SB3597 EnrolledLRB103 38800 AWJ 68937 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Climate Bank Loan Financing Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Alternate bonds", "applicable law", "bond", "general
8obligation bonds", "limited bonds", "governmental unit",
9"revenue bonds", "enterprise revenues", and "revenue source"
10have the respective meanings set forth in Section 3 of the
11Local Government Debt Reform Act.
12    "Clean energy infrastructure project" means:
13        (i) a project that uses renewable energy resources, as
14    defined in Section 1-10 of the Illinois Power Agency Act;
15        (ii) an energy efficiency project;
16        (iii) a project that uses technology for the storage
17    of renewable energy, including, without limitation, the
18    use of battery or electrochemical storage technology for
19    mobile or stationary applications;
20        (iv) a project for the acquisition or repairs of
21    electric vehicles;
22        (v) a project for the acquisition, construction, or
23    repairs to electric vehicle charging stations; and

 

 

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1        (vi) a building electrification project of replacing
2    fossil fuels with electricity to meet a given end use.
3    "Electric vehicle" means a vehicle that is exclusively
4powered by and refueled by electricity, must be plugged in to
5charge, and is licensed to drive on public roadways.
6    "Electric vehicle charging station" means a station that
7delivers electricity from a source outside an electric vehicle
8into one or more electric vehicles.
9    "Energy efficiency project" means measures that reduce the
10amount of electricity, natural gas, or total Btu of
11electricity or natural gas required to achieve or meet a given
12end use, consistent with Section 1-10 of the Illinois Power
13Agency Act.
14    "Governing body" means the council, board, commission, or
15body, by whatever name it is known, having charge of the
16finances of a governmental unit.
 
17    Section 10. Clean energy infrastructure projects. A
18governmental unit may own, construct, equip, manage, control,
19erect, improve, extend, maintain, and operate new or existing
20clean energy infrastructure projects, may purchase real estate
21and any property rights to be used for clean energy
22infrastructure projects, and may charge for the use of clean
23energy infrastructure.
 
24    Section 15. Authorization to borrow from Illinois Finance

 

 

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1Authority Illinois Climate Bank loan programs. A governmental
2unit may borrow money and access loans from the Illinois
3Finance Authority to finance projects for the acquisition,
4construction, or improvement of new or existing clean energy
5infrastructure, in each case, qualified for financing by the
6Illinois Finance Authority under the Illinois Climate Bank
7bond loan programs of the Illinois Finance Authority.
 
8    Section 20. Bond authorization. A governmental unit may
9issue from time to time general obligation bonds, including
10alternate bonds and limited bonds, and revenue bonds pursuant
11to applicable law for the purpose of evidencing its obligation
12to repay its loans from the Illinois Finance Authority.
 
13    Section 25. Bond terms. Bonds issued under Section 20
14shall bear interest at a rate or rates not to exceed the
15maximum rate permitted by the Bond Authorization Act at the
16time of the making of the loan from the Illinois Finance
17Authority. The bonds shall mature within 30 years from the
18date issued. General obligation bonds shall be the direct
19general obligations of the governmental unit and the full
20faith and credit of the governmental unit shall be pledged for
21the punctual payment of the principal of and interest on the
22general obligation bonds. Revenue bonds shall be limited
23obligations of the governmental unit payable from the
24enterprise revenues or revenue sources of the governmental

 

 

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1unit pledged as security for the punctual payment of the
2principal of and interest on the revenue bonds.
 
3    Section 30. Adoption of ordinance or resolution. In order
4to authorize participation in a loan from the Illinois Finance
5Authority and to authorize and issue the bonds, the governing
6body shall adopt an ordinance, or resolution when appropriate,
7providing for the determination of the amount of bonds, the
8maturity of bonds, and the rate of interest of the bonds. In
9the case of general obligation bonds, the ordinance or
10resolution shall provide for the levy and collection of a
11direct annual tax upon all the taxable property in the
12governmental unit sufficient to pay the principal of and
13interest on the general obligation bonds to maturity. Upon the
14filing of a certified copy of an adopted ordinance or
15resolution levying a direct annual tax under this Section in
16the office of the county clerk in each county in which the
17governmental unit is located, the county clerk shall annually
18extend the tax in addition to all other taxes authorized to be
19levied by the governmental unit or on behalf of the
20governmental unit. In the case of revenue bonds, the ordinance
21or resolution shall provide for covenants and agreements as
22may be found by the governmental unit to be necessary and
23appropriate, including any liens granted on enterprise
24revenues or revenue sources, to secure the punctual payment of
25the principal of and interest on the revenue bonds. The

 

 

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1governmental unit may enter into loan agreements and security
2agreements with respect to the borrowing of money from the
3Illinois Finance Authority pursuant to this Act.
 
4    Section 35. Authority for issuance. The authority to issue
5bonds by a governmental unit under this Act and applicable law
6for clean energy infrastructure projects is in addition to any
7other authority to issue bonds by a governmental unit provided
8by law.
 
9    Section 40. Execution. The bonds shall be executed in the
10name of the governmental unit by manual or facsimile
11signatures of the officials of the governmental unit as may be
12designated by the ordinance or resolution.
 
13    Section 97. Severability. The provisions of this Act are
14severable under Section 1.31 of the Statute on Statutes.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.