Full Text of SB0004 100th General Assembly
SB0004sam001 100TH GENERAL ASSEMBLY | Sen. Donne E. Trotter Filed: 1/24/2017
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| 1 | | AMENDMENT TO SENATE BILL 4
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 4 immediately below | 3 | | the enacting clause, by inserting the following:
| 4 | | "Section 3. The Illinois Finance Authority Act is amended | 5 | | by changing Section 801-40 as follows:
| 6 | | (20 ILCS 3501/801-40)
| 7 | | Sec. 801-40. In addition to the powers otherwise authorized | 8 | | by law and in
addition to the foregoing general corporate | 9 | | powers, the Authority shall also
have the following additional | 10 | | specific powers to be exercised in furtherance of
the purposes | 11 | | of this Act.
| 12 | | (a) The Authority shall have power (i) to accept grants, | 13 | | loans or
appropriations from the federal government or the | 14 | | State, or any agency or
instrumentality thereof, to be used for | 15 | | the operating expenses of the
Authority,
or for any purposes of | 16 | | the Authority, including the making of direct loans of
such |
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| 1 | | funds with respect to projects, and (ii) to enter into any | 2 | | agreement with
the federal government or the State, or any | 3 | | agency or instrumentality thereof,
in relationship to such | 4 | | grants, loans or appropriations.
| 5 | | (b) The Authority shall have power to procure and enter | 6 | | into contracts for
any
type of insurance and indemnity | 7 | | agreements covering loss or damage to property
from any cause, | 8 | | including loss of use and occupancy, or covering any other
| 9 | | insurable risk.
| 10 | | (c) The Authority shall have the continuing power to issue | 11 | | bonds for its
corporate purposes. Bonds may be issued by the | 12 | | Authority in one or more series
and may provide for the payment | 13 | | of any interest deemed necessary on such bonds,
of the costs of | 14 | | issuance of such bonds, of any premium on any insurance, or of
| 15 | | the cost of any guarantees, letters of credit or other similar | 16 | | documents, may
provide for the funding of the reserves deemed | 17 | | necessary in connection with
such bonds, and may provide for | 18 | | the refunding or advance refunding of any bonds
or
for accounts | 19 | | deemed necessary in connection with any purpose of the | 20 | | Authority.
The bonds may bear interest payable at any time or | 21 | | times and at any rate or
rates, notwithstanding any other | 22 | | provision of law to the contrary, and such
rate or rates may be | 23 | | established by an index or formula which may be
implemented or
| 24 | | established by persons appointed or retained therefor by the | 25 | | Authority, or may
bear no interest or may bear interest payable | 26 | | at maturity or upon redemption
prior to maturity, may bear such |
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| 1 | | date or dates, may be payable at such time or
times and at such | 2 | | place or places, may mature at any time or times not later
than | 3 | | 40 years from the date of issuance, may be sold at public or | 4 | | private sale
at such time or times and at such price or prices, | 5 | | may be secured by such
pledges, reserves, guarantees, letters | 6 | | of credit, insurance contracts or other
similar credit support | 7 | | or liquidity instruments, may be executed in such
manner, may | 8 | | be subject to redemption prior to maturity, may provide for the
| 9 | | registration of the bonds, and may be subject to such other | 10 | | terms and
conditions all as may
be provided by the resolution | 11 | | or indenture authorizing the issuance of such
bonds. The holder | 12 | | or holders of any bonds issued by the Authority may bring
suits | 13 | | at law or proceedings in equity to compel the performance and | 14 | | observance
by any person or by the Authority or any of its | 15 | | agents or employees of any
contract or covenant made with the | 16 | | holders of such bonds and to compel such
person or the | 17 | | Authority and any of its agents or employees to perform any
| 18 | | duties
required to be performed for the benefit of the holders | 19 | | of any such bonds by
the provision of the resolution | 20 | | authorizing their issuance, and to enjoin such
person or the | 21 | | Authority and any of its agents or employees from taking any
| 22 | | action in conflict with any such contract or covenant.
| 23 | | Notwithstanding the form and tenor of any such bonds and in the | 24 | | absence of any
express recital on the face thereof that it is | 25 | | non-negotiable, all such bonds
shall be negotiable | 26 | | instruments. Pending the preparation and execution of any
such |
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| 1 | | bonds, temporary bonds may be issued as provided by the | 2 | | resolution.
