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Sen. Rachel Ventura
Filed: 4/9/2024
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| 1 | | AMENDMENT TO SENATE BILL 3597
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3597, AS AMENDED, |
| 3 | | by replacing everything after the enacting clause with the |
| 4 | | following:
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| 5 | | "Section 1. Short title. This Act may be cited as the |
| 6 | | Climate Bank Loan Financing Act.
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| 7 | | Section 5. Definitions. As used in this Act: |
| 8 | | "Alternate bonds", "applicable law", "bond", "general |
| 9 | | obligation bonds", "limited bonds", "governmental unit", |
| 10 | | "revenue bonds", "enterprise revenues", and "revenue source" |
| 11 | | have the respective meanings set forth in Section 3 of the |
| 12 | | Local Government Debt Reform Act. |
| 13 | | "Governing body" means the council, board, commission, or |
| 14 | | body, by whatever name it is known, having charge of the |
| 15 | | finances of a governmental unit.
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| 1 | | Section 10. Clean energy infrastructure projects. A |
| 2 | | governmental unit may own, construct, equip, manage, control, |
| 3 | | erect, improve, extend, maintain, and operate new or existing |
| 4 | | clean energy infrastructure projects, may purchase real estate |
| 5 | | and any property rights to be used for clean energy |
| 6 | | infrastructure projects, and may charge for the use of clean |
| 7 | | energy infrastructure.
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| 8 | | Section 15. Authorization to borrow from Illinois Finance |
| 9 | | Authority Illinois Climate Bank loan programs. A governmental |
| 10 | | unit may borrow money and access loans from the Illinois |
| 11 | | Finance Authority to finance the acquisition, construction, or |
| 12 | | improvement of new or existing clean energy infrastructure, in |
| 13 | | each case, qualified for financing by the Illinois Finance |
| 14 | | Authority under the Illinois Climate Bank bond loan programs |
| 15 | | of the Illinois Finance Authority.
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| 16 | | Section 20. Bond authorization. A governmental unit may |
| 17 | | issue from time to time general obligation bonds, including |
| 18 | | alternate bonds and limited bonds, and revenue bonds pursuant |
| 19 | | to applicable law for the purpose of evidencing its obligation |
| 20 | | to repay its loans from the Illinois Finance Authority.
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| 21 | | Section 25. Bond terms. Bonds issued under Section 20 |
| 22 | | shall bear interest at a rate or rates not to exceed the |
| 23 | | maximum rate permitted by the Bond Authorization Act at the |
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| 1 | | time of the making of the loan from the Illinois Finance |
| 2 | | Authority. The bonds shall mature within 30 years from the |
| 3 | | date issued. General obligation bonds shall be the direct |
| 4 | | general obligations of the governmental unit and the full |
| 5 | | faith and credit of the governmental unit shall be pledged for |
| 6 | | the punctual payment of the principal of and interest on the |
| 7 | | general obligation bonds. Revenue bonds shall be limited |
| 8 | | obligations of the governmental unit payable from the |
| 9 | | enterprise revenues or revenue sources of the governmental |
| 10 | | unit pledged as security for the punctual payment of the |
| 11 | | principal of and interest on the revenue bonds.
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| 12 | | Section 30. Adoption of ordinance or resolution. In order |
| 13 | | to authorize participation in a loan from the Illinois Finance |
| 14 | | Authority and to authorize and issue the bonds, the governing |
| 15 | | body shall adopt an ordinance, or resolution when appropriate, |
| 16 | | providing for the determination of the amount of bonds, the |
| 17 | | maturity of bonds, and the rate of interest of the bonds. In |
| 18 | | the case of general obligation bonds, the ordinance or |
| 19 | | resolution shall provide for the levy and collection of a |
| 20 | | direct annual tax upon all the taxable property in the |
| 21 | | governmental unit sufficient to pay the principal of and |
| 22 | | interest on the general obligation bonds to maturity. Upon the |
| 23 | | filing of a certified copy of an adopted ordinance or |
| 24 | | resolution levying a direct annual tax under this Section in |
| 25 | | the office of the county clerk in each county in which the |
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| 1 | | governmental unit is located, the county clerk shall annually |
| 2 | | extend the tax in addition to all other taxes authorized to be |
| 3 | | levied by the governmental unit or on behalf of the |
| 4 | | governmental unit. In the case of revenue bonds, the ordinance |
| 5 | | or resolution shall provide for covenants and agreements as |
| 6 | | may be found by the governmental unit to be necessary and |
| 7 | | appropriate, including any liens granted on enterprise |
| 8 | | revenues or revenue sources, to secure the punctual payment of |
| 9 | | the principal of and interest on the revenue bonds. The |
| 10 | | governmental unit may enter into loan agreements and security |
| 11 | | agreements with respect to the borrowing of money from the |
| 12 | | Illinois Finance Authority pursuant to this Act.
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| 13 | | Section 35. Authority for issuance. The authority to issue |
| 14 | | bonds by a governmental unit under this Act and applicable law |
| 15 | | for clean energy infrastructure projects is in addition to any |
| 16 | | other authority to issue bonds by a governmental unit provided |
| 17 | | by law.
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| 18 | | Section 40. Execution. The bonds shall be executed in the |
| 19 | | name of the governmental unit by manual or facsimile |
| 20 | | signatures of the officials of the governmental unit as may be |
| 21 | | designated by the ordinance or resolution.
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| 22 | | Section 97. Severability. The provisions of this Act are |
| 23 | | severable under Section 1.31 of the Statute on Statutes.
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