Public Act 093-1101
 		





SB37 Enrolled
LRB093 02806 SJM 02822 b






    AN ACT concerning finance. 

 
    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 801-10, 801-25, and 845-5 as follows:
 



    (20 ILCS 3501/801-10)



    Sec. 801-10. Definitions. The following terms, whenever 
used or referred
to
in this Act, shall have the following 
meanings, except in such instances where
the context may 
clearly indicate otherwise:

    (a) The term "Authority" means the Illinois Finance 
Authority created by
this Act.

    (b) The term "project" means an industrial project, housing 
project, public
purpose project, higher education project, 
health facility project, cultural
institution project, 
agricultural facility or agribusiness, and "project" may

include any combination of one or more of the foregoing 
undertaken jointly by
any person with one or more other 
persons, but "project" shall not include any
facility used or 
to be used for sectarian instruction or as a place of
religious

worship nor any facility which is used or to be used primarily 
in connection
with any part of the program of a school or 
department of divinity for any
religious denomination or the 
training of ministers, priests, rabbis or other
professional 
persons in the field of religion.

    (c) The term "public purpose project" means any project or 
facility
including
without limitation land, buildings, 
structures, machinery, equipment and all
other real and 
personal property, which is authorized or required by law to be

acquired, constructed, improved, rehabilitated, reconstructed, 
replaced or
maintained by any unit of government or any other 
lawful public purpose which
is authorized or required by law to 
be undertaken by any unit of government.

    (d) The term "industrial project" means the acquisition, 
construction,
refurbishment, creation, development or 
redevelopment of any facility,
equipment, machinery, real 
property or personal property for use by any
instrumentality of 
the State or its political subdivisions, for use by any
person 
or institution, public or private, for profit or not for 
profit, or for
use in any trade or business including, but not 
limited to, any industrial,
manufacturing or commercial 
enterprise and which is (1) a capital project
including but not 
limited to: (i) land and any rights therein, one or more

buildings, structures or other improvements, machinery and 
equipment, whether
now existing or hereafter acquired, and 
whether or not located on the same site
or sites; (ii) all 
appurtenances and facilities incidental to the foregoing,

including, but not limited to utilities, access roads, railroad 
sidings, track,
docking and similar facilities, parking 
facilities, dockage, wharfage, railroad
roadbed, track, 
trestle, depot, terminal, switching and signaling or related

equipment, site preparation and landscaping; and (iii) all 
non-capital costs
and expenses relating thereto or (2) any 
addition to, renovation,
rehabilitation or
improvement of a 
capital project or (3) any activity or undertaking which the

Authority determines will aid, assist or encourage economic 
growth, development
or redevelopment within the State or any 
area thereof, will promote the
expansion, retention or 
diversification of employment opportunities within the
State 
or any area thereof or will aid in stabilizing or developing 
any industry
or economic sector of the State economy. The term 
"industrial project" also
means the production of motion 
pictures.

    (e) The term "bond" or "bonds" shall include bonds, notes 
(including bond,
grant or revenue anticipation notes), 
certificates and/or other evidences of
indebtedness 
representing an obligation to pay money, including refunding

bonds.

    (f) The terms "lease agreement" and "loan agreement" shall 
mean: (i) an
agreement whereby a project acquired by the 
Authority by purchase, gift or
lease
is leased to any person, 
corporation or unit of local government which will use
or cause 
the project to be used as a project as heretofore defined upon 
terms
providing for lease rental payments at least sufficient 
to pay when due all
principal of, interest and premium, if any, 
on any bonds of the Authority
issued
with respect to such 
project, providing for the maintenance, insuring and
operation 
of the project on terms satisfactory to the Authority, 
providing for
disposition of the project upon termination of 
the lease term, including
purchase options or abandonment of 
the premises, and such other terms as may be
deemed desirable 
by the Authority, or (ii) any agreement pursuant to which the

Authority agrees to loan the proceeds of its bonds issued with 
respect to a
project or other funds of the Authority to any 
person which will use or cause
the project to be used as a 
project as heretofore defined upon terms providing
for loan 
repayment installments at least sufficient to pay when due all

principal of, interest and premium, if any, on any bonds of the 
Authority, if
any, issued with respect to the project, and 
providing for maintenance,
insurance and other matters as may 
be deemed desirable by the Authority.

