Illinois General Assembly - Full Text of Public Act 096-0103
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Public Act 096-0103


 

Public Act 0103 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0103
 
SB1906 Enrolled LRB096 09999 RCE 20163 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Finance Authority Act is amended by
changing Sections 825-65, 825-70, 825-75, and 830-25 as
follows:
 
    (20 ILCS 3501/825-65)
    Sec. 825-65. Clean Coal, Coal, and Renewable Energy Project
Financing.
    (a) Findings and declaration of policy.
        (i) It is hereby found and declared that Illinois has
    abundant coal resources and, in some areas of Illinois, the
    demand for power exceeds the generating capacity.
    Incentives to encourage the construction of coal-fueled
    coal-fired electric generating plants in Illinois to
    ensure power generating capacity into the future and to
    advance clean coal technology and the use of Illinois coal
    are in the best interests of all of the citizens of
    Illinois.
        (ii) It is further found and declared that Illinois has
    abundant potential and resources to develop renewable
    energy resource projects. The development of those
    projects will create jobs and investment as well as
    decrease environmental impacts and promote energy
    independence in Illinois. Accordingly, the development of
    those projects is in the best interests of all of the
    citizens of Illinois.
        (iii) The Authority is authorized to issue bonds to
    help finance Clean Coal, Coal, and Renewable Energy
    projects pursuant to this Section.
    (b) Definitions. Definition.
        (i) "Clean Coal Project and Energy projects" means (A)
    "clean coal facility", as defined in Section 1-10 of the
    Illinois Power Agency Act; (B) "clean coal SNG facility",
    as defined in Section 1-10 of the Illinois Power Agency
    Act; (C) transmission lines and associated equipment that
    transfer electricity from points of supply to points of
    delivery for projects described in this subsection (b); (D)
    pipelines or other methods to transfer carbon dioxide from
    the point of production to the point of storage or
    sequestration for projects described in this subsection
    (b); or (E) projects to provide carbon abatement technology
    for existing generating facilities.
        (ii) "Coal Project" means new electric generating
    facilities or new gasification facilities, as defined in
    Section 605-332 of the Department of Commerce and Economic
    Opportunity Law of the Civil Administrative Code of
    Illinois, which may include mine-mouth power plants,
    projects that employ the use of clean coal technology,
    projects to provide scrubber technology for existing
    energy generating plants, or projects to provide electric
    transmission facilities or new gasification facilities.
        (iii) "Renewable Energy Project" means (A) a project
    that uses renewable energy resources, as defined in Section
    1-10 of the Illinois Power Agency Act; (B) a project that
    uses environmentally preferable technologies and practices
    that result in improvements to the production of renewable
    fuels, including but not limited to, cellulosic
    conversion, water and energy conservation, fractionation,
    alternative feedstocks, or reduced green house gas
    emissions; (C) transmission lines and associated equipment
    that transfer electricity from points of supply to points
    of delivery for projects described in this subsection (b);
    or (D) projects that use technology for the storage of
    renewable energy, including, without limitation, the use
    of battery or electrochemical storage technology for
    mobile or stationary applications.
    (c) Creation of reserve funds. The Authority may establish
and maintain one or more reserve funds to enhance bonds issued
by the Authority for a Clean Coal Project, a Coal Project, or a
Renewable and Energy Project projects. There may be one or more
accounts in these reserve funds in which there may be
deposited:
        (1) any proceeds of the bonds issued by the Authority
    required to be deposited therein by the terms of any
    contract between the Authority and its bondholders or any
    resolution of the Authority;
        (2) any other moneys or funds of the Authority that it
    may determine to deposit therein from any other source; and
        (3) any other moneys or funds made available to the
    Authority. Subject to the terms of any pledge to the owners
    of any bonds, moneys in any reserve fund may be held and
    applied to the payment of principal, premium, if any, and
    interest of such bonds.
    (d) Powers and duties. The Authority has the power:
        (1) To issue bonds in one or more series pursuant to
    one or more resolutions of the Authority for any Clean Coal
    Project, Coal Project, or Renewable and Energy Project
    projects authorized under this Section, within the
    authorization set forth in subsection subsections (e) and
    (f).
        (2) To provide for the funding of any reserves or other
    funds or accounts deemed necessary by the Authority in
    connection with any bonds issued by the Authority.
        (3) To pledge any funds of the Authority or funds made
    available to the Authority that may be applied to such
    purpose as security for any bonds or any guarantees,
    letters of credit, insurance contracts or similar credit
    support or liquidity instruments securing the bonds.
        (4) To enter into agreements or contracts with third
    parties, whether public or private, including, without
    limitation, the United States of America, the State or any
    department or agency thereof, to obtain any
    appropriations, grants, loans or guarantees that are
    deemed necessary or desirable by the Authority. Any such
    guarantee, agreement or contract may contain terms and
    provisions necessary or desirable in connection with the
    program, subject to the requirements established by the
    Act.
        (5) To exercise such other powers as are necessary or
    incidental to the foregoing.
    (e) Clean Coal Project, Coal Project, and Renewable Energy
Project bond authorization and financing limits. In addition to
any other bonds authorized to be issued under Sections
801-40(w), 825-60, 830-25 and 845-5, the Authority may have
outstanding, at any time, bonds for the purpose enumerated in
this Section 825-65 in an aggregate principal amount that shall
not exceed $3,000,000,000 $2,700,000,000, subject to the
following limitations: (i) up to of which no more than
$300,000,000 may be issued to finance projects, as described in
clause (C) of subsection (b)(i) and clause (C) of subsection
(b)(iii) of this Section 825-65; (ii) up to transmission
facilities, no more than $500,000,000 may be issued to finance
projects, as described in clauses (D) and (E) of subsection
(b)(i) of this Section 825-65; (iii) up to $2,000,000,000
scrubbers at existing generating plants, no more than
$500,000,000 may be issued to finance Clean Coal Projects, as
described in clauses (A) and (B) of subsection (b)(i) of this
Section 825-65 and Coal Projects, as described in subsection
(b)(ii) of this Section 825-65; and (iv) up to $2,000,000,000
may be issued to finance Renewable Energy Projects, as
described in clauses (A), (B), and (D) of subsection (b)(iii)
of this Section 825-65 alternative energy sources, including
renewable energy projects and no more than $1,400,000,000 may
be issued to finance new electric generating facilities or new
gasification facilities, as defined in Section 605-332 of the
Department of Commerce and Economic Opportunity Law of the
Civil Administrative Code of Illinois. An application for a
loan financed from bond proceeds from a borrower or its
affiliates for a Clean Coal Project, a Coal Project, or a
Renewable and Energy Project project may not be approved by the
Authority for an amount in excess of $450,000,000 for any
borrower or its affiliates. These bonds shall not constitute an
indebtedness or obligation of the State of Illinois and it
shall be plainly stated on the face of each bond that it does
not constitute an indebtedness or obligation of the State of
Illinois, but is payable solely from the revenues, income or
other assets of the Authority pledged therefor.
    (f) The bonding authority granted under this Section is in
addition to and not limited by the provisions of Section 845-5.
Additional Clean Coal and Energy bond authorization and
financing limits. In addition to any other bonds authorized to
be issued under this Act, the Authority may issue bonds for the
purpose enumerated in this Section 825-65 in an aggregate
principal amount that shall not exceed $300,000,000.
(Source: P.A. 95-470, eff. 8-27-07.)
 
