SB3776 EnrolledLRB096 20865 AMC 36639 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Private Activity Bond Approval Act.
 
6    Section 5. Public policy. It is the policy of this State
7that in order to maintain an effective system of monitoring the
8use of federal subsidies within the State, facilities within
9the State proposed to be financed with bonds issued by an
10issuer that does not have jurisdiction over the location of
11those facilities must receive prior approval from the Governor
12in accordance with this Act.
 
13    Section 10. Definition. "Host approval" means an approval
14by an applicable elected representative of a governmental unit,
15for purposes of Section 147(f)(2)(A)(ii) of the Internal
16Revenue Code, having jurisdiction over the area in which a
17facility is located that is to be financed with bonds issued by
18an issuer that does not have jurisdiction over the location of
19the facility.
 
20    Section 15. Qualifications for facility requiring host
21approval.

 

 

SB3776 Enrolled- 2 -LRB096 20865 AMC 36639 b

1    (a) Host approval shall not be granted unless and until the
2Governor has received the items and information listed in
3subsection (b) of this Section and has issued an approval as
4set forth in subsection (c) of this Section.
5    (b) The following items and information must be received by
6the Governor:
7        (1) a copy of the notice of public hearing pertaining
8    to the facilities;
9        (2) minutes or another official record of the public
10    hearing;
11        (3) the maximum stated principal amount of the bonds;
12        (4) a description of the facility, including its
13    location;
14        (5) a description of the plan of finance;
15        (6) the name of the issuer of the bonds; and
16        (7) the name of the initial owner or principal user of
17    the facility.
18    (c) If, and only if, the Governor determines that the
19facility and the items and information submitted under
20subsection (b) of this Section are consistent with the laws and
21public policy of the State and are in the best interest of the
22State, then the Governor shall issue a written approval under
23this Section authorizing the governmental unit to grant its
24host approval in its discretion.
 
25    Section 99. Effective date. This Act takes effect January
261, 2011.