    (g) The term "financial aid" means the expenditure of 
Authority funds or
funds provided by the Authority through the 
issuance of its bonds, notes or
other
evidences of indebtedness 
or from other sources for the development,
construction, 
acquisition or improvement of a project.

    (h) The term "person" means an individual, corporation, 
unit of government,
business trust, estate, trust, partnership 
or association, 2 or more persons
having a joint or common 
interest, or any other legal entity.

    (i) The term "unit of government" means the federal 
government, the State or
unit of local government, a school 
district, or any agency or instrumentality,
office, officer, 
department, division, bureau, commission, college or

university thereof.

    (j) The term "health facility" means: (a) any public or 
private institution,
place, building, or agency required to be 
licensed under the Hospital Licensing
Act; (b) any public or 
private institution, place, building, or agency required
to be 
licensed under the Nursing Home Care Act; (c)
any public or 
licensed private hospital as defined in the Mental Health and

Developmental Disabilities Code; (d) any such facility 
exempted from such
licensure when the Director of Public Health 
attests that such exempted
facility
meets the statutory 
definition of a facility subject to licensure; (e) any
other

public or private health service institution, place, building, 
or agency which
the Director of Public Health attests is 
subject to certification by the
Secretary, U.S. Department of 
Health and Human Services under the Social
Security Act, as now 
or hereafter amended, or which the Director of Public
Health 
attests is subject to standard-setting by a recognized public 
or
voluntary accrediting or standard-setting agency; (f) any 
public or private
institution, place, building or agency 
engaged in providing one or more
supporting services to a 
health facility; (g) any public or private
institution,
place, 
building or agency engaged in providing training in the healing 
arts,
including but not limited to schools of medicine, 
dentistry, osteopathy,
optometry, podiatry, pharmacy or 
nursing, schools for the training of x-ray,
laboratory or other 
health care technicians and schools for the training of

para-professionals in the health care field; (h) any public or 
private
congregate, life or extended care or elderly housing 
facility or any public or
private home for the aged or infirm, 
including, without limitation, any
Facility as defined in the 
Life Care Facilities Act; (i) any public or private
mental, 
emotional or physical rehabilitation facility or any public or 
private
educational, counseling, or rehabilitation facility or 
home, for those persons
with a developmental disability, those 
who are physically ill or disabled, the
emotionally disturbed, 
those persons with a mental illness or persons with
learning or 
similar disabilities or problems; (j) any public or private

alcohol, drug or substance abuse diagnosis, counseling 
treatment or
rehabilitation
facility, (k) any public or private 
institution, place, building or agency
licensed by the 
Department of Children and Family Services or which is not so

licensed but which the Director of Children and Family Services 
attests
provides child care, child welfare or other services of 
the type provided by
facilities
subject to such licensure; (l) 
any public or private adoption agency or
facility; and (m) any 
public or private blood bank or blood center. "Health
facility" 
also means a public or private structure or structures suitable

primarily for use as a laboratory, laundry, nurses or interns 
residence or
other housing or hotel facility used in whole or 
in part for staff, employees
or
students and their families, 
patients or relatives of patients admitted for
treatment or 
care in a health facility, or persons conducting business with 
a
health facility, physician's facility, surgicenter, 
administration building,
research facility, maintenance, 
storage or utility facility and all structures
or facilities 
related to any of the foregoing or required or useful for the

operation of a health facility, including parking or other 
facilities or other
supporting service structures required or 
useful for the orderly conduct of
such health facility.

    (k) The term "participating health institution" means a 
private corporation
or association or public entity of this 
State, authorized by the laws of this
State to provide or 
operate a health facility as defined in this Act and which,

pursuant to the provisions of this Act, undertakes the 
financing, construction
or acquisition of a project or 
undertakes the refunding or refinancing of
obligations, loans, 
indebtedness or advances as provided in this Act.

    (l) The term "health facility project", means a specific 
health facility
work
or improvement to be financed or 
refinanced (including without limitation
through reimbursement 
of prior expenditures), acquired, constructed, enlarged,

remodeled, renovated, improved, furnished, or equipped, with 
funds provided in
whole or in part hereunder, any accounts 
receivable, working capital, liability
or insurance cost or 
operating expense financing or refinancing program of a
health 
facility with or involving funds provided in whole or in part 
hereunder,
or any combination thereof.

