Illinois Compiled Statutes
20 ILCS 3501/ - Illinois Finance Authority Act.
Article 801 - General Provisions

(20 ILCS 3501/Art. 801 heading)

 
(20 ILCS 3501/801-1)
Sec. 801-1. Short title. Articles 801 through 850 of this Act may
be cited as the Illinois Finance Authority Act. References to "this Act" in
Articles 801 through 850 are references to the Illinois Finance Authority Act.

(Source: P.A. 102-662, eff. 9-15-21.)
 
(20 ILCS 3501/801-5)
Sec. 801-5. Findings and declaration of policy. The General Assembly
hereby finds, determines and declares:
(a) that there are a number of existing State authorities authorized to
issue
bonds to alleviate the conditions and promote the objectives set forth below;
and to provide a stronger, better coordinated development effort, it is
determined to be in the interest of promoting the health, safety, morals and
general welfare of all the people of the State to consolidate certain of such
existing authorities into one finance authority;
(b) that involuntary unemployment affects the health, safety, morals and
general welfare of the people of the State of Illinois;
(c) that the economic burdens resulting from involuntary unemployment fall
in
part upon the State in the form of public assistance and reduced tax revenues,
and in the event the unemployed worker and his family migrate elsewhere to find
work, may also fall upon the municipalities and other taxing districts within
the areas of unemployment in the form of reduced tax revenues, thereby
endangering their financial ability to support necessary governmental services
for their remaining inhabitants;
(d) that a vigorous growing economy is the basic source of job
opportunities;
(e) that protection against involuntary unemployment, its economic burdens
and the spread of economic stagnation can best be provided by promoting,
attracting,
stimulating and revitalizing industry, manufacturing and commerce in the State;
(f) that the State has a responsibility to help create a favorable climate
for new and improved job opportunities for its citizens by encouraging the
development of commercial businesses and industrial and manufacturing plants
within the State;
(g) that increased availability of funds for construction of new facilities
and the expansion and improvement of existing facilities for industrial,
commercial
and manufacturing facilities will provide for new and continued employment in
the construction industry and alleviate the burden of unemployment;
(h) that in the absence of direct governmental subsidies the unaided
operations of private enterprise do not provide sufficient resources for
residential
construction, rehabilitation, rental or purchase, and that support from housing
related commercial facilities is one means of stimulating residential
construction, rehabilitation, rental and purchase;
(i) that it is in the public interest and the policy of this State to foster
and promote by all reasonable means the provision of adequate capital markets
and facilities for borrowing money by units of local government, and for the
financing of their respective public improvements and other governmental
purposes within the State from proceeds of bonds or notes issued by those
governmental units; and to assist local governmental units in fulfilling their
needs for those purposes by use of creation of indebtedness;
(j) that it is in the public interest and the policy of this State to the
extent possible, to reduce the costs of indebtedness to taxpayers and residents
of this State and to encourage continued investor interest in the purchase of
bonds or notes of governmental units as sound and preferred securities for
investment; and to encourage governmental units to continue their independent
undertakings of public improvements and other governmental purposes and the
financing thereof, and to assist them in those activities by making funds
available at reduced interest costs for orderly financing of those purposes,
especially during periods of restricted credit or money supply, and
particularly for those governmental units not otherwise able to borrow for
those purposes;
(k) that in this State the following conditions exist: (i) an inadequate
supply of funds at interest rates sufficiently low to enable persons engaged in
agriculture in this State to pursue agricultural operations at present levels;
(ii) that such inability to pursue agricultural operations lessens the supply
of agricultural commodities available to fulfill the needs of the citizens of
this
State; (iii) that such inability to continue operations decreases available
employment in the agricultural sector of the State and results in unemployment
and its attendant problems; (iv) that such conditions prevent the acquisition
of an adequate capital stock of farm equipment and machinery, much of which is
manufactured in this State, therefore impairing the productivity of
agricultural
land and, further, causing unemployment or lack of appropriate increase in
employment in such manufacturing; (v) that such conditions are conducive to
consolidation of acreage of agricultural land with fewer individuals living and
farming on the traditional family farm; (vi) that these conditions result in a
loss in population, unemployment and movement of persons from rural to urban
areas accompanied by added costs to communities for creation of new public
facilities and services; (vii) that there have been recurrent shortages of
funds for agricultural purposes from private market sources at reasonable rates
of
interest; (viii) that these shortages have made the sale and purchase of
agricultural land to family farmers a virtual impossibility in many parts of
the State; (ix) that the ordinary operations of private enterprise have not in
the
past corrected these conditions; and (x) that a stable supply of adequate funds
for agricultural financing is required to encourage family farmers in an
orderly
and sustained manner and to reduce the problems described above;
(l) that for the benefit of the people of the State of Illinois, the conduct
and increase of their commerce, the protection and enhancement of their
welfare,
the development of continued prosperity and the improvement of their health and
living conditions it is essential that all the people of the State be given the
fullest opportunity to learn and to develop their intellectual and mental
capacities and skills; that to achieve these ends it is of the utmost
importance
that private institutions of higher education within the State be provided with
appropriate additional means to assist the people of the State in achieving the
required levels of learning and development of their intellectual and mental
capacities and skills and that cultural institutions within the State be
provided with appropriate additional means to expand the services and resources
which they offer for the cultural, intellectual, scientific, educational and
artistic enrichment of the people of the State;
(m) that in order to foster civic and neighborhood pride, citizens require
access to facilities such as educational institutions, recreation, parks and
open spaces, entertainment and sports, a reliable transportation network,
cultural facilities and theaters and other facilities as authorized by this
Act, and that it is in the best interests of the State to lower the costs of
all such facilities by providing financing through the State;
(n) that to preserve and protect the health of the citizens of the State,
and
lower the costs of health care, that financing for health facilities should be
provided through the State; and
it is hereby declared to be the policy of the State, in the interest of
promoting the health, safety, morals and general welfare of all the people of
the State, to address the conditions noted above, to increase job opportunities
and to retain existing jobs in the State, by making available through the
Illinois Finance Authority, hereinafter created, funds for the development,
improvement and creation of industrial, housing, local government, educational,
health, public purpose and other projects; to issue its bonds and notes to make
funds at reduced rates and on more favorable terms for borrowing by local
governmental units through the purchase of the bonds or notes of the
governmental units; and to make or acquire loans for the acquisition and
development of agricultural facilities; to provide financing for private
institutions of higher education, cultural institutions, health facilities and
other facilities and projects as authorized by this Act; and to grant broad
powers to the Illinois Finance Authority to accomplish and to carry out these
policies of the State which are in the public interest of the State and of its
taxpayers and residents;
(o) that providing financing alternatives for projects that are located outside the State that are owned, operated, leased, managed by, or otherwise affiliated with, institutions located within the State would promote the economy of the State for the benefit of the health, welfare, safety, trade, commerce, industry, and economy of the people of the State by creating employment opportunities in the State and lowering the cost of accessing healthcare, private education, or cultural institutions in the State by reducing the cost of financing or operating those projects;
(p) that the realization of the objectives of the Authority identified in this Act including, without limitation, those designed (1) to assist and enable veterans, minorities, women and disabled individuals to own and operate small businesses; (2) to assist in the delivery of agricultural assistance; and (3) to aid, assist, and encourage economic growth and development within this State, will be enhanced by empowering the Authority to purchase loan participations from participating lenders;
(q) that climate change threatens the health, welfare, and prosperity of all the residents of the State;
(r) combating climate change is necessary to preserve and enhance the health, welfare, and prosperity of all the residents of the State;
(s) that the promotion of the development and implementation of clean energy is necessary to combat climate change and is hereby declared to be the policy of the State; and
(t) that designating the Authority as the "Climate Bank" to aid in all respects with providing financial assistance, programs, and products to finance and otherwise develop and implement equitable clean energy opportunities in the State to mitigate or adapt to the negative consequences of climate change in an equitable manner will further the clean energy policy of the State.
(Source: P.A. 102-662, eff. 9-15-21.)
 
