
| any industry
or economic sector of the State economy. The term | 7 |
| "industrial project" also
means the production of motion | 8 |
| pictures.
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| (e) The term "bond" or "bonds" shall include bonds, notes | 10 |
| (including bond,
grant or revenue anticipation notes), | 11 |
| certificates and/or other evidences of
indebtedness | 12 |
| representing an obligation to pay money, including refunding
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| bonds.
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| (f) The terms "lease agreement" and "loan agreement" shall | 15 |
| mean: (i) an
agreement whereby a project acquired by the | 16 |
| Authority by purchase, gift or
lease
is leased to any person, | 17 |
| corporation or unit of local government which will use
or cause | 18 |
| the project to be used as a project as heretofore defined upon | 19 |
| terms
providing for lease rental payments at least sufficient | 20 |
| to pay when due all
principal of, interest and premium, if any, | 21 |
| on any bonds of the Authority
issued
with respect to such | 22 |
| project, providing for the maintenance, insuring and
operation | 23 |
| of the project on terms satisfactory to the Authority, | 24 |
| providing for
disposition of the project upon termination of | 25 |
| the lease term, including
purchase options or abandonment of | 26 |
| the premises, and such other terms as may be
deemed desirable |
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| by the Authority, or (ii) any agreement pursuant to which the
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| Authority agrees to loan the proceeds of its bonds issued with | 3 |
| respect to a
project or other funds of the Authority to any | 4 |
| person which will use or cause
the project to be used as a | 5 |
| project as heretofore defined upon terms providing
for loan | 6 |
| repayment installments at least sufficient to pay when due all
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| principal of, interest and premium, if any, on any bonds of the | 8 |
| Authority, if
any, issued with respect to the project, and | 9 |
| providing for maintenance,
insurance and other matters as may | 10 |
| be deemed desirable by the Authority.
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| (g) The term "financial aid" means the expenditure of | 12 |
| Authority funds or
funds provided by the Authority through the | 13 |
| issuance of its bonds, notes or
other
evidences of indebtedness | 14 |
| or from other sources for the development,
construction, | 15 |
| acquisition or improvement of a project.
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| (h) The term "person" means an individual, corporation, | 17 |
| unit of government,
business trust, estate, trust, partnership | 18 |
| or association, 2 or more persons
having a joint or common | 19 |
| interest, or any other legal entity.
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| (i) The term "unit of government" means the federal | 21 |
| government, the State or
unit of local government, a school | 22 |
| district, or any agency or instrumentality,
office, officer, | 23 |
| department, division, bureau, commission, college or
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| university thereof.
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| (j) The term "health facility" means: (a) any public or | 26 |
| private institution,
place, building, or agency required to be |
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| licensed under the Hospital Licensing
Act; (b) any public or | 2 |
| private institution, place, building, or agency required
to be | 3 |
| licensed under the Nursing Home Care Act; (c)
any public or | 4 |
| licensed private hospital as defined in the Mental Health and
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| Developmental Disabilities Code; (d) any such facility | 6 |
| exempted from such
licensure when the Director of Public Health | 7 |
| attests that such exempted
facility
meets the statutory | 8 |
| definition of a facility subject to licensure; (e) any
other
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| public or private health service institution, place, building, | 10 |
| or agency which
the Director of Public Health attests is | 11 |
| subject to certification by the
Secretary, U.S. Department of | 12 |
| Health and Human Services under the Social
Security Act, as now | 13 |
| or hereafter amended, or which the Director of Public
Health | 14 |
| attests is subject to standard-setting by a recognized public | 15 |
| or
voluntary accrediting or standard-setting agency; (f) any | 16 |
| public or private
institution, place, building or agency | 17 |
| engaged in providing one or more
supporting services to a | 18 |
| health facility; (g) any public or private
institution,
place, | 19 |
| building or agency engaged in providing training in the healing | 20 |
| arts,
including but not limited to schools of medicine, | 21 |
| dentistry, osteopathy,
optometry, podiatry, pharmacy or | 22 |
| nursing, schools for the training of x-ray,
laboratory or other | 23 |
| health care technicians and schools for the training of
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| para-professionals in the health care field; (h) any public or | 25 |
