Full Text of HB2313 97th General Assembly
HB2313sam001 97TH GENERAL ASSEMBLY | Sen. John M. Sullivan Filed: 5/17/2011
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| 1 | | AMENDMENT TO HOUSE BILL 2313
| 2 | | AMENDMENT NO. ______. Amend House Bill 2313 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Finance Authority Act is amended | 5 | | by changing Sections 801-15, 825-80, and 840-5 as follows:
| 6 | | (20 ILCS 3501/801-15)
| 7 | | Sec. 801-15.
There is hereby created a body politic and | 8 | | corporate to be
known
as the Illinois Finance Authority. The | 9 | | exercise of the powers conferred by law
shall be an essential | 10 | | public function. The Authority shall consist of 15
members, who | 11 | | shall be appointed by the Governor, with the advice and consent | 12 | | of
the Senate. Upon the appointment of the Board and every 2 | 13 | | years thereafter,
the chairperson of the Authority shall be | 14 | | selected by the Governor to serve as
chairperson for two years.
| 15 | | Appointments to the Authority shall be persons of recognized | 16 | | ability and
experience in one or more of the following areas: |
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| 1 | | economic development,
finance, banking, industrial | 2 | | development, small business management, real
estate
| 3 | | development, housing, health facilities financing, local | 4 | | government financing,
community development, venture finance, | 5 | | construction , and labor relations , agribusiness, and | 6 | | production agriculture .
At the time of appointment, the | 7 | | Governor shall designate 5 members to serve
until the third | 8 | | Monday in July 2005, 5 members to serve until the third Monday
| 9 | | in July 2006 and 5 members to serve until the third Monday in | 10 | | July 2007.
Thereafter, appointments shall be for 3-year terms. | 11 | | On or after the effective date of this amendatory Act of the | 12 | | 97th General Assembly, no fewer than 2 members or 2 | 13 | | appointments to the Authority, or a combination thereof, shall | 14 | | be persons of recognized ability and experience in agribusiness | 15 | | or production agriculture; except that if a member of | 16 | | recognized ability and experience in agribusiness or | 17 | | production agriculture resigns, becomes incapacitated, or is | 18 | | otherwise unable to discharge his or her duties as a member of | 19 | | the Authority, that vacancy or inability to serve does not | 20 | | otherwise adversely affect the requirements for a quorum, nor | 21 | | prohibit the Authority from exercising its powers conferred by | 22 | | law during the time of the vacancy or inability to act. A | 23 | | member shall serve until
his or her successor shall be | 24 | | appointed and have qualified for office by filing
the oath and | 25 | | bond.
Members of the Authority shall not be entitled to | 26 | | compensation for their
services as members, but shall be |
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| 1 | | entitled to reimbursement for all necessary
expenses incurred | 2 | | in connection with the performance of their duties as
members.
| 3 | | The Governor may remove any member of the Authority in case of | 4 | | incompetence,
neglect of duty, or malfeasance in office, after | 5 | | service on him of a copy of
the
written charges against him and | 6 | | an opportunity to be publicly heard in person
or
by counsel in | 7 | | his own defense upon not less than 10 days' notice.
From | 8 | | nominations received from the Governor, the members of the | 9 | | Authority shall
appoint an Executive Director who shall be a | 10 | | person knowledgeable in the areas
of financial markets and | 11 | | instruments, to hold office for a one-year term. The
Executive | 12 | | Director shall be the chief administrative and operational | 13 | | officer of
the Authority and shall direct and supervise its | 14 | | administrative affairs and
general management and perform such | 15 | | other duties as may be prescribed from time
to time by the | 16 | | members and shall receive compensation fixed by the Authority.
| 17 | | The Executive Director or any committee of the members may | 18 | | carry out such
responsibilities of the members as the members | 19 | | by resolution may delegate. The
Executive Director shall attend | 20 | | all meetings of the Authority; however, no
action of the | 21 | | Authority shall be invalid on account of the absence of the
| 22 | | Executive Director from a meeting. The Authority may engage the | 23 | | services of
such other agents and employees, including | 24 | | attorneys, appraisers, engineers,
accountants, credit analysts | 25 | | and other consultants, as it may deem advisable
and may | 26 | | prescribe their duties and fix their compensation.
