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| Public Act 095-0470 |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Finance Authority Act is amended by | ||||
changing Sections 801-40, 825-65, 825-75 and by adding Section | ||||
801-50 as follows:
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(20 ILCS 3501/801-40)
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Sec. 801-40. In addition to the powers otherwise authorized | ||||
by law and in
addition to the foregoing general corporate | ||||
powers, the Authority shall also
have the following additional | ||||
specific powers to be exercised in furtherance of
the purposes | ||||
of this Act.
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(a) The Authority shall have power (i) to accept grants, | ||||
loans or
appropriations from the federal government or the | ||||
State, or any agency or
instrumentality thereof, to be used for | ||||
the operating expenses of the
Authority,
or for any purposes of | ||||
the Authority, including the making of direct loans of
such | ||||
funds with respect to projects, and (ii) to enter into any | ||||
agreement with
the federal government or the State, or any | ||||
agency or instrumentality thereof,
in relationship to such | ||||
grants, loans or appropriations.
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(b) The Authority shall have power to procure and enter | ||||
into contracts for
any
type of insurance and indemnity | ||||
agreements covering loss or damage to property
from any cause, | ||
including loss of use and occupancy, or covering any other
| ||
insurable risk.
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(c) The Authority shall have the continuing power to issue | ||
bonds for its
corporate purposes. Bonds may be issued by the | ||
Authority in one or more series
and may provide for the payment | ||
of any interest deemed necessary on such bonds,
of the costs of | ||
issuance of such bonds, of any premium on any insurance, or of
| ||
the cost of any guarantees, letters of credit or other similar | ||
documents, may
provide for the funding of the reserves deemed | ||
necessary in connection with
such bonds, and may provide for | ||
the refunding or advance refunding of any bonds
or
for accounts | ||
deemed necessary in connection with any purpose of the | ||
Authority.
The bonds may bear interest payable at any time or | ||
times and at any rate or
rates, notwithstanding any other | ||
provision of law to the contrary, and such
rate or rates may be | ||
established by an index or formula which may be
implemented or
| ||
established by persons appointed or retained therefor by the | ||
Authority, or may
bear no interest or may bear interest payable | ||
at maturity or upon redemption
prior to maturity, may bear such | ||
date or dates, may be payable at such time or
times and at such | ||
place or places, may mature at any time or times not later
than | ||
40 years from the date of issuance, may be sold at public or | ||
private sale
at such time or times and at such price or prices, | ||
may be secured by such
pledges, reserves, guarantees, letters | ||
of credit, insurance contracts or other
similar credit support | ||
or liquidity instruments, may be executed in such
manner, may | ||
be subject to redemption prior to maturity, may provide for the
| ||
registration of the bonds, and may be subject to such other | ||
terms and
conditions all as may
be provided by the resolution | ||
or indenture authorizing the issuance of such
bonds. The holder | ||
or holders of any bonds issued by the Authority may bring
suits | ||
at law or proceedings in equity to compel the performance and | ||
observance
by any person or by the Authority or any of its | ||
agents or employees of any
contract or covenant made with the | ||
holders of such bonds and to compel such
person or the | ||
Authority and any of its agents or employees to perform any
| ||
duties
required to be performed for the benefit of the holders | ||
of any such bonds by
the provision of the resolution | ||
authorizing their issuance, and to enjoin such
person or the | ||
Authority and any of its agents or employees from taking any
| ||
action in conflict with any such contract or covenant.
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Notwithstanding the form and tenor of any such bonds and in the | ||
absence of any
express recital on the face thereof that it is | ||
non-negotiable, all such bonds
shall be negotiable | ||
instruments. Pending the preparation and execution of any
such | ||
bonds, temporary bonds may be issued as provided by the | ||
resolution.
The bonds shall be sold by the Authority in such | ||
manner as it shall determine.