The bonds shall be sold by the Authority in such | 3 | | manner as it shall determine.
The bonds may be secured as | 4 | | provided in the authorizing resolution by the
receipts, | 5 | | revenues, income and other available funds of the Authority and | 6 | | by
any amounts derived by the Authority from the loan agreement | 7 | | or lease agreement
with respect to the project or projects; and | 8 | | bonds may be issued as general
obligations of the Authority | 9 | | payable from such revenues, funds and obligations
of the | 10 | | Authority as the bond resolution shall provide, or may be | 11 | | issued as
limited obligations with a claim for payment solely | 12 | | from such revenues, funds
and obligations as the bond | 13 | | resolution shall provide. The Authority may grant a
specific | 14 | | pledge or assignment of and lien on or security interest in | 15 | | such
rights, revenues, income, or amounts and may grant a | 16 | | specific pledge or
assignment of and lien on or security | 17 | | interest in any reserves, funds or
accounts established in the | 18 | | resolution authorizing the issuance of bonds. Any
such pledge, | 19 | | assignment, lien or security interest for the benefit of the
| 20 | | holders of the Authority's bonds shall be valid and binding | 21 | | from the time the
bonds are issued without any physical | 22 | | delivery or further act, and shall be
valid and binding as | 23 | | against and prior to the claims of all other parties
having | 24 | | claims against the Authority or any other person irrespective | 25 | | of whether
the
other parties have notice of the pledge, | 26 | | assignment, lien or security interest.
As evidence of such |
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| 1 | | pledge, assignment, lien and security interest, the
Authority | 2 | | may execute and deliver a mortgage, trust agreement, indenture | 3 | | or
security agreement or an assignment thereof.
A remedy for | 4 | | any breach or default of the terms of any such agreement by the
| 5 | | Authority may be by mandamus proceedings in any court of | 6 | | competent jurisdiction
to compel the performance and | 7 | | compliance therewith, but the agreement may
prescribe by whom | 8 | | or on whose behalf such action may be instituted.
It is | 9 | | expressly understood that the Authority may, but need not, | 10 | | acquire title
to any project with respect to which it exercises | 11 | | its authority.
| 12 | | (c-5) Subject to the limitations set forth in this | 13 | | subsection (c-5), the Authority shall have the power to issue | 14 | | State Pension Obligation Acceleration Bonds if in any fiscal | 15 | | year the amount appropriated for all accelerated pension | 16 | | benefit payments is less than the amount required for those | 17 | | payments. The proceeds from the State Pension Obligation | 18 | | Acceleration Bonds issued under this subsection may be used | 19 | | only to pay for accelerated pension benefit payments for the | 20 | | fiscal year in which the State Pension Obligation Acceleration | 21 | | Bonds are issued. | 22 | | The Authority may not issue more than $250,000,000 in State | 23 | | Pension Obligation Acceleration Bonds pursuant to the | 24 | | authority granted in this subsection (c-5), excluding bonds | 25 | | issued to refund outstanding State Pension Obligation | 26 | | Acceleration Bonds. |
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| 1 | | (d) With respect to the powers granted by this Act, the | 2 | | Authority may adopt
rules and regulations prescribing the | 3 | | procedures by which persons may apply for
assistance under this | 4 | | Act. Nothing herein shall be deemed to preclude the
Authority, | 5 | | prior to the filing of any formal application, from conducting
| 6 | | preliminary discussions and investigations with respect to the | 7 | | subject matter
of any prospective application.
| 8 | | (e) The Authority shall have power to acquire by purchase, | 9 | | lease, gift or
otherwise any property or rights therein from | 10 | | any person useful for its
purposes, whether improved for the | 11 | | purposes of any prospective project, or
unimproved. The | 12 | | Authority may also accept any donation of funds for its
| 13 | | purposes from any such source. The Authority shall have no | 14 | | independent power of
condemnation but may acquire any property | 15 | | or rights therein obtained upon
condemnation by any other | 16 | | authority, governmental entity or unit of local
government with | 17 | | such power.
