Illinois Compiled Statutes
20 ILCS 3501/ - Illinois Finance Authority Act.
Article 825 - Other Powers

(20 ILCS 3501/Art. 825 heading)

 
(20 ILCS 3501/825-5)
Sec. 825-5.

Motion Picture Production Program; Findings and Declaration of
Policy. It is hereby found and declared that the production of motion pictures
has an enormous potential for contributing to the economic well-being of the
State and its communities; that a critical mass of movie productions is
essential to the continuing viability of this fledgling industry in Illinois;
that to achieve this critical mass, a financial inducement to attract movie
productions to the State is required; and that the provisions of this Act are
hereby declared to be in the public interest and for the public benefit.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-10)
Sec. 825-10.

The Authority may develop a program for financing the
production
of motion pictures in the State of Illinois. All projects financed by the
Authority shall require the approval of both the Illinois Arts Council and the
Authority.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-12)
Sec. 825-12. Conservation projects.
(a) The Authority may develop a program to provide low-interest loans and other financing to individuals, business entities, private organizations, and units of local government for conservation projects within the United States, provided that, if the conservation project is located outside of the State, it is owned, operated, leased or managed by an entity located within the State or any entity affiliated with an entity located within the State.
(b) Projects under this Section may include, without limitation, the acquisition of land for open-space projects, preservation or recreation measures for open spaces, and energy conservation or efficiency projects that are intended to reduce energy usage and costs.
(c) The Authority, in cooperation with the Department of Natural Resources and the Department of Commerce and Economic Opportunity, may adopt any rules necessary for the administration of this Section. The Authority must include any information concerning the program under this Section on its Internet website.

(Source: P.A. 98-90, eff. 7-15-13.)
 
(20 ILCS 3501/825-13)
Sec. 825-13. Supervision of the Riverdale Development Authority bond issuances.
(a) All bond issuances of the Riverdale Development Authority are subject to supervision, management, control, and approval of the Authority.
(b) All bonds issued by the Riverdale Development Authority under the supervision of the Authority are subject to the terms and conditions that are set forth in the Riverdale Development Authority Act.
(c) The bonds issued by the Riverdale Development Authority under the supervision of the Authority are not debts of the Authority or of the State.

(Source: P.A. 94-1093, eff. 1-26-07.)
 
(20 ILCS 3501/825-13.5)
Sec. 825-13.5. Supervision of the Illinois Urban Development Authority bond issuances.
(a) All bond issuances of the Illinois Urban Development Authority are subject to supervision, management, control, and approval of the Authority.
(b) All bonds issued by the Illinois Urban Development Authority under the supervision of the Authority are subject to the terms and conditions that are set forth in the Illinois Urban Development Authority Act.
(c) The bonds issued by the Illinois Urban Development Authority under the supervision of the Authority are not debts of the Authority or of the State.


(Source: P.A. 96-234, eff. 1-1-10.)
 
(20 ILCS 3501/825-15)
Sec. 825-15. (Repealed).


(Source: P.A. 93-205, eff. 1-1-04. Repealed by P.A. 94-91, eff. 7-1-05.)
 
(20 ILCS 3501/825-20)
Sec. 825-20.