The bonds may be secured as | ||
provided in the authorizing resolution by the
receipts, | ||
revenues, income and other available funds of the Authority and | ||
by
any amounts derived by the Authority from the loan agreement | ||
or lease agreement
with respect to the project or projects; and | ||
bonds may be issued as general
obligations of the Authority | ||
payable from such revenues, funds and obligations
of the | ||
Authority as the bond resolution shall provide, or may be | ||
issued as
limited obligations with a claim for payment solely | ||
from such revenues, funds
and obligations as the bond | ||
resolution shall provide. The Authority may grant a
specific | ||
pledge or assignment of and lien on or security interest in | ||
such
rights, revenues, income, or amounts and may grant a | ||
specific pledge or
assignment of and lien on or security | ||
interest in any reserves, funds or
accounts established in the | ||
resolution authorizing the issuance of bonds. Any
such pledge, | ||
assignment, lien or security interest for the benefit of the
| ||
holders of the Authority's bonds shall be valid and binding | ||
from the time the
bonds are issued without any physical | ||
delivery or further act, and shall be
valid and binding as | ||
against and prior to the claims of all other parties
having | ||
claims against the Authority or any other person irrespective | ||
of whether
the
other parties have notice of the pledge, | ||
assignment, lien or security interest.
As evidence of such | ||
pledge, assignment, lien and security interest, the
Authority | ||
may execute and deliver a mortgage, trust agreement, indenture | ||
or
security agreement or an assignment thereof.
A remedy for | ||
any breach or default of the terms of any such agreement by the
| ||
Authority may be by mandamus proceedings in any court of | ||
competent jurisdiction
to compel the performance and | ||
compliance therewith, but the agreement may
prescribe by whom | ||
or on whose behalf such action may be instituted.
It is | ||
expressly understood that the Authority may, but need not, | ||
acquire title
to any project with respect to which it exercises | ||
its authority.
| ||
(d) With respect to the powers granted by this Act, the | ||
Authority may adopt
rules and regulations prescribing the | ||
procedures by which persons may apply for
assistance under this | ||
Act. Nothing herein shall be deemed to preclude the
Authority, | ||
prior to the filing of any formal application, from conducting
| ||
preliminary discussions and investigations with respect to the | ||
subject matter
of any prospective application.
| ||
(e) The Authority shall have power to acquire by purchase, | ||
lease, gift or
otherwise any property or rights therein from | ||
any person useful for its
purposes, whether improved for the | ||
purposes of any prospective project, or
unimproved. The | ||
Authority may also accept any donation of funds for its
| ||
purposes from any such source. The Authority shall have no | ||
independent power of
condemnation but may acquire any property | ||
or rights therein obtained upon
condemnation by any other | ||
authority, governmental entity or unit of local
government with | ||
such power.
| ||
(f) The Authority shall have power to develop, construct | ||
and improve either
under its own direction, or through | ||
collaboration with any approved applicant,
or to acquire | ||
through purchase or otherwise, any project, using for such
| ||
purpose the proceeds derived from the sale of its bonds or from | ||
governmental
loans or
grants, and to hold title in the name of | ||
the Authority to such projects.