| private
congregate, life or extended care or elderly housing | 26 |
| facility or any public or
private home for the aged or infirm, |
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| including, without limitation, any
Facility as defined in the | 2 |
| Life Care Facilities Act; (i) any public or private
mental, | 3 |
| emotional or physical rehabilitation facility or any public or | 4 |
| private
educational, counseling, or rehabilitation facility or | 5 |
| home, for those persons
with a developmental disability, those | 6 |
| who are physically ill or disabled, the
emotionally disturbed, | 7 |
| those persons with a mental illness or persons with
learning or | 8 |
| similar disabilities or problems; (j) any public or private
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| alcohol, drug or substance abuse diagnosis, counseling | 10 |
| treatment or
rehabilitation
facility, (k) any public or private | 11 |
| institution, place, building or agency
licensed by the | 12 |
| Department of Children and Family Services or which is not so
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| licensed but which the Director of Children and Family Services | 14 |
| attests
provides child care, child welfare or other services of | 15 |
| the type provided by
facilities
subject to such licensure; (l) | 16 |
| any public or private adoption agency or
facility; and (m) any | 17 |
| public or private blood bank or blood center. "Health
facility" | 18 |
| also means a public or private structure or structures suitable
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| primarily for use as a laboratory, laundry, nurses or interns | 20 |
| residence or
other housing or hotel facility used in whole or | 21 |
| in part for staff, employees
or
students and their families, | 22 |
| patients or relatives of patients admitted for
treatment or | 23 |
| care in a health facility, or persons conducting business with | 24 |
| a
health facility, physician's facility, surgicenter, | 25 |
| administration building,
research facility, maintenance, | 26 |
| storage or utility facility and all structures
or facilities |
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| related to any of the foregoing or required or useful for the
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| operation of a health facility, including parking or other | 3 |
| facilities or other
supporting service structures required or | 4 |
| useful for the orderly conduct of
such health facility.
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| (k) The term "participating health institution" means a | 6 |
| private corporation
or association or public entity of this | 7 |
| State, authorized by the laws of this
State to provide or | 8 |
| operate a health facility as defined in this Act and which,
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| pursuant to the provisions of this Act, undertakes the | 10 |
| financing, construction
or acquisition of a project or | 11 |
| undertakes the refunding or refinancing of
obligations, loans, | 12 |
| indebtedness or advances as provided in this Act.
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| (l) The term "health facility project", means a specific | 14 |
| health facility
work
or improvement to be financed or | 15 |
| refinanced (including without limitation
through reimbursement | 16 |
| of prior expenditures), acquired, constructed, enlarged,
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| remodeled, renovated, improved, furnished, or equipped, with | 18 |
| funds provided in
whole or in part hereunder, any accounts | 19 |
| receivable, working capital, liability
or insurance cost or | 20 |
| operating expense financing or refinancing program of a
health | 21 |
| facility with or involving funds provided in whole or in part | 22 |
| hereunder,
or any combination thereof.
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| (m) The term "bond resolution" means the resolution or | 24 |
| resolutions
authorizing the issuance of, or providing terms and | 25 |
| conditions related to,
bonds issued
under this Act and | 26 |
| includes, where appropriate, any trust agreement, trust
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SB0057 Engrossed |
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LRB095 05151 RCE 25222 b |
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| indenture, indenture of mortgage or deed of trust providing | 2 |
| terms and
conditions for such bonds.
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| (n) The term "property" means any real, personal or mixed | 4 |
| property, whether
tangible or intangible, or any interest | 5 |
| therein, including, without limitation,
any real estate, | 6 |
| leasehold interests, appurtenances, buildings, easements,
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| equipment, furnishings, furniture, improvements, machinery, | 8 |
| rights of way,
structures, accounts, contract rights or any | 9 |
| interest therein.
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| (o) The term "revenues" means, with respect to any project, | 11 |
| the rents, fees,
charges, interest, principal repayments, | 12 |
| collections and other income or profit
derived therefrom.
