Full Text of SB1906 96th General Assembly
SB1906ham001 96TH GENERAL ASSEMBLY
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Rep. William B. Black
Filed: 5/18/2009
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| AMENDMENT TO SENATE BILL 1906
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| AMENDMENT NO. ______. Amend Senate Bill 1906 on page 1, by | 3 |
| replacing lines 4 through 6 with the following:
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| "Section 5. The Illinois Finance Authority Act is amended | 5 |
| by changing Sections 801-5, 801-10, 825-65, 825-70, 825-75, and | 6 |
| 830-25 and by adding Section 801-55 as follows:"; and | 7 |
| on page 25, immediately below line 24, by inserting the | 8 |
| following:
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| "(20 ILCS 3501/825-65)
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| Sec. 825-65. Clean Coal and Renewable Energy Project | 11 |
| Financing.
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| (a) Findings and declaration of policy. | 13 |
| (i) It is hereby found and declared that
Illinois has | 14 |
| abundant coal resources and, in some areas of Illinois, the | 15 |
| demand
for power exceeds the generating capacity. |
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| Incentives to encourage the
construction of coal-fired | 2 |
| electric generating plants in Illinois to ensure
power | 3 |
| generating capacity into the future and to advance clean | 4 |
| coal technology and the use of Illinois coal are in the | 5 |
| best interests of all of
the citizens of Illinois. | 6 |
| (ii) It is further found and declared that Illinois has | 7 |
| abundant potential and resources to develop renewable | 8 |
| energy resource projects. The development of those | 9 |
| projects will create jobs and investment as well as | 10 |
| decrease environmental impacts and promote energy | 11 |
| independence in Illinois. Accordingly, the development of | 12 |
| those projects is in the best interests of all of the | 13 |
| citizens of Illinois. | 14 |
| (iii) The Authority is authorized to issue bonds to | 15 |
| help
finance Clean Coal and Renewable Energy projects | 16 |
| pursuant to this
Section.
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| (b) Definitions. Definition. | 18 |
| (i) "Clean Coal Project and Energy projects " means (A) | 19 |
| "clean coal facility", as defined in Section 1-10 of the | 20 |
| Illinois Power Agency Act; (B) "clean coal SNG facility", | 21 |
| as defined in Section 1-10 of the Illinois Power Agency | 22 |
| Act; (C) transmission lines and associated equipment that | 23 |
| transfer electricity from points of supply to points of | 24 |
| delivery for projects described in this subsection (b); (D) | 25 |
| pipelines or other methods to transfer carbon dioxide from | 26 |
| the point of production to the point of storage or |
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| sequestration for projects described in this subsection | 2 |
| (b); or (E) projects to provide carbon abatement technology | 3 |
| for existing generating facilities new electric
generating | 4 |
| facilities or new gasification facilities, as defined in
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| Section 605-332 of the Department of Commerce and
Economic | 6 |
| Opportunity Law of the Civil Administrative Code of | 7 |
| Illinois, which
may
include mine-mouth power plants, | 8 |
| projects that employ the use of clean coal
technology, | 9 |
| projects to provide scrubber technology for existing | 10 |
| energy
generating plants, or projects to provide electric | 11 |
| transmission facilities or new gasification facilities .
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| (ii) "Renewable Energy Project" means (A) a project | 13 |
| that uses renewable energy resources, as defined in Section | 14 |
| 1-10 of the Illinois Power Agency Act; (B) a project that | 15 |
| uses environmentally preferable technologies and practices | 16 |
| that result in improvements to the production of renewable | 17 |
| fuels, including but not limited to, cellulosic | 18 |
| conversion, water and energy conservation, fractionation, | 19 |
| alternative feedstocks, or reduced green house gas | 20 |
| emissions; (C) transmission lines and associated equipment | 21 |
| that transfer electricity from points of supply to points | 22 |
| of delivery for projects described in this subsection (b); | 23 |
| or (D) projects that use technology for the storage of | 24 |
| renewable energy, including, without limitation, the use | 25 |
| of battery or electrochemical storage technology for | 26 |
| mobile or stationary applications. |
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| (c) Creation of reserve funds. The Authority may establish | 2 |
| and maintain one
or more reserve funds to enhance bonds issued | 3 |
| by the Authority for a Clean Coal Project or a Renewable
and
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| Energy Project projects .
