(30 ILCS 345/3)
(from Ch. 17, par. 6853)
(a) "Code" means the United States Internal
Revenue Code of 1986, as now or hereafter amended.
(b) "Official action" means a resolution or ordinance authorizing the
issuance or taking similar official action with respect to the issuance of
private activity bonds.
(c) "Private activity bond" means (1) that term as defined in Section
141(a) of the Code, as a bond, note or other evidence of indebtedness,
but only to the extent such bond, note or other evidence of indebtedness is
subject to the volume cap described in Section 146 of the Code or (2)
any bond, note or other evidence of indebtedness, but only to the extent
such bond, note or other evidence of indebtedness is subject to the volume
cap described in Section 146 of the Code.
(d) "State agency" means any State agency, commission, board, authority,
or body politic and corporate of the State authorized by law to issue
private activity bonds, other than a unit of local government or a home rule unit.
(e) "Unit of local government" means a municipality or county, other
than a home rule unit.
(f) "Governor's office" shall mean any person or entity the Governor
shall designate as the person or entity charged
with the authority to allocate private activity bonds within the State
volume cap limits among all the political
subdivisions of the State.
(g) "Guidelines and Procedures" shall mean the written procedures
issued by the Governor's Office under this Act, which shall govern and
control the administration of the allocation process in accordance with
the provisions of this Act.
(h) "Volume cap" means the total aggregate amount of private activity
bonds that the State and its State agencies, units of local government and
home rule units may issue in any calendar year under Section 146 of the
Code, excluding any private activity bonds which may be issued pursuant to
a valid carry-forward election under Section 103 of the Internal Revenue
Code of 1954, as amended, or Section 146 of the Code.
(i) "State Agency Pool" shall be 50% of the volume cap as reduced by the
aggregate share of volume cap for all home rule units as determined under
Section 146 of the Code.
(j) "Local Government Pool" shall be 50% of the volume cap as reduced by
the aggregate share of volume cap for all home rule units as determined
under Section 146 of the Code.
(k) "Home rule unit" means a county or municipality which is a home
rule unit as provided in Section 6 of Article VII of the Illinois Constitution of 1970.
(Source: P.A. 86-40.)