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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
EXECUTIVE BRANCH (20 ILCS 3501/) Illinois Finance Authority Act. 20 ILCS 3501/825-95 (20 ILCS 3501/825-95)
Sec. 825-95. Emerald ash borer revolving loan program. (a) The Illinois Finance Authority may administer an emerald ash borer revolving loan program. The program shall provide low-interest or zero-interest loans to units of local government for the treatment of standing trees and replanting of trees on public lands that are within emerald ash borer quarantine areas as established by the Illinois Department of Agriculture. The Authority may make loans based on the recommendation of the Department of Agriculture.
For the purposes of this Section, "treatment" means the administration, by environmentally sensitive processes and methods, of products and materials proven by academic research to protect ash trees from the invasive Emerald Ash Borer in order to prevent or reverse the damage and preserve the trees. (b) The loan funds, subject to appropriation, must be paid out of the Emerald Ash Borer Revolving Loan Fund, a special fund created in the State treasury. The moneys in the Fund consist of any moneys transferred or appropriated into the Fund as well as all repayments of loans made under this program. Moneys in the Fund may be used only for loans to units of local government for the treatment of standing trees and replanting of trees within emerald ash borer quarantine areas established by the Department of Agriculture and for no other purpose. All interest earned on moneys in the Fund must be deposited into the Fund.
(c) A loan for the treatment of standing trees and replanting of trees on public lands within emerald ash borer quarantine areas established by the Department of Agriculture may not exceed $5,000,000 to any one unit of local government. The repayment period for the loan may not exceed 20 years. The unit of local government shall repay, each year, at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans must be deposited into the Emerald Ash Borer Revolving Loan Fund.
(d) Any loan under this Section to a unit of local government may not exceed the moneys that the unit of local government expends or dedicates for the reforestation project for which the loan is made.
(e) The Department of Agriculture may enter into agreements with a unit of local government under which the unit of local government is authorized to assist the Department in carrying out its duties in a quarantined area, including inspection and eradication of any dangerous insect or dangerous plant disease, and including the transportation, processing, and disposal of diseased material. The Department is authorized to provide compensation or financial assistance to the unit of local government for its costs.
(f) The Authority, with the assistance of the Department of Agriculture and the Department of Natural Resources, shall adopt rules to administer the program under this Section.
(Source: P.A. 98-90, eff. 7-15-13.) |
20 ILCS 3501/825-100 (20 ILCS 3501/825-100) Sec. 825-100. School Wind and Solar Generation Program. (a) There is created the School Wind and Solar Generation Program to fund wind generation projects and solar generation projects for school districts and community college districts. The Authority may implement and administer this program. Under the program, the Authority may provide to school districts and community college districts that apply, full or partial low-interest loans for, without limitation, engineering studies, feasibility studies, research studies, and construction costs for wind generation projects and solar generation projects. The loan funds, subject to appropriation, shall be paid out of the School Wind and Solar Generation Revolving Loan Fund. All repayments of loans shall be deposited into the School Wind and Solar Generation Revolving Loan Fund. (b) The Authority may make available information regarding the School Wind and Solar Generation Program to all school districts and community college districts in this State. (c) The School Wind and Solar Generation Revolving Loan Fund is created as a special fund in the State treasury. The School Wind and Solar Generation Revolving Loan Fund shall consist of any moneys appropriated into the School Wind and Solar Generation Revolving Loan Fund, as well as all repayments of loans made under the School Wind and Solar Generation Program. All interest earned on moneys in the School Wind and Solar Generation Revolving Loan Fund shall be deposited into the Fund. All money in the School Wind and Solar Generation Revolving Loan Fund must be used, subject to appropriation, by the Authority for the purposes of this Section. (d) The Authority may accept additional funding for the School Wind and Solar Generation Program from the federal government and private donations. (e) The Authority may adopt any rules necessary to implement this Section.