    (20 ILCS 3501/825-70)
    Sec. 825-70. Criteria for participation in the program.
Applications to the Authority for financing of any Clean Coal,
Coal, or Renewable and Energy Project project shall be reviewed
by the Authority. Upon submission of any such application, the
Authority staff shall review the application for its
completeness and may, at the discretion of the Authority staff,
request such additional information as it deems necessary or
advisable to aid in review. If the Authority receives
applications for financing for Clean Coal, Coal, or and
Renewable Energy Projects projects in excess of the bond
authorization available for such financing at any one time, it
shall consider applications in the order of priority as it
shall determine, in consultation with other State agencies, and
consistent with State policy to promote environmentally
preferable technology and energy independence.
(Source: P.A. 93-205, eff. 1-1-04.)
 
    (20 ILCS 3501/825-75)
    Sec. 825-75. Additional Security. In the event that the
Authority determines that monies of the Authority will not be
sufficient for the payment of the principal of and interest on
any bonds issued by the Authority under Sections 825-65 through
825-75 of this Act for Clean Coal Projects, Coal Projects, or
Renewable Energy Projects new electric generating facilities
or new gasification facilities during the next State fiscal
year, the Chairperson, as soon as practicable, shall certify to
the Governor the amount required by the Authority to enable it
to pay such principal, premium, if any, and interest on such
bonds. The Governor shall submit the amount so certified to the
General Assembly as soon as practicable, but no later than the
end of the current State fiscal year. This subsection shall
apply to any bonds or notes as to which the Authority shall
have determined, in the resolution authorizing the issuance of
the bonds or notes, that this subsection shall apply. Whenever
the Authority makes such a determination, that fact shall be
plainly stated on the face of the bonds or notes and that fact
should also be reported to the Governor. In the event of a
withdrawal of moneys from a reserve fund established with
respect to any issue or issues of bonds of the Authority to pay
principal, premium, if any, and interest on such bonds, the
Chairman of the Authority, as soon as practicable, shall
certify to the Governor the amount required to restore the
reserve fund to the level required in the resolution or
indenture securing those bonds. The Governor shall submit the
amount so certified to the General Assembly as soon as
practicable, but no later than the end of the current State
fiscal year. The Authority shall obtain written approval from
the Governor for any bonds and notes to be issued under this
Section.
(Source: P.A. 95-470, eff. 8-27-07.)
 
    (20 ILCS 3501/830-25)
    Sec. 830-25. Bonded indebtedness limitation. The Authority
shall not have outstanding at any one time State Guarantees
under Section 830-30 in an aggregate principal amount exceeding
$160,000,000. The Authority shall not have outstanding at any
one time State Guarantees under Sections 830-35, 830-45 and
830-50 in an aggregate principal amount exceeding $225,000,000
$75,000,000. The Guarantees in this Section may be used to
support Renewable Energy Projects as described in clauses (A)
and (B) of subsection (b)(iii) of Section 825-65 of this Act.
(Source: P.A. 93-205, eff. 1-1-04.)

Effective Date: 1/1/2010