    (m) The term "bond resolution" means the resolution or 
resolutions
authorizing the issuance of, or providing terms and 
conditions related to,
bonds issued
under this Act and 
includes, where appropriate, any trust agreement, trust

indenture, indenture of mortgage or deed of trust providing 
terms and
conditions for such bonds.

    (n) The term "property" means any real, personal or mixed 
property, whether
tangible or intangible, or any interest 
therein, including, without limitation,
any real estate, 
leasehold interests, appurtenances, buildings, easements,

equipment, furnishings, furniture, improvements, machinery, 
rights of way,
structures, accounts, contract rights or any 
interest therein.

    (o) The term "revenues" means, with respect to any project, 
the rents, fees,
charges, interest, principal repayments, 
collections and other income or profit
derived therefrom.

    (p) The term "higher education project" means, in the case 
of a private
institution of higher education, an educational 
facility to be acquired,
constructed, enlarged, remodeled, 
renovated, improved, furnished, or equipped,
or any 
combination thereof.

    (q) The term "cultural institution project" means, in the 
case of a cultural
institution, a cultural facility to be 
acquired, constructed, enlarged,
remodeled, renovated, 
improved, furnished, or equipped, or any combination
thereof.

    (r) The term "educational facility" means any property 
located within the
State
constructed or acquired before or 
after the effective date of this Act, which
is
or will be, in 
whole or in part, suitable for the instruction, feeding,

recreation or housing of students, the conducting of research 
or other work of
a
private institution of higher education, the 
use by a private institution of
higher education in connection 
with any educational, research or related or
incidental 
activities then being or to be conducted by it, or any 
combination
of the foregoing, including, without limitation, 
any such property suitable for
use as or in connection with any 
one or more of the following: an academic
facility, 
administrative facility, agricultural facility, assembly hall,

athletic facility, auditorium, boating facility, campus, 
communication
facility,
computer facility, continuing 
education facility, classroom, dining hall,
dormitory, 
exhibition hall, fire fighting facility, fire prevention 
facility,
food service and preparation facility, gymnasium, 
greenhouse, health care
facility, hospital, housing, 
instructional facility, laboratory, library,
maintenance 
facility, medical facility, museum, offices, parking area,

physical education facility, recreational facility, research 
facility, stadium,
storage facility, student union, study 
facility, theatre or utility. An
educational facility shall not 
include any property used or to be used for
sectarian 
instruction or study or as a place for devotional activities or

religious worship nor any property which is used or to be used 
primarily in
connection with any part of the program of a 
school or department of divinity
for any religious 
denomination.

    (s) The term "cultural facility" means any property located 
within the State
constructed or acquired before or after the 
effective date of this Act, which
is or will be, in whole or in 
part, suitable for the particular purposes or
needs
of a 
cultural institution, including, without limitation, any such 
property
suitable for use as or in connection with any one or 
more of the following: an
administrative facility, aquarium, 
assembly hall, auditorium, botanical garden,
exhibition hall, 
gallery, greenhouse, library, museum, scientific laboratory,

theater or zoological facility, and shall also include, without 
limitation,
books, works of art or music, animal, plant or 
aquatic life or other items for
display, exhibition or 
performance. The term "cultural facility" includes
buildings 
on the National Register of Historic Places which are owned or

operated by nonprofit entities. A cultural facility shall not 
include any
property used or to be used for sectarian 
instruction or study or as a place
for devotional activities or 
religious worship nor any property which is used
or to
be used 
primarily in connection with any part of the program of a 
school or
department of divinity for any religious 
denomination.

