Sen. John M. Sullivan

Filed: 5/17/2011

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 2313

2    AMENDMENT NO. ______. Amend House Bill 2313 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Finance Authority Act is amended
5by changing Sections 801-15, 825-80, and 840-5 as follows:
 
6    (20 ILCS 3501/801-15)
7    Sec. 801-15. There is hereby created a body politic and
8corporate to be known as the Illinois Finance Authority. The
9exercise of the powers conferred by law shall be an essential
10public function. The Authority shall consist of 15 members, who
11shall be appointed by the Governor, with the advice and consent
12of the Senate. Upon the appointment of the Board and every 2
13years thereafter, the chairperson of the Authority shall be
14selected by the Governor to serve as chairperson for two years.
15Appointments to the Authority shall be persons of recognized
16ability and experience in one or more of the following areas:

 

 

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1economic development, finance, banking, industrial
2development, small business management, real estate
3development, housing, health facilities financing, local
4government financing, community development, venture finance,
5construction, and labor relations, agribusiness, and
6production agriculture. At the time of appointment, the
7Governor shall designate 5 members to serve until the third
8Monday in July 2005, 5 members to serve until the third Monday
9in July 2006 and 5 members to serve until the third Monday in
10July 2007. Thereafter, appointments shall be for 3-year terms.
11On or after the effective date of this amendatory Act of the
1297th General Assembly, no fewer than 2 members or 2
13appointments to the Authority, or a combination thereof, shall
14be persons of recognized ability and experience in agribusiness
15or production agriculture; except that if a member of
16recognized ability and experience in agribusiness or
17production agriculture resigns, becomes incapacitated, or is
18otherwise unable to discharge his or her duties as a member of
19the Authority, that vacancy or inability to serve does not
20otherwise adversely affect the requirements for a quorum, nor
21prohibit the Authority from exercising its powers conferred by
22law during the time of the vacancy or inability to act. A
23member shall serve until his or her successor shall be
24appointed and have qualified for office by filing the oath and
25bond. Members of the Authority shall not be entitled to
26compensation for their services as members, but shall be

 

 

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1entitled to reimbursement for all necessary expenses incurred
2in connection with the performance of their duties as members.
3The Governor may remove any member of the Authority in case of
4incompetence, neglect of duty, or malfeasance in office, after
5service on him of a copy of the written charges against him and
6an opportunity to be publicly heard in person or by counsel in
7his own defense upon not less than 10 days' notice. From
8nominations received from the Governor, the members of the
9Authority shall appoint an Executive Director who shall be a
10person knowledgeable in the areas of financial markets and
11instruments, to hold office for a one-year term. The Executive
12Director shall be the chief administrative and operational
13officer of the Authority and shall direct and supervise its
14administrative affairs and general management and perform such
15other duties as may be prescribed from time to time by the
16members and shall receive compensation fixed by the Authority.
17The Executive Director or any committee of the members may
18carry out such responsibilities of the members as the members
19by resolution may delegate. The Executive Director shall attend
20all meetings of the Authority; however, no action of the
21Authority shall be invalid on account of the absence of the
22Executive Director from a meeting. The Authority may engage the
23services of such other agents and employees, including
24attorneys, appraisers, engineers, accountants, credit analysts
25and other consultants, as it may deem advisable and may
26prescribe their duties and fix their compensation. The

 

 

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1Authority may appoint Advisory Councils to (1) assist in the
2formulation of policy goals and objectives, (2) assist in the
3coordination of the delivery of services, (3) assist in
4establishment of funding priorities for the various activities
5of the Authority, and (4) target the activities of the
6Authority to specific geographic regions. There may be an
7Advisory Council on Economic Development. The Advisory Council
8shall consist of no more than 12 members, who shall serve at
9the pleasure of the Authority. Members of the Advisory Council
10shall receive no compensation for their services, but may be
11reimbursed for expenses incurred with their service on the
12Advisory Council.
13(Source: P.A. 93-205, eff. 1-1-04.)
 
