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SB0390 Enrolled |
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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 |
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| changing Sections 825-65, 825-70, and 825-75 as follows: |
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| (20 ILCS 3501/825-65) |
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| Sec. 825-65. Clean Coal, Coal, Energy Efficiency, and |
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| Renewable Energy Project Financing. |
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| (a) Findings and declaration of policy. |
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| (i) It is hereby found and declared that
Illinois has |
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| abundant coal resources and, in some areas of Illinois, the |
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| demand
for power exceeds the generating capacity. |
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| Incentives to encourage the
construction of coal-fueled |
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| electric generating plants in Illinois to ensure
power |
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| generating capacity into the future and to advance clean |
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| coal technology and the use of Illinois coal are in the |
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| best interests of all of
the citizens of Illinois. |
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| (ii) It is further found and declared that Illinois has |
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| abundant potential and resources to develop renewable |
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| energy resource projects and that there are many |
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| opportunities to invest in cost-effective energy |
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| efficiency projects throughout the State . The development |
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| of those projects will create jobs and investment as well |
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SB0390 Enrolled |
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| as decrease environmental impacts and promote energy |
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| independence in Illinois. Accordingly, the development of |
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| those projects is in the best interests of all of the |
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| citizens of Illinois. |
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| (iii) The Authority is authorized to issue bonds to |
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| help
finance Clean Coal, Coal, Energy Efficiency, and |
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| Renewable Energy projects pursuant to this
Section. |
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| (b) Definitions. |
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| (i) "Clean Coal Project" means (A) "clean coal |
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| facility", as defined in Section 1-10 of the Illinois Power |
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| Agency Act; (B) "clean coal SNG facility", as defined in |
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| Section 1-10 of the Illinois Power Agency Act; (C) |
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| transmission lines and associated equipment that transfer |
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| electricity from points of supply to points of delivery for |
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| projects described in this subsection (b); (D) pipelines or |
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| other methods to transfer carbon dioxide from the point of |
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| production to the point of storage or sequestration for |
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| projects described in this subsection (b); or (E) projects |
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| to provide carbon abatement technology for existing |
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| generating facilities. |
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| (ii) "Coal Project" means new electric
generating |
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| facilities or new gasification facilities, as defined in
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| Section 605-332 of the Department of Commerce and
Economic |
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| Opportunity Law of the Civil Administrative Code of |
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| Illinois, which
may
include mine-mouth power plants, |
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| projects that employ the use of clean coal
technology, |
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LRB096 06421 RCE 16505 b |
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| projects to provide scrubber technology for existing |
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| energy
generating plants, or projects to provide electric |
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| transmission facilities or new gasification facilities. |
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| (iii) “Energy Efficiency Project” means measures that |
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| reduce the amount of electricity or natural gas required to |
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| achieve a given end use, consistent with Section 1-10 of |
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| the Illinois Power Agency Act. |
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| (iv) "Renewable Energy Project" means (A) a project |
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| that uses renewable energy resources, as defined in Section |
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| 1-10 of the Illinois Power Agency Act; (B) a project that |
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| uses environmentally preferable technologies and practices |
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| that result in improvements to the production of renewable |
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| fuels, including but not limited to, cellulosic |
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| conversion, water and energy conservation, fractionation, |
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| alternative feedstocks, or reduced green house gas |
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| emissions; (C) transmission lines and associated equipment |
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| that transfer electricity from points of supply to points |
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| of delivery for projects described in this subsection (b); |
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| or (D) projects that use technology for the storage of |
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| renewable energy, including, without limitation, the use |
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| of battery or electrochemical storage technology for |
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| mobile or stationary applications. |
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| (c) Creation of reserve funds. The Authority may establish |
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| and maintain one
or more reserve funds to enhance bonds issued |
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| by the Authority for a Clean Coal Project, a Coal Project, an |
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| Energy Efficiency Project, or a Renewable
Energy Project.
There |
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LRB096 06421 RCE 16505 b |
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| may be one or more accounts in these reserve funds in which |
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| there may be
deposited: |
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| (1) any proceeds of the bonds issued by the Authority |
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| required to
be deposited therein by the terms of any |
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| contract between the Authority and its
bondholders or any |
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| resolution of the Authority; |
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| (2) any other moneys or funds of the Authority that it |
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| may
determine to deposit therein from any other source; and |
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| (3) any other moneys or funds made available to the |
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| Authority.