Financially Distressed City Assistance Program; Findings and
Declarations of Policy. It is hereby found and declared that there exists an
urgent need to reduce involuntary unemployment and economic stagnation within
financially distressed cities and to create therein a more favorable economic
climate for the development of new and improved employment opportunities for
the
citizens of such cities; that to address such need it is necessary to promote
sound financial management and fiscal integrity within such cities in order to
provide a secure financial basis for their continued operation; and that
implementation of a financially distressed city assistance program under the
provisions of this Act is declared to be in the public interest and for the
public benefit.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-25)
Sec. 825-25.
Definition.
As used in
Sections 825-20 through 825-60 of this
Act, the term "financially distressed city" means a unit of local government
which has been certified and designated as a financially distressed city under
Section 8-12-4 of the Illinois Municipal Code and to which the provisions of
Division 12 of Article 8 of that Code have become applicable as provided by
that
Section 8-12-4.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-30)
Sec. 825-30.
Powers and Duties; Financing.
(a) Upon application of the financial advisory authority established for a
financially distressed city under Division 12 of Article 8 of the Illinois
Municipal Code, the Authority shall have the power to issue its bonds, notes or
other evidences of indebtedness, the proceeds of which are to be used to make
loans to a financially distressed city for purposes of enabling that city to
restructure its current indebtedness and to provide and pay for its essential
municipal services as determined in a manner consistent with Division 12 of
Article 8 of the Illinois Municipal Code by the financial advisory authority
established for that city under that Division 12.
(b) Bonds authorized to be issued by the Authority under
Sections 825-20 through
825-60 shall be payable from such revenues, income, funds and accounts of the
financially distressed city which receives a loan of any proceeds of the bonds
so issued as the Authority shall determine and prescribe in the loan agreement.
(c) The Authority may prescribe the form and contents of any application
submitted under subsection (a) of this
Section and may, at its discretion,
accept or reject such application or require such additional information as it
deems necessary to aid in its review and determination of whether it will issue
its bonds and loan the proceeds thereof as authorized under
Sections 825-20
through 825-60.
(d) The amount of bonds issued or proceeds thereof loaned by the Authority
with
respect to an application which the Authority has approved shall be determined
by the Authority.
(e) The financially distressed city receiving a loan under
Sections 825-20
through 825-60 shall enter into a loan agreement in the form and manner
prescribed by the Authority, and 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.
(f) The Authority shall create and establish a debt service reserve fund to
be
maintained by a trustee separate and segregated from all other funds and
accounts of the Authority. This reserve fund shall be initially funded by a
contribution of State monies.
(g) The amount to be accumulated in the debt
service reserve fund shall be determined by the Authority but shall not exceed
the maximum amount of interest, principal and sinking fund installments due in
any succeeding calendar year.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-35)
Sec. 825-35.
Pledge of Funds.
Any financially distressed city which
receives
funds from the Department of Revenue, including without limitation funds
received
pursuant to
Section 8-11-1, 8-11-5 or 8-11-6 of the Illinois Municipal Code or
Section 2 or 12 of the State Revenue Sharing Act, or from the Department of
Transportation pursuant to
Section 8 of the Motor Fuel Tax Law, may, by
appropriate proceedings, pledge to the Authority, or any entity acting on
behalf
of the Authority (including, without limitation, any trustee), any or all of
such receipts to the extent that such receipts are determined by the Authority
to be necessary to provide revenues to pay or secure the payment of the
principal of, premium, if any, and interest on any of the bonds issued on
behalf
of, or loans made to, the financially distressed city by the Authority under
Sections 825-20 through 825-60. The adoption of such proceedings shall
constitute
a directive to the State Comptroller and State Treasurer to pay to, or on
behalf
of, the Authority or such other entity (including, without limitation, any
trustee) such portion of the pledged receipts from the Department of Revenue or
Department of Transportation, as the case may be, and with the State
Comptroller
and the State Treasurer. With respect to any bonds issued on behalf of, or
loans made to, the financially distressed city by the Authority under
Sections
825-20 through 825-60, which are in default in the payment of principal,
premium,
if any, or interest, to the extent that the State Treasurer, the State
Comptroller, the Department of Revenue or the Department of Transportation
shall
be the custodian at any time of any other available funds or
moneys pledged to the
payment of such local government securities or such lease rental payments
securing such local government securities pursuant to this
Section and due or
payable to such a unit of local government at any time subsequent to written
notice
to the State
Comptroller and State Treasurer from the Authority or any entity acting on
behalf of the Authority (including, without limitation, any trustee) to the
effect that such financially distressed city has not paid or is in default as
to
payment of the principal of, premium, if any, or interest on any bonds issued
on
behalf of, or loans made to, the financially distressed city by the Authority
under
Sections 825-20 through 825-60:
(a) The State Comptroller and the State Treasurer shall withhold the payment
of
such funds or moneys from the financially distressed city until the amount of
such principal, premium, if any, and interest then due and unpaid has been paid
to the Authority or such entity acting on behalf of the Authority (including,
without limitation, any trustee), or the State Comptroller or State Treasurer
have been advised that arrangements, satisfactory to the Authority or such
entity, have been made for the payment of such principal, premium, if any, and
interest; and
(b) Within 10 days after a demand for payment by the Authority or such
entity
is given to the State Treasurer and the State Comptroller, the State Treasurer
shall pay such funds or moneys as are legally available therefor to the
Authority or such entity for the payment of principal, premium, if any, and
interest on such bonds or loans. The Authority or such entity may carry out
this
Section and exercise all the rights, remedies and provisions provided or
referred to in this
Section.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-40)
Sec. 825-40.
Additional security.
In the event that the Authority
determines
that funds pledged, intercepted or otherwise received or to be received by the
Authority under
Section 825-20 of this Act will not be sufficient for the payment
of the principal, premium, if any, and interest during the next State fiscal
year on any bonds issued by the Authority under
Sections 825-20 through 825-60,
the Chairman, as soon as is practicable, shall certify to the Governor the
amount required by the Authority to enable it to pay the principal, premium, if
any, and interest falling due on such 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 paragraph shall not apply
to any bonds as to which the Authority shall have determined, in the resolution
authorizing their issuance, that this paragraph shall not apply. Whenever the
Authority makes such a determination, that fact shall be plainly stated on the
face of such bonds and that fact shall also be reported to the Governor.
In the event of a withdrawal of moneys from a debt service reserve fund
established with respect to any issue or issues of bonds of the Authority to
pay
principal and interest on those bonds, the Chairman, as soon as practicable,
shall certify to the Governor the amount required to restore such reserve funds
to the level required in the resolution or indenture securing the bonds. The
Governor shall submit the amount so certified to the General Assembly as soon
as
practicable, but not later than the end of the current State fiscal year.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-50)
Sec. 825-50.
Eligible Investments.
Bonds issued by the Authority pursuant
to
Sections 825-20 through 825-60 shall be permissible investments within the
provisions of
Section 805-40.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-55)
Sec. 825-55.
Tax Exemption.
The exercise of the powers granted in
Sections
825-20 through 825-60 are in all respects for the benefit of the people of
Illinois, and in consideration thereof shall be free from all taxation by the
State or its political subdivisions, except for estate, transfer and
inheritance
taxes. For the purposes of
Section 250 of the Illinois Income Tax Act, the
exemption of the income from bonds issued under the aforementioned
Sections
shall terminate after all of the bonds have been paid. The amount of such
income that shall be added and then subtracted on the Illinois income tax
return
of a taxpayer, pursuant to
Section 203 of the Illinois Income Tax Act, from
federal adjusted gross income or federal taxable income in computing Illinois
base income shall be the interest net of any bond premium amortization.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-60)
Sec. 825-60.
Financially Distressed City Assistance Program Limitation.
In
addition to the bonds authorized to be issued under
Sections 801-40(w), 825-65(e),
830-25 and 845-5, the Authority may have outstanding at any time, bonds for the
purposes enumerated in
Sections 825-20 through 825-60 in an aggregate principal
amount that shall not exceed $50,000,000. Such bonds shall not constitute an
indebtedness or obligation of the State of Illinois, and it shall be plainly
stated on the face of each bond that it does not constitute such an
indebtedness or obligation but is payable solely from the revenues, income or
other assets of the Authority pledged therefor.

