Section 1100.225  Authority Action

a)         The Board, using the criteria set forth in Sections 1100.230 and 1100.235 will review each application for issuance of its revenue bonds to finance a project and take any one of the following actions:

1)         Adopt an inducement or loan commitment resolution.

2)         Decline to adopt an inducement or loan commitment resolution with respect to the project.

3)         Table consideration of the project to allow further time for consideration by the Board or for submission of additional information by the borrower.

b)         The Authority may reconsider applications which have not received inducement resolutions if requested by the borrower and if a motion to so reconsider is made by a member of the Authority who was either absent or voted "no" at the time the application was originally considered.

(Source:  Recodified from 14 Ill. Adm. Code 1220.220 at 31 Ill. Reg. 12104)