96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2673

 

Introduced 1/28/2010, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3501/830-5

    Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning the powers of the Authority.


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A BILL FOR

 

SB2673 LRB096 17276 RCE 32626 b

1     AN ACT concerning State government.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Finance Authority Act is amended by
5 changing Section 830-5 as follows:
 
6     (20 ILCS 3501/830-5)
7     Sec. 830-5. The Authority shall have the following powers:
8     (a) To loan its funds to one or more persons to be used by
9 such persons to pay the the costs of acquiring, constructing,
10 reconstructing or improving Agricultural Facilities, soil or
11 water conservation projects or watershed areas, such loans to
12 be on such terms and conditions, and for such period of time,
13 and secured or evidenced by such mortgages, deeds of trust,
14 notes, debentures, bonds or other secured or unsecured
15 evidences of indebtedness of such persons as the Board may
16 determine;
17     (b) To loan its funds to any agribusiness which operates or
18 will operate a facility located in Illinois for those purposes
19 permitted by rules and regulations issued pursuant to the
20 Internal Revenue Code of 1954, as amended, relating to the use
21 of moneys loaned from the proceeds from the issuance of
22 industrial development revenue bonds; such loans shall be on
23 terms and conditions, and for periods of time, and secured or

 

 

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1 evidenced by mortgages, deeds of trust, notes, debentures,
2 bonds or other secured or unsecured evidences of indebtedness
3 of such agribusiness as the Board may require;
4     (c) To purchase, or to make commitments to purchase, from
5 lenders notes, debentures, bonds or other evidences of
6 indebtedness secured by mortgages, deeds of trust, or security
7 devices, or unsecured, as the Authority may determine, or
8 portions thereof or participations therein, which notes,
9 bonds, or other evidences of indebtedness shall have been or
10 will be executed by the obligors thereon to obtain funds with
11 which to acquire, by purchase, construction, or otherwise,
12 reconstruct or improve Agricultural Facilities;
13     (d) To contract with lenders or others for the origination
14 of or the servicing of the loans made by the Authority pursuant
15 to this Section or represented by the notes, bonds, or other
16 evidences of indebtedness which it has purchased pursuant to
17 this Section; provided that such servicing fees shall not
18 exceed one percent per annum of the principal amount
19 outstanding owed to the Authority; and
20     (e) To enter into a State Guarantee with a lender or a
21 person holding a note and to sell or issue such State
22 Guarantees, bonds or evidences of indebtedness in a primary or
23 a secondary market.
24 (Source: P.A. 93-205, eff. 1-1-04.)