Illinois General Assembly - Full Text of Public Act 096-1493

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Public Act 096-1493

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Public Act 1493 96TH GENERAL ASSEMBLY

Public Act 096-1493

SB3776 Enrolled LRB096 20865 AMC 36639 b

    AN ACT concerning finance.

    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:

    Section 1. Short title. This Act may be cited as the
Private Activity Bond Approval Act.

    Section 5. Public policy. It is the policy of this State
that in order to maintain an effective system of monitoring the
use of federal subsidies within the State, facilities within
the State proposed to be financed with bonds issued by an
issuer that does not have jurisdiction over the location of
those facilities must receive prior approval from the Governor
in accordance with this Act.

    Section 10. Definition. "Host approval" means an approval
by an applicable elected representative of a governmental unit,
for purposes of Section 147(f)(2)(A)(ii) of the Internal
Revenue Code, having jurisdiction over the area in which a
facility is located that is to be financed with bonds issued by
an issuer that does not have jurisdiction over the location of
the facility.

    Section 15. Qualifications for facility requiring host
approval.
    (a) Host approval shall not be granted unless and until the
Governor has received the items and information listed in
subsection (b) of this Section and has issued an approval as
set forth in subsection (c) of this Section.
    (b) The following items and information must be received by
the Governor:
        (1) a copy of the notice of public hearing pertaining
    to the facilities;
        (2) minutes or another official record of the public
    hearing;
        (3) the maximum stated principal amount of the bonds;
        (4) a description of the facility, including its
    location;
        (5) a description of the plan of finance;
        (6) the name of the issuer of the bonds; and
        (7) the name of the initial owner or principal user of
    the facility.
    (c) If, and only if, the Governor determines that the
facility and the items and information submitted under
subsection (b) of this Section are consistent with the laws and
public policy of the State and are in the best interest of the
State, then the Governor shall issue a written approval under
this Section authorizing the governmental unit to grant its
host approval in its discretion.

    Section 99. Effective date. This Act takes effect January
1, 2011.

Effective Date: 1/1/2011

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