(20 ILCS 3501/801-10)
Sec. 801-10. Definitions. The following terms, whenever used or referred
to
in this Act, shall have the following meanings, except in such instances where
the context may clearly indicate otherwise:
(a) The term "Authority" means the Illinois Finance Authority created by
this Act.
(b) The term "project" means an industrial project, clean energy project, conservation project, housing project, public
purpose project, higher education project, health facility project, cultural
institution project, municipal bond program project, PACE Project, agricultural facility or agribusiness, and "project" may
include any combination of one or more of the foregoing undertaken jointly by
any person with one or more other persons.
(c) The term "public purpose project" means (i) any project or facility,
including
without limitation land, buildings, structures, machinery, equipment and all
other real and personal property, which is authorized or required by law to be
acquired, constructed, improved, rehabilitated, reconstructed, replaced or
maintained by any unit of government or any other lawful public purpose, including provision of working capital, which
is authorized or required by law to be undertaken by any unit of government or (ii) costs incurred and other expenditures, including expenditures for management, investment, or working capital costs, incurred in connection with the reform, consolidation, or implementation of the transition process as described in Articles 22B and 22C of the Illinois Pension Code.
(d) The term "industrial project" means the acquisition, construction,
refurbishment, creation, development or redevelopment of any facility,
equipment, machinery, real property or personal property for use by any
instrumentality of the State or its political subdivisions, for use by any
person or institution, public or private, for profit or not for profit, or for
use in any trade or business, including, but not limited to, any industrial,
manufacturing, clean energy, or commercial enterprise that is located within or outside the State, provided that, with respect to a project involving property located outside the State, the property must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, and which is (1) a capital project or clean energy project,
including, but not limited to: (i) land and any rights therein, one or more
buildings, structures or other improvements, machinery and equipment, whether
now existing or hereafter acquired, and whether or not located on the same site
or sites; (ii) all appurtenances and facilities incidental to the foregoing,
including, but not limited to, utilities, access roads, railroad sidings, track,
docking and similar facilities, parking facilities, dockage, wharfage, railroad
roadbed, track, trestle, depot, terminal, switching and signaling or related
equipment, site preparation and landscaping; and (iii) all non-capital costs
and expenses relating thereto or (2) any addition to, renovation,
rehabilitation or
improvement of a capital project or a clean energy project, or (3) any activity or undertaking within or outside the State, provided that, with respect to a project involving property located outside the State, the property must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, which the
Authority determines will aid, assist or encourage economic growth, development
or redevelopment within the State or any area thereof, will promote the
expansion, retention or diversification of employment opportunities within the
State or any area thereof or will aid in stabilizing or developing any industry
or economic sector of the State economy. The term "industrial project" also
means the production of motion pictures.
(e) The term "bond" or "bonds" shall include bonds, notes (including bond,
grant or revenue anticipation notes), certificates and/or other evidences of
indebtedness representing an obligation to pay money, including refunding
bonds.
(f) The terms "lease agreement" and "loan agreement" shall mean: (i) an
agreement whereby a project acquired by the Authority by purchase, gift or
lease
is leased to any person, corporation or unit of local government which will use
or cause the project to be used as a project as heretofore defined upon terms
providing for lease rental payments at least sufficient to pay when due all
principal of, interest and premium, if any, on any bonds of the Authority
issued
with respect to such project, providing for the maintenance, insuring and
operation of the project on terms satisfactory to the Authority, providing for
disposition of the project upon termination of the lease term, including
purchase options or abandonment of the premises, and such other terms as may be
deemed desirable by the Authority, or (ii) any agreement pursuant to which the
Authority agrees to loan the proceeds of its bonds issued with respect to a
project or other funds of the Authority to any person which will use or cause
the project to be used as a project as heretofore defined upon terms providing
for loan repayment installments at least sufficient to pay when due all
principal of, interest and premium, if any, on any bonds of the Authority, if
any, issued with respect to the project, and providing for maintenance,
insurance and other matters as may be deemed desirable by the Authority.
(g) The term "financial aid" means the expenditure of Authority funds or
funds provided by the Authority through the issuance of its bonds, notes or
other
evidences of indebtedness or from other sources for the development,
construction, acquisition or improvement of a project.
(h) The term "person" means an individual, corporation, unit of government,
business trust, estate, trust, partnership or association, 2 or more persons
having a joint or common interest, or any other legal entity.
(i) The term "unit of government" means the federal government, the State or
unit of local government, a school district, or any agency or instrumentality,
office, officer, department, division, bureau, commission, college or
university thereof.
(j) The term "health facility" means: (a) any public or private institution,
place, building, or agency required to be licensed under the Hospital Licensing
Act; (b) any public or private institution, place, building, or agency required
to be licensed under the Nursing Home Care Act, the Specialized Mental Health Rehabilitation Act of 2013, the ID/DD Community Care Act, or the MC/DD Act; (c)
any public or licensed private hospital as defined in the Mental Health and
Developmental Disabilities Code; (d) any such facility exempted from such
licensure when the Director of Public Health attests that such exempted
facility
meets the statutory definition of a facility subject to licensure; (e) any
other
public or private health service institution, place, building, or agency which
the Director of Public Health attests is subject to certification by the
Secretary, U.S. Department of Health and Human Services under the Social
Security Act, as now or hereafter amended, or which the Director of Public
Health attests is subject to standard-setting by a recognized public or
voluntary accrediting or standard-setting agency; (f) any public or private
institution, place, building or agency engaged in providing one or more
supporting services to a health facility; (g) any public or private
institution,
place, building or agency engaged in providing training in the healing arts,
including, but not limited to, schools of medicine, dentistry, osteopathy,
optometry, podiatry, pharmacy or nursing, schools for the training of x-ray,
laboratory or other health care technicians and schools for the training of
para-professionals in the health care field; (h) any public or private
congregate, life or extended care or elderly housing facility or any public or
private home for the aged or infirm, including, without limitation, any
Facility as defined in the Life Care Facilities Act; (i) any public or private
mental, emotional or physical rehabilitation facility or any public or private
educational, counseling, or rehabilitation facility or home, for those persons
with a developmental disability, those who are physically ill or disabled, the
emotionally disturbed, those persons with a mental illness or persons with
learning or similar disabilities or problems; (j) any public or private
alcohol, drug or substance abuse diagnosis, counseling treatment or
rehabilitation
facility, (k) any public or private institution, place, building or agency
licensed by the Department of Children and Family Services or which is not so
licensed but which the Director of Children and Family Services attests
provides child care, child welfare or other services of the type provided by
facilities
subject to such licensure; (l) any public or private adoption agency or
facility; and (m) any public or private blood bank or blood center. "Health
facility" also means a public or private structure or structures suitable
primarily for use as a laboratory, laundry, nurses or interns residence or
other housing or hotel facility used in whole or in part for staff, employees
or
students and their families, patients or relatives of patients admitted for
treatment or care in a health facility, or persons conducting business with a
health facility, physician's facility, surgicenter, administration building,
research facility, maintenance, storage or utility facility and all structures
or facilities related to any of the foregoing or required or useful for the
operation of a health facility, including parking or other facilities or other
supporting service structures required or useful for the orderly conduct of
such health facility. "Health facility" also means, with respect to a project located outside the State, any public or private institution, place, building, or agency which provides services similar to those described above, provided that such project is owned, operated, leased or managed by a participating health institution located within the State, or a participating health institution affiliated with an entity located within the State.
(k) The term "participating health institution" means (i) a private corporation
or association or (ii) a public entity of this State, in either case authorized by the laws of this
State or the applicable state to provide or operate a health facility as defined in this Act and which,
pursuant to the provisions of this Act, undertakes the financing, construction
or acquisition of a project or undertakes the refunding or refinancing of
obligations, loans, indebtedness or advances as provided in this Act.
(l) The term "health facility project", means a specific health facility
work
or improvement to be financed or refinanced (including without limitation
through reimbursement of prior expenditures), acquired, constructed, enlarged,
remodeled, renovated, improved, furnished, or equipped, with funds provided in
whole or in part hereunder, any accounts receivable, working capital, liability
or insurance cost or operating expense financing or refinancing program of a
health facility with or involving funds provided in whole or in part hereunder,
or any combination thereof.
(m) The term "bond resolution" means the resolution or resolutions
authorizing the issuance of, or providing terms and conditions related to,
bonds issued
under this Act and includes, where appropriate, any trust agreement, trust
indenture, indenture of mortgage or deed of trust providing terms and
conditions for such bonds.
(n) The term "property" means any real, personal or mixed property, whether
tangible or intangible, or any interest therein, including, without limitation,
any real estate, leasehold interests, appurtenances, buildings, easements,
equipment, furnishings, furniture, improvements, machinery, rights of way,
structures, accounts, contract rights or any interest therein.
(o) The term "revenues" means, with respect to any project, the rents, fees,
charges, interest, principal repayments, collections and other income or profit
derived therefrom.
(p) The term "higher education project" means, in the case of a private
institution of higher education, an educational facility to be acquired,
constructed, enlarged, remodeled, renovated, improved, furnished, or equipped,
or any combination thereof.
(q) The term "cultural institution project" means, in the case of a cultural
institution, a cultural facility to be acquired, constructed, enlarged,
remodeled, renovated, improved, furnished, or equipped, or any combination
thereof.
