Illinois General Assembly - Bill Status for HB2866

Creates the Illinois Coal Mining and Electric Generation Act. Provides that the goal of the Act is to provide partial financing for the construction of new electric generating facilities in Illinois. Amends the Energy Conservation and Coal Development Act. Provides that new power generation shall be included in the strategies and recommendations made by the Illinois Coal Development Board concerning the promotion of environmentally responsible uses of Illinois coal for meeting electric power supply requirements. Amends the Illinois Coal and Energy Development Bond Act to provide that "coal" and "coal resources" include coal, a coal product or by-product, including the generation of electricity and synthetic fuels (now, including electricity and synthetic fuels). Amends the General Obligation Bond Act. Increases bonding authority by $500,000,000 for the purpose of partially financing new coal burning electric generating facility projects that use Illinois coal and are sited adjacent to Illinois coal mines. Effective July 1, 2003.

Deletes everything after the enacting clause. Amends the Department of Commerce and Community Affairs Law of the Civil Administrative Code of Illinois. With respect to a business seeking qualification for financial assistance for a new electric generating facility, provides that projections provided by the business shall be independently verified and that the application may state the projected occupation and use taxes on Illinois-mined coal. Requires an eligible business to demonstrate a revenue stream sufficient to service debt on bonds issued. Provides that, subject to the provisions of the agreement covering the financial assistance, a portion of the financial assistance may be required to be repaid to the State if certain conditions for the governmental purpose of the assistance were not met. Makes other changes. Amends the Illinois Development Finance Authority Act. Provides that the Authority may issue additional Clean Coal and Energy bonds in an aggregate principal amount that may not exceed $300,000,000. Makes provision for submission by the Governor to the General Assembly, upon certification by the Authority, of (i) the amount of any deficiency in funds available for the payment of the principal, premium, if any, and interest falling due on these bonds and (ii) the amount withdrawn from a debt service reserve fund established with respect an issue or issues of these bonds. Effective July 1, 2003.

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