20 ILCS 3501/ Illinois Finance Authority Act.

(20 ILCS 3501/845-45)

Sec. 845-45. (a) No member, officer, agent, or employee of the Authority shall, in his or her own name or in the name of a nominee, be an officer or director or hold an ownership interest of more than 7 1/2% in any person, association, trust, corporation, partnership, or other entity that is, in its own name or in the name of a nominee, a party to a contract or agreement upon which the member, officer, agent, or employee may be called upon to act or vote.

(b) With respect to any direct or any indirect interest, other than an interest prohibited in subsection (a), in a contract or agreement upon which the member, officer, agent, or employee may be called upon to act or vote, a member, officer, agent, or employee of the Authority shall disclose the interest to the secretary of the Authority before the taking of final action by the Authority concerning the contract or agreement and shall so disclose the nature and extent of the interest and his or her acquisition of it, and those disclosures shall be publicly acknowledged by the Authority and entered upon the minutes of the Authority. If a member, officer, agent, or employee of the Authority holds such an interest, then he or she shall refrain from any further official involvement in regard to the contract or agreement, from voting on any matter pertaining to the contract or agreement, and from communicating with other members of the Authority or its officers, agents, and employees concerning the contract or agreement. Notwithstanding any other provision of law, any contract or agreement entered into in conformity with this subsection (b) shall not be void or invalid by reason of the interest described in this subsection, nor shall any person so disclosing the interest and refraining from further official involvement as provided in this subsection be guilty of an offense, be removed from office, or be subject to any other penalty on account of that interest.

(c) Any contract or agreement made in violation of paragraphs (a) or (b) of this Section shall be null and void and give rise to no action against the Authority.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/Art. 850 heading) ARTICLE 850GENERAL PROVISIONS (Source: P.A. 102-662, eff. 9-15-21.)

(20 ILCS 3501/845-50)

Sec. 845-50. The fiscal year for the Authority shall commence on the first of July. As soon after the end of each fiscal year as may be expedient, the Authority shall cause to be prepared and printed a complete report and financial statement of its operations and of its assets and liabilities. A reasonably sufficient number of copies of such report shall be printed for distribution to persons interested, upon request, and a copy thereof shall be filed with the Governor, the Secretary of State, the State Comptroller, the Secretary of the Senate and the Chief Clerk of the House of Representatives.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-55)

Sec. 845-55. For the purposes of the Illinois Securities Law of 1953, bonds issued by the Authority shall be deemed to be securities issued by a public instrumentality of the State of Illinois.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-60)

Sec. 845-60. Tax Exemption. The tax exemptions of outstanding bonds issued by the Predecessor Authorities pursuant to sections of the enabling acts of the Predecessor Authorities applicable to those bonds when issued shall remain valid and continue to be recognized by the State until final payment of those bonds, notwithstanding the repeal of the enabling acts of the Predecessor Authorities.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-65)

Sec. 845-65. If any provision of this Act is held invalid, such provision shall be deemed to be excised and the invalidity thereof shall not affect any of the other provisions of this Act. If the application of any provision of this Act to any person or circumstance is held invalid, it shall not affect the application of such provision to such persons or circumstances other than those as to which it is held invalid.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-70)

Sec. 845-70. Tax avoidance. Notwithstanding any other provision of law, the Authority shall not enter into any agreement providing for the purchase and lease of tangible personal property that results in the avoidance of taxation under the Retailers' Occupation Tax Act, the Use Tax Act, the Service Use Tax Act, or the Service Occupation Tax Act, without the prior written consent of the Governor.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-75)

Sec. 845-75. Transfer of functions from previously existing authorities to the Illinois Finance Authority.

(a) The Illinois Finance Authority created by the Illinois Finance Authority Act shall succeed to, assume and exercise all rights, powers, duties and responsibilities formerly exercised by the following Authorities and entities (herein called the "Predecessor Authorities") prior to the abolition of the Predecessor Authorities by this Act:

The Illinois Development Finance Authority

The Illinois Farm Development Authority

The Illinois Health Facilities Authority

The Illinois Educational Facilities Authority

The Illinois Community Development Finance Corporation

The Illinois Rural Bond Bank

The Illinois Research Park Authority

(b) All books, records, papers, documents and pending business in any way pertaining to the Predecessor Authorities are transferred to the Illinois Finance Authority, but any rights or obligations of any person under any contract made by, or under any rules, regulations, uniform standards, criteria and guidelines established or approved by, such Predecessor Authorities shall be unaffected thereby. All bonds, notes or other evidences of indebtedness outstanding on the effective date of this Act shall be unaffected by the transfer of functions to the Illinois Finance Authority. No rule, regulation, standard, criteria or guideline promulgated, established or approved by the Predecessor Authorities pursuant to an exercise of any right, power, duty or responsibility assumed by and transferred to the Illinois Finance Authority shall be affected by this Act, and all such rules, regulations, standards, criteria and guidelines shall become those of the Illinois Finance Authority until such time as they are amended or repealed by the Illinois Finance Authority.

(c) The Illinois Finance Authority may exercise all of the rights, powers, duties, and responsibilities that were provided for the Illinois Research Park Authority under the provisions of the Illinois Research Park Authority Act, as the text of that Act existed on December 31, 2003, notwithstanding the fact that Public Act 88-669, which created the Illinois Research Park Authority Act, has been held to be unconstitutional as a violation of the single subject clause of the Illinois Constitution in People v. Olender, Docket No. 98932, opinion filed December 15, 2005.