The |
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| 1 | | Authority may appoint Advisory Councils to (1) assist in the | 2 | | formulation of
policy goals and objectives, (2) assist in the | 3 | | coordination of the delivery of
services, (3) assist in | 4 | | establishment of funding priorities for the various
activities | 5 | | of the Authority, and (4) target the activities of the | 6 | | Authority to
specific geographic regions.
There may be an | 7 | | Advisory Council on Economic Development. The Advisory Council
| 8 | | shall consist of no more than 12 members, who shall serve at | 9 | | the pleasure of
the Authority. Members of the Advisory Council | 10 | | shall receive no compensation
for
their services, but may be | 11 | | reimbursed for expenses incurred with their service
on the | 12 | | Advisory Council.
| 13 | | (Source: P.A. 93-205, eff. 1-1-04.)
| 14 | | (20 ILCS 3501/825-80) | 15 | | Sec. 825-80. Fire truck revolving loan program. | 16 | | (a) This Section is a continuation and re-enactment of the | 17 | | fire truck revolving loan program enacted as Section 3-27 of | 18 | | the Rural Bond Bank Act by Public Act 93-35, effective June 24, | 19 | | 2003, and repealed by Public Act 93-205, effective January 1, | 20 | | 2004. Under the Rural Bond Bank Act, the program was | 21 | | administered by the Rural Bond Bank and the State Fire Marshal. | 22 | | (a-5) For purposes of this Section, "brush truck" means a | 23 | | pickup chassis with or equipped with a flatbed or a pickup box. | 24 | | The truck must be rated by the manufacturer as between | 25 | | three-fourths of a ton and one ton and outfitted with a fire or |
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| 1 | | rescue apparatus. | 2 | | (b) The Authority and the State Fire Marshal shall jointly | 3 | | administer a fire truck revolving loan program. The program | 4 | | shall provide zero-interest loans for the purchase of fire | 5 | | trucks by a fire department, a fire protection district, or a | 6 | | township fire department. For the purchase of brush trucks by a | 7 | | fire department, a fire protection district, or a township fire | 8 | | department, the program shall provide loans at a 2% rate of | 9 | | simple interest per year for a brush truck if both the chassis | 10 | | and the apparatus are built outside of Illinois, a 1% rate of | 11 | | simple interest per year for a brush truck if either the | 12 | | chassis or the apparatus is built in Illinois, or a 0% rate of | 13 | | interest for a brush truck if both the chassis and the | 14 | | apparatus are built in Illinois. The Authority shall make loans | 15 | | based on need, as determined by the State Fire Marshal. | 16 | | (c) The loan funds, subject to appropriation, shall be paid | 17 | | out of the Fire Truck Revolving Loan Fund, a special fund in | 18 | | the State Treasury. The Fund shall consist of any moneys | 19 | | transferred or appropriated into the Fund, as well as all | 20 | | repayments of loans made under the program and any balance | 21 | | existing in the Fund on the effective date of this Section. The | 22 | | Fund shall be used for loans to fire departments and fire | 23 | | protection districts to purchase fire trucks and brush trucks | 24 | | and for no other purpose. All interest earned on moneys in the | 25 | | Fund shall be deposited into the Fund. | 26 | | (d) A loan for the purchase of fire trucks or brush trucks |
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| 1 | | may not exceed $250,000 to any fire department or fire | 2 | | protection district. A loan for the purchase of brush trucks | 3 | | may not exceed $100,000 per truck. The repayment period for the | 4 | | loan may not exceed 20 years. The fire department or fire | 5 | | protection district shall repay each year at least 5% of the | 6 | | principal amount borrowed or the remaining balance of the loan, | 7 | | whichever is less. All repayments of loans shall be deposited | 8 | | into the Fire Truck Revolving Loan Fund. | 9 | | (e) The Authority and the State Fire Marshal may shall | 10 | | adopt rules to administer the program.