There may be one or more accounts in | 5 |
| these reserve funds in which there may be
deposited:
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| (1) any proceeds of the bonds issued by the Authority | 7 |
| required to
be deposited therein by the terms of any | 8 |
| contract between the Authority and its
bondholders or any | 9 |
| resolution of the Authority;
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| (2) any other moneys or funds of the Authority that it | 11 |
| may
determine to deposit therein from any other source; and
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| (3) any other moneys or funds made available to the | 13 |
| Authority.
Subject to the terms of any pledge to the owners | 14 |
| of any bonds, moneys in any
reserve fund may be held and | 15 |
| applied to the payment of principal, premium, if
any, and | 16 |
| interest of such bonds.
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| (d) Powers and duties. The Authority has the power:
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| (1) To issue bonds in one or more series pursuant to | 19 |
| one or more
resolutions of the Authority for any Clean Coal | 20 |
| Project or Renewable and Energy Project projects | 21 |
| authorized
under this Section, within the authorization | 22 |
| set forth in subsection subsections (e)
and (f) .
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| (2) To provide for the funding of any reserves or other | 24 |
| funds or
accounts deemed necessary by the Authority in | 25 |
| connection with any bonds issued
by the Authority.
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| (3) To pledge any funds of the Authority or funds made |
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| available to
the Authority that may be applied to such | 2 |
| purpose as security for any bonds or
any guarantees, | 3 |
| letters of credit, insurance contracts or similar credit
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| support
or liquidity instruments securing the bonds.
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| (4) To enter into agreements or contracts with third | 6 |
| parties,
whether public or private, including, without | 7 |
| limitation, the United States of
America, the State or any | 8 |
| department or agency thereof, to obtain any
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| appropriations, grants, loans or guarantees that are | 10 |
| deemed necessary or
desirable by the Authority. Any such | 11 |
| guarantee, agreement or contract may
contain terms and | 12 |
| provisions necessary or desirable in connection with the
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| program, subject to the requirements established by the | 14 |
| Act.
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| (5) To exercise such other powers as are necessary or | 16 |
| incidental to
the foregoing.
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| (e) Clean Coal Project and Renewable Energy Project bond | 18 |
| authorization and financing limits. In
addition
to any other | 19 |
| bonds authorized to be issued under
Sections 801-40(w), 825-60, | 20 |
| 830-25
and 845-5, the Authority may have outstanding, at any | 21 |
| time, bonds for the
purpose
enumerated in this
Section 825-65 | 22 |
| in an aggregate principal amount that shall not
exceed | 23 |
| $3,000,000,000 $2,700,000,000 , subject to the following | 24 |
| limitations: (i) up to of which no more than $300,000,000 may | 25 |
| be issued to
finance projects, as described in clause (C) of | 26 |
| subsection (b)(i) and clause (C) of subsection (b)(ii) of this |
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| Section 825-65; (ii) up to transmission facilities, no more | 2 |
| than $500,000,000 may be issued to
finance projects, as | 3 |
| described in clauses (D) and (E) of subsection (b)(i) of this | 4 |
| Section 825-65; (iii) up to $2,000,000,000 scrubbers at | 5 |
| existing generating plants, no more than $500,000,000 may
be | 6 |
| issued to finance Clean Coal Projects, as described in clauses | 7 |
| (A) and (B) of subsection (b)(i) of this Section 825-65; and | 8 |
| (iv) up to $2,000,000,000 may be issued to finance Renewable | 9 |
| Energy Projects, as described in clauses (A), (B), and (D) of | 10 |
| subsection (b)(ii) of this Section 825-65 alternative energy | 11 |
| sources, including renewable energy
projects and no more than | 12 |
| $1,400,000,000 may be issued to finance new electric
generating
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| facilities or new gasification facilities, as defined in
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| Section 605-332 of the Department of
Commerce and Economic | 15 |
| Opportunity Law of the Civil Administrative Code of
Illinois . | 16 |
| An application for a loan
financed from bond proceeds from a | 17 |
| borrower or its affiliates for a Clean Coal
and Energy project | 18 |
| may not be approved by the Authority for an amount in excess
of | 19 |
| $450,000,000 for any borrower or its affiliates. These bonds | 20 |
| shall not
constitute an indebtedness or obligation of the State | 21 |
| of Illinois and it shall
be plainly stated on the face of each | 22 |
| bond that it does not constitute an
indebtedness or obligation | 23 |
| of the State of Illinois, but is payable solely from
the | 24 |
| revenues, income or other assets of the Authority pledged | 25 |
| therefor.
