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91_HB1274
LRB9102393NTsb
1 AN ACT to amend the Illinois Educational Facilities
2 Authority Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Educational Facilities Authority
6 Act is amended by changing Sections 1, 3, 3.03, 3.06, 3.06a,
7 3.07c, 3.08, and 5.11 and adding Sections 3.10 and 5.11a as
8 follows:
9 (110 ILCS 1015/1) (from Ch. 144, par. 1301)
10 Sec. 1. Declaration of purpose. It is declared that for
11 the benefit of the people of the State of Illinois, the
12 conduct and increase of their commerce, the protection and
13 enhancement of their welfare, the development of continued
14 prosperity and the improvement of their health and living
15 conditions it is essential that all the people of the State
16 be given the fullest opportunity to learn and to develop
17 their intellectual and mental capacities and skills; that to
18 achieve these ends it is of the utmost importance that
19 private institutions of higher education within the State be
20 provided with appropriate additional means to assist the
21 people of the State in achieving the required levels of
22 learning and development of their intellectual and mental
23 capacities and skills and that cultural institutions within
24 the State be provided with appropriate additional means to
25 expand the services and resources which they offer for the
26 cultural, intellectual, scientific, educational and artistic
27 enrichment of the people of the State; and that, in execution
28 of the public policy set forth above, it is the purpose of
29 this Act to provide a measure of assistance and an
30 alternative method of financing to enable private
31 institutions of higher education and cultural institutions in
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1 the State to: (i) finance or to refund or refinance
2 outstanding indebtedness incurred by them for the
3 construction or acquisition of educational facilities and
4 structures or cultural facilities and structures, whether or
5 not constructed or acquired prior to the effective date of
6 this Act, (ii) and to provide the needed additional
7 facilities and structures for the public benefit and good,
8 and (iii) enable these institutions to obtain working capital
9 through financing or refinancing of their accounts receivable
10 or otherwise in execution of the public policy set forth
11 above.
12 (Source: P.A. 88-555, eff. 7-27-94.)
13 (110 ILCS 1015/3) (from Ch. 144, par. 1303)
14 Sec. 3. Definitions. In this Act, unless the context
15 otherwise requires, the terms specified in Sections 3.01
16 through 3.10 3.09 have the meanings ascribed to them in those
17 Sections.
18 (Source: P.A. 84-995.)
19 (110 ILCS 1015/3.03) (from Ch. 144, par. 1303.03)
20 Sec. 3.03. Cost. "Cost", as applied to a project
21 financed under this Act, means all costs necessary or
22 incident to the acquisition, and construction,and financing
23 of the project, including the costs of refunding or
24 refinancing outstanding indebtedness incurred for the
25 financing of such project, engineering, legal and,
26 architectural fees, working capital, and all other necessary
27 and incidental expenses, together with interest on bonds
28 issued to finance the project to a date 6 months subsequent
29 to the estimated date of completion.
30 (Source: P.A. 78-399.)
31 (110 ILCS 1015/3.06) (from Ch. 144, par. 1303.06)
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1 Sec. 3.06. Educational facility. "Educational facility"
2 may comprise any property located within the State or, if the
3 property is owned, operated, or managed by or for the benefit
4 of a participating institution or an affiliate of the
5 institution, located outside the State, constructed or
6 acquired before or after the effective date of this Act,
7 which is or will be, in whole or in part, suitable for the
8 instruction, feeding, recreation or housing of students, the
9 conducting of research or other work of a private institution
10 of higher education, the use by a private institution of
11 higher education in connection with any educational, research
12 or related or incidental activities then being or to be
13 conducted by it, or any combination of the foregoing,
14 including, without limitation, any such property suitable for
15 use as or in connection with any one or more of the
16 following: an academic facility, administrative facility,
17 agricultural facility, assembly hall, athletic facility,
18 auditorium, boating facility, campus, communication facility,
19 computer facility, continuing education facility, classroom,
20 dining hall, dormitory, exhibition hall, fire fighting
21 facility, fire prevention facility, food service and
22 preparation facility, gymnasium, greenhouse, health care
23 facility, hospital, housing, instructional facility,
24 laboratory, library, maintenance facility, medical facility,
25 museum, offices, parking area, physical education facility,
26 recreational facility, research facility, stadium, storage
27 facility, student union, study facility, theatre or utility.
