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| Public Act 103-1023 | ||||
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AN ACT concerning local government. | ||||
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 | ||||
Climate Bank Loan Financing Act. | ||||
Section 5. Definitions. As used in this Act: | ||||
"Alternate bonds", "applicable law", "bond", "general | ||||
obligation bonds", "limited bonds", "governmental unit", | ||||
"revenue bonds", "enterprise revenues", and "revenue source" | ||||
have the respective meanings set forth in Section 3 of the | ||||
Local Government Debt Reform Act. | ||||
"Clean energy infrastructure project" means: | ||||
(i) a project that uses renewable energy resources, as | ||||
defined in Section 1-10 of the Illinois Power Agency Act; | ||||
(ii) an energy efficiency project; | ||||
(iii) a project that uses technology for the storage | ||||
of renewable energy, including, without limitation, the | ||||
use of battery or electrochemical storage technology for | ||||
mobile or stationary applications; | ||||
(iv) a project for the acquisition or repairs of | ||||
electric vehicles; | ||||
(v) a project for the acquisition, construction, or | ||||
repairs to electric vehicle charging stations; and | ||||
(vi) a building electrification project of replacing | ||
fossil fuels with electricity to meet a given end use. | ||
"Electric vehicle" means a vehicle that is exclusively | ||
powered by and refueled by electricity, must be plugged in to | ||
charge, and is licensed to drive on public roadways. | ||
"Electric vehicle charging station" means a station that | ||
delivers electricity from a source outside an electric vehicle | ||
into one or more electric vehicles. | ||
"Energy efficiency project" means measures that reduce the | ||
amount of electricity, natural gas, or total Btu of | ||
electricity or natural gas required to achieve or meet a given | ||
end use, consistent with Section 1-10 of the Illinois Power | ||
Agency Act. | ||
"Governing body" means the council, board, commission, or | ||
body, by whatever name it is known, having charge of the | ||
finances of a governmental unit. | ||
Section 10. Clean energy infrastructure projects. A | ||
governmental unit may own, construct, equip, manage, control, | ||
erect, improve, extend, maintain, and operate new or existing | ||
clean energy infrastructure projects, may purchase real estate | ||
and any property rights to be used for clean energy | ||
infrastructure projects, and may charge for the use of clean | ||
energy infrastructure. | ||
Section 15. Authorization to borrow from Illinois Finance | ||
Authority Illinois Climate Bank loan programs. A governmental | ||
unit may borrow money and access loans from the Illinois | ||
Finance Authority to finance projects for the acquisition, | ||
construction, or improvement of new or existing clean energy | ||
infrastructure, in each case, qualified for financing by the | ||
Illinois Finance Authority under the Illinois Climate Bank | ||
bond loan programs of the Illinois Finance Authority. | ||
Section 20. Bond authorization. A governmental unit may | ||
issue from time to time general obligation bonds, including | ||
alternate bonds and limited bonds, and revenue bonds pursuant | ||
to applicable law for the purpose of evidencing its obligation | ||
to repay its loans from the Illinois Finance Authority. | ||
Section 25. Bond terms. Bonds issued under Section 20 | ||
shall bear interest at a rate or rates not to exceed the | ||
maximum rate permitted by the Bond Authorization Act at the | ||
time of the making of the loan from the Illinois Finance | ||
Authority. The bonds shall mature within 30 years from the | ||
date issued. General obligation bonds shall be the direct | ||
general obligations of the governmental unit and the full | ||
faith and credit of the governmental unit shall be pledged for | ||
the punctual payment of the principal of and interest on the | ||
general obligation bonds. Revenue bonds shall be limited | ||
obligations of the governmental unit payable from the | ||
enterprise revenues or revenue sources of the governmental | ||
unit pledged as security for the punctual payment of the | ||
principal of and interest on the revenue bonds. | ||
Section 30. Adoption of ordinance or resolution. In order | ||
to authorize participation in a loan from the Illinois Finance | ||
Authority and to authorize and issue the bonds, the governing | ||
body shall adopt an ordinance, or resolution when appropriate, | ||
providing for the determination of the amount of bonds, the | ||
maturity of bonds, and the rate of interest of the bonds. In | ||
the case of general obligation bonds, the ordinance or | ||
resolution shall provide for the levy and collection of a | ||
direct annual tax upon all the taxable property in the | ||
governmental unit sufficient to pay the principal of and | ||
interest on the general obligation bonds to maturity. Upon the | ||
filing of a certified copy of an adopted ordinance or | ||
resolution levying a direct annual tax under this Section in | ||
the office of the county clerk in each county in which the | ||
governmental unit is located, the county clerk shall annually | ||
extend the tax in addition to all other taxes authorized to be | ||
levied by the governmental unit or on behalf of the | ||
governmental unit. In the case of revenue bonds, the ordinance | ||
or resolution shall provide for covenants and agreements as | ||
may be found by the governmental unit to be necessary and | ||
appropriate, including any liens granted on enterprise | ||
revenues or revenue sources, to secure the punctual payment of | ||
the principal of and interest on the revenue bonds. The | ||
governmental unit may enter into loan agreements and security | ||
agreements with respect to the borrowing of money from the | ||
Illinois Finance Authority pursuant to this Act. | ||
Section 35. Authority for issuance. The authority to issue | ||
bonds by a governmental unit under this Act and applicable law | ||
for clean energy infrastructure projects is in addition to any | ||
other authority to issue bonds by a governmental unit provided | ||
by law. | ||
Section 40. Execution. The bonds shall be executed in the | ||
name of the governmental unit by manual or facsimile | ||
signatures of the officials of the governmental unit as may be | ||
designated by the ordinance or resolution. | ||
Section 97. Severability. The provisions of this Act are | ||
severable under Section 1.31 of the Statute on Statutes. | ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||