(Source: P.A. 93-205, eff. 1-1-04.)
 
(20 ILCS 3501/825-65)
Sec. 825-65. Clean Coal, Coal, Energy Efficiency, PACE, and Renewable Energy Project Financing.
(a) Findings and declaration of policy.
(b) Definitions.
(c) Creation of reserve funds. The Authority may establish and maintain one
or more reserve funds to enhance bonds issued by the Authority for a Clean Coal Project, a Coal Project, an Energy Efficiency Project, a PACE Project, or a Renewable

Energy Project.
There may be one or more accounts in these reserve funds in which there may be
deposited:
(d) Powers and duties. The Authority has the power:
(e) Clean Coal Project, Coal Project, Energy Efficiency Project, PACE Project, and Renewable Energy Project bond authorization and financing limits. In
addition
to any other bonds authorized to be issued under
Sections 801-40(w), 825-60, 830-25
and 845-5, the Authority may have outstanding, at any time, bonds for the
purpose
enumerated in this
Section 825-65 in an aggregate principal amount that shall not
exceed $3,000,000,000, subject to the following limitations: (i) up to $300,000,000 may be issued to
finance projects, as described in clause (C) of subsection (b)(i) and clause (C) of subsection (b)(iv) of this Section 825-65; (ii) up to $500,000,000 may be issued to
finance projects, as described in clauses (D) and (E) of subsection (b)(i) of this Section 825-65; (iii) up to $2,000,000,000 may
be issued to finance Clean Coal Projects, as described in clauses (A) and (B) of subsection (b)(i) of this Section 825-65 and Coal Projects, as described in subsection (b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000 may be issued to finance Energy Efficiency Projects, as described in subsection (b)(iii) of this Section 825-65, Renewable Energy Projects, as described in clauses (A), (B), and (D) of subsection (b)(iv) of this Section 825-65, and PACE Projects. An application for a loan
financed from bond proceeds from a borrower or its affiliates for a Clean Coal Project, a Coal Project, Energy Efficiency Project, PACE Project, or a Renewable
Energy Project may not be approved by the Authority for an amount in excess
of $450,000,000 for any borrower or its affiliates. A Clean Coal Project, Coal Project, or PACE Project must be located within the State. An Energy Efficiency Project may be located within the State or outside the State, provided that, if the Energy Efficiency Project is located outside of the State, it must be owned, operated, leased, or managed by an entity located within the State or any entity affiliated with an entity located within the State. These bonds shall not
constitute an indebtedness or obligation of the State of Illinois and it shall
be plainly stated on the face of each bond that it does not constitute an
indebtedness or obligation of the State of Illinois, but is payable solely from
the revenues, income or other assets of the Authority pledged therefor.
(f) The bonding authority granted under this Section is in addition to and not limited by the provisions of Section 845-5.
(Source: P.A. 100-201, eff. 8-18-17; 100-919, eff. 8-17-18.)
 