28 An educational facility shall not include any property used
29 or to be used for sectarian instruction or study or as a
30 place for devotional activities or religious worship nor any
31 property which is used or to be used primarily in connection
32 with any part of the program of a school or department of
33 divinity for any religious denomination.
34 (Source: P.A. 78-399.)
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1 (110 ILCS 1015/3.06a) (from Ch. 144, par. 1303.06a)
2 Sec. 3.06a. Cultural facility. "Cultural facility" may
3 comprise any property located within the State or, if the
4 property is owned, operated, or managed by or for the benefit
5 of a participating institution or an affiliate of the
6 institution, located outside the State, constructed or
7 acquired before or after the effective date of this Act,
8 which is or will be, in whole or in part, suitable for the
9 particular purposes or needs of a cultural institution,
10 including, without limitation, any such property suitable for
11 use as or in connection with any one or more of the
12 following: an administrative facility, aquarium, assembly
13 hall, auditorium, botanical garden, exhibition hall, gallery,
14 greenhouse, library, museum, scientific laboratory, theater
15 or zoological facility, and shall also include, without
16 limitation, books, works of art or music, animal, plant or
17 aquatic life or other items for display, exhibition or
18 performance. The term "cultural facility" includes buildings
19 on the National Register of Historic Places which are owned
20 or operated by nonprofit entities. A cultural facility shall
21 not include any property used or to be used for sectarian
22 instruction or study or as a place for devotional activities
23 or religious worship nor any property which is used or to be
24 used primarily in connection with any part of the program of
25 a school or department of divinity for any religious
26 denomination.
27 (Source: P.A. 84-995.)
28 (110 ILCS 1015/3.07c) (from Ch. 144, par. 1303.07c)
29 Sec. 3.07c. Participating institution. "Participating
30 institution" means a private institution of higher education,
31 a cultural institution, or a not for profit organization that
32 provides financial or other assistance to or for the benefit
33 of private institutions of higher education or cultural
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1 institutions, as the case may be, which, pursuant to the
2 provisions of this Act, undertakes a project or the refunding
3 or refinancing of outstanding indebtedness incurred for the
4 financing of a project or undertakes the financing of working
5 capital.
6 (Source: P.A. 88-555, eff. 7-27-94.)
7 (110 ILCS 1015/3.08) (from Ch. 144, par. 1303.08)
8 Sec. 3.08. Property. "Property" means any real, personal
9 or mixed property, or any interest therein, including,
10 without limitation, any real estate, appurtenances,
11 buildings, easements, equipment, furnishings, furniture,
12 improvements, machinery, commodities, rights of way and
13 structures, or any interest therein.
14 (Source: P.A. 76-1810.)
15 (110 ILCS 1015/3.10 new)
16 Sec. 3.10. Working capital. "Working capital" means,
17 with respect to any participating institution, funds to be
18 used in or reserved for the operations of the participating
19 institution.
20 (110 ILCS 1015/5.11) (from Ch. 144, par. 1305.11)
21 Sec. 5.11. Loans for cost of project and related capital
22 needs. To make loans to any participating institution for
23 the cost of a project and other related capital needs in
24 accordance with an agreement between the Authority and the
25 participating institution; provided that no such loan shall
26 exceed the total cost of the project as determined by the
27 participating institution and approved by the Authority.
28 (Source: P.A. 84-995.)
29 (110 ILCS 1015/5.11a new)
30 Sec. 5.11a. Working capital bonds. In accordance with
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1 applicable law, to issue bonds for the purpose of financing
2 working capital for one or more participating institutions,
3 whether through a financing of their accounts receivable or
4 otherwise, either singly or on a combined basis with other
5 participating institutions.
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.