| 11 | | (f) Notwithstanding the repeal of Section 3-27 of the Rural | 12 | | Bond Bank Act, all otherwise lawful actions taken on or after | 13 | | January 1, 2004 and before the effective date of this Section | 14 | | by any person under the authority originally granted by that | 15 | | Section 3-27, including without limitation the granting, | 16 | | acceptance, and repayment of loans for the purchase of fire | 17 | | trucks, are hereby validated, and the rights and obligations of | 18 | | all parties to any such loan are hereby acknowledged and | 19 | | confirmed.
| 20 | | (Source: P.A. 94-221, eff. 7-14-05.)
| 21 | | (20 ILCS 3501/840-5)
| 22 | | Sec. 840-5. The Authority shall have the following powers:
| 23 | | (a) To fix and revise from time to time and charge and | 24 | | collect rates, rents,
fees and charges for the use of and for | 25 | | the services furnished or to be
furnished by a project or other |
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| 1 | | health facilities owned, financed or refinanced
by the | 2 | | Authority or any portion thereof and to contract with any | 3 | | person,
partnership, association or corporation or other body, | 4 | | public or private, in
respect thereto; to coordinate its | 5 | | policies and procedures and cooperate with
recognized health | 6 | | facility rate setting mechanisms which may now or hereafter
be | 7 | | established.
| 8 | | (b) To establish rules and regulations for the use of a | 9 | | project or other
health
facilities owned, financed or | 10 | | refinanced by the Authority or any portion
thereof
and to | 11 | | designate a participating health institution as its agent to | 12 | | establish
rules and regulations for the use of a project or | 13 | | other health facilities owned
by the Authority undertaken for | 14 | | that participating health institution.
| 15 | | (c) To establish or contract with others to carry out on | 16 | | its behalf a health
facility project cost estimating service | 17 | | and to make this service available on
all projects to provide | 18 | | expert cost estimates and guidance to the participating
health | 19 | | institution and to the Authority. In order to implement this | 20 | | service
and, through it, to contribute to cost containment, the | 21 | | Authority shall have
the power to require such reasonable | 22 | | reports and documents from health facility
projects as may be | 23 | | required for this service and for the development of cost
| 24 | | reports and guidelines. The Authority may appoint a Technical | 25 | | Committee on
Health Facility Project Costs and Cost | 26 | | Containment.
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| 1 | | (d) To make mortgage or other secured or unsecured loans to | 2 | | or for the
benefit
of any participating health institution for | 3 | | the cost of a project in accordance
with an agreement between | 4 | | the Authority and the participating health
institution; | 5 | | provided that no such loan shall exceed the total cost of the
| 6 | | project as determined by the participating health institution | 7 | | and approved by
the Authority; provided further that such loans | 8 | | may be made to any entity
affiliated with a participating | 9 | | health institution if the proceeds of such loan
are made | 10 | | available to or applied for the benefit of such participating | 11 | | health
institution.
| 12 | | (e) To make mortgage or other secured or unsecured loans to | 13 | | or for the
benefit of a participating health institution in | 14 | | accordance with an agreement
between
the Authority and the | 15 | | participating health institution to refund outstanding
| 16 | | obligations, loans, indebtedness or advances issued, made, | 17 | | given or incurred by
such participating health institution for | 18 | | the cost of a project; including the
function to issue bonds | 19 | | and make loans to or for the benefit of a participating
health | 20 | | institution to refinance indebtedness incurred by such | 21 | | participating
health institution in projects undertaken and | 22 | | completed or for other health
facilities acquired prior to or | 23 | | after the enactment of this Act when the
Authority finds that | 24 | | such refinancing is in the public interest, and either
| 25 | | alleviates a financial hardship of such participating health | 26 | | institution, or is
in connection with other financing by the |
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| 1 | | Authority for such participating
health institution or may be | 2 | | expected to result in a lessened cost of patient
care and a | 3 | | saving to third parties, including government, and to others | 4 | | who
must pay for care, or any combination thereof; provided | 5 | | further that such loans
may
be made to any entity affiliated | 6 | | with a participating health institution if the
proceeds of such | 7 | | loan are made available to or applied for the benefit of such
| 8 | | participating health institution.