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(g) The Authority shall have power to lease pursuant to a | ||
lease agreement
any
project so developed and constructed or | ||
acquired to the approved tenant on such
terms and conditions as | ||
may be appropriate to further the purposes of this Act
and to | ||
maintain the credit of the Authority. Any such lease may | ||
provide for
either the Authority or the approved tenant to | ||
assume initially, in whole or in
part, the costs of | ||
maintenance, repair and improvements during the leasehold
| ||
period. In no case, however, shall the total rentals from any | ||
project during
any initial leasehold period or the total loan | ||
repayments to be made pursuant
to any loan agreement, be less | ||
than an amount necessary to return over such
lease
or loan | ||
period (1) all costs incurred in connection with the | ||
development,
construction, acquisition or improvement of the | ||
project and for repair,
maintenance and improvements thereto | ||
during the period of the lease or loan;
provided, however, that | ||
the rentals or loan repayments need not include costs
met | ||
through the use of funds other than those obtained by the | ||
Authority through
the issuance of its bonds or governmental | ||
loans; (2) a reasonable percentage
additive to be agreed upon | ||
by the Authority and the borrower or tenant to cover
a properly | ||
allocable portion of the Authority's general expenses, | ||
including,
but not limited to, administrative expenses, | ||
salaries and general insurance,
and
(3) an amount sufficient to | ||
pay when due all principal of, interest and
premium, if
any on, | ||
any bonds issued by the Authority with respect to the project. | ||
The
portion of total rentals payable under clause (3) of this | ||
subsection (g) shall
be deposited in such special accounts, | ||
including all sinking funds, acquisition
or construction | ||
funds, debt service and other funds as provided by any
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resolution, mortgage or trust agreement of the Authority | ||
pursuant to which any
bond is issued.
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(h) The Authority has the power, upon the termination of | ||
any leasehold
period
of any project, to sell or lease for a | ||
further term or terms such project on
such terms and conditions | ||
as the Authority shall deem reasonable and consistent
with the | ||
purposes of the Act. The net proceeds from all such sales and | ||
the
revenues or income from such leases shall be used to | ||
satisfy any indebtedness
of
the Authority with respect to such | ||
project and any balance may be used to pay
any expenses of the | ||
Authority or be used for the further development,
construction, | ||
acquisition or improvement of projects.
In the event any | ||
project is vacated by a tenant prior to the termination of the
| ||
initial leasehold period, the Authority shall sell or lease the | ||
facilities of
the project on the most advantageous terms | ||
available. The net proceeds of any
such disposition shall be | ||
treated in the same manner as the proceeds from sales
or the | ||
revenues or income from leases subsequent to the termination of | ||
any
initial leasehold period.
| ||
(i) The Authority shall have the power to make loans to | ||
persons to finance a
project, to enter into loan agreements | ||
with respect thereto, and to accept
guarantees from persons of | ||
its loans or the resultant evidences of obligations
of the | ||
Authority.
| ||
(j) The Authority may fix, determine, charge and collect | ||
any premiums, fees,
charges, costs and expenses, including, | ||
without limitation, any application
fees, commitment fees, | ||
program fees, financing charges or publication fees from
any | ||
person in connection with its activities under this Act.
| ||
(k) In addition to the funds established as provided | ||
herein, the Authority
shall have the power to create and | ||
establish such reserve funds and accounts as
may be necessary | ||
or desirable to accomplish its purposes under this Act and to
| ||
deposit its available monies into the funds and accounts.
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(l) At the request of the governing body of any unit of | ||
local government,
the
Authority is authorized to market such | ||
local government's revenue bond
offerings by preparing bond | ||
issues for sale, advertising for sealed bids,
receiving bids
at | ||
its offices, making the award to the bidder that offers the | ||
most favorable
terms or arranging for negotiated placements or | ||
underwritings of such
securities. The Authority may, at its | ||
discretion, offer for concurrent sale the
revenue bonds of | ||
several local governments. Sales by the Authority of revenue
| ||
bonds under this Section shall in no way imply State guarantee | ||
of such debt
issue. The Authority may require such financial | ||
information from participating
local governments as it deems | ||
necessary in order to carry out the purposes of
this subsection | ||
(1).
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(m) The Authority may make grants to any county to which | ||
Division 5-37 of
the
Counties Code is applicable to assist in | ||
the financing of capital development,
construction and | ||
renovation of new or existing facilities for hospitals and
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health care facilities under that Act. Such grants may only be | ||
made from funds
appropriated for such purposes from the Build | ||
Illinois Bond Fund.