(d) The enactment of Public Act 100-919 shall not affect any right accrued or liability incurred prior to its enactment, including the validity or enforceability of any prior action taken by the Illinois Finance Authority with respect to loans made, or loan participations purchased, by the Authority under subsection (i) or (r) of Section 801-40.

(Source: P.A. 100-919, eff. 8-17-18; 101-81, eff. 7-12-19.)

(20 ILCS 3501/845-80)

Sec. 845-80. Any reference in statute, in rule, or otherwise to the following entities is a reference to the Illinois Finance Authority created by this Act:

The Illinois Development Finance Authority.

The Illinois Farm Development Authority.

The Illinois Health Facilities Authority.

The Illinois Research Park Authority.

The Illinois Rural Bond Bank.

The Illinois Educational Facilities Authority.

The Illinois Community Development Finance Corporation.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/845-85)

Sec. 845-85. Any reference in statute, in rule, or otherwise to the following Acts is a reference to this Act:

The Illinois Development Finance Authority Act.

The Illinois Farm Development Act.

The Illinois Health Facilities Authority Act.

The Illinois Research Park Authority Act.

The Rural Bond Bank Act.

The Illinois Educational Facilities Authority Act.

The Illinois Community Development Finance Corporation Act.

(Source: P.A. 93-205, eff. 1-1-04.)

(20 ILCS 3501/850-5)

Sec. 850-5. Climate Bank. The General Assembly designates the Authority as the Climate Bank to aid in all respects with providing financial assistance, programs, and products to finance and otherwise develop and facilitate opportunities to develop clean energy and provide clean water, drinking water, and wastewater treatment in the State. Nothing in this Section shall be deemed to supersede powers and regulatory duties conferred to other State agencies or governmental units.

(Source: P.A. 102-662, eff. 9-15-21.)

(20 ILCS 3501/850-10)

Sec. 850-10. Powers and duties.

(a) The Authority shall have the powers enumerated in this Act to assist in the development and implementation of clean energy in the State. The powers enumerated in this Article shall be in addition to all other powers of the Authority conferred in this Act, including those related to clean energy and the provision of clean water, drinking water, and wastewater treatment. The powers of the Authority to issue bonds, notes, and other obligations to finance loans administered by the Illinois Environmental Protection Agency under the Public Water Supply Loan Program or the Water Pollution Control Loan Program or other similar programs shall not be limited or otherwise affected by this amendatory Act of the 102nd General Assembly.

(b) In its role as the Climate Bank of the State, the Authority shall have the power to: (i) administer programs and funds appropriated by the General Assembly for clean energy projects in eligible communities and environmental justice communities or owned by eligible persons, (ii) support investment in the clean energy and clean water, drinking water, and wastewater treatment, (iii) support and otherwise promote investment in clean energy projects to foster the growth, development, and commercialization of clean energy projects and related enterprises, and (iv) stimulate demand for clean energy and the development of clean energy projects.

(c) In addition to, and not in limitation of, any other power of the Authority set forth in this Section or any other provisions of the general statutes, the Authority shall have and may exercise the following powers in furtherance of or in carrying out its clean energy powers and purposes:

(1) To enter into joint ventures and invest in and participate with any person, including, without limitation, government entities and private corporations, engaged primarily in the development of clean energy projects, provided that members of the Authority or officers may serve as directors, members, or officers of any such business entity, and such service shall be deemed to be in the discharge of the duties or within the scope of the employment of any such member or officer, or Authority or officers, as the case may be, so long as such member or officer does not receive any compensation or direct or indirect financial benefit as a result of serving in such role.

(2) To utilize funding sources, including, but not limited to:

(A) funds repurposed from existing programs providing financing support for clean energy projects, provided any transfer of funds from such existing programs shall be subject to approval by the General Assembly and shall be used for expenses of financing, grants, and loans;

(B) any federal funds that can be used for clean energy purposes;

(C) charitable gifts, grants, and contributions as well as loans from individuals, corporations, university endowment funds, and philanthropic foundations for clean energy projects or for the provision of clean water, drinking water, and wastewater treatment; and

(D) earnings and interest derived from financing support activities for clean energy projects financed by the Authority.

(3) To enter into contracts with private sources to raise capital.

(d) The Authority may finance working capital, refinance outstanding indebtedness of any person, and otherwise assist in the investment of equity from any source, public or private, in connection with clean energy projects or any other projects authorized by this Act.

(e) The Authority may assess reasonable fees on its financing activities to cover its reasonable costs and expenses, as determined by the Authority.

(f) The Authority shall make information regarding the rates, terms and conditions for all of its financing support transactions available to the public for inspection, including formal annual reviews by both a private auditor and the Comptroller, and providing details to the public on the Internet, provided public disclosure shall be restricted for patentable ideas, trade secrets, and proprietary or confidential commercial or financial information, disclosure of which may cause commercial harm to a nongovernmental recipient of such financing support and for other information exempt from public records disclosure pursuant to Section 1-210.

(Source: P.A. 102-662, eff. 9-15-21.)

(20 ILCS 3501/850-15)

Sec. 850-15. Purposes; Climate Bank. In its role as the Climate Bank for the State, the Authority shall consider the following purposes:

(1) the distribution of the benefits of clean energy in an equitable manner, including by evaluating benefits to eligible communities and equity investment eligible persons;

(2) making clean energy accessible to all, especially eligible persons, through financing opportunities and grants for minority-owned businesses, as defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act, and for low-income communities, eligible communities, environmental justice communities, and the businesses that serve these communities; and

(3) accelerating the investment of private capital into clean energy projects in a manner reflective of the geographic, racial, ethnic, gender, and income-level diversity of the State.

(Source: P.A. 102-662, eff. 9-15-21.)