(20 ILCS 3510/1) (from Ch. 111 1/2, par. 8101)
Sec. 1.
Findings and declaration of policy and purpose.
The General
Assembly finds and declares that:
(a) Substantial amounts of asbestos materials were used throughout
buildings and other facilities, including landfills and other containment
and storage facilities, owned, operated, and maintained by private
institutions and public corporations during the period from 1946 to 1972
for fireproofing, soundproofing, decorative, and other purposes.
(b) Exposure to asbestos fibers and particles in the air over an
extended period of time has been linked by reputable medical and scientific
authorities to a significant increase in the incidence of disease, such as
asbestosis, bronchogenic carcinoma, mesothelioma, and other malignancies.
(c) Based upon existing scientific evidence and the long-standing widespread
and public incidence of exposure to asbestos, there is an urgent and
immediate need to finance costs of asbestos abatement projects by public
corporations and private institutions; and the financing of the costs of
asbestos abatement projects will promote the health, safety, and welfare of
the citizens of this State and offer significant economic benefits and an
improved quality of life for all citizens of this State.
(d) Authorizing the Authority to borrow money in the public and private
capital markets in order to provide funds to public corporations and
private institutions will assist those public corporations and private
institutions in carrying out asbestos abatement projects at lower overall
borrowing costs and on more favorable terms than is
otherwise available.
(e) The provisions of this Act are in the public interest, for the public
benefit, and serve a public purpose.
(Source: P.A. 86-976.)
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