(20 ILCS 3501/825-70)
Sec. 825-70. Criteria for participation in the program. Applications to
the
Authority for financing of any Clean Coal, Coal, Energy Efficiency Project, or Renewable Energy Project shall be reviewed
by the Authority. Upon submission of any such application, the Authority staff
shall review the application for its completeness and may, at the discretion of
the Authority staff, request such additional information as it deems necessary
or advisable to aid in review. If the Authority receives applications for
financing for Clean Coal, Coal, Energy Efficiency Project, or Renewable Energy Projects in excess of the bond
authorization
available for such financing at any one time, it shall consider applications in
the order of priority as it shall determine, in consultation with other State
agencies, and consistent with State policy to promote environmentally preferable technology and energy independence.
(Source: P.A. 96-103, eff. 1-1-10; 96-817, eff. 1-1-10.)
 
(20 ILCS 3501/825-75)
Sec. 825-75. Additional Security. 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 any bonds issued by the Authority under
Sections
825-65 through 825-75 of this Act for Clean Coal Projects, Coal Projects, Energy Efficiency Projects, or Renewable Energy Projects

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, premium,
if
any, and interest on such 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 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 should
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,
premium, if any, and interest on such bonds, the Chairman 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.
(Source: P.A. 95-470, eff. 8-27-07; 96-103, eff. 1-1-10; 96-817, eff. 1-1-10.)
 
(20 ILCS 3501/825-80)
Sec. 825-80. Fire truck revolving loan program.
(a) This Section is a continuation and re-enactment of the fire truck revolving loan program enacted as Section 3-27 of the Rural Bond Bank Act by Public Act 93-35, effective June 24, 2003, and repealed by Public Act 93-205, effective January 1, 2004. Under the Rural Bond Bank Act, the program was administered by the Rural Bond Bank and the State Fire Marshal.
(a-5) For purposes of this Section, "brush truck" means a pickup chassis with or equipped with a flatbed or a pickup box. The truck must be rated by the manufacturer as between three-fourths of a ton and one ton and outfitted with a fire or rescue apparatus.
(b) The Authority and the State Fire Marshal may jointly administer a fire truck revolving loan program. The program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest and low-interest loans for the purchase of fire trucks by a fire department, a fire protection district, or a township fire department. For the purchase of brush trucks by a fire department, a fire protection district, or a township fire department, the program shall provide loans at a 2% rate of simple interest per year for a brush truck if both the chassis and the apparatus are built outside of Illinois, a 1% rate of simple interest per year for a brush truck if either the chassis or the apparatus is built in Illinois, or a 0% rate of interest for a brush truck if both the chassis and the apparatus are built in Illinois. The Authority shall make loans based on need, as determined by the State Fire Marshal.
(c) The loan funds, subject to appropriation, shall be paid out of the Fire Truck Revolving Loan Fund, a special fund in the State Treasury. The Fund shall consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program and any balance existing in the Fund on the effective date of this Section. The Fund shall be used for loans to fire departments and fire protection districts to purchase fire trucks and brush trucks and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund. As soon as practical after January 1, 2013 (the effective date of Public Act 97-901), all moneys in the Fire Truck Revolving Loan Fund shall be paid by the State Fire Marshal to the Authority, and, on and after that date, all future moneys deposited into the Fire Truck Revolving Loan Fund under this Section shall be paid by the State Fire Marshal to the Authority under the continuing appropriation provision of subsection (c-1) of this Section; provided that the Authority and the State Fire Marshal enter into an intergovernmental agreement to use the moneys transferred to the Authority from the Fund solely for the purposes for which the moneys would otherwise be used under this Section and to set forth procedures to otherwise administer the use of the moneys.
(c-1) There is hereby appropriated, on a continuing annual basis in each fiscal year, from the Fire Truck Revolving Loan Fund, the amount, if any, of funds received into the Fire Truck Revolving Loan Fund to the State Fire Marshal for payment to the Authority for the purposes for which the moneys would otherwise be used under this Section.
(d) A loan for the purchase of fire trucks or brush trucks may not exceed $350,000 to any fire department or fire protection district. A loan for the purchase of brush trucks may not exceed $100,000 per truck. The repayment period for the loan may not exceed 20 years. The fire department or fire protection district shall repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Fire Truck Revolving Loan Fund.
(e) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the program.
(f) Notwithstanding the repeal of Section 3-27 of the Rural Bond Bank Act, all otherwise lawful actions taken on or after January 1, 2004 and before the effective date of this Section by any person under the authority originally granted by that Section 3-27, including without limitation the granting, acceptance, and repayment of loans for the purchase of fire trucks, are hereby validated, and the rights and obligations of all parties to any such loan are hereby acknowledged and confirmed.