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| (f) The bonding authority granted under this Section is in |
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| addition to and not limited by the provisions of Section 845-5. | 2 |
| Additional Clean Coal and Energy bond authorization and | 3 |
| financing
limits.
In addition to any other bonds authorized to | 4 |
| be issued under this Act, the
Authority may issue bonds for the | 5 |
| purpose enumerated in this
Section 825-65 in an
aggregate | 6 |
| principal amount that shall not exceed $300,000,000.
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| (Source: P.A. 95-470, eff. 8-27-07.)
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| (20 ILCS 3501/825-70)
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| Sec. 825-70. Criteria for participation in the program. | 10 |
| Applications to
the
Authority for financing of any Clean Coal | 11 |
| or Renewable and Energy Project project shall be reviewed
by | 12 |
| the Authority. Upon submission of any such application, the | 13 |
| Authority staff
shall review the application for its | 14 |
| completeness and may, at the discretion of
the Authority staff, | 15 |
| request such additional information as it deems necessary
or | 16 |
| advisable to aid in review. If the Authority receives | 17 |
| applications for
financing for Clean Coal and Renewable Energy | 18 |
| Projects projects in excess of the bond
authorization
available | 19 |
| for such financing at any one time, it shall consider | 20 |
| applications in
the order of priority as it shall determine, in | 21 |
| consultation with other State
agencies.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| (20 ILCS 3501/825-75)
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| Sec. 825-75. Additional Security. In the event that the |
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| Authority
determines
that monies of the Authority will not be | 2 |
| sufficient for the payment of the
principal of and interest on | 3 |
| any bonds issued by the Authority under
Sections
825-65 through | 4 |
| 825-75 of this Act for Clean Coal Projects or Renewable Energy | 5 |
| Projects new electric generating facilities or new | 6 |
| gasification facilities
during the next State fiscal
year, the | 7 |
| Chairperson, as soon as practicable, shall certify to the | 8 |
| Governor
the
amount required by the Authority to enable it to | 9 |
| pay such principal, premium,
if
any, and interest on such | 10 |
| bonds. The Governor shall submit the amount so
certified to the | 11 |
| General Assembly as soon as practicable, but no later than the
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| end of the current State fiscal year. This subsection shall
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| apply to any
bonds or notes as to which the Authority shall | 14 |
| have determined, in the
resolution authorizing the issuance of | 15 |
| the bonds or notes, that this subsection
shall apply. Whenever | 16 |
| the Authority makes such a determination, that fact
shall be | 17 |
| plainly stated on the face of the bonds or notes and that fact | 18 |
| should
also be reported to the Governor.
In the event of a | 19 |
| withdrawal of moneys from a reserve fund established with
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| respect to any issue or issues of bonds of the Authority to pay | 21 |
| principal,
premium, if any, and interest on such bonds, the | 22 |
| Chairman of the Authority, as
soon as practicable, shall | 23 |
| certify to the Governor the amount required to
restore the | 24 |
| reserve fund to the level required in the resolution or | 25 |
| indenture
securing those bonds. The Governor shall submit the | 26 |
| amount so certified to the
General Assembly as soon as |
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| practicable, but no later than the end of the
current State | 2 |
| fiscal year. The Authority shall obtain written approval from | 3 |
| the
Governor for any bonds and notes to be issued under this | 4 |
| Section.
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| (Source: P.A. 95-470, eff. 8-27-07.)
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| (20 ILCS 3501/830-25)
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| Sec. 830-25. Bonded indebtedness limitation. The Authority | 8 |
| shall not have
outstanding at any one time State Guarantees | 9 |
| under
Section 830-30 in an aggregate
principal amount exceeding | 10 |
| $160,000,000. The Authority shall not have
outstanding at any | 11 |
| one time State Guarantees under
Sections 830-35, 830-45 and | 12 |
| 830-50 in an aggregate principal amount exceeding
$225,000,000 | 13 |
| $75,000,000 . The Guarantees in this Section may be used to | 14 |
| support Renewable Energy Projects as described in clauses (A) | 15 |
| and (B) of subsection (b)(ii) of Section 825-65 of this Act.
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| (Source: P.A. 93-205, eff. 1-1-04.)".
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