(r) The term "educational facility" means any property located within the
State, or any property located outside the State, provided that, if the property is located outside the State, it must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, in each case
constructed or acquired before or after the effective date of this Act, which
is
or will be, in whole or in part, suitable for the instruction, feeding,
recreation or housing of students, the conducting of research or other work of
a
private institution of higher education, the use by a private institution of
higher education in connection with any educational, research or related or
incidental activities then being or to be conducted by it, or any combination
of the foregoing, including, without limitation, any such property suitable for
use as or in connection with any one or more of the following: an academic
facility, administrative facility, agricultural facility, assembly hall,
athletic facility, auditorium, boating facility, campus, communication
facility,
computer facility, continuing education facility, classroom, dining hall,
dormitory, exhibition hall, fire fighting facility, fire prevention facility,
food service and preparation facility, gymnasium, greenhouse, health care
facility, hospital, housing, instructional facility, laboratory, library,
maintenance facility, medical facility, museum, offices, parking area,
physical education facility, recreational facility, research facility, stadium,
storage facility, student union, study facility, theatre or utility.
(s) The term "cultural facility" means any property located within the State, or any property located outside the State, provided that, if the property is located outside the State, it must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, in each case
constructed or acquired before or after the effective date of this Act, which
is or will be, in whole or in part, suitable for the particular purposes or
needs
of a cultural institution, including, without limitation, any such property
suitable for use as or in connection with any one or more of the following: an
administrative facility, aquarium, assembly hall, auditorium, botanical garden,
exhibition hall, gallery, greenhouse, library, museum, scientific laboratory,
theater or zoological facility, and shall also include, without limitation,
books, works of art or music, animal, plant or aquatic life or other items for
display, exhibition or performance. The term "cultural facility" includes
buildings on the National Register of Historic Places which are owned or
operated by nonprofit entities.
(t) "Private institution of higher education" means a not-for-profit
educational institution which is not owned by the State or any political
subdivision, agency, instrumentality, district or municipality thereof, which
is
authorized by law to provide a program of education beyond the high school
level
and which:
(u) The term "academic institution" means any not-for-profit institution
which
is not owned by the State or any political subdivision, agency,
instrumentality,
district or municipality thereof, which institution engages in, or facilitates
academic, scientific, educational or professional research or learning in a
field or fields of study taught at a private institution of higher education.
Academic institutions include, without limitation, libraries, archives,
academic, scientific, educational or professional societies, institutions,
associations or foundations having such purposes.
(v) The term "cultural institution" means any not-for-profit institution
which
is not owned by the State or any political subdivision, agency,
instrumentality,
district or municipality thereof, which institution engages in the cultural,
intellectual, scientific, educational or artistic enrichment of the people of
the State. Cultural institutions include, without limitation, aquaria,
botanical societies, historical societies, libraries, museums, performing arts
associations or societies, scientific societies and zoological societies.
(w) The term "affiliate" means, with respect to financing of an agricultural
facility or an agribusiness, any lender, any person, firm or corporation
controlled by, or under common control with, such lender, and any person, firm
or corporation controlling such lender.
(x) The term "agricultural facility" means land, any building or other
improvement thereon or thereto, and any personal properties deemed necessary or
suitable for use, whether or not now in existence, in farming, ranching, the
production of agricultural commodities (including, without limitation, the
products of aquaculture, hydroponics and silviculture) or the treating,
processing or storing of such agricultural commodities when such activities are
customarily engaged in by farmers as a part of farming and which land, building, improvement or personal property is located within the State, or is located outside the State, provided that, if such property is located outside the State, it must be owned, operated, leased, or managed by an entity located within the State or an entity affiliated with an entity located within the State.
(y) The term "lender" with respect to financing of an agricultural facility
or an agribusiness, means any federal or State chartered bank, Federal Land
Bank,
Production Credit Association, Bank for Cooperatives, federal or State
chartered savings and loan association or building and loan association, Small
Business
Investment Company or any other institution qualified within this State to
originate and service loans, including, but without limitation to, insurance
companies, credit unions and mortgage loan companies. "Lender" also means a
wholly owned subsidiary of a manufacturer, seller or distributor of goods or
services that makes loans to businesses or individuals, commonly known as a
"captive finance company".
(z) The term "agribusiness" means any sole proprietorship, limited
partnership, co-partnership, joint venture, corporation or cooperative which
operates or will operate a facility located within the State or outside the State, provided that, if any facility is located outside the State, it must be owned, operated, leased, or managed by an entity located within the State or an entity affiliated with an entity located within the State, that
is related to the
processing of agricultural commodities (including, without limitation, the
products of aquaculture, hydroponics and silviculture) or the manufacturing,
production or construction of agricultural buildings, structures, equipment,
implements, and supplies, or any other facilities or processes used in
agricultural production. Agribusiness includes but is not limited to the
following:
(aa) The term "asset" with respect to financing of any agricultural facility
or
any agribusiness, means, but is not limited to the following: cash crops or
feed on hand; livestock held for sale; breeding stock; marketable bonds and
securities; securities not readily marketable; accounts receivable; notes
receivable; cash invested in growing crops; net cash value of life insurance;
machinery and equipment; cars and trucks; farm and other real estate including
life estates and personal residence; value of beneficial interests in trusts;
government payments or grants; and any other assets.
(bb) The term "liability" with respect to financing of any agricultural
facility or any agribusiness shall include, but not be limited to the
following:
accounts payable; notes or other indebtedness owed to any source; taxes; rent;
amounts owed on real estate contracts or real estate mortgages; judgments;
accrued interest payable; and any other liability.
(cc) The term "Predecessor Authorities" means those authorities as described
in Section 845-75.
(dd) The term "housing project" means a specific work or improvement located within the State or outside the State and
undertaken
to provide residential dwelling accommodations, including the acquisition,
construction or rehabilitation of lands, buildings and community facilities and
in connection therewith to provide nonhousing facilities which are part of the
housing project, including land, buildings, improvements, equipment and all
ancillary facilities for use for offices, stores, retirement homes, hotels,
financial institutions, service, health care, education, recreation or research
establishments, or any other commercial purpose which are or are to be related
to a housing development, provided that any work or improvement located outside the State is owned, operated, leased or managed by an entity located within the State, or any entity affiliated with an entity located within the State.
(ee) The term "conservation project" means any project including the acquisition, construction, rehabilitation, maintenance, operation, or upgrade that is intended to create or expand open space or to reduce energy usage through efficiency measures. For the purpose of this definition, "open space" has the definition set forth under Section 10 of the Illinois Open Land Trust Act.
(ff) The term "significant presence" means the existence within the State of the national or regional headquarters of an entity or group or such other facility of an entity or group of entities where a significant amount of the business functions are performed for such entity or group of entities.
(gg) The term "municipal bond issuer" means the State or any other state or commonwealth of the United States, or any unit of local government, school district, agency or instrumentality, office, department, division, bureau, commission, college or university thereof located in the State or any other state or commonwealth of the United States.
(hh) The term "municipal bond program project" means a program for the funding of the purchase of bonds, notes or other obligations issued by or on behalf of a municipal bond issuer.
(ii) The term "participating lender" means any trust company, bank, savings bank, credit union, merchant bank, investment bank, broker, investment trust, pension fund, building and loan association, savings and loan association, insurance company, venture capital company, or other institution approved by the Authority which provides a portion of the financing for a project.
(jj) The term "loan participation" means any loan in which the Authority co-operates with a participating lender to provide all or a portion of the financing for a project.
(kk) The term "PACE Project" means an energy project as defined in Section 5 of the Property Assessed Clean Energy Act.
(ll) The term "clean energy" means energy generation that is substantially free (90% or more) of carbon dioxide emissions by design or operations, or that otherwise contributes to the reduction in emissions of environmentally hazardous materials or reduces the volume of environmentally dangerous materials.
(mm) The term "clean energy project" means the acquisition, construction, refurbishment, creation, development or redevelopment of any facility, equipment, machinery, real property, or personal property for use by the State or any unit of local government, school district, agency or instrumentality, office, department, division, bureau, commission, college, or university of the State, for use by any person or institution, public or private, for profit or not for profit, or for use in any trade or business, which the Authority determines will aid, assist, or encourage the development or implementation of clean energy in the State, or as otherwise contemplated by Article 850.
(nn) The term "Climate Bank" means the Authority in the exercise of those powers conferred on it by this Act related to clean energy or clean water, drinking water, or wastewater treatment.
(oo) "Equity investment eligible community" and "eligible community" mean the geographic areas throughout Illinois that would most benefit from equitable investments by the State designed to combat discrimination. Specifically, the eligible communities shall be defined as the following areas:
(pp) "Equity investment eligible person" and "eligible person" mean the persons who would most benefit from equitable investments by the State designed to combat discrimination. Specifically, eligible persons means the following people:
(qq) "Environmental justice community" means the definition of that term based on existing methodologies and findings used and as may be updated by the Illinois Power Agency and its program administrator in the Illinois Solar for All Program.
(Source: P.A. 101-610, eff. 1-1-20; 102-662, eff. 9-15-21.)
 