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| (p) The term "higher education project" means, in the case | 14 |
| of a private
institution of higher education, an educational | 15 |
| facility to be acquired,
constructed, enlarged, remodeled, | 16 |
| renovated, improved, furnished, or equipped,
or any | 17 |
| combination thereof.
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| (q) The term "cultural institution project" means, in the | 19 |
| case of a cultural
institution, a cultural facility to be | 20 |
| acquired, constructed, enlarged,
remodeled, renovated, | 21 |
| improved, furnished, or equipped, or any combination
thereof.
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| (r) The term "educational facility" means any property | 23 |
| located within the
State
constructed or acquired before or | 24 |
| after the effective date of this Act, which
is
or will be, in | 25 |
| whole or in part, suitable for the instruction, feeding,
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| recreation or housing of students, the conducting of research |
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LRB095 05151 RCE 25222 b |
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| or other work of
a
private institution of higher education, the | 2 |
| use by a private institution of
higher education in connection | 3 |
| with any educational, research or related or
incidental | 4 |
| activities then being or to be conducted by it, or any | 5 |
| combination
of the foregoing, including, without limitation, | 6 |
| any such property suitable for
use as or in connection with any | 7 |
| one or more of the following: an academic
facility, | 8 |
| administrative facility, agricultural facility, assembly hall,
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| athletic facility, auditorium, boating facility, campus, | 10 |
| communication
facility,
computer facility, continuing | 11 |
| education facility, classroom, dining hall,
dormitory, | 12 |
| exhibition hall, fire fighting facility, fire prevention | 13 |
| facility,
food service and preparation facility, gymnasium, | 14 |
| greenhouse, health care
facility, hospital, housing, | 15 |
| instructional facility, laboratory, library,
maintenance | 16 |
| facility, medical facility, museum, offices, parking area,
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| physical education facility, recreational facility, research | 18 |
| facility, stadium,
storage facility, student union, study | 19 |
| facility, theatre or utility.
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| (s) The term "cultural facility" means any property located | 21 |
| within the State
constructed or acquired before or after the | 22 |
| effective date of this Act, which
is or will be, in whole or in | 23 |
| part, suitable for the particular purposes or
needs
of a | 24 |
| cultural institution, including, without limitation, any such | 25 |
| property
suitable for use as or in connection with any one or | 26 |
| more of the following: an
administrative facility, aquarium, |
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| assembly hall, auditorium, botanical garden,
exhibition hall, | 2 |
| gallery, greenhouse, library, museum, scientific laboratory,
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| theater or zoological facility, and shall also include, without | 4 |
| limitation,
books, works of art or music, animal, plant or | 5 |
| aquatic life or other items for
display, exhibition or | 6 |
| performance. The term "cultural facility" includes
buildings | 7 |
| on the National Register of Historic Places which are owned or
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| operated by nonprofit entities.
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| (t) "Private institution of higher education" means a | 10 |
| not-for-profit
educational institution which is not owned by | 11 |
| the State or any political
subdivision, agency, | 12 |
| instrumentality, district or municipality thereof, which
is
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| authorized by law to provide a program of education beyond the | 14 |
| high school
level
and which:
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| (1) Admits as regular students only individuals having | 16 |
| a
certificate of graduation from a high school, or the | 17 |
| recognized equivalent of
such a certificate;
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| (2) Provides an educational program for which it awards | 19 |
| a
bachelor's degree, or provides an educational program, | 20 |
| admission into which is
conditioned upon the prior | 21 |
| attainment of a bachelor's degree or its equivalent,
for | 22 |
| which it awards a postgraduate degree, or provides not less | 23 |
| than a 2-year
program which is acceptable for full credit | 24 |
| toward such a degree, or offers a
2-year program in | 25 |
| engineering, mathematics, or the physical or biological
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| sciences
which is designed to prepare the student to work |
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| as a technician and at a
semiprofessional level in | 2 |
| engineering, scientific, or other technological
fields
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| which require the understanding and application of basic | 4 |
| engineering,
scientific, or mathematical principles or | 5 |
| knowledge;
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| (3) Is accredited by a nationally recognized | 7 |
| accrediting agency or
association or, if not so accredited, | 8 |
| is an institution whose credits are
accepted, on transfer, | 9 |
| by not less than 3 institutions which are so accredited,
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| for credit on the same basis as if transferred from an | 11 |
| institution so
accredited, and holds an unrevoked | 12 |
| certificate of approval under the Private
College Act from | 13 |
| the Board of Higher Education, or is qualified as a
"degree | 14 |
| granting institution" under the Academic Degree Act; and
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| (4) Does not discriminate in the admission of students | 16 |
| on the basis
of race or color.