    (t) "Private institution of higher education" means a 
not-for-profit
educational institution which is not owned by 
the State or any political
subdivision, agency, 
instrumentality, district or municipality thereof, which
is

authorized by law to provide a program of education beyond the 
high school
level
and which:


        (1) Admits as regular students only individuals having 
    a
certificate of graduation from a high school, or the 
    recognized equivalent of
such a certificate;


        (2) Provides an educational program for which it awards 
    a
bachelor's degree, or provides an educational program, 
    admission into which is
conditioned upon the prior 
    attainment of a bachelor's degree or its equivalent,
for 
    which it awards a postgraduate degree, or provides not less 
    than a 2-year
program which is acceptable for full credit 
    toward such a degree, or offers a
2-year program in 
    engineering, mathematics, or the physical or biological

    sciences
which is designed to prepare the student to work 
    as a technician and at a
semiprofessional level in 
    engineering, scientific, or other technological
fields

    which require the understanding and application of basic 
    engineering,
scientific, or mathematical principles or 
    knowledge;


        (3) Is accredited by a nationally recognized 
    accrediting agency or
association or, if not so accredited, 
    is an institution whose credits are
accepted, on transfer, 
    by not less than 3 institutions which are so accredited,

    for credit on the same basis as if transferred from an 
    institution so
accredited, and holds an unrevoked 
    certificate of approval under the Private
College Act from 
    the Board of Higher Education, or is qualified as a
"degree 
    granting institution" under the Academic Degree Act; and


        (4) Does not discriminate in the admission of students 
    on the basis
of race or
, color or creed.
"Private 
    institution of higher education" also includes any 
    "academic
institution".

    (u) The term "academic institution" means any 
not-for-profit institution
which
is not owned by the State or 
any political subdivision, agency,
instrumentality,
district 
or municipality thereof, which institution engages in, or 
facilitates
academic, scientific, educational or professional 
research or learning in a
field or fields of study taught at a 
private institution of higher education.
Academic institutions 
include, without limitation, libraries, archives,
academic, 
scientific, educational or professional societies, 
institutions,
associations or foundations having such 
purposes. Academic institution does not
include any school or 
any institution primarily engaged in religious or
sectarian 
activities.

    (v) The term "cultural institution" means any 
not-for-profit institution
which
is not owned by the State or 
any political subdivision, agency,
instrumentality,
district 
or municipality thereof, which institution engages in the 
cultural,
intellectual, scientific, educational or artistic 
enrichment of the people of
the State. Cultural institutions 
include, without limitation, aquaria,
botanical societies, 
historical societies, libraries, museums, performing arts

associations or societies, scientific societies and zoological 
societies.
Cultural institution does not include any 
institution primarily engaged in
religious or sectarian 
activities.

    (w) The term "affiliate" means, with respect to financing 
of an agricultural
facility or an agribusiness, any lender, any 
person, firm or corporation
controlled by, or under common 
control with, such lender, and any person, firm
or corporation 
controlling such lender.

    (x) The term "agricultural facility" means land, any 
building or other
improvement thereon or thereto, and any 
personal properties deemed necessary or
suitable for use, 
whether or not now in existence, in farming, ranching, the

production of agricultural commodities (including, without 
limitation, the
products of aquaculture, hydroponics and 
silviculture) or the treating,
processing or storing of such 
agricultural commodities when such activities are
customarily 
engaged in by farmers as a part of farming.

    (y) The term "lender" with respect to financing of an 
agricultural facility
or an agribusiness, means any federal or 
State chartered bank, Federal Land
Bank,
Production Credit 
Association, Bank for Cooperatives, federal or State
chartered 
savings and loan association or building and loan association, 
Small
Business
Investment Company or any other institution 
qualified within this State to
originate and service loans, 
including, but without limitation to, insurance
companies, 
credit unions and mortgage loan companies. "Lender" also means 
a
wholly owned subsidiary of a manufacturer, seller or 
distributor of goods or
services that makes loans to businesses 
or individuals, commonly known as a
"captive finance company".

    (z) The term "agribusiness" means any sole proprietorship, 
limited
partnership, co-partnership, joint venture, 
corporation or cooperative which
operates or will operate a 
facility located within the State of Illinois that
is related 
to the
processing of agricultural commodities (including, 
without limitation, the
products of aquaculture, hydroponics 
and silviculture) or the manufacturing,
production or 
construction of agricultural buildings, structures, equipment,

implements, and supplies, or any other facilities or processes 
used in
agricultural production. Agribusiness includes but is 
not limited to the
following:


        (1) grain handling and processing, including grain 
    storage,
drying, treatment, conditioning, mailing and 
    packaging;


        (2) seed and feed grain development and processing;