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(n) The Authority may establish an urban development action | ||
grant program
for
the purpose of assisting municipalities in | ||
Illinois which are experiencing
severe economic distress to | ||
help stimulate economic development activities
needed to aid in | ||
economic recovery. The Authority shall determine the types of
| ||
activities and projects for which the urban development action | ||
grants may be
used, provided that such projects and activities | ||
are broadly defined to include
all reasonable projects and | ||
activities the primary objectives of which are the
development | ||
of viable urban communities, including decent housing and a
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suitable living environment, and expansion of economic | ||
opportunity, principally
for
persons of low and moderate | ||
incomes. The Authority shall enter into grant
agreements from | ||
monies appropriated for such purposes from the Build Illinois
| ||
Bond Fund. The Authority shall monitor the
use of the grants, | ||
and shall provide for audits of the funds as well as
recovery | ||
by the Authority of any funds determined to have been spent in
| ||
violation of this
subsection (n) or any rule or regulation | ||
promulgated hereunder. The Authority
shall provide technical | ||
assistance with regard to the effective use of the
urban | ||
development action grants. The Authority shall file an annual | ||
report to
the
General Assembly concerning the progress of the | ||
grant program.
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(o) The Authority may establish a Housing Partnership | ||
Program whereby the
Authority provides zero-interest loans to | ||
municipalities for the purpose of
assisting in the financing of | ||
projects for the rehabilitation of affordable
multi-family | ||
housing for low and moderate income residents. The Authority | ||
may
provide such loans only upon a municipality's providing | ||
evidence that it has
obtained private funding for the | ||
rehabilitation project. The Authority shall
provide 3 State | ||
dollars for every 7 dollars obtained by the municipality from
| ||
sources other than the State of Illinois. The loans shall be | ||
made from monies
appropriated for such purpose from the Build | ||
Illinois Bond Fund. The total amount of loans available under | ||
the Housing
Partnership Program shall not exceed $30,000,000. | ||
State loan monies under this
subsection shall be used only for | ||
the acquisition and rehabilitation of
existing
buildings | ||
containing 4 or more dwelling units. The terms of any loan made | ||
by
the municipality under this subsection shall require | ||
repayment of the loan to
the municipality upon any sale or | ||
other transfer of the project.
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(p) The Authority may award grants to universities and | ||
research
institutions,
research consortiums and other | ||
not-for-profit entities for the purposes of:
remodeling or | ||
otherwise physically altering existing laboratory or research
| ||
facilities, expansion or physical additions to existing | ||
laboratory or research
facilities, construction of new | ||
laboratory or research facilities or
acquisition of modern | ||
equipment to support laboratory or research operations
| ||
provided that
such grants (i) be used solely in support of | ||
project and equipment acquisitions
which enhance technology | ||
transfer, and (ii) not constitute more than 60 percent
of the | ||
total project or acquisition cost.
| ||
(q) Grants may be awarded by the Authority to units of | ||
local government for
the
purpose of developing the appropriate | ||
infrastructure or defraying other costs
to
the local government | ||
in support of laboratory or research facilities provided
that | ||
such grants may not exceed 40% of the cost to the unit of local
| ||
government.
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(r) The Authority may establish a Direct Loan Program to | ||
make loans to
individuals, partnerships or corporations for the | ||
purpose of an industrial
project, as defined in
Section 801-10 | ||
of this Act. For the purposes of such program
and not by way of | ||
limitation on any other program of the Authority, the
Authority | ||
shall have the power to issue bonds, notes, or other evidences | ||
of
indebtedness including commercial paper for purposes of | ||
providing a fund of
capital from which it may make such loans. | ||
The Authority shall have the power
to use any appropriations | ||
from the State made especially for the Authority's
Direct Loan | ||
Program for additional capital to make such loans or for the
| ||
purposes of reserve funds or pledged funds which secure the | ||
Authority's
obligations of repayment of any bond, note or other | ||
form of indebtedness
established for the purpose of providing | ||
capital for which it intends to make
such loans under the | ||
Direct Loan Program. For the purpose of obtaining such
capital, | ||
the Authority may also enter into agreements with financial
| ||
institutions and other persons for the purpose of selling loans | ||
and developing
a secondary market for such loans.