"Private institution of | 17 |
| higher education" also includes any "academic
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| institution".
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| (u) The term "academic institution" means any | 20 |
| not-for-profit institution
which
is not owned by the State or | 21 |
| any political subdivision, agency,
instrumentality,
district | 22 |
| or municipality thereof, which institution engages in, or | 23 |
| facilitates
academic, scientific, educational or professional | 24 |
| research or learning in a
field or fields of study taught at a | 25 |
| private institution of higher education.
Academic institutions | 26 |
| include, without limitation, libraries, archives,
academic, |
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| scientific, educational or professional societies, | 2 |
| institutions,
associations or foundations having such | 3 |
| purposes.
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| (v) The term "cultural institution" means any | 5 |
| not-for-profit institution
which
is not owned by the State or | 6 |
| any political subdivision, agency,
instrumentality,
district | 7 |
| or municipality thereof, which institution engages in the | 8 |
| cultural,
intellectual, scientific, educational or artistic | 9 |
| enrichment of the people of
the State. Cultural institutions | 10 |
| include, without limitation, aquaria,
botanical societies, | 11 |
| historical societies, libraries, museums, performing arts
| 12 |
| associations or societies, scientific societies and zoological | 13 |
| societies.
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| (w) The term "affiliate" means, with respect to financing | 15 |
| of an agricultural
facility or an agribusiness, any lender, any | 16 |
| person, firm or corporation
controlled by, or under common | 17 |
| control with, such lender, and any person, firm
or corporation | 18 |
| controlling such lender.
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| (x) The term "agricultural facility" means land, any | 20 |
| building or other
improvement thereon or thereto, and any | 21 |
| personal properties deemed necessary or
suitable for use, | 22 |
| whether or not now in existence, in farming, ranching, the
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| production of agricultural commodities (including, without | 24 |
| limitation, the
products of aquaculture, hydroponics and | 25 |
| silviculture) or the treating,
processing or storing of such | 26 |
| agricultural commodities when such activities are
customarily |
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| engaged in by farmers as a part of farming.
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| (y) The term "lender" with respect to financing of an | 3 |
| agricultural facility
or an agribusiness, means any federal or | 4 |
| State chartered bank, Federal Land
Bank,
Production Credit | 5 |
| Association, Bank for Cooperatives, federal or State
chartered | 6 |
| savings and loan association or building and loan association, | 7 |
| Small
Business
Investment Company or any other institution | 8 |
| qualified within this State to
originate and service loans, | 9 |
| including, but without limitation to, insurance
companies, | 10 |
| credit unions and mortgage loan companies. "Lender" also means | 11 |
| a
wholly owned subsidiary of a manufacturer, seller or | 12 |
| distributor of goods or
services that makes loans to businesses | 13 |
| or individuals, commonly known as a
"captive finance company".