(Source: P.A. 96-725, eff. 8-25-09.) |
20 ILCS 3501/825-105 (20 ILCS 3501/825-105) Sec. 825-105. Illiana Expressway financing. For the purpose of financing the Illiana Expressway under the Public Private Agreements for the Illiana Expressway Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 96-913, eff. 6-9-10; 97-333, eff. 8-12-11.) |
20 ILCS 3501/825-106 (20 ILCS 3501/825-106) Sec. 825-106. Transportation project financing. For the purpose of financing a transportation project undertaken under the Public-Private Partnerships for Transportation Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 97-502, eff. 8-23-11.) |
20 ILCS 3501/825-106.5 (20 ILCS 3501/825-106.5) Sec. 825-106.5. South Suburban Airport financing. For the purpose of financing the South Suburban Airport under the Public-Private Agreements for the South Suburban Airport Act, the Authority is authorized to apply for an allocation of tax-exempt bond financing authorization provided by Section 142(m) of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 98-109, eff. 7-25-13.) |
20 ILCS 3501/825-107
(20 ILCS 3501/825-107)
Sec. 825-107. Implementation of ARRA provisions regarding recovery zone bonds. (a) Findings. Recovery zone bonds authorized by the American Recovery and Reinvestment Act of
2009 are an important economic development tool for the State. All counties in the State and
municipalities in the State with a population of 100,000 or more have received an
allocation of recovery zone bond authorization. Under federal law, those allocations must be
used on or before December 31, 2010. The State strongly encourages counties and
municipalities to issue recovery zone bonds to spur economic development in the State.
Under federal law, the allocations may be voluntarily waived to the State for reallocation
by the State to other jurisdictions and other projects in the State. This Section sets forth the
process by which the Authority, on behalf of the State, will receive otherwise unused
allocations and ensure that this valuable economic development incentive will be used to the
fullest extent feasible for the benefit of the citizens of the State of Illinois. (b) Definitions. (i) "Affected local government" means either any | | county in the State or a municipality within the State if the municipality has a population of 100,000 or more.
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| (ii) "Allocation amount" means the $666,972,000
| | amount of recovery zone economic development bonds and $1,000,457,000 amount of recovery zone facility bonds authorized under ARRA for the financing of qualifying projects located within the State and the sub-allocation of those amounts among each affected local government.
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| (iii) "ARRA" means, collectively, the American
| | Recovery and Reinvestment Act of 2009, including, without limitation, Sections 1400U-1, 1400U-2, and 1400U-3 of the Code; the guidance provided by the Internal Revenue Service applicable to recovery zone bonds; and any legislation subsequently adopted by the United States Congress to extend or expand the economic development bond financing incentives authorized by ARRA.
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| (iv) "ARRA implementing regulations" means the
| | regulations promulgated by the Authority as further described in subdivision (d)(iv) of this Section to implement the provisions of this Section.
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| (v) "Code" means the Internal Revenue Code of 1986,
| | (vi) "Recovery zone" means any area designated
| | pursuant to Section 1400U-1 of the Code.
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| (vii) "Recovery zone bond" means any recovery zone
| | economic development bond or recovery zone facility bond issued pursuant to Sections 1400U-2 and 1400U-3, respectively, of the Code.
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| (viii) "Recovery zone bond allocation" means an
| | allocation of authority to issue recovery zone bonds granted pursuant to Section 1400U-1 of the Code.
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| (ix) "Regional authority" means the Central Illinois
| | Economic Development Authority, Eastern Illinois Economic Development Authority, Joliet Arsenal Development Authority, Quad Cities Regional Economic Development Authority, Riverdale Development Authority, Southeastern Illinois Economic Development Authority, Southern Illinois Development Authority, Southwestern Illinois Development Authority, Tri-County River Valley Development Authority, Upper Illinois River Valley Development Authority, Illinois Urban Development Authority, Western Illinois Economic Development Authority, or Will-Kankakee Regional Development Authority.
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| (x) "Sub-allocation" means the portion of the
| | allocation amount allocated to each affected local government.