| 18 | | (f) The Authority shall have power to develop, construct | 19 | | and improve either
under its own direction, or through | 20 | | collaboration with any approved applicant,
or to acquire | 21 | | through purchase or otherwise, any project, using for such
| 22 | | purpose the proceeds derived from the sale of its bonds or from | 23 | | governmental
loans or
grants, and to hold title in the name of | 24 | | the Authority to such projects.
| 25 | | (g) The Authority shall have power to lease pursuant to a | 26 | | lease agreement
any
project so developed and constructed or |
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| 1 | | acquired to the approved tenant on such
terms and conditions as | 2 | | may be appropriate to further the purposes of this Act
and to | 3 | | maintain the credit of the Authority. Any such lease may | 4 | | provide for
either the Authority or the approved tenant to | 5 | | assume initially, in whole or in
part, the costs of | 6 | | maintenance, repair and improvements during the leasehold
| 7 | | period. In no case, however, shall the total rentals from any | 8 | | project during
any initial leasehold period or the total loan | 9 | | repayments to be made pursuant
to any loan agreement, be less | 10 | | than an amount necessary to return over such
lease
or loan | 11 | | period (1) all costs incurred in connection with the | 12 | | development,
construction, acquisition or improvement of the | 13 | | project and for repair,
maintenance and improvements thereto | 14 | | during the period of the lease or loan;
provided, however, that | 15 | | the rentals or loan repayments need not include costs
met | 16 | | through the use of funds other than those obtained by the | 17 | | Authority through
the issuance of its bonds or governmental | 18 | | loans; (2) a reasonable percentage
additive to be agreed upon | 19 | | by the Authority and the borrower or tenant to cover
a properly | 20 | | allocable portion of the Authority's general expenses, | 21 | | including,
but not limited to, administrative expenses, | 22 | | salaries and general insurance,
and
(3) an amount sufficient to | 23 | | pay when due all principal of, interest and
premium, if
any on, | 24 | | any bonds issued by the Authority with respect to the project. | 25 | | The
portion of total rentals payable under clause (3) of this | 26 | | subsection (g) shall
be deposited in such special accounts, |
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| 1 | | including all sinking funds, acquisition
or construction | 2 | | funds, debt service and other funds as provided by any
| 3 | | resolution, mortgage or trust agreement of the Authority | 4 | | pursuant to which any
bond is issued.
| 5 | | (h) The Authority has the power, upon the termination of | 6 | | any leasehold
period
of any project, to sell or lease for a | 7 | | further term or terms such project on
such terms and conditions | 8 | | as the Authority shall deem reasonable and consistent
with the | 9 | | purposes of the Act. The net proceeds from all such sales and | 10 | | the
revenues or income from such leases shall be used to | 11 | | satisfy any indebtedness
of
the Authority with respect to such | 12 | | project and any balance may be used to pay
any expenses of the | 13 | | Authority or be used for the further development,
construction, | 14 | | acquisition or improvement of projects.
In the event any | 15 | | project is vacated by a tenant prior to the termination of the
| 16 | | initial leasehold period, the Authority shall sell or lease the | 17 | | facilities of
the project on the most advantageous terms | 18 | | available. The net proceeds of any
such disposition shall be | 19 | | treated in the same manner as the proceeds from sales
or the | 20 | | revenues or income from leases subsequent to the termination of | 21 | | any
initial leasehold period.
| 22 | | (i) The Authority shall have the power to make loans to | 23 | | persons to finance a
project, to enter into loan agreements | 24 | | with respect thereto, and to accept
guarantees from persons of | 25 | | its loans or the resultant evidences of obligations
of the | 26 | | Authority.