(20 ILCS 3501/801-15)
Sec. 801-15.
There is hereby created a body politic and corporate to be
known
as the Illinois Finance Authority. The exercise of the powers conferred by law
shall be an essential public function. The Authority shall consist of 15
members, who shall be appointed by the Governor, with the advice and consent of
the Senate. Upon the appointment of the Board and every 2 years thereafter,
the chairperson of the Authority shall be selected by the Governor to serve as
chairperson for two years.
Appointments to the Authority shall be persons of recognized ability and
experience in one or more of the following areas: economic development,
finance, banking, industrial development, small business management, real
estate
development, housing, health facilities financing, local government financing,
community development, venture finance, construction, labor relations, agribusiness, and production agriculture.
At the time of appointment, the Governor shall designate 5 members to serve
until the third Monday in July 2005, 5 members to serve until the third Monday
in July 2006 and 5 members to serve until the third Monday in July 2007.
Thereafter, appointments shall be for 3-year terms. At any point in time, the Authority must include no fewer than 2 members who have expertise in agribusiness or production agriculture. A member shall serve until
his or her successor shall be appointed and have qualified for office by filing
the oath and bond.
Members of the Authority shall not be entitled to compensation for their
services as members, but shall be entitled to reimbursement for all necessary
expenses incurred in connection with the performance of their duties as
members.
The Governor may remove any member of the Authority in case of incompetence,
neglect of duty, or malfeasance in office, after service on him of a copy of
the
written charges against him and an opportunity to be publicly heard in person
or
by counsel in his own defense upon not less than 10 days' notice.
From nominations received from the Governor, the members of the Authority shall
appoint an Executive Director who shall be a person knowledgeable in the areas
of financial markets and instruments, to hold office for a one-year term. The
Executive Director shall be the chief administrative and operational officer of
the Authority and shall direct and supervise its administrative affairs and
general management and perform such other duties as may be prescribed from time
to time by the members and shall receive compensation fixed by the Authority.
The Executive Director or any committee of the members may carry out such
responsibilities of the members as the members by resolution may delegate. The
Executive Director shall attend all meetings of the Authority; however, no
action of the Authority shall be invalid on account of the absence of the
Executive Director from a meeting. The Authority may engage the services of
such other agents and employees, including attorneys, appraisers, engineers,
accountants, credit analysts and other consultants, as it may deem advisable
and may prescribe their duties and fix their compensation.
The Authority may appoint Advisory Councils to (1) assist in the formulation of
policy goals and objectives, (2) assist in the coordination of the delivery of
services, (3) assist in establishment of funding priorities for the various
activities of the Authority, and (4) target the activities of the Authority to
specific geographic regions.
There may be an Advisory Council on Economic Development. The Advisory Council
shall consist of no more than 12 members, who shall serve at the pleasure of
the Authority. Members of the Advisory Council shall receive no compensation
for
their services, but may be reimbursed for expenses incurred with their service
on the Advisory Council.