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| (xi) "Waived recovery zone bond allocation" means
| | the amount of the recovery zone bond allocation voluntarily waived by an affected local government.
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| (xii) "Waiver agreement" means an agreement between
| | the Authority and an affected local government providing for the voluntary waiver, in whole or in part, of that affected local government's sub-allocation to the Authority. The waiver agreement may provide for the payment of an affected local government's reasonable fees and costs as determined by the Authority in connection with the affected local government's voluntary waiver of its sub-allocation.
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(c) Additional findings.
It is found and declared that:
(i) it is in the public interest and for the benefit
| | of the State to maximize the use of economic development incentives authorized by ARRA;
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| (ii) those incentives include the maximum use of the
| | allocation amount for the issuance of recovery zone bonds to promote job creation and economic development in any area that has been designated as a recovery zone by an affected local government under the applicable provisions of ARRA;
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| (iii) those incentives also include the issuance by
| | the Authority of recovery zone bonds for the purposes of financing qualifying projects to be financed with proceeds of recovery zone bonds; and
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| (iv) the provisions of this Section reflect the
| | State's determination in good faith and in its discretion of the reasonable manner in which waived recovery zone bond allocations should be reallocated by the Authority.
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(d) Powers of Authority.
(i) In order to carry out the provisions of ARRA and
| | further the purposes of this Section, the Authority has:
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| (A) the power to receive from any affected local
| | government its sub-allocation that it voluntarily waives to the Authority, in whole or in part, for reallocation by the Authority to a regional authority specifically designated by that affected local government, and the Authority shall reallocate that waived recovery zone bond allocation to the regional authority specifically designated by that affected local government; provided that (1) the affected local government must take official action by resolution or ordinance, as applicable, to waive the sub-allocation to the Authority and specifically designate that its waived recovery zone bond allocation should be reallocated to a regional authority; (2) the regional authority must use the sub-allocation to issue recovery zone bonds on or before August 16, 2010 and, if recovery zone bonds are not issued on or before August 16, 2010, the sub-allocation shall be deemed waived to the Authority for reallocation by the Authority to qualifying projects; and (3) the proceeds of the recovery zone bonds must be used for qualified projects within the jurisdiction of the applicable regional authority;
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| (B) at the Authority's sole discretion, the power
| | to reallocate any sub-allocation deemed waived to the Authority pursuant to subsection (d)(i)(A)(2) back to the regional authority that had the sub-allocation;
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| (C) the power to enter into waiver agreements
| | with affected local governments to provide for their voluntary waivers, in whole or in part, of their sub-allocations, to receive waived recovery zone bond allocations from those affected local governments, and to use those waived recovery zone bond allocations, in whole or in part, to issue recovery zone bonds of the Authority for qualifying projects or to reallocate those waived recovery zone bond allocations, in whole or in part, to a county or municipality to issue its own recovery zone bonds for qualifying projects;
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| (D) the power to designate areas within the
| | State as recovery zones or all of the State as a recovery zone; and
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| (E) the power to issue recovery zone bonds for
| | any project authorized to be financed with proceeds thereof under the applicable provisions of ARRA.
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| (ii) In addition to the powers set forth in item
| | (i), the Authority shall be the sole recipient, on behalf of the State, of any waived recovery zone bond allocations. Recovery zone bond allocations can be waived to the Authority only by voluntary waiver as provided in this Section.
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| (iii) In addition to the powers set forth in items
| | (i) and (ii), the Authority has any powers otherwise enjoyed by the Authority in connection with the issuance of its bonds if those powers are not in conflict with any provisions with respect to recovery zone bonds set forth in ARRA.