| 14 |
| (z) The term "agribusiness" means any sole proprietorship, | 15 |
| limited
partnership, co-partnership, joint venture, | 16 |
| corporation or cooperative which
operates or will operate a | 17 |
| facility located within the State of Illinois that
is related | 18 |
| to the
processing of agricultural commodities (including, | 19 |
| without limitation, the
products of aquaculture, hydroponics | 20 |
| and silviculture) or the manufacturing,
production or | 21 |
| construction of agricultural buildings, structures, equipment,
| 22 |
| implements, and supplies, or any other facilities or processes | 23 |
| used in
agricultural production. Agribusiness includes but is | 24 |
| not limited to the
following:
| 25 |
| (1) grain handling and processing, including grain | 26 |
| storage,
drying, treatment, conditioning, mailing and |
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| packaging;
| 2 |
| (2) seed and feed grain development and processing;
| 3 |
| (3) fruit and vegetable processing, including | 4 |
| preparation, canning
and packaging;
| 5 |
| (4) processing of livestock and livestock products, | 6 |
| dairy products,
poultry and poultry products, fish or | 7 |
| apiarian products, including slaughter,
shearing, | 8 |
| collecting, preparation, canning and packaging;
| 9 |
| (5) fertilizer and agricultural chemical | 10 |
| manufacturing,
processing, application and supplying;
| 11 |
| (6) farm machinery, equipment and implement | 12 |
| manufacturing and
supplying;
| 13 |
| (7) manufacturing and supplying of agricultural | 14 |
| commodity
processing machinery and equipment, including | 15 |
| machinery and equipment used in
slaughter, treatment, | 16 |
| handling, collecting, preparation, canning or packaging
of | 17 |
| agricultural commodities;
| 18 |
| (8) farm building and farm structure manufacturing, | 19 |
| construction
and supplying;
| 20 |
| (9) construction, manufacturing, implementation, | 21 |
| supplying or
servicing of irrigation, drainage and soil and | 22 |
| water conservation devices or
equipment;
| 23 |
| (10) fuel processing and development facilities that | 24 |
| produce fuel
from one or more of the following sources: (i)
| 25 |
| agricultural commodities or byproducts ; (ii) vegetable | 26 |
| oils, including but not limited to soybean oils, or animal |
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| fats; or (iii) biomass feedstocks, including but not | 2 |
| limited to agricultural plant wastes, plant wastes from | 3 |
| industrial processes, and energy crops grown specifically | 4 |
| for fuel production, including but not limited to | 5 |
| switchgrass ;
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| (11) facilities and equipment for processing and | 7 |
| packaging
agricultural commodities specifically for | 8 |
| export;
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| (12) facilities and equipment for forestry product | 10 |
| processing and
supplying, including sawmilling operations, | 11 |
| wood chip operations, timber
harvesting operations, and | 12 |
| manufacturing of prefabricated buildings, paper,
furniture | 13 |
| or other goods from forestry products;
| 14 |
| (13) facilities and equipment for research and | 15 |
| development of
products, processes and equipment for the | 16 |
| production, processing, preparation
or packaging of | 17 |
| agricultural commodities and byproducts.
| 18 |
| (z-1) The term "energy-related agribusiness" means any | 19 |
| sole proprietorship, limited partnership, co-partnership, | 20 |
| joint venture, corporation, or cooperative that operates or | 21 |
| will operate a facility located within the State of Illinois | 22 |
| that is described in clause (10) of the definition of | 23 |
| agribusiness.
| 24 |
| (aa) The term "asset" with respect to financing of any | 25 |
| agricultural facility
or
any agribusiness, means, but is not | 26 |
| limited to the following: cash crops or
feed on hand; livestock |
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| held for sale; breeding stock; marketable bonds and
securities; | 2 |
| securities not readily marketable; accounts receivable; notes
| 3 |
| receivable; cash invested in growing crops; net cash value of | 4 |
| life insurance;
machinery and equipment; cars and trucks; farm | 5 |
| and other real estate including
life estates and personal | 6 |
| residence; value of beneficial interests in trusts;
government | 7 |
| payments or grants; and any other assets.
| 8 |
| (bb) The term "liability" with respect to financing of any | 9 |
| agricultural
facility or any agribusiness shall include, but | 10 |
| not be limited to the
following:
accounts payable; notes or | 11 |
| other indebtedness owed to any source; taxes; rent;
amounts | 12 |
| owed on real estate contracts or real estate mortgages; | 13 |
| judgments;
accrued interest payable; and any other liability.
| 14 |
| (cc) The term "Predecessor Authorities" means those | 15 |
| authorities as described
in Section 845-75.
