Sen. Rachel Ventura

Filed: 4/3/2024

 

 


 

 


 
10300SB3597sam002LRB103 38800 AWJ 71840 a

1
AMENDMENT TO SENATE BILL 3597

2    AMENDMENT NO. ______. Amend Senate Bill 3597, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5    "Section 1. Short title. This Act may be cited as the
6Climate Bank Loan Financing Act.
 
7    Section 5. Definitions. As used in this Act:
8    "Alternate bonds", "applicable law", "bond", "general
9obligation bonds", "limited bonds", "governmental unit",
10"revenue bonds", "enterprise revenues", and "revenue source"
11have the respective meanings set forth in Section 3 of the
12Local Government Debt Reform Act.
13    "Governing body" means the council, board, commission, or
14body, by whatever name it is known, having charge of the
15finances of a governmental unit.
 

 

 

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1    Section 10. Clean energy infrastructure projects. A
2governmental unit may own, construct, equip, manage, control,
3erect, improve, extend, maintain, and operate new or existing
4clean energy infrastructure, may purchase real estate and any
5property rights to be used for clean energy infrastructure
6projects, and may charge for the use of clean energy
7infrastructure.
 
8    Section 15. Authorization to borrow from Illinois Finance
9Authority Illinois Climate Bank loan programs. A governmental
10unit may borrow money and access loans from the Illinois
11Finance Authority to finance the acquisition, construction, or
12improvement of new or existing clean energy infrastructure, in
13each case, qualified for financing by the Illinois Finance
14Authority under the Illinois Climate Bank bond loan programs
15of the Illinois Finance Authority.
 
16    Section 20. Bond authorization. A governmental unit may
17issue from time to time general obligation bonds, including
18alternate bonds and limited bonds, and revenue bonds pursuant
19to applicable law for the purpose of evidencing its obligation
20to repay its loans from the Illinois Finance Authority.
 
21    Section 25. Bond terms. Bonds issued under Section 20
22shall bear interest at a rate or rates not to exceed the
23maximum rate permitted by the Bond Authorization Act at the

 

 

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1time of the making of the loan from the Illinois Finance
2Authority. The bonds shall mature within 30 years from the
3date issued. General obligation bonds shall be the direct
4general obligations of the governmental unit and the full
5faith and credit of the governmental unit shall be pledged for
6the punctual payment of the principal of and interest on the
7general obligation bonds. Revenue bonds shall be limited
8obligations of the governmental unit payable from the
9enterprise revenues or revenue sources of the governmental
10unit pledged as security for the punctual payment of the
11principal of and interest on the revenue bonds.
 
12    Section 30. Adoption of ordinance or resolution. In order
13to authorize participation in a loan from the Illinois Finance
14Authority and to authorize and issue the bonds, the governing
15body shall adopt an ordinance, or resolution when appropriate,
16providing for the determination of the amount of bonds, the
17maturity of bonds, and the rate of interest of the bonds. In
18the case of general obligation bonds, the ordinance or
19resolution shall provide for the levy and collection of a
20direct annual tax upon all the taxable property in the
21governmental unit sufficient to pay the principal of and
22interest on the general obligation bonds to maturity. Upon the
23filing of a certified copy of an adopted ordinance or
24resolution levying a direct annual tax under this Section in
25the office of the county clerk in each county in which the

 

 

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1governmental unit is located, the county clerk shall annually
2extend the tax in addition to all other taxes authorized to be
3levied by the governmental unit or on behalf of the
4governmental unit. In the case of revenue bonds, the ordinance
5or resolution shall provide for covenants and agreements as
6may be found by the governmental unit to be necessary and
7appropriate, including any liens granted on enterprise
8revenues or revenue sources, to secure the punctual payment of
9the principal of and interest on the revenue bonds. The
10governmental unit may enter into loan agreements and security
11agreements with respect to the borrowing of money from the
12Illinois Finance Authority pursuant to this Act.
 
13    Section 35. Authority for issuance. The authority to issue
14bonds by a governmental unit under this Act and applicable law
15is in addition to any other authority to issue bonds by a
16governmental unit provided by law.
 
17    Section 40. Execution. The bonds shall be executed in the
18name of the governmental unit by manual or facsimile
19signatures of the officials of the governmental unit as may be
20designated by the ordinance or resolution.
 
21    Section 97. Severability. The provisions of this Act are
22severable under Section 1.31 of the Statute on Statutes.
 

 

 

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1    Section 99. Effective date. This Act takes effect upon
2becoming law.".