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| (iv) The Authority has the power to adopt
| | regulations providing for the implementation of any of the provisions contained in this Section, including provisions regarding waiver agreements and the reallocation of all or any portion of the allocation amount and sub-allocations and the issuance of recovery zone bonds; except that those regulations shall not (1) apply to or affect any designation of a recovery zone by a county or municipality, (2) provide for any waiver or reallocation of an affected local government's sub-allocation other than a voluntary waiver as described in subsection (d), or (3) be inconsistent with the provisions of subsection (d)(i). Regulations adopted by the Authority for determining reallocation of all or any portion of a waived recovery zone bond allocation may include, but are not limited to, (1) the ability of the county or municipality to issue recovery zone bonds on or before December 31, 2010, (2) the amount of jobs that will be retained or created, or both, by the qualifying project to be financed by recovery zone bonds, and (3) the geographical proximity of the qualifying project to be financed by recovery zone bonds to a county or municipality that voluntarily waived its sub-allocation to the Authority.
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| (v) Unless extended by an act of the United States
| | Congress, no recovery zone bonds may be issued after December 31, 2010.
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(e) Established dates for notice.
Any affected local government or any regional authority that has issued recovery zone bonds on or before the effective date of this Section must report its issuance of recovery zone bonds to the Authority within 30 days after the effective date of this Section. After the effective date of this Section, any affected local government or any regional authority must report its issuance of recovery zone bonds to the Authority not less than 30 days after those bonds are issued.
(f) Reports to the General Assembly.
Starting 60 days after the effective date of this Section and ending on January 15, 2011, the Authority shall file a report before the 15th day of each month with the General Assembly detailing its implementation of this Section, including but not limited to the dollar amount of the allocation amount that has been reallocated by the Authority pursuant to this Section, the recovery zone bonds issued in the State as of the date of the report, and descriptions of the qualifying projects financed by those recovery zone bonds.
(Source: P.A. 96-1020, eff. 7-12-10; 97-333, eff. 8-12-11.)
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20 ILCS 3501/825-108 (20 ILCS 3501/825-108) Sec. 825-108. Transportation project financing. For the purpose of financing a transportation facility undertaken under the Innovations for Transportation Infrastructure Act, the Authority may apply for an allocation of tax-exempt bond financing authorization provided by subsection (m) of Section 142 of the United States Internal Revenue Code, as well as financing available under any other federal law or program.
(Source: P.A. 102-1094, eff. 6-15-22.) |
20 ILCS 3501/825-110 (20 ILCS 3501/825-110) Sec. 825-110. Implementation of ARRA provisions regarding qualified energy conservation bonds. (a) Definitions. (i) "Affected local government" means any county or | | municipality within the State if the county or municipality has a population of 100,000 or more, as defined in Section 54D(e)(2)(C) of the Code.
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| (ii) "Allocation amount" means the $133,846,000
| | amount of qualified energy conservation bonds authorized under ARRA for the financing of qualifying projects located within the State and the sub-allocation of those amounts among each affected local government.
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| (iii) "ARRA" means, collectively, the American
| | Recovery and Reinvestment Act of 2009, including, without limitation, Section 54D of the Code; the guidance provided by the Internal Revenue Service applicable to qualified energy conservation bonds; and any legislation subsequently adopted by the United States Congress to extend or expand the economic development bond financing incentives authorized by ARRA.
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| (iv) "ARRA implementing regulations" means the
| | regulations promulgated by the Authority as further described in subdivision (c)(iv) of this Section to implement the provisions of this Section.
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| (v) "Code" means the Internal Revenue Code of 1986,
| | (vi) "Qualified energy conservation bond" means any
| | qualified energy conservation bond issued pursuant to Section 54D of the Code.
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| (vii) "Qualified energy conservation bond
| | allocation" means an allocation of authority to issue qualified energy conservation bonds granted pursuant to Section 54D of the Code.
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| (viii) "Regional authority" means the Central
| | Illinois Economic Development Authority, Eastern Illinois Economic Development Authority, Joliet Arsenal Development Authority, Quad Cities Regional Economic Development Authority, Riverdale Development Authority, Southeastern Illinois Economic Development Authority, Southern Illinois Development Authority, Southwestern Illinois Development Authority, Tri-County River Valley Development Authority, Upper Illinois River Valley Development Authority, Illinois Urban Development Authority, Western Illinois Economic Development Authority, or Will-Kankakee Regional Development Authority.