(Source: P.A. 98-344, eff. 8-13-13.)
 
(20 ILCS 3501/801-25)
Sec. 801-25. All official acts of the Authority shall require the approval
of

at least 8 members. All meetings of the Authority and the Advisory Councils
shall be conducted in accordance with the Open Meetings Act. Eight members of the Authority shall constitute a quorum. Except as otherwise authorized in the Open Meetings Act, all meetings shall
be conducted at a single location within this State with a quorum of members physically present at this location. Other members who are not physically present at this location may participate in the meeting and vote on all matters by means of a video or audio conference. The Auditor General shall conduct financial audits
and program audits of the Authority, in accordance with the Illinois State
Auditing Act.

(Source: P.A. 101-640, eff. 6-12-20.)
 
(20 ILCS 3501/801-30)
Sec. 801-30.

The Authority possesses all the powers as a body corporate
necessary and convenient to accomplish the purposes of this Act, including,
without any intended limitation upon the general powers hereby conferred, the
following:
(a) to enter into loans, contracts, agreements and mortgages in any manner
connected with any of its corporate purposes and to invest its funds;
(b) to sue and be sued;
(c) to employ agents and employees and independent contractors necessary to
carry out its purposes and to fix their compensation, benefits and terms and
conditions of their employment;
(d) to have and use a common seal and to alter the same at pleasure;
(e) to adopt all needful ordinances, resolutions, bylaws, rules and
regulations for the conduct of its business and affairs and for the management
and use of the projects developed, constructed, acquired and improved in
furtherance of its purposes;
(f) to have and exercise all powers and be subject to all duties otherwise
necessary to effectuate the purposes of this Act.
If any of the powers set forth in this Act are exercised within the
jurisdictional limits of any municipality, all ordinances of the municipality
shall remain in full force and effect and shall be controlling.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/801-40)
Sec. 801-40. In addition to the powers otherwise authorized by law and in
addition to the foregoing general corporate powers, the Authority shall also
have the following additional specific powers to be exercised in furtherance of
the purposes of this Act.
(a) The Authority shall have power (i) to accept grants, loans or
appropriations from the federal government or the State, or any agency or
instrumentality thereof, or, in the case of clean energy projects, any not-for-profit philanthropic or other charitable organization, public or private, to be used for the operating expenses of the
Authority,
or for any purposes of the Authority, including the making of direct loans of
such funds with respect to projects, and (ii) to enter into any agreement with
the federal government or the State, or any agency or instrumentality thereof,
in relationship to such grants, loans or appropriations.
(b) The Authority shall have power to procure and enter into contracts for
any
type of insurance and indemnity agreements covering loss or damage to property
from any cause, including loss of use and occupancy, or covering any other
insurable risk.
(c) The Authority shall have the continuing power to issue bonds for its
corporate purposes. Bonds may be issued by the Authority in one or more series
and may provide for the payment of any interest deemed necessary on such bonds,
of the costs of issuance of such bonds, of any premium on any insurance, or of
the cost of any guarantees, letters of credit or other similar documents, may
provide for the funding of the reserves deemed necessary in connection with
such bonds, and may provide for the refunding or advance refunding of any bonds
or
for accounts deemed necessary in connection with any purpose of the Authority.
The bonds may bear interest payable at any time or times and at any rate or
rates, notwithstanding any other provision of law to the contrary, and such
rate or rates may be established by an index or formula which may be
implemented or
established by persons appointed or retained therefor by the Authority, or may
bear no interest or may bear interest payable at maturity or upon redemption
prior to maturity, may bear such date or dates, may be payable at such time or
times and at such place or places, may mature at any time or times not later
than 40 years from the date of issuance, may be sold at public or private sale
at such time or times and at such price or prices, may be secured by such
pledges, reserves, guarantees, letters of credit, insurance contracts or other
similar credit support or liquidity instruments, may be executed in such
manner, may be subject to redemption prior to maturity, may provide for the
registration of the bonds, and may be subject to such other terms and
conditions all as may
be provided by the resolution or indenture authorizing the issuance of such
bonds. The holder or holders of any bonds issued by the Authority may bring
suits at law or proceedings in equity to compel the performance and observance
by any person or by the Authority or any of its agents or employees of any
contract or covenant made with the holders of such bonds and to compel such
person or the Authority and any of its agents or employees to perform any
duties
required to be performed for the benefit of the holders of any such bonds by
the provision of the resolution authorizing their issuance, and to enjoin such
person or the Authority and any of its agents or employees from taking any
action in conflict with any such contract or covenant.
Notwithstanding the form and tenor of any such bonds and in the absence of any
express recital on the face thereof that it is non-negotiable, all such bonds
shall be negotiable instruments. Pending the preparation and execution of any
such bonds, temporary bonds may be issued as provided by the resolution.
The bonds shall be sold by the Authority in such manner as it shall determine.
The bonds may be secured as provided in the authorizing resolution by the
receipts, revenues, income and other available funds of the Authority and by
any amounts derived by the Authority from the loan agreement or lease agreement
with respect to the project or projects; and bonds may be issued as general
obligations of the Authority payable from such revenues, funds and obligations
of the Authority as the bond resolution shall provide, or may be issued as
limited obligations with a claim for payment solely from such revenues, funds
and obligations as the bond resolution shall provide. The Authority may grant a
specific pledge or assignment of and lien on or security interest in such
rights, revenues, income, or amounts and may grant a specific pledge or
assignment of and lien on or security interest in any reserves, funds or
accounts established in the resolution authorizing the issuance of bonds. Any
such pledge, assignment, lien or security interest for the benefit of the
holders of the Authority's bonds shall be valid and binding from the time the
bonds are issued without any physical delivery or further act, and shall be
valid and binding as against and prior to the claims of all other parties
having claims against the Authority or any other person irrespective of whether
the
other parties have notice of the pledge, assignment, lien or security interest.
As evidence of such pledge, assignment, lien and security interest, the
Authority may execute and deliver a mortgage, trust agreement, indenture or
security agreement or an assignment thereof.
A remedy for any breach or default of the terms of any such agreement by the
Authority may be by mandamus proceedings in any court of competent jurisdiction
to compel the performance and compliance therewith, but the agreement may
prescribe by whom or on whose behalf such action may be instituted.
It is expressly understood that the Authority may, but need not, acquire title
to any project with respect to which it exercises its authority.
(d) With respect to the powers granted by this Act, the Authority may adopt
rules and regulations prescribing the procedures by which persons may apply for
assistance under this Act. Nothing herein shall be deemed to preclude the
Authority, prior to the filing of any formal application, from conducting
preliminary discussions and investigations with respect to the subject matter
of any prospective application.
(e) The Authority shall have power to acquire by purchase, lease, gift or
otherwise any property or rights therein from any person useful for its
purposes, whether improved for the purposes of any prospective project, or
unimproved. The Authority may also accept any donation of funds for its
purposes from any such source. The Authority shall have no independent power of
condemnation but may acquire any property or rights therein obtained upon
condemnation by any other authority, governmental entity or unit of local
government with such power.