Subject to the terms of any pledge to the owners |
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| of any bonds, moneys in any
reserve fund may be held and |
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| applied to the payment of principal, premium, if
any, and |
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| 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 |
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| one or more
resolutions of the Authority for any Clean Coal |
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| Project, Coal Project, Energy Efficiency Project, or |
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| Renewable Energy Project authorized
under this Section, |
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| within the authorization set forth in subsection (e). |
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| (2) To provide for the funding of any reserves or other |
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| funds or
accounts deemed necessary by the Authority in |
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| connection with any bonds issued
by the Authority. |
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| (3) To pledge any funds of the Authority or funds made |
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| available to
the Authority that may be applied to such |
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| purpose as security for any bonds or
any guarantees, |
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| letters of credit, insurance contracts or similar credit
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LRB096 06421 RCE 16505 b |
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| support
or liquidity instruments securing the bonds. |
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| (4) To enter into agreements or contracts with third |
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| parties,
whether public or private, including, without |
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| limitation, the United States of
America, the State or any |
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| department or agency thereof, to obtain any
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| appropriations, grants, loans or guarantees that are |
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| deemed necessary or
desirable by the Authority. Any such |
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| guarantee, agreement or contract may
contain terms and |
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| provisions necessary or desirable in connection with the
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| program, subject to the requirements established by the |
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| Act. |
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| (5) To exercise such other powers as are necessary or |
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| incidental to
the foregoing. |
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| (e) Clean Coal Project, Coal Project, Energy Efficiency |
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| Project, and Renewable Energy Project bond authorization and |
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| financing limits. In
addition
to any other bonds authorized to |
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| be issued under
Sections 801-40(w), 825-60, 830-25
and 845-5, |
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| the Authority may have outstanding, at any time, bonds for the
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| purpose
enumerated in this
Section 825-65 in an aggregate |
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| principal amount that shall not
exceed $3,000,000,000, subject |
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| to the following limitations: (i) up to $300,000,000 may be |
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| issued to
finance projects, as described in clause (C) of |
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| subsection (b)(i) and clause (C) of subsection (b)(iv) (b)(iii) |
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| of this Section 825-65; (ii) up to $500,000,000 may be issued |
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| to
finance projects, as described in clauses (D) and (E) of |
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| subsection (b)(i) of this Section 825-65; (iii) up to |
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SB0390 Enrolled |
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LRB096 06421 RCE 16505 b |
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| $2,000,000,000 may
be issued to finance Clean Coal Projects, as |
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| described in clauses (A) and (B) of subsection (b)(i) of this |
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| Section 825-65 and Coal Projects, as described in subsection |
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| (b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000 |
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| may be issued to finance Energy Efficiency Projects, as |
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| described in subsection (b)(iii) of this Section 825-65 and |
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| Renewable Energy Projects, as described in clauses (A), (B), |
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| and (D) of subsection (b)(iii) of this Section 825-65. An |
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| application for a loan
financed from bond proceeds from a |
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| borrower or its affiliates for a Clean Coal Project, a Coal |
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| Project, Energy Efficiency Project, or a Renewable
Energy |
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| Project may not be approved by the Authority for an amount in |
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| excess
of $450,000,000 for any borrower or its affiliates. |
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| These bonds shall not
constitute an indebtedness or obligation |
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| of the State of Illinois and it shall
be plainly stated on the |
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| face of each bond that it does not constitute an
indebtedness |
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| or obligation of the State of Illinois, but is payable solely |
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| from
the revenues, income or other assets of the Authority |
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| pledged therefor. |
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| (f) The bonding authority granted under this Section is in |
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| addition to and not limited by the provisions of Section 845-5. |
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| (Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10.) |
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| (20 ILCS 3501/825-70) |
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| Sec. 825-70. Criteria for participation in the program. |
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| Applications to
the
Authority for financing of any Clean Coal, |
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LRB096 06421 RCE 16505 b |
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| Coal, Energy Efficiency Project, or Renewable Energy Project |
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| shall be reviewed
by the Authority. Upon submission of any such |
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| application, the Authority staff
shall review the application |
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| for its completeness and may, at the discretion of
the |
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| Authority staff, request such additional information as it |
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| deems necessary
or advisable to aid in review. If the Authority |
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| receives applications for
financing for Clean Coal, Coal, |
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| Energy Efficiency Project, or Renewable Energy Projects in |
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| excess of the bond
authorization
available for such financing |
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| at any one time, it shall consider applications in
the order of |
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| priority as it shall determine, in consultation with other |
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| State
agencies, and consistent with State policy to promote |
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| environmentally preferable technology and energy independence. |
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| (Source: P.A. 96-103, eff. 1-1-10.) |
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| (20 ILCS 3501/825-75) |
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| Sec. 825-75. Additional Security. In the event that the |
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| Authority
determines
that monies of the Authority will not be |
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| sufficient for the payment of the
principal of and interest on |
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| any bonds issued by the Authority under
Sections
825-65 through |
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| 825-75 of this Act for Clean Coal Projects, Coal Projects, |
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| Energy Efficiency Projects, or Renewable Energy Projects
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| during the next State fiscal
year, the Chairperson, as soon as |
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| practicable, shall certify to the Governor
the
amount required |
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| by the Authority to enable it to pay such principal, premium,
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| if
any, and interest on such bonds. The Governor shall submit |
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SB0390 Enrolled |
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LRB096 06421 RCE 16505 b |
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| the amount so
certified to the General Assembly as soon as |
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| practicable, but no later than the
end of the current State |
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| fiscal year. This subsection shall
apply to any
bonds or notes |
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| as to which the Authority shall have determined, in the
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| resolution authorizing the issuance of the bonds or notes, that |
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| this subsection
shall apply. Whenever the Authority makes such |
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| a determination, that fact
shall be plainly stated on the face |
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| of the bonds or notes and that fact should
also be reported to |
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| the Governor.
In the event of a withdrawal of moneys from a |
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| reserve fund established with
respect to any issue or issues of |
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| bonds of the Authority to pay principal,
premium, if any, and |
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| interest on such bonds, the Chairman of the Authority, as
soon |
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| as practicable, shall certify to the Governor the amount |
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| required to
restore the reserve fund to the level required in |
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| the resolution or indenture
securing those bonds. The Governor |
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| shall submit the amount so certified to the
General Assembly as |
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| soon as practicable, but no later than the end of the
current |
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| State fiscal year. The Authority shall obtain written approval |
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| from the
Governor for any bonds and notes to be issued under |
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| this Section. |
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| (Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10.)
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| Section 99. Effective date. This Act takes effect January |
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| 1, 2010. |