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| Public Act 096-0103 |
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AN ACT concerning State government.
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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 825-65, 825-70, 825-75, and 830-25 as | ||||
follows:
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(20 ILCS 3501/825-65)
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Sec. 825-65. Clean Coal, Coal, and Renewable Energy Project | ||||
Financing.
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(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 | ||||
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. | ||||
(ii) It is further found and declared that Illinois has | ||||
abundant potential and resources to develop renewable | ||||
energy resource projects. 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, and Renewable Energy | ||
projects pursuant to this
Section.
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(b) Definitions. Definition. | ||
(i) "Clean Coal Project and Energy projects" 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
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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.
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(iii) "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, or a | ||
Renewable
and
Energy Project projects.
There may be one or more | ||
accounts in these reserve funds in which there may be
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deposited:
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(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;
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(2) any other moneys or funds of the Authority that it | ||
may
determine to deposit therein from any other source; and
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(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.
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(d) Powers and duties. The Authority has the power:
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(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, or Renewable and Energy Project | ||
projects authorized
under this Section, within the | ||
authorization set forth in subsection subsections (e)
and | ||
(f).
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(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.
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(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
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support
or liquidity instruments securing the bonds.
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(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
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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
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program, subject to the requirements established by the | ||
Act.
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(5) To exercise such other powers as are necessary or | ||
incidental to
the foregoing.
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(e) Clean Coal Project, Coal 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 $2,700,000,000, subject to the | ||
following limitations: (i) up to of which no more than | ||
$300,000,000 may be issued to
finance projects, as described in | ||
clause (C) of subsection (b)(i) and clause (C) of subsection | ||
(b)(iii) of this Section 825-65; (ii) up to transmission | ||
facilities, no more than $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 | ||
scrubbers at existing generating plants, no more than | ||
$500,000,000 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 Renewable Energy Projects, as | ||
described in clauses (A), (B), and (D) of subsection (b)(iii) | ||
of this Section 825-65 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. An application for a | ||
loan
financed from bond proceeds from a borrower or its | ||
affiliates for a Clean Coal Project, a Coal Project, or a | ||
Renewable
and Energy Project 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.
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(f) The bonding authority granted under this Section is in | ||
addition to and not limited by the provisions of Section 845-5. | ||
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.
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(Source: P.A. 95-470, eff. 8-27-07.)
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(20 ILCS 3501/825-70)
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Sec. 825-70. Criteria for participation in the program. | ||
Applications to
the
Authority for financing of any Clean Coal, | ||
Coal, or Renewable and Energy Project project shall be reviewed
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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, or and | ||
Renewable Energy Projects projects in excess of the bond
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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.
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(Source: P.A. 93-205, eff. 1-1-04.)
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(20 ILCS 3501/825-75)
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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, or | ||
Renewable Energy Projects new electric generating facilities | ||
or new gasification facilities
during the next State fiscal
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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
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end of the current State fiscal year. This subsection shall
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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
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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.
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(Source: P.A. 95-470, eff. 8-27-07.)
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(20 ILCS 3501/830-25)
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Sec. 830-25. Bonded indebtedness limitation. The Authority | ||
shall not have
outstanding at any one time State Guarantees | ||
under
Section 830-30 in an aggregate
principal amount exceeding | ||
$160,000,000. The Authority shall not have
outstanding at any | ||
one time State Guarantees under
Sections 830-35, 830-45 and | ||
830-50 in an aggregate principal amount exceeding
$225,000,000 | ||
$75,000,000. The Guarantees in this Section may be used to | ||
support Renewable Energy Projects as described in clauses (A) | ||
and (B) of subsection (b)(iii) of Section 825-65 of this Act.
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(Source: P.A. 93-205, eff. 1-1-04.)
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