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| 1 | | (j) The Authority may fix, determine, charge and collect | 2 | | any premiums, fees,
charges, costs and expenses, including, | 3 | | without limitation, any application
fees, commitment fees, | 4 | | program fees, financing charges or publication fees from
any | 5 | | person in connection with its activities under this Act.
| 6 | | (k) In addition to the funds established as provided | 7 | | herein, the Authority
shall have the power to create and | 8 | | establish such reserve funds and accounts as
may be necessary | 9 | | or desirable to accomplish its purposes under this Act and to
| 10 | | deposit its available monies into the funds and accounts.
| 11 | | (l) At the request of the governing body of any unit of | 12 | | local government,
the
Authority is authorized to market such | 13 | | local government's revenue bond
offerings by preparing bond | 14 | | issues for sale, advertising for sealed bids,
receiving bids
at | 15 | | its offices, making the award to the bidder that offers the | 16 | | most favorable
terms or arranging for negotiated placements or | 17 | | underwritings of such
securities. The Authority may, at its | 18 | | discretion, offer for concurrent sale the
revenue bonds of | 19 | | several local governments. Sales by the Authority of revenue
| 20 | | bonds under this Section shall in no way imply State guarantee | 21 | | of such debt
issue. The Authority may require such financial | 22 | | information from participating
local governments as it deems | 23 | | necessary in order to carry out the purposes of
this subsection | 24 | | (1).
| 25 | | (m) The Authority may make grants to any county to which | 26 | | Division 5-37 of
the
Counties Code is applicable to assist in |
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| 1 | | the financing of capital development,
construction and | 2 | | renovation of new or existing facilities for hospitals and
| 3 | | health care facilities under that Act. Such grants may only be | 4 | | made from funds
appropriated for such purposes from the Build | 5 | | Illinois Bond Fund.
| 6 | | (n) The Authority may establish an urban development action | 7 | | grant program
for
the purpose of assisting municipalities in | 8 | | Illinois which are experiencing
severe economic distress to | 9 | | help stimulate economic development activities
needed to aid in | 10 | | economic recovery. The Authority shall determine the types of
| 11 | | activities and projects for which the urban development action | 12 | | grants may be
used, provided that such projects and activities | 13 | | are broadly defined to include
all reasonable projects and | 14 | | activities the primary objectives of which are the
development | 15 | | of viable urban communities, including decent housing and a
| 16 | | suitable living environment, and expansion of economic | 17 | | opportunity, principally
for
persons of low and moderate | 18 | | incomes. The Authority shall enter into grant
agreements from | 19 | | monies appropriated for such purposes from the Build Illinois
| 20 | | Bond Fund. The Authority shall monitor the
use of the grants, | 21 | | and shall provide for audits of the funds as well as
recovery | 22 | | by the Authority of any funds determined to have been spent in
| 23 | | violation of this
subsection (n) or any rule or regulation | 24 | | promulgated hereunder. The Authority
shall provide technical | 25 | | assistance with regard to the effective use of the
urban | 26 | | development action grants. The Authority shall file an annual |
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| 1 | | report to
the
General Assembly concerning the progress of the | 2 | | grant program.
| 3 | | (o) The Authority may establish a Housing Partnership | 4 | | Program whereby the
Authority provides zero-interest loans to | 5 | | municipalities for the purpose of
assisting in the financing of | 6 | | projects for the rehabilitation of affordable
multi-family | 7 | | housing for low and moderate income residents. The Authority | 8 | | may
provide such loans only upon a municipality's providing | 9 | | evidence that it has
obtained private funding for the | 10 | | rehabilitation project. The Authority shall
provide 3 State | 11 | | dollars for every 7 dollars obtained by the municipality from
| 12 | | sources other than the State of Illinois. The loans shall be | 13 | | made from monies
appropriated for such purpose from the Build | 14 | | Illinois Bond Fund. The total amount of loans available under | 15 | | the Housing
Partnership Program shall not exceed $30,000,000. | 16 | | State loan monies under this
subsection shall be used only for | 17 | | the acquisition and rehabilitation of
existing
buildings | 18 | | containing 4 or more dwelling units. The terms of any loan made | 19 | | by
the municipality under this subsection shall require | 20 | | repayment of the loan to
the municipality upon any sale or | 21 | | other transfer of the project.