(Source: P.A. 97-900, eff. 8-6-12; 97-901, eff. 1-1-13; 98-463, eff. 8-16-13; 98-662, eff. 6-23-14.)
 
(20 ILCS 3501/825-81)
Sec. 825-81. Fire station revolving loan program.
(a) The Authority and the State Fire Marshal may jointly administer a fire station revolving loan program. The program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest and low-interest loans for the construction, rehabilitation, remodeling, or expansion of a fire station or the acquisition of land for the construction or expansion of a fire station by a fire department, a fire protection district, or a township fire department. Once the program receives funding, the Authority shall make loans based on need, as determined by the State Fire Marshal.
(b) The loan funds, subject to appropriation, may be paid out of the Fire Station Revolving Loan Fund, a special fund in the State treasury. The Fund may consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program. Once the program receives funding, the Fund may be used for loans to fire departments and fire protection districts to construct, rehabilitate, remodel, or expand fire stations or acquire land for the construction or expansion of fire stations and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund. As soon as practical after the effective date of this amendatory Act of the 97th General Assembly, all moneys in the Fire Station Revolving Loan Fund shall be paid by the State Fire Marshal to the Authority, and, on and after the effective date of this amendatory Act of the 97th General Assembly, all future moneys deposited into the Fire Station Revolving Loan Fund under this Section shall be paid by the State Fire Marshal to the Authority under the continuing appropriation provision of subsection (b-1) of this Section; provided that the Authority and the State Fire Marshal enter into an intergovernmental agreement to use the moneys paid by the State Fire Marshal to the Authority from the Fund solely for the purposes for which the moneys would otherwise be used under this Section and to set forth procedures to otherwise administer the use of the moneys.
(b-1) There is hereby appropriated, on a continuing annual basis in each fiscal year, from the Fire Station Revolving Loan Fund, the amount, if any, of funds received into the Fire Station Revolving Loan Fund to the State Fire Marshal for payment to the Authority for the purposes for which the moneys would otherwise be used under this Section.
(c) A loan under the program may not exceed $2,000,000 to any fire department or fire protection district. The repayment period for the loan may not exceed 25 years. The fire department or fire protection district shall repay each year at least 4% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Fire Station Revolving Loan Fund.
(d) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the program.

(Source: P.A. 96-135, eff. 8-7-09; 96-1172, eff. 7-22-10; 97-901, eff. 1-1-13.)
 
(20 ILCS 3501/825-85)
Sec. 825-85. Ambulance revolving loan program.
(a) The Authority and the State Fire Marshal may jointly administer an ambulance revolving loan program. The program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest and low-interest loans for the purchase of ambulances by a fire department, a fire protection district, a township fire department, or a non-profit ambulance service. The Authority shall make loans based on need, as determined by the State Fire Marshal.
(b) The loan funds, subject to appropriation, shall be paid out of the Ambulance Revolving Loan Fund, a special fund in the State treasury. The Fund shall consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program. The Fund shall be used for loans to fire departments, fire protection districts, and non-profit ambulance services to purchase ambulances and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund. As soon as practical after the effective date of this amendatory Act of the 97th General Assembly, all moneys in the Ambulance Revolving Loan Fund shall be paid by the State Fire Marshal to the Authority, and, on and after the effective date of this amendatory Act of the 97th General Assembly, all future moneys deposited into the Ambulance Revolving Loan Fund under this Section shall be paid by the State Fire Marshal to the Authority under the continuing appropriation provision of subsection (b-1) of this Section; provided that the Authority and the State Fire Marshal enter into an intergovernmental agreement to use the moneys transferred to the Authority from the Fund solely for the purposes for which the moneys would otherwise be used under this Section and to set forth procedures to otherwise administer the use of the moneys.
(b-1) There is hereby appropriated, on a continuing annual basis in each fiscal year, from the Ambulance Revolving Loan Fund, the amount, if any, of funds received into the Ambulance Revolving Loan Fund to the State Fire Marshal for payment to the Authority for the purposes for which the moneys would otherwise be used under this Section.
(c) A loan for the purchase of ambulances may not exceed $200,000 to any fire department, fire protection district, or non-profit ambulance service. The repayment period for the loan may not exceed 10 years. The fire department, fire protection district, or non-profit ambulance service` shall repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Ambulance Revolving Loan Fund.
(d) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the program.


(Source: P.A. 100-152, eff. 1-1-18.)
 