(f) The Authority shall have power to develop, construct and improve either
under its own direction, or through collaboration with any approved applicant,
or to acquire through purchase or otherwise, any project, using for such
purpose the proceeds derived from the sale of its bonds or from governmental
loans or
grants, and to hold title in the name of the Authority to such projects.
(g) The Authority shall have power to lease pursuant to a lease agreement
any
project so developed and constructed or acquired to the approved tenant on such
terms and conditions as may be appropriate to further the purposes of this Act
and to maintain the credit of the Authority. Any such lease may provide for
either the Authority or the approved tenant to assume initially, in whole or in
part, the costs of maintenance, repair and improvements during the leasehold
period. In no case, however, shall the total rentals from any project during
any initial leasehold period or the total loan repayments to be made pursuant
to any loan agreement, be less than an amount necessary to return over such
lease
or loan period (1) all costs incurred in connection with the development,
construction, acquisition or improvement of the project and for repair,
maintenance and improvements thereto during the period of the lease or loan;
provided, however, that the rentals or loan repayments need not include costs
met through the use of funds other than those obtained by the Authority through
the issuance of its bonds or governmental loans; (2) a reasonable percentage
additive to be agreed upon by the Authority and the borrower or tenant to cover
a properly allocable portion of the Authority's general expenses, including,
but not limited to, administrative expenses, salaries and general insurance,
and
(3) an amount sufficient to pay when due all principal of, interest and
premium, if
any on, any bonds issued by the Authority with respect to the project. The
portion of total rentals payable under clause (3) of this subsection (g) shall
be deposited in such special accounts, including all sinking funds, acquisition
or construction funds, debt service and other funds as provided by any
resolution, mortgage or trust agreement of the Authority pursuant to which any
bond is issued.
(h) The Authority has the power, upon the termination of any leasehold
period
of any project, to sell or lease for a further term or terms such project on
such terms and conditions as the Authority shall deem reasonable and consistent
with the purposes of the Act. The net proceeds from all such sales and the
revenues or income from such leases shall be used to satisfy any indebtedness
of
the Authority with respect to such project and any balance may be used to pay
any expenses of the Authority or be used for the further development,
construction, acquisition or improvement of projects.
In the event any project is vacated by a tenant prior to the termination of the
initial leasehold period, the Authority shall sell or lease the facilities of
the project on the most advantageous terms available. The net proceeds of any
such disposition shall be treated in the same manner as the proceeds from sales
or the revenues or income from leases subsequent to the termination of any
initial leasehold period.
(i) The Authority shall have the power to make loans, or to purchase loan participations in loans made, to persons to finance a
project, to enter into loan agreements or agreements with participating lenders with respect thereto, and to accept
guarantees from persons of its loans or the resultant evidences of obligations
of the Authority.
(j) The Authority may fix, determine, charge and collect any premiums, fees,
charges, costs and expenses, including, without limitation, any application
fees, commitment fees, program fees, financing charges or publication fees from
any person in connection with its activities under this Act.
(k) In addition to the funds established as provided herein, the Authority
shall have the power to create and establish such reserve funds and accounts as
may be necessary or desirable to accomplish its purposes under this Act and to
deposit its available monies into the funds and accounts.
(l) At the request of the governing body of any unit of local government,
the
Authority is authorized to market such local government's revenue bond
offerings by preparing bond issues for sale, advertising for sealed bids,
receiving bids
at its offices, making the award to the bidder that offers the most favorable
terms or arranging for negotiated placements or underwritings of such
securities. The Authority may, at its discretion, offer for concurrent sale the
revenue bonds of several local governments. Sales by the Authority of revenue
bonds under this Section shall in no way imply State guarantee of such debt
issue. The Authority may require such financial information from participating
local governments as it deems necessary in order to carry out the purposes of
this subsection (1).
(m) The Authority may make grants to any county to which Division 5-37 of
the
Counties Code is applicable to assist in the financing of capital development,
construction and renovation of new or existing facilities for hospitals and
health care facilities under that Act. Such grants may only be made from funds
appropriated for such purposes from the Build Illinois Bond Fund.
(n) The Authority may establish an urban development action grant program
for
the purpose of assisting municipalities in Illinois which are experiencing
severe economic distress to help stimulate economic development activities
needed to aid in economic recovery. The Authority shall determine the types of
activities and projects for which the urban development action grants may be
used, provided that such projects and activities are broadly defined to include
all reasonable projects and activities the primary objectives of which are the
development of viable urban communities, including decent housing and a
suitable living environment, and expansion of economic opportunity, principally
for
persons of low and moderate incomes. The Authority shall enter into grant
agreements from monies appropriated for such purposes from the Build Illinois
Bond Fund. The Authority shall monitor the
use of the grants, and shall provide for audits of the funds as well as
recovery by the Authority of any funds determined to have been spent in
violation of this
subsection (n) or any rule or regulation promulgated hereunder. The Authority
shall provide technical assistance with regard to the effective use of the
urban development action grants. The Authority shall file an annual report to
the
General Assembly concerning the progress of the grant program.
(o) The Authority may establish a Housing Partnership Program whereby the
Authority provides zero-interest loans to municipalities for the purpose of
assisting in the financing of projects for the rehabilitation of affordable
multi-family housing for low and moderate income residents. The Authority may
provide such loans only upon a municipality's providing evidence that it has
obtained private funding for the rehabilitation project. The Authority shall
provide 3 State dollars for every 7 dollars obtained by the municipality from
sources other than the State of Illinois. The loans shall be made from monies
appropriated for such purpose from the Build Illinois Bond Fund. The total amount of loans available under the Housing
Partnership Program shall not exceed $30,000,000. State loan monies under this
subsection shall be used only for the acquisition and rehabilitation of
existing
buildings containing 4 or more dwelling units. The terms of any loan made by
the municipality under this subsection shall require repayment of the loan to
the municipality upon any sale or other transfer of the project. In addition, the Authority may use any moneys appropriated for such purpose from the Build Illinois Bond Fund, including funds loaned under this subsection and repaid as principal or interest, and investment income on such funds, to make the loans authorized by subsection (z), without regard to any restrictions or limitations provided in this subsection.
(p) The Authority may award grants to universities and research
institutions,
research consortiums and other not-for-profit entities for the purposes of:
remodeling or otherwise physically altering existing laboratory or research
facilities, expansion or physical additions to existing laboratory or research
facilities, construction of new laboratory or research facilities or
acquisition of modern equipment to support laboratory or research operations
provided that
such grants (i) be used solely in support of project and equipment acquisitions
which enhance technology transfer, and (ii) not constitute more than 60 percent
of the total project or acquisition cost.
(q) Grants may be awarded by the Authority to units of local government for
the
purpose of developing the appropriate infrastructure or defraying other costs
to
the local government in support of laboratory or research facilities provided
