805 ILCS 155/20-25

(805 ILCS 155/20-25)

(Section scheduled to be repealed on September 15, 2045)

Sec. 20-25. Powers and duties.

(a) The Fund shall endeavor to perform the following actions, but is not limited to these specified actions:

(1) Develop programs to finance and otherwise support clean energy investment and projects as determined by the Fund in keeping with the purposes of this Act.

(2) Support financing or other expenditures that promote investment in clean energy sources in order to (i) foster the development and commercialization of clean energy projects, including projects serving low-income, environmental justice, and BIPOC communities, and (ii) support project development by MBE and other contractors of color.

(3) Prioritize the provision of public and private capital for clean energy investment to MBEs and other contractors of color, and to clean energy investment in low-income, environmental justice, and BIPOC communities.

(4) Provide access to grants, no-cost, and low-cost loans to MBEs and other contractors of color, including those participating in the Clean Energy Primes Contractor Accelerator Program.

(5) Provide financial assistance in the form of grants, loans, loan guarantees or debt and equity investments, as approved in accordance with written procedures.

(6) Assume or take title to any real property, convey or dispose of its assets and pledge its revenues to secure any borrowing, convey or dispose of its assets and pledge its revenues to secure any borrowing, for the purpose of developing, acquiring, constructing, refinancing, rehabilitating or improving its assets or supporting its programs, provided each such borrowing or mortgage, unless otherwise provided by the Board or the Fund, shall be a special obligation of the Fund, which obligation may be in the form of bonds, bond anticipation notes, or other obligations that evidence an indebtedness to the extent permitted under this Act to fund, refinance and refund the same and provide for the rights of holders thereof, and to secure the same by pledge of revenues, notes and mortgages of others, and which shall be payable solely from the assets, revenues and other resources of the Fund and such bonds may be secured by a special capital reserve fund contributed to by the State.

(7) Contract with community-based organizations to design and implement program marketing, communications, and outreach to potential users of the Fund's products, particularly potential users in low-income, environmental justice, and BIPOC communities. These contracts shall include funding to ensure that the contracted community-based organizations provide materials and outreach support, including payments for time and expenses, to other community organizations, professional organizations, and subcontractors that have an interest in the Fund's financial products.

(8) Collect the following data and perform monthly and quarterly reporting to the Board in accordance with the reporting format and schedule developed by the Board of Directors:

(A) baseline data on capital sources or providers, loan recipients, projects funded, loan terms, and other relevant financial data;

(B) diversity and equity data, including race, gender, socioeconomic, and geographic region; and

(C) program administration and servicing data. These reports shall be published to the Fund's website monthly and quarterly. Reports published to the website may be anonymized to protect the data of individual program participants.

(9) Have the purposes as provided by resolution of the Fund's Board of Directors, which purposes shall be consistent with this Section and Section 20-5 of this Act. No further action is required for the establishment of the Fund, except the adoption of a resolution for the Fund.

(b) In addition to, and not in limitation of, any other power of the Fund set forth in this Section or any other provision of the general statutes, the Fund shall have and may exercise the following powers in furtherance of or in carrying out its purposes:

(1) have perpetual succession as a body corporate and to adopt bylaws, policies, and procedures for the regulation of its affairs and the conduct of its business;

(2) make and enter into all contracts and agreements that are necessary or incidental to the conduct of its business;

(3) invest in, acquire, lease, purchase, own, manage, hold, sell, and dispose of real or personal property or any interest therein;

(4) borrow money or guarantee a return to investors or lenders;

(5) hold patents, copyrights, trademarks, marketing rights, licenses, or other rights in intellectual property;

(6) employ such assistants, agents, and employees as may be necessary or desirable; establish all necessary or appropriate personnel practices and policies, including those relating to hiring, promotion, compensation and retirement, and engage consultants, attorneys, financial advisers, appraisers, and other professional advisers as may be necessary or desirable;

(7) invest any funds not needed for immediate use or disbursement pursuant to investment policies adopted by the Fund's Board of Directors;

(8) procure insurance against any loss or liability with respect to its property or business of such types, in such amounts and from such insurers as it deems desirable;

(9) enter into joint ventures and invest in, and participate with any person, including, without limitation, government entities and private corporations, in the formation, ownership, management and operation of business entities, including stock and nonstock corporations, limited liability companies and general or limited partnerships, formed to advance the purposes of the Fund, provided members of the Board of Directors or officers or employees of the Fund may serve as directors, members or officers of any such business entity, and such service shall be deemed to be in the discharge of the duties or within the scope of the employment of any such director, officer or employee, as the case may be, so long as such director, officer or employee does not receive any compensation or financial benefit as a result of serving in such role; and

(10) all other acts necessary or convenient to carry out the purposes of this Act.

(c) Before making any loan, loan guarantee, or such other form of financing support or risk management for a clean energy project, the Fund shall develop standards to govern the administration of the Fund through rules, policies, and procedures that specify borrower eligibility, terms, and conditions of support, and other relevant criteria, standards, or procedures.

(d) Funding sources specifically authorized include, but are not limited to:

(1) funds repurposed from existing programs providing financing support for clean energy projects, provided any transfer of funds from such existing programs shall be subject to approval by the General Assembly and shall be used for expenses of financing, grants, and loans;

(2) any federal funds that can be used for the purposes specified in this Act;

(3) charitable gifts, grants, contributions, as well as loans from individuals, corporations, university endowment funds, and philanthropic foundations; and

(4) earnings and interest derived from financing support activities for clean energy projects backed by the Fund.

(e) The Fund may enter into agreements with private sources to raise capital.

(f) The Fund may assess reasonable fees on its financing activities to cover its reasonable costs and expenses, as determined by the Board.

(g) The Fund shall make information regarding the rates, terms and conditions for all of its financing support transactions available to the public for inspection, including formal annual reviews by both a private auditor conducted pursuant this Section and the Comptroller, and provide details to the public on the Internet, provided public disclosure shall be restricted for patentable ideas, trade secrets, proprietary or confidential commercial or financial information, disclosure of which may cause commercial harm to a nongovernmental recipient of such financing support and for other information exempt from public records disclosure.

(h) The powers enumerated in this Section shall be interpreted broadly to effectuate the purposes established in this Section and shall not be construed as a limitation of powers.

(Source: P.A. 102-662, eff. 9-15-21.)