Loans made | ||
under the Direct Loan Program may be in an amount not to exceed
| ||
$300,000 and shall be made for a portion of an industrial | ||
project which does
not exceed 50% of the total project. No loan | ||
may be made by the Authority
unless
approved by the affirmative | ||
vote of at least 8 members of the board. The
Authority shall | ||
establish procedures and publish rules which shall provide for
| ||
the submission, review, and analysis of each direct loan | ||
application and which
shall preserve the ability of each board | ||
member to reach an individual business
judgment regarding the | ||
propriety of making each direct loan. The collective
discretion | ||
of the board to approve or disapprove each loan shall be
| ||
unencumbered.
The Authority may establish and collect such fees | ||
and charges, determine and
enforce such terms and conditions, | ||
and charge such interest rates as it
determines to be necessary | ||
and appropriate to the successful administration of
the Direct | ||
Loan Program. The Authority may require such interests in | ||
collateral
and such guarantees as it determines are necessary | ||
to project the Authority's
interest in the repayment of the | ||
principal and interest of each loan made under
the Direct Loan | ||
Program.
| ||
(s) The Authority may guarantee private loans to third | ||
parties up to a
specified dollar amount in order to promote | ||
economic development in this State.
| ||
(t) The Authority may adopt rules and regulations as may be | ||
necessary or
advisable to implement the powers conferred by | ||
this Act.
| ||
(u) The Authority shall have the power to issue bonds, | ||
notes or other
evidences
of indebtedness, which may be used to | ||
make loans to units of local government
which are authorized to | ||
enter into loan agreements and other documents and to
issue | ||
bonds, notes and other evidences of indebtedness for the | ||
purpose of
financing the protection of storm sewer outfalls, | ||
the construction of adequate
storm sewer outfalls, and the | ||
provision for flood protection of sanitary sewage
treatment | ||
plans, in counties that have established a stormwater | ||
management
planning committee in accordance with
Section | ||
5-1062 of the Counties Code. Any
such loan shall be made by the | ||
Authority pursuant to the provisions of
Section
820-5 to 820-60 | ||
of this Act. The unit of local government shall pay back to the
| ||
Authority the principal amount of the loan, plus annual | ||
interest as determined
by the Authority. The Authority shall | ||
have the power, subject to appropriations
by the General | ||
Assembly, to subsidize or buy down a portion of the interest on
| ||
such loans, up to 4% per annum.
| ||
(v) The Authority may accept security interests as provided | ||
in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
| ||
(w) Moral Obligation. 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 its bonds | ||
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 of and | ||
interest on the 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 only 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 shall 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 or interest on those
bonds,
| ||
the Chairperson 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.
In addition to any other bonds authorized to be issued | ||
under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | ||
principal amount of Authority
bonds outstanding
issued under | ||
this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | ||
360/2-6(c), which have
been
assumed by the Authority, shall not | ||
exceed $150,000,000.
| ||
(x) The Authority may enter into agreements or contracts | ||
with any person necessary or appropriate to place the payment | ||
obligations of the Authority under any of its bonds in whole or | ||
in part on any interest rate basis, cash flow basis, or other | ||
basis desired by the Authority, including without limitation | ||
agreements or contracts commonly known as "interest rate swap | ||
agreements", "forward payment conversion agreements", and | ||
"futures", or agreements or contracts to exchange cash flows or | ||
a series of payments, or agreements or contracts, including | ||
without limitation agreements or contracts commonly known as | ||
"options", "puts", or "calls", to hedge payment, rate spread, | ||
or similar exposure; provided that any such agreement or | ||
contract shall not constitute an obligation for borrowed money | ||
and shall not be taken into account under Section 845-5 of this | ||
Act or any other debt limit of the Authority or the State of | ||
Illinois.