| 16 |
| (dd) The term "housing project" means a specific work or | 17 |
| improvement
undertaken
to provide residential dwelling | 18 |
| accommodations, including the acquisition,
construction or | 19 |
| rehabilitation of lands, buildings and community facilities | 20 |
| and
in connection therewith to provide nonhousing facilities | 21 |
| which are part of the
housing project, including land, | 22 |
| buildings, improvements, equipment and all
ancillary | 23 |
| facilities for use for offices, stores, retirement homes, | 24 |
| hotels,
financial institutions, service, health care, | 25 |
| education, recreation or research
establishments, or any other | 26 |
| commercial purpose which are or are to be related
to a housing |
|
|
|
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| 1 |
| development.
| 2 |
| (Source: P.A. 93-205, eff. 1-1-04; 93-1101, eff. 3-31-05.)
| 3 |
| (20 ILCS 3501/830-25)
| 4 |
| Sec. 830-25. Bonded indebtedness limitation. The Authority | 5 |
| shall not have
outstanding at any one time State Guarantees | 6 |
| under
Section 830-30 in an aggregate
principal amount exceeding | 7 |
| $160,000,000. The Authority shall not have
outstanding at any | 8 |
| one time State Guarantees under
Sections 830-35, 830-45 and | 9 |
| 830-50 , other than State Guarantees under Section 830-35 for | 10 |
| energy-related agribusiness, in an aggregate principal amount | 11 |
| exceeding
$75,000,000. The Authority shall not have | 12 |
| outstanding at any one time State Guarantees under Section | 13 |
| 830-35 for energy-related agribusinesses in an aggregate | 14 |
| principal amount exceeding $340,000,000.
| 15 |
| (Source: P.A. 93-205, eff. 1-1-04.)
| 16 |
| (20 ILCS 3501/830-35)
| 17 |
| Sec. 830-35. State Guarantees for loans to farmers and | 18 |
| agribusiness;
eligibility.
| 19 |
| (a) The Authority is authorized to issue State Guarantees | 20 |
| to lenders for
loans
to eligible farmers and agribusinesses , | 21 |
| including energy-related agribusinesses, for purposes set | 22 |
| forth in this
Section.
For purposes of this
Section, an | 23 |
| eligible farmer shall be a resident of Illinois
(i) who is | 24 |
| principal operator of a farm or land, at least 50% of whose |
|
|
|
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| 1 |
| annual
gross income is derived from farming, (ii) whose annual | 2 |
| total sales of
agricultural products, commodities, or | 3 |
| livestock exceeds $20,000, and (iii)
whose net worth does not | 4 |
| exceed $500,000. An eligible agribusiness shall be
that as | 5 |
| defined in
Section 801-10 of this Act.
The Authority may | 6 |
| approve applications by farmers and agribusinesses that
| 7 |
| promote diversification of the farm economy of this State | 8 |
| through the growth
and
development of new crops or livestock | 9 |
| not customarily grown or produced in this
State or that | 10 |
| emphasize a vertical integration of grain or livestock produced
| 11 |
| or
raised in this State into a finished agricultural product | 12 |
| for consumption or
use. The Authority may approve applications | 13 |
| by energy-related agribusinesses that help replace the State's | 14 |
| dependence on foreign oil with homegrown alternatives and | 15 |
| provide alternatives to the high cost of gasoline, stabilize | 16 |
| energy prices, or give Illinois farmers new markets for their | 17 |
| crops. "New crops or livestock not customarily grown or | 18 |
| produced in this State"
shall not include corn, soybeans, | 19 |
| wheat, swine, or beef or dairy cattle.
"Vertical integration of | 20 |
| grain or livestock produced or raised in this State"
shall | 21 |
| include any new or existing grain or livestock grown or | 22 |
| produced in this
State.
Lenders shall apply for the State | 23 |
| Guarantees on forms provided by the
Authority,
certify that the | 24 |
| application and any other documents submitted are true and
| 25 |
| correct, and pay an administrative fee as determined by the | 26 |
| Authority. The
applicant shall be responsible for paying any |
|
|
|
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| 1 |
| fees or charges involved in
recording mortgages, releases, | 2 |
| financing statements, insurance for secondary
market issues | 3 |
| and any other similar fees or charges as the Authority may
| 4 |
| require. The application shall at a minimum contain the | 5 |
| farmer's or
agribusiness' name, address, present credit and | 6 |
| financial information,
including cash flow statements, | 7 |
| financial statements, balance sheets, and any
other
| 8 |
| information pertinent to the application, and the collateral to | 9 |
| be used to
secure the State Guarantee. In addition, the lender | 10 |
| must agree to charge an
interest rate, which may vary, on the | 11 |
| loan that the Authority determines to be
below the market rate | 12 |
| of interest generally available to the borrower. If both
the | 13 |
| lender and applicant agree, the interest rate on the State | 14 |
| Guarantee Loan
can be converted to a fixed interest rate at any | 15 |
| time during the term of the
loan.