| 22 | | (p) The Authority may award grants to universities and | 23 | | research
institutions,
research consortiums and other | 24 | | not-for-profit entities for the purposes of:
remodeling or | 25 | | otherwise physically altering existing laboratory or research
| 26 | | facilities, expansion or physical additions to existing |
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| 1 | | laboratory or research
facilities, construction of new | 2 | | laboratory or research facilities or
acquisition of modern | 3 | | equipment to support laboratory or research operations
| 4 | | provided that
such grants (i) be used solely in support of | 5 | | project and equipment acquisitions
which enhance technology | 6 | | transfer, and (ii) not constitute more than 60 percent
of the | 7 | | total project or acquisition cost.
| 8 | | (q) Grants may be awarded by the Authority to units of | 9 | | local government for
the
purpose of developing the appropriate | 10 | | infrastructure or defraying other costs
to
the local government | 11 | | in support of laboratory or research facilities provided
that | 12 | | such grants may not exceed 40% of the cost to the unit of local
| 13 | | government.
| 14 | | (r) The Authority may establish a Direct Loan Program to | 15 | | make loans to
individuals, partnerships or corporations for the | 16 | | purpose of an industrial
project, as defined in
Section 801-10 | 17 | | of this Act. For the purposes of such program
and not by way of | 18 | | limitation on any other program of the Authority, the
Authority | 19 | | shall have the power to issue bonds, notes, or other evidences | 20 | | of
indebtedness including commercial paper for purposes of | 21 | | providing a fund of
capital from which it may make such loans. | 22 | | The Authority shall have the power
to use any appropriations | 23 | | from the State made especially for the Authority's
Direct Loan | 24 | | Program for additional capital to make such loans or for the
| 25 | | purposes of reserve funds or pledged funds which secure the | 26 | | Authority's
obligations of repayment of any bond, note or other |
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| 1 | | form of indebtedness
established for the purpose of providing | 2 | | capital for which it intends to make
such loans under the | 3 | | Direct Loan Program. For the purpose of obtaining such
capital, | 4 | | the Authority may also enter into agreements with financial
| 5 | | institutions and other persons for the purpose of selling loans | 6 | | and developing
a secondary market for such loans.
Loans made | 7 | | under the Direct Loan Program may be in an amount not to exceed
| 8 | | $300,000 and shall be made for a portion of an industrial | 9 | | project which does
not exceed 50% of the total project. No loan | 10 | | may be made by the Authority
unless
approved by the affirmative | 11 | | vote of at least 8 members of the board. The
Authority shall | 12 | | establish procedures and publish rules which shall provide for
| 13 | | the submission, review, and analysis of each direct loan | 14 | | application and which
shall preserve the ability of each board | 15 | | member to reach an individual business
judgment regarding the | 16 | | propriety of making each direct loan. The collective
discretion | 17 | | of the board to approve or disapprove each loan shall be
| 18 | | unencumbered.
The Authority may establish and collect such fees | 19 | | and charges, determine and
enforce such terms and conditions, | 20 | | and charge such interest rates as it
determines to be necessary | 21 | | and appropriate to the successful administration of
the Direct | 22 | | Loan Program. The Authority may require such interests in | 23 | | collateral
and such guarantees as it determines are necessary | 24 | | to project the Authority's
interest in the repayment of the | 25 | | principal and interest of each loan made under
the Direct Loan | 26 | | Program.
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| 1 | | (s) The Authority may guarantee private loans to third | 2 | | parties up to a
specified dollar amount in order to promote | 3 | | economic development in this State.
| 4 | | (t) The Authority may adopt rules and regulations as may be | 5 | | necessary or
advisable to implement the powers conferred by | 6 | | this Act.