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| (ix) "Sub-allocation" means the portion of the
| | allocation amount allocated to each affected local government.
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| (x) "Waived qualified energy conservation bond
| | allocation" means the amount of the qualified energy conservation bond allocation that an affected local government elects to reallocate to the State pursuant to Section 54D(e)(2)(B) of the Code.
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| (xi) "Waiver agreement" means an agreement between
| | the Authority and an affected local government providing for the reallocation, in whole or in part, of that affected local government's sub-allocation to the Authority. The waiver agreement may provide for the payment of an affected local government's reasonable fees and costs as determined by the Authority in connection with the affected local government's reallocation of its sub-allocation.
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(b) Findings.
It is found and declared that:
(i) it is in the public interest and for the benefit
| | of the State to maximize the use of economic development incentives authorized by ARRA;
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| (ii) those incentives include the maximum use of the
| | allocation amount for the issuance of qualified energy conservation bonds to promote energy conservation under the applicable provisions of ARRA; and
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| (iii) those incentives also include the issuance by
| | the Authority of qualified energy conservation bonds for the purposes of financing qualifying projects to be financed with proceeds of qualified energy conservation bonds.
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(c) Powers of Authority.
(i) In order to carry out the provisions of ARRA and
| | further the purposes of this Section, the Authority has:
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| (A) the power to receive from any affected local
| | government its sub-allocation that it voluntarily waives to the Authority, in whole or in part, for allocation by the Authority to a regional authority specifically designated by that affected local government, and the Authority shall reallocate that waived qualified energy conservation bond allocation to the regional authority specifically designated by that affected local government; provided that (1) the affected local government must take official action by resolution or ordinance, as applicable, to waive the sub-allocation to the Authority and specifically designate that its waived qualified energy conservation bond allocation should be reallocated to a regional authority; (2) the regional authority must use the sub-allocation to issue qualified energy conservation bonds on or before August 16, 2010 and, if qualified energy conservation bonds are not issued on or before August 16, 2010, the sub-allocation shall be deemed waived to the Authority for reallocation by the Authority to qualifying projects; and (3) the proceeds of the qualified energy conservation bonds must be used for qualified projects within the jurisdiction of the applicable regional authority;
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| (B) at the Authority's sole discretion, the power
| | to reallocate any sub-allocation deemed waived to the Authority pursuant to subsection (c)(i)(A)(2) back to the Regional Authority that had the sub-allocation;
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| (C) the power to enter into waiver agreements
| | with affected local governments to provide for the reallocation, in whole or in part, of their sub-allocations, to receive waived qualified energy conservation bond allocations from those affected local governments, and to use those waived qualified energy conservation bond allocations, in whole or in part, to issue qualified energy conservation bonds of the Authority for qualifying projects or to reallocate those qualified energy conservation bond allocations, in whole or in part, to a county or municipality to issue its own energy conservation bonds for qualifying projects; and
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| (D) the power to issue qualified energy
| | conservation bonds for any project authorized to be financed with proceeds thereof under the applicable provisions of ARRA.
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| (ii) In addition to the powers set forth in item
| | (i), the Authority shall be the sole recipient, on behalf of the State, of any waived qualified energy conservation bond allocations. Qualified energy conservation bond allocations can be reallocated to the Authority only by voluntary waiver as provided in this Section.
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| (iii) In addition to the powers set forth in items
| | (i) and (ii), the Authority has any powers otherwise enjoyed by the Authority in connection with the issuance of its bonds if those powers are not in conflict with any provisions with respect to qualified energy conservation bonds set forth in ARRA.