Except for State Guarantees | 16 |
| for energy-related agribusinesses, any
Any State Guarantees | 17 |
| provided under this
Section (i) shall not exceed $500,000
per | 18 |
| farmer or an amount as determined by the Authority on a | 19 |
| case-by-case
basis for an agribusiness, (ii) shall not exceed a | 20 |
| term of 15 years, and (iii)
shall be subject to an annual | 21 |
| review and renewal by the lender and the
Authority; provided | 22 |
| that only one such State Guarantee shall be made per farmer
or | 23 |
| agribusiness, except that additional State Guarantees may be | 24 |
| made for
purposes of expansion of projects financed in part by | 25 |
| a previously issued State
Guarantee. State Guarantees for any | 26 |
| energy-related agribusinesses shall not exceed $10,000,000 for |
|
|
|
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LRB095 05151 RCE 25222 b |
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| 1 |
| any one project; provided that State Guarantees for any | 2 |
| energy-related agribusiness that is classified as a bio-diesel | 3 |
| project shall not exceed $20,000,000 for any one project. State | 4 |
| Guarantees for any energy-related agribusiness shall not | 5 |
| exceed a term of 10 years. State Guarantees for any | 6 |
| energy-related agribusiness shall be subject to review and | 7 |
| renewal by the lender and the Authority, as frequently as | 8 |
| determined by the Authority, provided that such review and | 9 |
| renewal shall occur at least every 3 years. Only one State | 10 |
| Guarantee shall be made for any energy-related agribusiness at | 11 |
| a particular site or location. No State Guarantee shall be | 12 |
| revoked by the Authority without a
90-day notice, in writing, | 13 |
| to all parties. The lender shall not call due any
loan
for any | 14 |
| reason except for lack of performance, insufficient | 15 |
| collateral, or
maturity. A lender may review and withdraw or | 16 |
| continue with a State Guarantee
on an annual basis after the | 17 |
| first 5 years following closing of the loan
application if the | 18 |
| loan contract provides for an interest rate that shall not
| 19 |
| vary. A lender shall not withdraw a State Guarantee if the loan | 20 |
| contract
provides for an interest rate that may vary, except | 21 |
| for reasons set forth
herein.
| 22 |
| (b) The Authority shall provide or renew a State Guarantee | 23 |
| to a lender if:
| 24 |
| (i) A fee equal to 25 basis points on the loan is paid | 25 |
| to the Authority on
an annual
basis by the lender.
| 26 |
| (ii) The application provides collateral acceptable to |
|
|
|
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| the
Authority that is at least equal to the State's portion | 2 |
| of the Guarantee to be
provided.
| 3 |
| (iii) The lender assumes all responsibility and costs | 4 |
| for pursuing
legal action on collecting any loan that is | 5 |
| delinquent or in default.
| 6 |
| (iv) The
lender is responsible for the first 15% of the | 7 |
| outstanding principal of the
note
for which the State | 8 |
| Guarantee has been applied.