that such grants may not exceed 40% of the cost to the unit of local
government.
(r) In addition to the powers granted to the Authority under subsection (i), and in all cases supplemental to it, the Authority may establish a direct loan program to make loans to, or may purchase participations in loans made by participating lenders to,
individuals, partnerships, corporations, or other business entities for the purpose of financing an industrial
project, as defined in
Section 801-10 of this Act. For the purposes of such program
and not by way of limitation on any other program of the Authority, including, without limitation, programs established under subsection (i), the
Authority shall have the power to issue bonds, notes, or other evidences of
indebtedness including commercial paper for purposes of providing a fund of
capital from which it may make such loans. The Authority shall have the power
to use any appropriations from the State made especially for the Authority's direct loan program, or moneys at any time held by the Authority under this Act outside the State treasury in the custody of either the Treasurer of the Authority or a trustee or depository appointed by the Authority,
for additional capital to make such loans or purchase such loan participations, or for the
purposes of reserve funds or pledged funds which secure the Authority's
obligations of repayment of any bond, note or other form of indebtedness
established for the purpose of providing capital for which it intends to make
such loans or purchase such loan participations. For the purpose of obtaining such
capital, the Authority may also enter into agreements with financial
institutions, participating lenders, and other persons for the purpose of administering a loan participation program, selling loans or developing
a secondary market for such loans or loan participations.
Loans made under the direct loan program specifically established under this subsection (r), including loans under such program made by participating lenders in which the Authority purchases a participation, may be in an amount not to exceed $600,000
and shall be made for a portion of an industrial project which does
not exceed 50% of the total project. No loan may be made by the Authority
unless
approved by the affirmative vote of at least 8 members of the board. The
Authority shall establish procedures and publish rules which shall provide for
the submission, review, and analysis of each direct loan and loan participation application and which
shall preserve the ability of each board member and the Executive Director, as applicable, to reach an individual business
judgment regarding the propriety of each direct loan or loan participation. The collective
discretion of the board to approve or disapprove each loan shall be
unencumbered.
The Authority may establish and collect such fees and charges, determine and
enforce such terms and conditions, and charge such interest rates as it
determines to be necessary and appropriate to the successful administration of
the direct loan program, including purchasing loan participations. The Authority may require such interests in collateral
and such guarantees as it determines are necessary to protect the Authority's
interest in the repayment of the principal and interest of each loan and loan participation made under
the direct loan program. The restrictions established under this subsection (r) shall not be applicable to any loan or loan participation made under subsection (i) or to any loan or loan participation made under any other Section of this Act.
(s) The Authority may guarantee private loans to third parties up to a
specified dollar amount in order to promote economic development in this State.
(t) The Authority may adopt rules and regulations as may be necessary or
advisable to implement the powers conferred by this Act.
(u) The Authority shall have the power to issue bonds, notes or other
evidences
of indebtedness, which may be used to make loans to units of local government
which are authorized to enter into loan agreements and other documents and to
issue bonds, notes and other evidences of indebtedness for the purpose of
financing the protection of storm sewer outfalls, the construction of adequate
storm sewer outfalls, and the provision for flood protection of sanitary sewage
treatment plans, in counties that have established a stormwater management
planning committee in accordance with
Section 5-1062 of the Counties Code. Any
such loan shall be made by the Authority pursuant to the provisions of
Section
820-5 to 820-60 of this Act. The unit of local government shall pay back to the
Authority the principal amount of the loan, plus annual interest as determined
by the Authority. The Authority shall have the power, subject to appropriations
by the General Assembly, to subsidize or buy down a portion of the interest on
such loans, up to 4% per annum.
(v) The Authority may accept security interests as provided in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
(w) Moral Obligation. In the event that the Authority determines that monies
of the Authority will not be sufficient for the payment of the principal of and
interest on its bonds during the next State fiscal year, the Chairperson, as
soon as practicable, shall certify to the Governor the amount required by the
Authority to enable it to pay such principal of and interest on the bonds. The
Governor shall submit the amount so certified to the General Assembly as soon
as
practicable, but no later than the end of the current State fiscal year. This
subsection shall apply only to any bonds or notes as to which the Authority
shall have determined, in the resolution authorizing the issuance of the bonds
or notes, that this subsection shall apply. Whenever the Authority makes such a
determination, that fact shall be plainly stated on the face of the bonds or
notes and that fact shall also be reported to the Governor. In the event of a
withdrawal of moneys from a reserve fund established with respect to any issue
or issues of bonds of the Authority to pay principal or interest on those
bonds,
the Chairperson of the Authority, as soon as practicable, shall certify to the
Governor the amount required to restore the reserve fund to the level required
in the resolution or indenture securing those bonds. The Governor shall submit
the amount so certified to the General Assembly as soon as practicable, but no
later than the end of the current State fiscal year. The Authority shall obtain
written approval from the Governor for any bonds and notes to be issued under
this Section.
In addition to any other bonds authorized to be issued under
Sections 825-60, 825-65(e), 830-25 and 845-5, the principal amount of Authority
bonds outstanding
issued under this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS 360/2-6(c), which have
been
assumed by the Authority, shall not exceed $150,000,000. This subsection (w) shall in no way be applied to any bonds issued by the Authority on behalf of the Illinois Power Agency under Section 825-90 of this Act.
(x) The Authority may enter into agreements or contracts with any person necessary or appropriate to place the payment obligations of the Authority under any of its bonds in whole or in part on any interest rate basis, cash flow basis, or other basis desired by the Authority, including without limitation agreements or contracts commonly known as "interest rate swap agreements", "forward payment conversion agreements", and "futures", or agreements or contracts to exchange cash flows or a series of payments, or agreements or contracts, including without limitation agreements or contracts commonly known as "options", "puts", or "calls", to hedge payment, rate spread, or similar exposure; provided that any such agreement or contract shall not constitute an obligation for borrowed money and shall not be taken into account under Section 845-5 of this Act or any other debt limit of the Authority or the State of Illinois.
(y) The Authority shall publish summaries of projects and actions approved by the members of the Authority on its website. These summaries shall include, but not be limited to, information regarding the:
The disclosure of information pursuant to this subsection shall comply with the Freedom of Information Act.
(z) Consistent with the findings and declaration of policy set forth in item (j) of Section 801-5 of this Act, the Authority shall have the power to make loans to the Police Officers' Pension Investment Fund authorized by Section 22B-120 of the Illinois Pension Code and to make loans to the Firefighters' Pension Investment Fund authorized by Section 22C-120 of the Illinois Pension Code. Notwithstanding anything in this Act to the contrary, loans authorized by Section 22B-120 and Section 22C-120 of the Illinois Pension Code may be made from any of the Authority's funds, including, but not limited to, funds in its Illinois Housing Partnership Program Fund, its Industrial Project Insurance Fund, or its Illinois Venture Investment Fund.
(Source: P.A. 101-610, eff. 1-1-20; 102-662, eff. 9-15-21.)
 
