Illinois General Assembly - Full Text of Public Act 096-0817
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Public Act 096-0817


 

Public Act 0817 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0817
 
SB0390 Enrolled LRB096 06421 RCE 16505 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Finance Authority Act is amended by
changing Sections 825-65, 825-70, and 825-75 as follows:
 
    (20 ILCS 3501/825-65)
    Sec. 825-65. Clean Coal, Coal, Energy Efficiency, and
Renewable Energy Project Financing.
    (a) Findings and declaration of policy.
        (i) It is hereby found and declared that Illinois has
    abundant coal resources and, in some areas of Illinois, the
    demand for power exceeds the generating capacity.
    Incentives to encourage the construction of coal-fueled
    electric generating plants in Illinois to ensure power
    generating capacity into the future and to advance clean
    coal technology and the use of Illinois coal are in the
    best interests of all of the citizens of Illinois.
        (ii) It is further found and declared that Illinois has
    abundant potential and resources to develop renewable
    energy resource projects and that there are many
    opportunities to invest in cost-effective energy
    efficiency projects throughout the State. The development
    of those projects will create jobs and investment as well
    as decrease environmental impacts and promote energy
    independence in Illinois. Accordingly, the development of
    those projects is in the best interests of all of the
    citizens of Illinois.
        (iii) The Authority is authorized to issue bonds to
    help finance Clean Coal, Coal, Energy Efficiency, and
    Renewable Energy projects pursuant to this Section.
    (b) Definitions.
        (i) "Clean Coal Project" means (A) "clean coal
    facility", as defined in Section 1-10 of the Illinois Power
    Agency Act; (B) "clean coal SNG facility", as defined in
    Section 1-10 of the Illinois Power Agency Act; (C)
    transmission lines and associated equipment that transfer
    electricity from points of supply to points of delivery for
    projects described in this subsection (b); (D) pipelines or
    other methods to transfer carbon dioxide from the point of
    production to the point of storage or sequestration for
    projects described in this subsection (b); or (E) projects
    to provide carbon abatement technology for existing
    generating facilities.
        (ii) "Coal Project" means new electric generating
    facilities or new gasification facilities, as defined in
    Section 605-332 of the Department of Commerce and Economic
    Opportunity Law of the Civil Administrative Code of
    Illinois, which may include mine-mouth power plants,
    projects that employ the use of clean coal technology,
    projects to provide scrubber technology for existing
    energy generating plants, or projects to provide electric
    transmission facilities or new gasification facilities.
        (iii) “Energy Efficiency Project” means measures that
    reduce the amount of electricity or natural gas required to
    achieve a given end use, consistent with Section 1-10 of
    the Illinois Power Agency Act.
        (iv) "Renewable Energy Project" means (A) a project
    that uses renewable energy resources, as defined in Section
    1-10 of the Illinois Power Agency Act; (B) a project that
    uses environmentally preferable technologies and practices
    that result in improvements to the production of renewable
    fuels, including but not limited to, cellulosic
    conversion, water and energy conservation, fractionation,
    alternative feedstocks, or reduced green house gas
    emissions; (C) transmission lines and associated equipment
    that transfer electricity from points of supply to points
    of delivery for projects described in this subsection (b);
    or (D) projects that use technology for the storage of
    renewable energy, including, without limitation, the use
    of battery or electrochemical storage technology for
    mobile or stationary applications.
    (c) Creation of reserve funds. The Authority may establish
and maintain one or more reserve funds to enhance bonds issued
by the Authority for a Clean Coal Project, a Coal Project, an
Energy Efficiency Project, or a Renewable Energy Project. There
may be one or more accounts in these reserve funds in which
there may be deposited:
        (1) any proceeds of the bonds issued by the Authority
    required to be deposited therein by the terms of any
    contract between the Authority and its bondholders or any
    resolution of the Authority;
        (2) any other moneys or funds of the Authority that it
    may determine to deposit therein from any other source; and
        (3) any other moneys or funds made available to the
    Authority. Subject to the terms of any pledge to the owners
    of any bonds, moneys in any reserve fund may be held and
    applied to the payment of principal, premium, if any, and
    interest of such bonds.
    (d) Powers and duties. The Authority has the power:
        (1) To issue bonds in one or more series pursuant to
    one or more resolutions of the Authority for any Clean Coal
    Project, Coal Project, Energy Efficiency Project, or
    Renewable Energy Project authorized under this Section,
    within the authorization set forth in subsection (e).
        (2) To provide for the funding of any reserves or other
    funds or accounts deemed necessary by the Authority in
    connection with any bonds issued by the Authority.
        (3) To pledge any funds of the Authority or funds made
    available to the Authority that may be applied to such
    purpose as security for any bonds or any guarantees,
    letters of credit, insurance contracts or similar credit
    support or liquidity instruments securing the bonds.
        (4) To enter into agreements or contracts with third
    parties, whether public or private, including, without
    limitation, the United States of America, the State or any
    department or agency thereof, to obtain any
    appropriations, grants, loans or guarantees that are
    deemed necessary or desirable by the Authority. Any such
    guarantee, agreement or contract may contain terms and
    provisions necessary or desirable in connection with the
    program, subject to the requirements established by the
    Act.
        (5) To exercise such other powers as are necessary or
    incidental to the foregoing.
    (e) Clean Coal Project, Coal Project, Energy Efficiency
Project, and Renewable Energy Project bond authorization and
financing limits. In addition to any other bonds authorized to
be issued under Sections 801-40(w), 825-60, 830-25 and 845-5,
the Authority may have outstanding, at any time, bonds for the
purpose enumerated in this Section 825-65 in an aggregate
principal amount that shall not exceed $3,000,000,000, subject
to the following limitations: (i) up to $300,000,000 may be
issued to finance projects, as described in clause (C) of
subsection (b)(i) and clause (C) of subsection (b)(iv) (b)(iii)
of this Section 825-65; (ii) up to $500,000,000 may be issued
to finance projects, as described in clauses (D) and (E) of
subsection (b)(i) of this Section 825-65; (iii) up to
$2,000,000,000 may be issued to finance Clean Coal Projects, as
described in clauses (A) and (B) of subsection (b)(i) of this
Section 825-65 and Coal Projects, as described in subsection
(b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000
may be issued to finance Energy Efficiency Projects, as
described in subsection (b)(iii) of this Section 825-65 and
Renewable Energy Projects, as described in clauses (A), (B),
and (D) of subsection (b)(iii) of this Section 825-65. An
application for a loan financed from bond proceeds from a
borrower or its affiliates for a Clean Coal Project, a Coal
Project, Energy Efficiency Project, or a Renewable Energy
Project may not be approved by the Authority for an amount in
excess of $450,000,000 for any borrower or its affiliates.
These bonds shall not constitute an indebtedness or obligation
of the State of Illinois and it shall be plainly stated on the
face of each bond that it does not constitute an indebtedness
or obligation of the State of Illinois, but is payable solely
from the revenues, income or other assets of the Authority
pledged therefor.
    (f) The bonding authority granted under this Section is in
addition to and not limited by the provisions of Section 845-5.
(Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10.)
 