(20 ILCS 3501/825-87)
Sec. 825-87. Public life safety capital investment finance program.
(a) In addition to the powers set forth in Sections 825-80, 825-81, and 825-85 of this Act and in furtherance of the purposes and programs set forth in those Sections, the Authority may use loans as authorized in this Act to maximize the number of participants in the programs and to maximize the efficient use of taxpayer appropriated funds. The moneys identified in Sections 825-80, 825-81, and 825-85 of this Act shall be used by the Authority only for the express purposes described in those Sections.
(b) The Authority, after consulting with the State Fire Marshal, may determine the financial structure, including but not limited to the terms, conditions, collateral, maturity, and interest rate, of loans authorized by the programs under Sections 825-80, 825-81, and 825-85 of this Act.
(c) The Authority and the State Fire Marshal may access the moneys referenced in Sections 825-80, 825-81, and 825-85 of this Act and may fix, determine, charge, and collect fees, in connection with the programs under Sections 825-80, 825-81 and 825-85 of this Act and in furtherance of the purposes set forth in this Section.
(d) The Authority and the State Fire Marshal may adopt rules in accordance with the Illinois Administrative Procedure Act to administer the programs under this Section.

(Source: P.A. 97-901, eff. 1-1-13.)
 
(20 ILCS 3501/825-90)
Sec. 825-90. Illinois Power Agency Bonds.
(a) In this Section:
"Agency" means the Illinois Power Agency.
"Agency loan agreement" means any agreement pursuant to which the Illinois Finance Authority agrees to loan the proceeds of its revenue bonds issued with respect to a specific Illinois Power Agency project to the Illinois Power Agency upon terms providing for loan repayment installments at least sufficient to pay when due all principal of, interest and premium, if any, on any revenue bonds of the Authority, if any, issued with respect to the Illinois Power Agency project, and providing for maintenance, insurance, and other matters as may be deemed desirable by the Authority.
"Authority" means the Illinois Finance Authority.
"Director" means the Director of the Illinois Power Agency.
"Facility" means an electric generating unit or a co-generating unit that produces electricity along with related equipment necessary to connect the facility to an electric transmission or distribution system.
"Governmental aggregator" means one or more units of local government that individually or collectively procures electricity to serve residential retail electrical loads located within its or their jurisdiction.
"Local government" means a unit of local government as defined in Section 1 of Article VII of the Illinois Constitution of 1970.
"Project" means any project as defined in the Illinois Power Agency Act.
"Real property" means any interest in land, together with all structures, fixtures, and improvements thereon, including lands under water and riparian rights, any easements, covenants, licenses, leases, rights-of-way, uses, and other interests, together with any liens, judgments, mortgages, or other claims or security interests related to real property.
"Revenue bond" means any bond, note, or other evidence of indebtedness issued by the Illinois Finance Authority on behalf of the Illinois Power Agency, the principal and interest of which is payable solely from revenues or income derived from any project or activity of the Agency.
(b) Powers and duties; Illinois Power Agency Program. The Authority has the power:
(c) Illinois Power Agency participation. The Agency is authorized to voluntarily participate in this program as described in the Illinois Power Agency Act. The Authority may issue revenue bonds on behalf of the Agency pursuant to an Agency loan agreement entered into by the parties as set forth in the Illinois Power Agency Act. Any proceeds from the sale of those revenue bonds shall be deposited into the Illinois Power Agency Facilities Fund to be used by the Agency for the purposes set forth in the Illinois Power Agency Act.
(d) Pledge of revenues by the Agency. Any pledge of revenues or other moneys made by the Agency shall be binding from the time the pledge is made. Revenues and other moneys so pledged shall be held in the Illinois Power Agency Facilities Fund, Illinois Power Agency Debt Service Fund, or other funds as directed by the Agency loan agreement. Revenues or other moneys so pledged and thereafter received by the State Treasurer 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 of 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 to and agrees with the holders of revenue bonds, and the beneficial owners of the revenue bonds issued on behalf of the Agency, that the State shall not limit or restrict the rights hereby vested in the Authority to purchase, acquire, hold, sell, or defease revenue bonds or other 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 of the Authority, and to fulfill the terms of any agreement made with the holders of the revenue bonds issued by the Authority on behalf of the Agency or in any way impair the rights or remedies of the holders of those revenue bonds or the beneficial owners of the revenue bonds until those revenue bonds are fully paid and discharged or provision for their payment has been made. The revenue bonds shall not be a debt of the State, the Authority, any political subdivision thereof (other than the Agency to the extent provided therein), any governmental aggregator as defined in the Illinois Power Agency Act, or any local government, and neither the State, the Authority, any political subdivision thereof (other than the Agency to the extent provided therein), any governmental aggregator, nor any local government shall be liable thereon. The Authority shall not have the power to pledge the credit, the revenues, or the taxing power of the State, any political subdivision thereof (other than the Agency to the extent provided in the Agency loan agreement relating to the revenue bonds in question), any governmental aggregator, or of any local government, and neither the credit, the revenues, nor the taxing power of the State, any political subdivision thereof (other than the Agency to the extent provided in the Agency loan agreement relating to the revenue bonds in question), any governmental aggregator, or of any local government shall be, or shall be deemed to be, pledged to the payment of any revenue bonds, or obligations of the Agency.
(e) Exemption from taxation. The creation of the Illinois Power Agency is in all respects for the benefit of the people of Illinois and for the improvement of their health, safety, welfare, comfort, and security, and its purposes are public purposes. In consideration thereof, the revenue bonds issued on behalf of the Agency pursuant to this Act and the income from these revenue bonds may be free from all taxation by the State or its political subdivisions, except for estate, transfer, and inheritance taxes. The exemption from taxation provided by the preceding sentence shall apply to the income on any revenue bonds issued on behalf of the Agency only if the Authority with concurrence of the Agency in its sole judgment determines that the exemption enhances the marketability of the revenue bonds or reduces the interest rates that would otherwise be borne by the revenue bonds and that the project for which the revenue bonds will be issued will be owned by the Agency or another governmental entity and that the project is used for public consumption. For purposes of Section 250 of the Illinois Income Tax Act, the exemption of the Agency shall terminate after all of the revenue bonds have been paid. The amount of the income that shall be added and then subtracted on the Illinois income tax return of a taxpayer, subject to Section 203 of the Illinois Income Tax Act, from federal adjusted gross income or federal taxable income in computing Illinois base income shall be the interest net of any bond premium amortization.