(20 ILCS 3501/801-45)
Sec. 801-45.
Property Taxation.
The property of the Authority and its
respective income and operations, shall be exempt from taxation.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/801-50)
Sec. 801-50. Pledge of revenues by the Authority; non-impairment. Any pledge of revenues or other moneys made by the Authority shall be binding from the time the pledge is made. Revenues and other moneys so pledged shall be held outside of the State treasury and in the custody of either the Treasurer of the Authority or a trustee or a depository appointed by the Authority. Revenues or other moneys so pledged and thereafter received by the Authority or trustee or depository shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be binding against all parties having claims of any kind in tort, contract, or otherwise against the Authority, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Authority. The State pledges and agrees with the holders of bonds or other obligations of the Authority that the State will not limit or restrict the rights hereby vested in the Authority to purchase, acquire, hold, sell, or dispose of investments or to establish and collect such fees or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of operation to the Authority, and to fulfill the terms of any agreement made with the holders of the bonds or other obligations of the Authority or in any way impair the rights or remedies of the holders of those bonds or other obligations of the Authority until such bonds or other obligations are fully paid and discharged or provision for their payment has been made.

(Source: P.A. 95-470, eff. 8-27-07.)
 
(20 ILCS 3501/801-55)
Sec. 801-55. Required findings for projects located outside the State. The Authority may approve an application to finance or refinance a project located outside of the State other than a municipal bond program project only after it has made the following findings with respect to such financing or refinancing, all of which shall be deemed conclusive:
The Authority may approve an application to finance or refinance a municipal bond program project located outside of the State only after it has made the following findings with respect to such financing or refinancing, all of which shall be deemed conclusive:
The Authority shall not provide financing or refinancing for any project, or portion thereof, located outside the boundaries of the United States of America.
Notwithstanding any other provision of this Act, the Authority shall not provide financing or refinancing that uses State volume cap under Section 146 of the Internal Revenue Code of 1986, as amended, except as permitted under that Section 146, or constitutes an indebtedness or obligation, general or moral, or a pledge of the full faith or loan of credit of the State for any project, or portion thereof, that is located outside of the State.

(Source: P.A. 98-90, eff. 7-15-13.)

Structure Illinois Compiled Statutes