| 9 |
| (c) There is hereby created outside of the State treasury a | 10 |
| special fund to
be
known as the Illinois Farmer and | 11 |
| Agribusiness Loan Guarantee Fund. The State
Treasurer shall be | 12 |
| custodian of this Fund. Any amounts in the Fund not
currently | 13 |
| needed to meet the obligations of the Fund shall be invested as
| 14 |
| provided by law, and all interest earned from these investments | 15 |
| shall be
deposited into the Fund until the Fund reaches the | 16 |
| maximum amounts authorized
in
this Act; thereafter, interest | 17 |
| earned shall be deposited into the General
Revenue Fund. After | 18 |
| September 1, 1989, annual investment earnings equal to 1.5%
of | 19 |
| the Fund shall remain in the Fund to be used for the purposes | 20 |
| established in
Section 830-40 of this Act. The Authority is | 21 |
| authorized to transfer such
amounts
as are necessary to satisfy | 22 |
| claims from available appropriations and from fund
balances of | 23 |
| the Farm Emergency Assistance Fund as of June 30 of each year | 24 |
| to
the
Illinois Farmer and Agribusiness Loan Guarantee Fund to | 25 |
| secure State Guarantees
issued under this
Section and
Sections | 26 |
| 830-45 and 830-50. If for any reason the
General Assembly fails |
|
|
|
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LRB095 05151 RCE 25222 b |
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| 1 |
| to make an appropriation sufficient to meet these
obligations, | 2 |
| this Act shall constitute an irrevocable and continuing
| 3 |
| appropriation of an amount necessary to secure guarantees as | 4 |
| defaults occur and
the irrevocable and continuing authority | 5 |
| for, and direction to, the State
Treasurer and the Comptroller | 6 |
| to make the necessary transfers to the Illinois
Farmer and | 7 |
| Agribusiness Loan Guarantee Fund, as directed by the Governor, | 8 |
| out
of
the General Revenue Fund. In the event of default by the | 9 |
| borrower on State
Guarantee Loans under this
Section,
Section | 10 |
| 830-45 or
Section 830-50, the lender
shall be entitled to, and | 11 |
| the Authority shall direct payment on, the State
Guarantee | 12 |
| after 90 days of delinquency. All payments by the Authority | 13 |
| shall be
made from the Illinois Farmer and Agribusiness Loan | 14 |
| Guarantee Fund to satisfy
claims against the State Guarantee. | 15 |
| It shall be the responsibility of the
lender to proceed with | 16 |
| the collecting and disposing of collateral on the State
| 17 |
| Guarantee under this
Section,
Section 830-45 or
Section 830-50 | 18 |
| within 14 months of
the time the State Guarantee is declared | 19 |
| delinquent. If the lender does not
dispose of the collateral | 20 |
| within 14 months, the lender shall be liable to repay
to the | 21 |
| State interest on the State Guarantee equal to the same rate | 22 |
| that the
lender charges on the State Guarantee, provided that | 23 |
| the Authority shall have
the authority to extend the 14-month | 24 |
| period for a lender in the case of
bankruptcy or extenuating | 25 |
| circumstances. The Fund shall be reimbursed for any
amounts | 26 |
| paid under this
Section,
Section 830-45 or
Section 830-50 upon |
|
|
|
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| 1 |
| liquidation
of the collateral.
The Authority, by resolution of | 2 |
| the Board, may borrow sums from the Fund and
provide for | 3 |
| repayment as soon as may be practical upon receipt of payments | 4 |
| of
principal and interest by a borrower on State Guarantee | 5 |
| Loans under this
Section,
Section 830-45 or
Section 830-50. | 6 |
| Money may be borrowed from the Fund by
the Authority for the | 7 |
| sole purpose of paying certain interest costs for
borrowers | 8 |
| associated with selling a loan subject to a State Guarantee | 9 |
| under
this
Section,
Section 830-45 or
Section 830-50 in a | 10 |
| secondary market as may be deemed
reasonable and necessary by | 11 |
| the Authority.
| 12 |
| (d) Notwithstanding the provisions of this
Section 830-35 | 13 |
| with respect to the
farmers, agribusinesses, and lenders who | 14 |
| may obtain State Guarantees, the
Authority may promulgate rules | 15 |
| establishing the eligibility of farmers,
agribusinesses, and | 16 |
| lenders to participate in the State Guarantee program and
the | 17 |
| terms, standards, and procedures that will apply, when the | 18 |
| Authority finds
that emergency conditions in Illinois | 19 |
| agriculture have created the need for
State Guarantees pursuant | 20 |
| to terms, standards, and procedures other than those
specified | 21 |
| in this
Section.
| 22 |
| (Source: P.A. 93-205, eff. 1-1-04.)
|
|