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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0307 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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Amends the Illinois Finance Authority Act. Makes a technical change in a
Section concerning definitions.
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| | A BILL FOR |
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| | SB0307 | | LRB097 04879 PJG 44919 b |
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| 1 | | AN ACT concerning State government.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Finance Authority Act is amended by |
| 5 | | changing Section 805-10 as follows:
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| 6 | | (20 ILCS 3501/805-10)
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| 7 | | Sec. 805-10. Definitions. The
The following terms, |
| 8 | | whenever used or referred
to in this Article, shall have the |
| 9 | | following meanings ascribed to them, except
where the context |
| 10 | | clearly requires otherwise: |
| 11 | | (a) "Financial Institution" means a financial institution |
| 12 | | which is a trust
company, a bank, a savings bank, a credit |
| 13 | | union, an investment bank, a broker,
an investment trust, a |
| 14 | | pension fund, a building and loan association, a savings
and |
| 15 | | loan association, an insurance company, or any other |
| 16 | | institution acceptable
to the Authority, authorized to do |
| 17 | | business in the State and approved by the
Authority to insure |
| 18 | | bonds or loans for industrial projects authorized by this
Act.
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| 19 | | (b) "Participating lender" means any trust company, bank, |
| 20 | | savings bank,
credit
union, investment bank, broker, |
| 21 | | investment trust, pension fund, building and
loan association, |
| 22 | | savings and loan association, insurance company or other
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| 23 | | institution approved by the Authority which assumes a portion |