14    (20 ILCS 3501/825-80)
15    Sec. 825-80. Fire truck revolving loan program.
16    (a) This Section is a continuation and re-enactment of the
17fire truck revolving loan program enacted as Section 3-27 of
18the Rural Bond Bank Act by Public Act 93-35, effective June 24,
192003, and repealed by Public Act 93-205, effective January 1,
202004. Under the Rural Bond Bank Act, the program was
21administered by the Rural Bond Bank and the State Fire Marshal.
22    (a-5) For purposes of this Section, "brush truck" means a
23pickup chassis with or equipped with a flatbed or a pickup box.
24The truck must be rated by the manufacturer as between
25three-fourths of a ton and one ton and outfitted with a fire or

 

 

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1rescue apparatus.
2    (b) The Authority and the State Fire Marshal shall jointly
3administer a fire truck revolving loan program. The program
4shall provide zero-interest loans for the purchase of fire
5trucks by a fire department, a fire protection district, or a
6township fire department. For the purchase of brush trucks by a
7fire department, a fire protection district, or a township fire
8department, the program shall provide loans at a 2% rate of
9simple interest per year for a brush truck if both the chassis
10and the apparatus are built outside of Illinois, a 1% rate of
11simple interest per year for a brush truck if either the
12chassis or the apparatus is built in Illinois, or a 0% rate of
13interest for a brush truck if both the chassis and the
14apparatus are built in Illinois. The Authority shall make loans
15based on need, as determined by the State Fire Marshal.
16    (c) The loan funds, subject to appropriation, shall be paid
17out of the Fire Truck Revolving Loan Fund, a special fund in
18the State Treasury. The Fund shall consist of any moneys
19transferred or appropriated into the Fund, as well as all
20repayments of loans made under the program and any balance
21existing in the Fund on the effective date of this Section. The
22Fund shall be used for loans to fire departments and fire
23protection districts to purchase fire trucks and brush trucks
24and for no other purpose. All interest earned on moneys in the
25Fund shall be deposited into the Fund.
26    (d) A loan for the purchase of fire trucks or brush trucks

 

 

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1may not exceed $250,000 to any fire department or fire
2protection district. A loan for the purchase of brush trucks
3may not exceed $100,000 per truck. The repayment period for the
4loan may not exceed 20 years. The fire department or fire
5protection district shall repay each year at least 5% of the
6principal amount borrowed or the remaining balance of the loan,
7whichever is less. All repayments of loans shall be deposited
8into the Fire Truck Revolving Loan Fund.
9    (e) The Authority and the State Fire Marshal may shall
10adopt rules to administer the program.
11    (f) Notwithstanding the repeal of Section 3-27 of the Rural
12Bond Bank Act, all otherwise lawful actions taken on or after
13January 1, 2004 and before the effective date of this Section
14by any person under the authority originally granted by that
15Section 3-27, including without limitation the granting,
16acceptance, and repayment of loans for the purchase of fire
17trucks, are hereby validated, and the rights and obligations of
18all parties to any such loan are hereby acknowledged and
19confirmed.
20(Source: P.A. 94-221, eff. 7-14-05.)
 
21    (20 ILCS 3501/840-5)
22    Sec. 840-5. The Authority shall have the following powers:
23    (a) To fix and revise from time to time and charge and
24collect rates, rents, fees and charges for the use of and for
25the services furnished or to be furnished by a project or other

 

 

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1health facilities owned, financed or refinanced by the
2Authority or any portion thereof and to contract with any
3person, partnership, association or corporation or other body,
4public or private, in respect thereto; to coordinate its
5policies and procedures and cooperate with recognized health
6facility rate setting mechanisms which may now or hereafter be
7established.
8    (b) To establish rules and regulations for the use of a
9project or other health facilities owned, financed or
10refinanced by the Authority or any portion thereof and to
11designate a participating health institution as its agent to
12establish rules and regulations for the use of a project or
13other health facilities owned by the Authority undertaken for
14that participating health institution.
15    (c) To establish or contract with others to carry out on
16its behalf a health facility project cost estimating service
17and to make this service available on all projects to provide
18expert cost estimates and guidance to the participating health
19institution and to the Authority. In order to implement this
20service and, through it, to contribute to cost containment, the
21Authority shall have the power to require such reasonable
22reports and documents from health facility projects as may be
23required for this service and for the development of cost
24reports and guidelines. The Authority may appoint a Technical
25Committee on Health Facility Project Costs and Cost
26Containment.