| 7 | | (u) The Authority shall have the power to issue bonds, | 8 | | notes or other
evidences
of indebtedness, which may be used to | 9 | | make loans to units of local government
which are authorized to | 10 | | enter into loan agreements and other documents and to
issue | 11 | | bonds, notes and other evidences of indebtedness for the | 12 | | purpose of
financing the protection of storm sewer outfalls, | 13 | | the construction of adequate
storm sewer outfalls, and the | 14 | | provision for flood protection of sanitary sewage
treatment | 15 | | plans, in counties that have established a stormwater | 16 | | management
planning committee in accordance with
Section | 17 | | 5-1062 of the Counties Code. Any
such loan shall be made by the | 18 | | Authority pursuant to the provisions of
Section
820-5 to 820-60 | 19 | | of this Act. The unit of local government shall pay back to the
| 20 | | Authority the principal amount of the loan, plus annual | 21 | | interest as determined
by the Authority. The Authority shall | 22 | | have the power, subject to appropriations
by the General | 23 | | Assembly, to subsidize or buy down a portion of the interest on
| 24 | | such loans, up to 4% per annum.
| 25 | | (v) The Authority may accept security interests as provided | 26 | | in
Sections 11-3
and 11-3.3 of the Illinois Public Aid Code.
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| 1 | | (w) Moral Obligation. In the event that the Authority | 2 | | determines that monies
of the Authority will not be sufficient | 3 | | for the payment of the principal of and
interest on its bonds | 4 | | during the next State fiscal year, the Chairperson, as
soon as | 5 | | practicable, shall certify to the Governor the amount required | 6 | | by the
Authority to enable it to pay such principal of and | 7 | | interest on the bonds. The
Governor shall submit the amount so | 8 | | certified to the General Assembly as soon
as
practicable, but | 9 | | no later than the end of the current State fiscal year. This
| 10 | | subsection shall apply only to any bonds or notes as to which | 11 | | the Authority
shall have determined, in the resolution | 12 | | authorizing the issuance of the bonds
or notes, that this | 13 | | subsection shall apply. Whenever the Authority makes such a
| 14 | | determination, that fact shall be plainly stated on the face of | 15 | | the bonds or
notes and that fact shall also be reported to the | 16 | | Governor. In the event of a
withdrawal of moneys from a reserve | 17 | | fund established with respect to any issue
or issues of bonds | 18 | | of the Authority to pay principal or interest on those
bonds,
| 19 | | the Chairperson of the Authority, as soon as practicable, shall | 20 | | certify to the
Governor the amount required to restore the | 21 | | reserve fund to the level required
in the resolution or | 22 | | indenture securing those bonds. The Governor shall submit
the | 23 | | amount so certified to the General Assembly as soon as | 24 | | practicable, but no
later than the end of the current State | 25 | | fiscal year. The Authority shall obtain
written approval from | 26 | | the Governor for any bonds and notes to be issued under
this |
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| 1 | | Section.
In addition to any other bonds authorized to be issued | 2 | | under
Sections 825-60, 825-65(e), 830-25 and 845-5, the | 3 | | principal amount of Authority
bonds outstanding
issued under | 4 | | this
Section 801-40(w) or under 20 ILCS 3850/1-80 or 30 ILCS | 5 | | 360/2-6(c), which have
been
assumed by the Authority, shall not | 6 | | exceed $150,000,000. This subsection (w) shall in no way be | 7 | | applied to any bonds issued by the Authority on behalf of the | 8 | | Illinois Power Agency under Section 825-90 of this Act.
| 9 | | (x) The Authority may enter into agreements or contracts | 10 | | with any person necessary or appropriate to place the payment | 11 | | obligations of the Authority under any of its bonds in whole or | 12 | | in part on any interest rate basis, cash flow basis, or other | 13 | | basis desired by the Authority, including without limitation | 14 | | agreements or contracts commonly known as "interest rate swap | 15 | | agreements", "forward payment conversion agreements", and | 16 | | "futures", or agreements or contracts to exchange cash flows or | 17 | | a series of payments, or agreements or contracts, including | 18 | | without limitation agreements or contracts commonly known as | 19 | | "options", "puts", or "calls", to hedge payment, rate spread, | 20 | | or similar exposure; provided that any such agreement or | 21 | | contract shall not constitute an obligation for borrowed money | 22 | | and shall not be taken into account under Section 845-5 of this | 23 | | Act or any other debt limit of the Authority or the State of | 24 | | Illinois.