(Source: P.A. 95-481, eff. 8-28-07; 95-876, eff. 8-21-08.)
 
(20 ILCS 3501/825-95)
Sec. 825-95. Emerald ash borer revolving loan program.
(a) The Illinois Finance Authority may administer an emerald ash borer revolving loan program. The program shall provide low-interest or zero-interest loans to units of local government for the treatment of standing trees and replanting of trees on public lands that are within emerald ash borer quarantine areas as established by the Illinois Department of Agriculture. The Authority may make loans based on the recommendation of the Department of Agriculture.
For the purposes of this Section, "treatment" means the administration, by environmentally sensitive processes and methods, of products and materials proven by academic research to protect ash trees from the invasive Emerald Ash Borer in order to prevent or reverse the damage and preserve the trees.
(b) The loan funds, subject to appropriation, must be paid out of the Emerald Ash Borer Revolving Loan Fund, a special fund created in the State treasury. The moneys in the Fund consist of any moneys transferred or appropriated into the Fund as well as all repayments of loans made under this program. Moneys in the Fund may be used only for loans to units of local government for the treatment of standing trees and replanting of trees within emerald ash borer quarantine areas established by the Department of Agriculture and for no other purpose. All interest earned on moneys in the Fund must be deposited into the Fund.
(c) A loan for the treatment of standing trees and replanting of trees on public lands within emerald ash borer quarantine areas established by the Department of Agriculture may not exceed $5,000,000 to any one unit of local government. The repayment period for the loan may not exceed 20 years. The unit of local government shall repay, each year, at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans must be deposited into the Emerald Ash Borer Revolving Loan Fund.
(d) Any loan under this Section to a unit of local government may not exceed the moneys that the unit of local government expends or dedicates for the reforestation project for which the loan is made.
(e) The Department of Agriculture may enter into agreements with a unit of local government under which the unit of local government is authorized to assist the Department in carrying out its duties in a quarantined area, including inspection and eradication of any dangerous insect or dangerous plant disease, and including the transportation, processing, and disposal of diseased material. The Department is authorized to provide compensation or financial assistance to the unit of local government for its costs.
(f) The Authority, with the assistance of the Department of Agriculture and the Department of Natural Resources, shall adopt rules to administer the program under this Section.


(Source: P.A. 98-90, eff. 7-15-13.)
 
(20 ILCS 3501/825-100)
Sec. 825-100. School Wind and Solar Generation Program.
(a) There is created the School Wind and Solar Generation Program to fund wind generation projects and solar generation projects for school districts and community college districts. The Authority may implement and administer this program. Under the program, the Authority may provide to school districts and community college districts that apply, full or partial low-interest loans for, without limitation, engineering studies, feasibility studies, research studies, and construction costs for wind generation projects and solar generation projects. The loan funds, subject to appropriation, shall be paid out of the School Wind and Solar Generation Revolving Loan Fund. All repayments of loans shall be deposited into the School Wind and Solar Generation Revolving Loan Fund.
(b) The Authority may make available information regarding the School Wind and Solar Generation Program to all school districts and community college districts in this State.
(c) The School Wind and Solar Generation Revolving Loan Fund is created as a special fund in the State treasury. The School Wind and Solar Generation Revolving Loan Fund shall consist of any moneys appropriated into the School Wind and Solar Generation Revolving Loan Fund, as well as all repayments of loans made under the School Wind and Solar Generation Program. All interest earned on moneys in the School Wind and Solar Generation Revolving Loan Fund shall be deposited into the Fund. All money in the School Wind and Solar Generation Revolving Loan Fund must be used, subject to appropriation, by the Authority for the purposes of this Section.
(d) The Authority may accept additional funding for the School Wind and Solar Generation Program from the federal government and private donations.
(e) The Authority may adopt any rules necessary to implement this Section.