 

 

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1    (d) To make mortgage or other secured or unsecured loans to
2or for the benefit of any participating health institution for
3the cost of a project in accordance with an agreement between
4the Authority and the participating health institution;
5provided that no such loan shall exceed the total cost of the
6project as determined by the participating health institution
7and approved by the Authority; provided further that such loans
8may be made to any entity affiliated with a participating
9health institution if the proceeds of such loan are made
10available to or applied for the benefit of such participating
11health institution.
12    (e) To make mortgage or other secured or unsecured loans to
13or for the benefit of a participating health institution in
14accordance with an agreement between the Authority and the
15participating health institution to refund outstanding
16obligations, loans, indebtedness or advances issued, made,
17given or incurred by such participating health institution for
18the cost of a project; including the function to issue bonds
19and make loans to or for the benefit of a participating health
20institution to refinance indebtedness incurred by such
21participating health institution in projects undertaken and
22completed or for other health facilities acquired prior to or
23after the enactment of this Act when the Authority finds that
24such refinancing is in the public interest, and either
25alleviates a financial hardship of such participating health
26institution, or is in connection with other financing by the

 

 

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1Authority for such participating health institution or may be
2expected to result in a lessened cost of patient care and a
3saving to third parties, including government, and to others
4who must pay for care, or any combination thereof; provided
5further that such loans may be made to any entity affiliated
6with a participating health institution if the proceeds of such
7loan are made available to or applied for the benefit of such
8participating health institution.
9    (f) To mortgage all or any portion of a project or other
10health facilities and the property on which any such project or
11other health facilities are located whether owned or thereafter
12acquired, and to assign or pledge mortgages, deeds of trust,
13indentures of mortgage or trust or similar instruments, notes,
14and other securities of participating health institutions to
15which or for the benefit of which the Authority has made loans
16or of entities affiliated with such institutions and the
17revenues therefrom, including payments or income from any
18thereof owned or held by the Authority, for the benefit of the
19holders of bonds issued to finance such project or health
20facilities or issued to refund or refinance outstanding
21obligations, loans, indebtedness or advances of participating
22health institutions as permitted by this Act.
23    (g) To lease to a participating health institution the
24project being financed or refinanced or other health facilities
25conveyed to the Authority in connection with such financing or
26refinancing, upon such terms and conditions as the Authority

 

 

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1shall deem proper, and to charge and collect rents therefor and
2to terminate any such lease upon the failure of the lessee to
3comply with any of the obligations thereof; and to include in
4any such lease, if desired, provisions that the lessee thereof
5shall have options to renew the lease for such period or
6periods and at such rent as shall be determined by the
7Authority or to purchase any or all of the health facilities or
8that upon payment of all of the indebtedness incurred by the
9Authority for the financing of such project or health
10facilities or for refunding outstanding obligations, loans,
11indebtedness or advances of a participating health
12institution, then the Authority may convey any or all of the
13project or such other health facilities to the lessee or
14lessees thereof with or without consideration.
15    (h) To make studies of needed health facilities that could
16not sustain a loan were it made under this Act and to recommend
17remedial action to the General Assembly; to do the same with
18regard to any laws or regulations that prevent health
19facilities from benefiting from this Act.
20    (i) To assist the Department of Commerce and Economic
21Opportunity to establish and implement a program to assist
22health facilities to identify and arrange financing for energy
23conservation projects in buildings and facilities owned or
24leased by health facilities.
25    (j) To assist the Department of Human Services in
26establishing a low interest loan program to help child care

 

 

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1centers and family day care homes serving children of low
2income families under Section 22.4 of the Children and Family
3Services Act. The Authority, on or after the effective date of
4this amendatory Act of the 97th General Assembly, is authorized
5to convert existing agreements for financial aid in accordance
6with Section 840-5(j) to permanent capital to leverage
7additional private capital and establish a revolving loan fund
8for nonprofit corporations providing human services under
9contract to the State.
10    (k) To assist the Department of Public Health and nursing
11homes in undertaking nursing home conversion projects in
12accordance with the Older Adult Services Act.
13(Source: P.A. 93-205, eff. 1-1-04; 93-1031, eff. 8-27-04.)
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.".