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| (iv) The Authority has the power to adopt
| | regulations providing for the implementation of any of the provisions contained in this Section, including the provisions regarding waiver agreements and reallocation of all or any portion of the allocation amount and sub-allocations and the issuance of qualified energy conservation bonds; except that those regulations shall not (1) provide any waiver or reallocation of an affected local government's sub-allocation other than a voluntary waiver as described in subsection (c) or (2) be inconsistent with the provisions of subsection (c)(i). Regulations adopted by the Authority for determining reallocation of all or any portion of a waived qualified energy conservation allocation may include, but are not limited to, (1) the ability of the county or municipality to issue qualified energy conservation bonds by the end of a given calendar year, (2) the amount of jobs that will be retained or created, or both, by the qualifying project to be financed by qualified energy conservation bonds, and (3) the geographical proximity of the qualifying project to be financed by qualified energy conservation bonds to a municipality or county that reallocated its sub-allocation to the Authority.
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(d) Established dates for notice.
Any affected local government or regional authority that has issued qualified energy conservation bonds on or before the effective date of this Section must report its issuance of qualified energy conservation bonds to the Authority within 30 days after the effective date of this Section. After the effective date of this Section, any affected local government or any regional authority must report its issuance of qualified energy conservation bonds to the Authority not less than 30 days after those bonds are issued.
(e) Reports to the General Assembly.
Starting 60 days after the effective date of this Section and ending when there is no longer any allocation amount, the Authority shall file a report before the end of each fiscal year with the General Assembly detailing its implementation of this Section, including but not limited to the dollar amount of the allocation amount that has been reallocated by the Authority pursuant to this Section, the qualified energy conservation bonds issued in the State as of the date of the report, and descriptions of the qualifying projects financed by those qualified energy conservation bonds.
(Source: P.A. 98-90, eff. 7-15-13.)
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20 ILCS 3501/825-115 (20 ILCS 3501/825-115) Sec. 825-115. (Repealed).
(Source: P.A. 97-971, eff. 1-1-13. Repealed internally, eff. 12-31-19.) |
20 ILCS 3501/Art. 830
(20 ILCS 3501/Art. 830 heading)
ARTICLE 830
AGRICULTURAL ASSISTANCE
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20 ILCS 3501/830-5
(20 ILCS 3501/830-5)
Sec. 830-5. The Authority shall have the following powers:
(a) To loan its funds to one or more persons to be used by such persons to
pay
the costs of acquiring, constructing, reconstructing or improving Agricultural
Facilities, soil or water conservation projects or watershed areas, such loans
to be on such terms and conditions, and for such period of time, and secured or
evidenced by such mortgages, deeds of trust, notes, debentures, bonds or other
secured or unsecured evidences of indebtedness of such persons as the Board may
determine;
(b) To loan its funds to any agribusiness which operates or will operate a
facility located in Illinois for those purposes permitted by rules and
regulations issued pursuant to the Internal Revenue Code of 1954, as amended,
relating to the use of moneys loaned from the proceeds from the issuance of
industrial development revenue bonds; such loans shall be on terms and
conditions, and for periods of time, and secured or evidenced by mortgages,
deeds of trust, notes, debentures, bonds or other secured or unsecured
evidences
of indebtedness of such agribusiness as the Board may require;
(c) To purchase, or to make commitments to purchase, from lenders notes,
debentures, bonds or other evidences of indebtedness secured by mortgages,
deeds of trust, or security devices, or unsecured, as the Authority may
determine, or portions thereof or participations therein, which notes, bonds,
or other evidences of indebtedness shall have been or will be executed by the
obligors thereon to obtain funds with which to acquire, by purchase,
construction, or otherwise, reconstruct or improve Agricultural Facilities;
(d) To contract with lenders or others for the origination of or the
servicing
of the loans made by the Authority pursuant to this
Section or
represented by the notes, bonds, or other evidences of indebtedness which it
has purchased pursuant to this
Section; provided that such
servicing fees shall not exceed one percent per annum of the principal amount
outstanding owed to the Authority; and
(e) To enter into a State Guarantee with a lender or a person holding a note
and
to sell or issue such State Guarantees, bonds or evidences of indebtedness in a
primary or a secondary market and to make payment on a State Guarantee from available sources, including but not limited to, the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund created under Section 830-30 and Section 830-35, respectively, and the Industrial Project Insurance Fund created under Article 805 of this Act.