| 9 | | (f) To mortgage all or any portion of a project or other | 10 | | health facilities
and the property on which any such project or | 11 | | other health facilities are
located
whether owned or thereafter | 12 | | acquired, and to assign or pledge mortgages, deeds
of trust, | 13 | | indentures of mortgage or trust or similar instruments, notes, | 14 | | and
other securities of participating health institutions to | 15 | | which or for the
benefit of which the Authority has made loans | 16 | | or of entities affiliated with
such institutions and the | 17 | | revenues therefrom, including payments or income from
any | 18 | | thereof owned or held by the Authority, for the benefit of the | 19 | | holders of
bonds issued to finance such project or health | 20 | | facilities or issued to refund
or refinance outstanding | 21 | | obligations, loans, indebtedness or advances of
participating | 22 | | health institutions as permitted by this Act.
| 23 | | (g) To lease to a participating health institution the | 24 | | project being
financed or refinanced or other health facilities | 25 | | conveyed to the Authority in
connection with such financing or | 26 | | refinancing, upon such terms and conditions
as the
Authority |
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| 1 | | shall deem proper, and to charge and collect rents therefor and | 2 | | to
terminate any such lease upon the failure of the lessee to | 3 | | comply with any of
the obligations thereof; and to include in | 4 | | any such lease, if desired,
provisions that the lessee thereof | 5 | | shall have options to renew the lease for
such period or | 6 | | periods and at such rent as shall be determined by the | 7 | | Authority
or to purchase any or all of the health facilities or | 8 | | that upon payment of all
of the indebtedness incurred by the | 9 | | Authority for the financing of such project
or health | 10 | | facilities or for refunding outstanding obligations, loans,
| 11 | | indebtedness or advances of a participating health | 12 | | institution, then the
Authority may convey any or all of the | 13 | | project or such other health facilities
to the lessee or | 14 | | lessees thereof with or without consideration.
| 15 | | (h) To make studies of needed health facilities that could | 16 | | not sustain a
loan
were it made under this Act and to recommend | 17 | | remedial action to the General
Assembly; to do the same with | 18 | | regard to any laws or regulations that prevent
health | 19 | | facilities from benefiting from this Act.
| 20 | | (i) To assist the Department of Commerce and Economic | 21 | | Opportunity to
establish and implement a program to assist | 22 | | health facilities to identify and
arrange
financing for energy | 23 | | conservation projects in buildings and facilities owned or
| 24 | | leased by health facilities.
| 25 | | (j) To assist the Department of Human Services in | 26 | | establishing a low
interest
loan program to help child care |
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| 1 | | centers and family day care homes serving
children of low | 2 | | income families under
Section 22.4 of the Children and Family
| 3 | | Services Act. The Authority, on or after the effective date of | 4 | | this amendatory Act of the 97th General Assembly, is authorized | 5 | | to convert existing agreements for financial aid in accordance | 6 | | with Section 840-5(j) to permanent capital to leverage | 7 | | additional private capital and establish a revolving loan fund | 8 | | for nonprofit corporations providing human services under | 9 | | contract to the State. | 10 | | (k) To assist the Department of Public Health and nursing | 11 | | homes in undertaking nursing home conversion projects in | 12 | | accordance with the Older Adult Services Act.
| 13 | | (Source: P.A. 93-205, eff. 1-1-04; 93-1031, eff. 8-27-04.)
| 14 | | Section 99. Effective date. This Act takes effect upon | 15 | | becoming law.".
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