        (3) fruit and vegetable processing, including 
    preparation, canning
and packaging;


        (4) processing of livestock and livestock products, 
    dairy products,
poultry and poultry products, fish or 
    apiarian products, including slaughter,
shearing, 
    collecting, preparation, canning and packaging;


        (5) fertilizer and agricultural chemical 
    manufacturing,
processing, application and supplying;


        (6) farm machinery, equipment and implement 
    manufacturing and
supplying;


        (7) manufacturing and supplying of agricultural 
    commodity
processing machinery and equipment, including 
    machinery and equipment used in
slaughter, treatment, 
    handling, collecting, preparation, canning or packaging
of 
    agricultural commodities;


        (8) farm building and farm structure manufacturing, 
    construction
and supplying;


        (9) construction, manufacturing, implementation, 
    supplying or
servicing of irrigation, drainage and soil and 
    water conservation devices or
equipment;


        (10) fuel processing and development facilities that 
    produce fuel
from agricultural commodities or byproducts;


        (11) facilities and equipment for processing and 
    packaging
agricultural commodities specifically for 
    export;


        (12) facilities and equipment for forestry product 
    processing and
supplying, including sawmilling operations, 
    wood chip operations, timber
harvesting operations, and 
    manufacturing of prefabricated buildings, paper,
furniture 
    or other goods from forestry products;


        (13) facilities and equipment for research and 
    development of
products, processes and equipment for the 
    production, processing, preparation
or packaging of 
    agricultural commodities and byproducts.

    (aa) The term "asset" with respect to financing of any 
agricultural facility
or
any agribusiness, means, but is not 
limited to the following: cash crops or
feed on hand; livestock 
held for sale; breeding stock; marketable bonds and
securities; 
securities not readily marketable; accounts receivable; notes

receivable; cash invested in growing crops; net cash value of 
life insurance;
machinery and equipment; cars and trucks; farm 
and other real estate including
life estates and personal 
residence; value of beneficial interests in trusts;
government 
payments or grants; and any other assets.

    (bb) The term "liability" with respect to financing of any 
agricultural
facility or any agribusiness shall include, but 
not be limited to the
following:
accounts payable; notes or 
other indebtedness owed to any source; taxes; rent;
amounts 
owed on real estate contracts or real estate mortgages; 
judgments;
accrued interest payable; and any other liability.

    (cc) The term "Predecessor Authorities" means those 
authorities as described
in Section 845-75.

    (dd) The term "housing project" means a specific work or 
improvement
undertaken
to provide residential dwelling 
accommodations, including the acquisition,
construction or 
rehabilitation of lands, buildings and community facilities 
and
in connection therewith to provide nonhousing facilities 
which are part of the
housing project, including land, 
buildings, improvements, equipment and all
ancillary 
facilities for use for offices, stores, retirement homes, 
hotels,
financial institutions, service, health care, 
education, recreation or research
establishments, or any other 
commercial purpose which are or are to be related
to a housing 
development.

(Source: P.A. 93-205, eff. 1-1-04.)

 



    (20 ILCS 3501/801-25)



    Sec. 801-25. All official acts of the Authority shall 
require the approval
of

at least 8 members. All meetings of the 
Authority and the Advisory Councils
shall be conducted in 
accordance with the Open Meetings Act. Eight members of the 
Authority shall constitute a quorum. All meetings shall
be 
conducted at a single location within this State with a quorum 
of members physically present at this location. Other members 
who are not physically present at this location may participate 
in the meeting and vote on all matters by means of a video or 
audio conference
among members physically
present at this 
location. The Auditor General shall conduct financial audits

and program audits of the Authority, in accordance with the 
Illinois State
Auditing Act.

(Source: P.A. 93-205, eff. 1-1-04.)

 



    (20 ILCS 3501/845-5)


    Sec. 845-5. The Authority may not have outstanding at any 
one time bonds
for any of its corporate purposes in an 
aggregate principal amount exceeding $24,000,000,000

$23,000,000,000, excluding bonds issued to refund the bonds of 
the Authority or
bonds of the Predecessor Authorities.

(Source: P.A. 93-205, eff. 1-1-04.)



 
    Section 99. Effective date. This Act takes effect upon 
becoming law.