(Source: P.A. 96-897, eff. 5-24-10.)
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20 ILCS 3501/830-10
(20 ILCS 3501/830-10)
Sec. 830-10.
(a) The Authority may establish a Farm Debt Relief Program to
help provide
eligible Illinois farmers with State assistance in meeting their
farming-related debts.
(b) To be eligible for the program, a person must (1) be actively engaged in
farming in this State, (2) have farming-related debts in an amount equal to at
least 55% of the person's total assets, and (3) demonstrate that he can secure
credit from a conventional lender for the 1986 crop year.
(c) An eligible person may apply to the Authority, in such manner as the
Authority may specify, for a one-time farm debt relief payment of up to 2% of
the person's outstanding farming-related debt. If the Authority determines that
the applicant is eligible for a payment under this
Section, it may then approve
a payment to the applicant. Such payment shall consist of a payment made by the
Authority directly to one or more of the applicant's farming-related creditors,
to be applied to the reduction of the applicant's farming-related debt. The
applicant shall be entitled to select the creditor or creditors to receive the
payment, unless the applicant is subject to the jurisdiction of a bankruptcy
court, in which case the selection of the court shall control.
(d) Payments shall be made from the Farm Emergency Assistance Fund, which is
hereby established as a special fund in the State treasury, from funds
appropriated to the Authority for that purpose. No grant may exceed the lesser
of (1) 2% of the applicant's outstanding farm-related debt, or (2) $2000. Not
more than one grant under this
Section may be made to any one person, or to any
one household, or to any single farming operation.
(e) Payments to applicants having farming-related debts in an amount equal
to
at least 55% of the person's total assets, but less than 70%, shall be repaid
by
the applicant to the Authority for deposit into the Farm Emergency Assistance
Fund within five years from the date the payment was made. Repayment shall be
made in equal installments during the five-year period with no additional
interest charge and may be prepaid in whole or in part at any time. Applicants
having farming-related debts in an amount equal to at least 70% of the person's
total assets shall not be required to make any repayment. Assets shall include,
but not be limited to, the following: cash crops or feed on hand; livestock
held for sale; breeding stock; marketable bonds and securities; securities not
readily marketable; accounts receivable; notes receivable; cash invested in
growing crops; net cash value of life insurance; machinery and equipment; cars
and trucks; farm and other real estate including life estates and personal
residence; value of beneficial interests in trusts; government payments or
grants; and any other assets. Debts shall include, but not be limited to, the
following: accounts payable; notes or other indebtedness owed to any source;
taxes; rent; amounts owed on real estate contracts or real estate mortgages;
judgments; accrued interest payable; and any other liability.
(Source: P.A. 98-90, eff. 7-15-13.)
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20 ILCS 3501/830-15
(20 ILCS 3501/830-15)
Sec. 830-15. Interest-buy-back program.
(a) The Authority may establish an interest-buy-back program to subsidize
the interest cost on certain loans to Illinois farmers.
(b) To be eligible an applicant must (i) be a resident of Illinois; (ii) be
a
principal operator of a farm or land; (iii) derive at least 50% of annual gross
income from farming; and (iv) have a net worth of at least $10,000. The
Authority shall establish minimum and maximum financial requirements, maximum
payment amounts, starting and ending dates for the program, and other criteria.
(c) Lenders may apply on behalf of eligible applicants on forms provided by
the
Authority. Lenders may submit requests for payment on forms provided by the
Authority. Lenders and applicants shall be responsible for any fees or charges
the Authority may require.
(d) The Authority shall make payments to lenders from available
appropriations from the General Revenue Fund.
(Source: P.A. 98-90, eff. 7-15-13.)
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