(Source: P.A. 96-725, eff. 8-25-09.)
 
(20 ILCS 3501/825-105)
Sec. 825-105. Illiana Expressway financing. For the purpose of financing the Illiana Expressway under the Public Private Agreements for the Illiana Expressway Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.

(Source: P.A. 96-913, eff. 6-9-10; 97-333, eff. 8-12-11.)
 
(20 ILCS 3501/825-106)
Sec. 825-106. Transportation project financing. For the purpose of financing a transportation project undertaken under the Public-Private Partnerships for Transportation Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.

(Source: P.A. 97-502, eff. 8-23-11.)
 
(20 ILCS 3501/825-106.5)
Sec. 825-106.5. South Suburban Airport financing. For the purpose of financing the South Suburban Airport under the Public-Private Agreements for the South Suburban Airport Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.

(Source: P.A. 98-109, eff. 7-25-13.)
 
(20 ILCS 3501/825-107)
Sec. 825-107. Implementation of ARRA provisions regarding recovery zone bonds.
(a) Findings.
Recovery zone bonds authorized by the American Recovery and Reinvestment Act of
2009 are an important economic development tool for the State. All counties in the State and
municipalities in the State with a population of 100,000 or more have received an
allocation of recovery zone bond authorization. Under federal law, those allocations must be
used on or before December 31, 2010. The State strongly encourages counties and
municipalities to issue recovery zone bonds to spur economic development in the State.
Under federal law, the allocations may be voluntarily waived to the State for reallocation
by the State to other jurisdictions and other projects in the State. This Section sets forth the
process by which the Authority, on behalf of the State, will receive otherwise unused
allocations and ensure that this valuable economic development incentive will be used to the
fullest extent feasible for the benefit of the citizens of the State of Illinois.
(b) Definitions.
It is found and declared that:
Any affected local government or any regional authority that has issued recovery zone bonds on or before the effective date of this Section must report its issuance of recovery zone bonds to the Authority within 30 days after the effective date of this Section. After the effective date of this Section, any affected local government or any regional authority must report its issuance of recovery zone bonds to the Authority not less than 30 days after those bonds are issued.
(f) Reports to the General Assembly.
Starting 60 days after the effective date of this Section and ending on January 15, 2011, the Authority shall file a report before the 15th day of each month with the General Assembly detailing its implementation of this Section, including but not limited to the dollar amount of the allocation amount that has been reallocated by the Authority pursuant to this Section, the recovery zone bonds issued in the State as of the date of the report, and descriptions of the qualifying projects financed by those recovery zone bonds.

(Source: P.A. 96-1020, eff. 7-12-10; 97-333, eff. 8-12-11.)
 
(20 ILCS 3501/825-108)
Sec. 825-108. Transportation project financing. For the purpose of financing a transportation facility undertaken under the Innovations for Transportation Infrastructure Act, the Authority may apply for an allocation of tax-exempt bond financing authorization provided by subsection (m) of Section 142 of the United States Internal Revenue Code, as well as financing available under any other federal law or program.

(Source: P.A. 102-1094, eff. 6-15-22.)
 
(20 ILCS 3501/825-110)
Sec. 825-110. Implementation of ARRA provisions regarding qualified energy conservation bonds.
(a) Definitions.
It is found and declared that:
Any affected local government or regional authority that has issued qualified energy conservation bonds on or before the effective date of this Section must report its issuance of qualified energy conservation bonds to the Authority within 30 days after the effective date of this Section. After the effective date of this Section, any affected local government or any regional authority must report its issuance of qualified energy conservation bonds to the Authority not less than 30 days after those bonds are issued.
(e) Reports to the General Assembly.
Starting 60 days after the effective date of this Section and ending when there is no longer any allocation amount, the Authority shall file a report before the end of each fiscal year with the General Assembly detailing its implementation of this Section, including but not limited to the dollar amount of the allocation amount that has been reallocated by the Authority pursuant to this Section, the qualified energy conservation bonds issued in the State as of the date of the report, and descriptions of the qualifying projects financed by those qualified energy conservation bonds.

(Source: P.A. 98-90, eff. 7-15-13.)
 
(20 ILCS 3501/825-115)
Sec. 825-115. (Repealed).

(Source: P.A. 97-971, eff. 1-1-13. Repealed internally, eff. 12-31-19.)

Structure Illinois Compiled Statutes