    (20 ILCS 3501/825-70)
    Sec. 825-70. Criteria for participation in the program.
Applications to the Authority for financing of any Clean Coal,
Coal, Energy Efficiency Project, or Renewable Energy Project
shall be reviewed by the Authority. Upon submission of any such
application, the Authority staff shall review the application
for its completeness and may, at the discretion of the
Authority staff, request such additional information as it
deems necessary or advisable to aid in review. If the Authority
receives applications for financing for Clean Coal, Coal,
Energy Efficiency Project, or Renewable Energy Projects in
excess of the bond authorization available for such financing
at any one time, it shall consider applications in the order of
priority as it shall determine, in consultation with other
State agencies, and consistent with State policy to promote
environmentally preferable technology and energy independence.
(Source: P.A. 96-103, eff. 1-1-10.)
 
    (20 ILCS 3501/825-75)
    Sec. 825-75. Additional Security. In the event that the
Authority determines that monies of the Authority will not be
sufficient for the payment of the principal of and interest on
any bonds issued by the Authority under Sections 825-65 through
825-75 of this Act for Clean Coal Projects, Coal Projects,
Energy Efficiency Projects, or Renewable Energy Projects
during the next State fiscal year, the Chairperson, as soon as
practicable, shall certify to the Governor the amount required
by the Authority to enable it to pay such principal, premium,
if any, and interest on such bonds. The Governor shall submit
the amount so certified to the General Assembly as soon as
practicable, but no later than the end of the current State
fiscal year. This subsection shall apply to any bonds or notes
as to which the Authority shall have determined, in the
resolution authorizing the issuance of the bonds or notes, that
this subsection shall apply. Whenever the Authority makes such
a determination, that fact shall be plainly stated on the face
of the bonds or notes and that fact should also be reported to
the Governor. In the event of a withdrawal of moneys from a
reserve fund established with respect to any issue or issues of
bonds of the Authority to pay principal, premium, if any, and
interest on such bonds, the Chairman of the Authority, as soon
as practicable, shall certify to the Governor the amount
required to restore the reserve fund to the level required in
the resolution or indenture securing those bonds. The Governor
shall submit the amount so certified to the General Assembly as
soon as practicable, but no later than the end of the current
State fiscal year. The Authority shall obtain written approval
from the Governor for any bonds and notes to be issued under
this Section.
(Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10.)
 
    Section 99. Effective date. This Act takes effect January
1, 2010.

Effective Date: 1/1/2010