| 25 | | (y) The Authority shall publish summaries of projects and | 26 | | actions approved by the members of the Authority on its |
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| 1 | | website. These summaries shall include, but not be limited to, | 2 | | information regarding the: | 3 | | (1) project; | 4 | | (2) Board's action or actions; | 5 | | (3) purpose of the project; | 6 | | (4) Authority's program and contribution; | 7 | | (5) volume cap; | 8 | | (6) jobs retained; | 9 | | (7) projected new jobs; | 10 | | (8) construction jobs created; | 11 | | (9) estimated sources and uses of funds; | 12 | | (10) financing summary; | 13 | | (11) project summary; | 14 | | (12) business summary; | 15 | | (13) ownership or economic disclosure statement; | 16 | | (14) professional and financial information; | 17 | | (15) service area; and | 18 | | (16) legislative district. | 19 | | The disclosure of information pursuant to this subsection | 20 | | shall comply with the Freedom of Information Act. | 21 | | (Source: P.A. 95-470, eff. 8-27-07; 95-481, eff. 8-28-07; | 22 | | 95-876, eff. 8-21-08; 96-795, eff. 7-1-10 (see Section 5 of | 23 | | P.A. 96-793 for the effective date of changes made by P.A. | 24 | | 96-795) .)
| 25 | | Section 4. The State Finance Act is amended by adding |
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| 1 | | Section 5.878 as follows: | 2 | | (30 ILCS 105/5.878 new) | 3 | | Sec. 5.878. The State Pension Obligation Acceleration Bond | 4 | | Fund. "; and | 5 | | on page 1, line 10, by replacing "Section 7.6" with "Sections | 6 | | 7.6 and 7.7"; and | 7 | | on page 1, line 16, by replacing " $56,917,915,743 " with | 8 | | " $57,167,925,743 "; and | 9 | | on page 2, by replacing lines 11 through 14 with the following: | 10 | | " Of the total amount of Bonds authorized in this Act, the | 11 | | additional $7,000,000,000 authorized by Section 7.6 shall be | 12 | | used solely as provided in Section 7.6 and shall be issued by | 13 | | September 1, 2017. | 14 | | Of the total amount of Bonds authorized in this Act, the | 15 | | additional $250,000,000 authorized by Section 7.7 shall be used | 16 | | solely as provided in Section 7.7. "; and | 17 | | on page 4, immediately below line 22, by inserting the | 18 | | following: | 19 | | "(30 ILCS 330/7.7 new) | 20 | | Sec. 7.7. State Pension Obligation Acceleration Bonds. |
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| 1 | | (a) As used in this Act, "State Pension Obligation | 2 | | Acceleration Bonds" means Bonds authorized by this amendatory | 3 | | Act of the 100th General Assembly and used for the purposes set | 4 | | forth in subsection (c-5) of Section 801-40 of the Illinois | 5 | | Finance Authority Act. | 6 | | (b) State Pension Obligation Acceleration Bonds in the | 7 | | amount of $250,000,000 are hereby authorized to be used for the | 8 | | purposes set forth in subsection (c-5) of Section 801-40 of the | 9 | | Illinois Finance Authority Act. | 10 | | (c) The proceeds of State Pension Obligation Acceleration | 11 | | Bonds authorized in subsection (b) of this Section, less the | 12 | | amounts authorized in the Bond Sale Order to be directly paid | 13 | | out for bond sale expenses under Section 8, shall be deposited | 14 | | directly into the State Pension Obligation Acceleration Bond | 15 | | Fund, and the Comptroller and the Treasurer shall, as soon as | 16 | | practical, make payments as contemplated by subsection (c-5) of | 17 | | Section 801-40 of the Illinois Finance Authority Act. | 18 | | (d) There is created the State Pension Obligation | 19 | | Acceleration Bond Fund as a special fund in the State Treasury. | 20 | | Funds deposited in the State Pension Obligation Acceleration | 21 | | Bond Fund may only be used for the purposes set forth in | 22 | | subsection (c-5) of Section 801-40 of the Illinois Finance | 23 | | Authority Act or for the payment of principal and interest due | 24 | | on State Pension Obligation Acceleration Bonds. "; and | 25 | | on page 5, line 2, by replacing " subsection (h) " with |