| ||
(Source: P.A. 93-205, eff. 1-1-04; 94-91, eff. 7-1-05.)
| ||
(20 ILCS 3501/801-50 new) | ||
Sec. 801-50. Pledge of revenues by the Authority; | ||
non-impairment. Any pledge of revenues or other moneys made by | ||
the Authority shall be binding from the time the pledge is | ||
made. Revenues and other moneys so pledged shall be held | ||
outside of the State treasury and in the custody of either the | ||
Treasurer of the Authority or a trustee or a depository | ||
appointed by the Authority. Revenues or other moneys so pledged | ||
and thereafter received by the Authority or trustee or | ||
depository shall immediately be subject to the lien of the | ||
pledge without any physical delivery thereof or further act, | ||
and the lien of any pledge shall be binding against all parties | ||
having claims of any kind in tort, contract, or otherwise | ||
against the Authority, irrespective of whether the parties have | ||
notice thereof. Neither the resolution nor any other instrument | ||
by which a pledge is created need be filed or recorded except | ||
in the records of the Authority. The State pledges and agrees | ||
with the holders of bonds or other obligations of the Authority | ||
that the State will not limit or restrict the rights hereby | ||
vested in the Authority to purchase, acquire, hold, sell, or | ||
dispose of investments or to establish and collect such fees or | ||
other charges as may be convenient or necessary to produce | ||
sufficient revenues to meet the expenses of operation to the | ||
Authority, and to fulfill the terms of any agreement made with | ||
the holders of the bonds or other obligations of the Authority | ||
or in any way impair the rights or remedies of the holders of | ||
those bonds or other obligations of the Authority until such | ||
bonds or other obligations are fully paid and discharged or | ||
provision for their payment has been made.
| ||
(20 ILCS 3501/825-65)
| ||
Sec. 825-65. Clean Coal and Energy Project Financing.
| ||
(a) Findings and declaration of policy. 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-fired 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. The Authority is | ||
authorized to issue bonds to help
finance Clean Coal and Energy | ||
projects pursuant to this
Section.
| ||
(b) Definition. "Clean Coal and Energy projects" 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.
| ||
(c) Creation of reserve funds. The Authority may establish | ||
and maintain one
or more reserve funds to enhance bonds issued | ||
by the Authority for Clean Coal
and
Energy projects to develop | ||
alternative energy sources, including renewable
energy | ||
projects, projects to provide scrubber technology for existing | ||
energy
generating plants or projects to provide electric | ||
transmission facilities.
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 | ||
and Energy projects authorized
under this Section, within | ||
the authorization set forth in subsections (e)
and (f).
| ||
(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 and Energy 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 $2,700,000,000, of which | ||
no more than $300,000,000 may be issued to
finance transmission | ||
facilities, no more than $500,000,000 may be issued to
finance | ||
scrubbers at existing generating plants, no more than | ||
$500,000,000 may
be issued to finance alternative energy | ||
sources, including renewable energy
projects and no more than | ||
$1,400,000,000 may be issued to finance 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. An application for a | ||
loan
financed from bond proceeds from a borrower or its | ||
affiliates for a Clean Coal
and 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) Additional Clean Coal and Energy bond authorization and | ||
financing
limits.
In addition to any other bonds authorized to | ||
be issued under this Act, the
Authority may issue bonds for the | ||
purpose enumerated in this
Section 825-65 in an
aggregate | ||
principal amount that shall not exceed $300,000,000.
| ||
(Source: P.A. 93-205, eff. 1-1-04.)
| ||
(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 new electric generating facilities or | ||
new gasification facilities
for energy generation projects | ||
that advance
clean coal technology and the use of Illinois coal
| ||
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 not
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 not 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. 93-205, eff. 1-1-04.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
| ||