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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 1. Short title. This Act may be cited as the | ||||||
| 5 | Private Activity Bond Approval Act. | ||||||
| 6 | Section 5. Public policy. It is the policy of this State | ||||||
| 7 | that in order to maintain an effective system of monitoring the | ||||||
| 8 | use of federal subsidies within the State, facilities within | ||||||
| 9 | the State proposed to be financed with bonds issued by an | ||||||
| 10 | issuer that does not have jurisdiction over the location of | ||||||
| 11 | those facilities must receive prior approval from the Governor | ||||||
| 12 | in accordance with this Act. | ||||||
| 13 | Section 10. Definition. "Host approval" means an approval | ||||||
| 14 | by an applicable elected representative of a governmental unit, | ||||||
| 15 | for purposes of Section 147(f)(2)(A)(ii) of the Internal | ||||||
| 16 | Revenue Code, having jurisdiction over the area in which a | ||||||
| 17 | facility is located that is to be financed with bonds issued by | ||||||
| 18 | an issuer that does not have jurisdiction over the location of | ||||||
| 19 | the facility. | ||||||
| 20 | Section 15. Qualifications for facility requiring host | ||||||
| 21 | approval. | ||||||
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| 1 | (a) Host approval shall not be granted unless and until the | ||||||
| 2 | Governor has received the items and information listed in | ||||||
| 3 | subsection (b) of this Section and has issued an approval as | ||||||
| 4 | set forth in subsection (c) of this Section. | ||||||
| 5 | (b) The following items and information must be received by | ||||||
| 6 | the Governor: | ||||||
| 7 | (1) a copy of the notice of public hearing pertaining | ||||||
| 8 | to the facilities; | ||||||
| 9 | (2) minutes or another official record of the public | ||||||
| 10 | hearing; | ||||||
| 11 | (3) the maximum stated principal amount of the bonds; | ||||||
| 12 | (4) a description of the facility, including its | ||||||
| 13 | location; | ||||||
| 14 | (5) a description of the plan of finance; | ||||||
| 15 | (6) the name of the issuer of the bonds; and | ||||||
| 16 | (7) the name of the initial owner or principal user of | ||||||
| 17 | the facility. | ||||||
| 18 | (c) If, and only if, the Governor determines that the | ||||||
| 19 | facility and the items and information submitted under | ||||||
| 20 | subsection (b) of this Section are consistent with the laws and | ||||||
| 21 | public policy of the State and are in the best interest of the | ||||||
| 22 | State, then the Governor shall issue a written approval under | ||||||
| 23 | this Section authorizing the governmental unit to grant its | ||||||
| 24 | host approval in its discretion.
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| 25 | Section 99. Effective date. This Act takes effect January | ||||||
| 26 | 1, 2011.
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