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| 1 | | " subsections (h) and (i) "; and | 2 | | on page 17, immediately below line 20, by inserting the | 3 | | following: | 4 | | " (i) Notwithstanding any other provision of this Section, | 5 | | for purposes of maximizing market efficiencies and cost | 6 | | savings, State Pension Obligation Acceleration Bonds may be | 7 | | issued and sold from time to time, in one or more series, in | 8 | | such amounts and at such prices as may be directed by the | 9 | | Governor, upon recommendation by the Director of the Governor's | 10 | | Office of Management and Budget. State Pension Obligation | 11 | | Acceleration Bonds shall be in such form, either coupon, | 12 | | registered, or book entry, in such denominations, shall bear | 13 | | interest payable at such times and at such fixed or variable | 14 | | rate or rates, and be dated as shall be fixed and determined by | 15 | | the Director of the Governor's Office of Management and Budget | 16 | | in the order authorizing the issuance and sale of any series of | 17 | | State Pension Obligation Acceleration Bonds, which order shall | 18 | | be approved by the Governor and is herein called a "Bond Sale | 19 | | Order"; provided, however, that interest payable at fixed or | 20 | | variable rates shall not exceed that permitted in the Bond | 21 | | Authorization Act. State Pension Obligation Acceleration Bonds | 22 | | shall be payable at such place or places, within or without the | 23 | | State of Illinois, and may be made registrable as to either | 24 | | principal or as to both principal and interest, as shall be | 25 | | specified in the Bond Sale Order.
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| 1 | | Acceleration Bonds may be callable or subject to purchase and | 2 | | retirement or tender and remarketing as fixed and determined in | 3 | | the Bond Sale Order. "; and | 4 | | on page 20, immediately below line 3, by inserting the | 5 | | following: | 6 | | " All State Pension Obligation Acceleration Bonds shall | 7 | | comply with this Section. Notwithstanding anything to the | 8 | | contrary, however, for purposes of complying with this Section, | 9 | | State Pension Obligation Acceleration Bonds, regardless of the | 10 | | number of series or issuances sold thereunder, shall be
| 11 | | considered a single issue or series. Furthermore, for purposes | 12 | | of complying with the competitive bidding requirements of this | 13 | | Section, the words "at all times" shall not apply to any such | 14 | | sale of the State Pension Obligation Acceleration Bonds. The | 15 | | Director of the Governor's Office of Management and Budget | 16 | | shall determine the time and manner of any competitive sale of | 17 | | the State Pension Obligation Acceleration Bonds; however, that | 18 | | sale shall under no circumstances take place later than 60 days | 19 | | after the State closes the sale of 75% of the State Pension | 20 | | Obligation Acceleration Bonds by negotiated sale. "; and | 21 | | on page 21, immediately below line 13, by inserting the | 22 | | following: | 23 | | " (f-8) Proceeds from the sale of Bonds, authorized by | 24 | | Section 7.7 of this Act, shall be deposited as set forth in |
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| 1 | | Section 7.7. "; and | 2 | | on page 22, line 7, by replacing "7.2 and 7.6 " with "7.2 , 7.6, | 3 | | and 7.7 "; and | 4 | | on page 24, immediately below line 9, by inserting the | 5 | | following: | 6 | | "Section 10. The State Pension Funds Continuing | 7 | | Appropriation Act is amended by adding Section 1.10 as follows: | 8 | | (40 ILCS 15/1.10 new) | 9 | | Sec. 1.10. Appropriations for State Pension Obligation | 10 | | Acceleration Bonds. If for any reason the aggregate | 11 | | appropriations made available are insufficient to meet the | 12 | | levels required for the payment of principal and interest due | 13 | | on State Pension Obligation Acceleration Bonds under Section | 14 | | 7.6 of the General Obligation Bond Act, this Section shall | 15 | | constitute a continuing appropriation of all amounts necessary | 16 | | for those purposes. ".
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