Full Text of HB5174 97th General Assembly
HB5174 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB5174 Introduced 2/8/2012, by Rep. Marlow H. Colvin SYNOPSIS AS INTRODUCED: |
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20 ILCS 3501/801-5 |
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20 ILCS 3501/801-10 |
| 20 ILCS 3501/801-55 | |
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Amends the Illinois Finance Authority Act. Defines "municipal bond issuer" and "municipal bond program project". Provides that the Illinois Finance Authority may approve an application to finance or refinance a municipal bond program project located outside of the State only after it has made certain conclusive findings. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Finance Authority Act is amended by | 5 | | changing Sections 801-5, 801-10, and 801-55 as follows:
| 6 | | (20 ILCS 3501/801-5)
| 7 | | Sec. 801-5. Findings and declaration of policy. The General | 8 | | Assembly
hereby finds, determines and declares:
| 9 | | (a) that there are a number of existing State authorities | 10 | | authorized to
issue
bonds to alleviate the conditions and | 11 | | promote the objectives set forth below;
and to provide a | 12 | | stronger, better coordinated development effort, it is
| 13 | | determined to be in the interest of promoting the health, | 14 | | safety, morals and
general welfare of all the people of the | 15 | | State to consolidate certain of such
existing authorities into | 16 | | one finance authority;
| 17 | | (b) that involuntary unemployment affects the health, | 18 | | safety, morals and
general welfare of the people of the State | 19 | | of Illinois;
| 20 | | (c) that the economic burdens resulting from involuntary | 21 | | unemployment fall
in
part upon the State in the form of public | 22 | | assistance and reduced tax revenues,
and in the event the | 23 | | unemployed worker and his family migrate elsewhere to find
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| 1 | | work, may also fall upon the municipalities and other taxing | 2 | | districts within
the areas of unemployment in the form of | 3 | | reduced tax revenues, thereby
endangering their financial | 4 | | ability to support necessary governmental services
for their | 5 | | remaining inhabitants;
| 6 | | (d) that a vigorous growing economy is the basic source of | 7 | | job
opportunities;
| 8 | | (e) that protection against involuntary unemployment, its | 9 | | economic burdens
and the spread of economic stagnation can best | 10 | | be provided by promoting,
attracting,
stimulating and | 11 | | revitalizing industry, manufacturing and commerce in the | 12 | | State;
| 13 | | (f) that the State has a responsibility to help create a | 14 | | favorable climate
for new and improved job opportunities for | 15 | | its citizens by encouraging the
development of commercial | 16 | | businesses and industrial and manufacturing plants
within the | 17 | | State;
| 18 | | (g) that increased availability of funds for construction | 19 | | of new facilities
and the expansion and improvement of existing | 20 | | facilities for industrial,
commercial
and manufacturing | 21 | | facilities will provide for new and continued employment in
the | 22 | | construction industry and alleviate the burden of | 23 | | unemployment;
| 24 | | (h) that in the absence of direct governmental subsidies | 25 | | the unaided
operations of private enterprise do not provide | 26 | | sufficient resources for
residential
construction, |
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| 1 | | rehabilitation, rental or purchase, and that support from | 2 | | housing
related commercial facilities is one means of | 3 | | stimulating residential
construction, rehabilitation, rental | 4 | | and purchase;
| 5 | | (i) that it is in the public interest and the policy of | 6 | | this State to foster
and promote by all reasonable means the | 7 | | provision of adequate capital markets
and facilities for | 8 | | borrowing money by units of local government, and for the
| 9 | | financing of their respective public improvements and other | 10 | | governmental
purposes within the State from proceeds of bonds | 11 | | or notes issued by those
governmental units; and to assist | 12 | | local governmental units in fulfilling their
needs for those | 13 | | purposes by use of creation of indebtedness;
| 14 | | (j) that it is in the public interest and the policy of | 15 | | this State to the
extent possible, to reduce the costs of | 16 | | indebtedness to taxpayers and residents
of this State and to | 17 | | encourage continued investor interest in the purchase of
bonds | 18 | | or notes of governmental units as sound and preferred | 19 | | securities for
investment; and to encourage governmental units | 20 | | to continue their independent
undertakings of public | 21 | | improvements and other governmental purposes and the
financing | 22 | | thereof, and to assist them in those activities by making funds
| 23 | | available at reduced interest costs for orderly financing of | 24 | | those purposes,
especially during periods of restricted credit | 25 | | or money supply, and
particularly for those governmental units | 26 | | not otherwise able to borrow for
those purposes;
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| 1 | | (k) that in this State the following conditions exist: (i) | 2 | | an inadequate
supply of funds at interest rates sufficiently | 3 | | low to enable persons engaged in
agriculture in this State to | 4 | | pursue agricultural operations at present levels;
(ii) that | 5 | | such inability to pursue agricultural operations lessens the | 6 | | supply
of agricultural commodities available to fulfill the | 7 | | needs of the citizens of
this
State; (iii) that such inability | 8 | | to continue operations decreases available
employment in the | 9 | | agricultural sector of the State and results in unemployment
| 10 | | and its attendant problems; (iv) that such conditions prevent | 11 | | the acquisition
of an adequate capital stock of farm equipment | 12 | | and machinery, much of which is
manufactured in this State, | 13 | | therefore impairing the productivity of
agricultural
land and, | 14 | | further, causing unemployment or lack of appropriate increase | 15 | | in
employment in such manufacturing; (v) that such conditions | 16 | | are conducive to
consolidation of acreage of agricultural land | 17 | | with fewer individuals living and
farming on the traditional | 18 | | family farm; (vi) that these conditions result in a
loss in | 19 | | population, unemployment and movement of persons from rural to | 20 | | urban
areas accompanied by added costs to communities for | 21 | | creation of new public
facilities and services; (vii) that | 22 | | there have been recurrent shortages of
funds for agricultural | 23 | | purposes from private market sources at reasonable rates
of
| 24 | | interest; (viii) that these shortages have made the sale and | 25 | | purchase of
agricultural land to family farmers a virtual | 26 | | impossibility in many parts of
the State; (ix) that the |
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| 1 | | ordinary operations of private enterprise have not in
the
past | 2 | | corrected these conditions; and (x) that a stable supply of | 3 | | adequate funds
for agricultural financing is required to | 4 | | encourage family farmers in an
orderly
and sustained manner and | 5 | | to reduce the problems described above;
| 6 | | (l) that for the benefit of the people of the State of | 7 | | Illinois, the conduct
and increase of their commerce, the | 8 | | protection and enhancement of their
welfare,
the development of | 9 | | continued prosperity and the improvement of their health and
| 10 | | living conditions it is essential that all the people of the | 11 | | State be given the
fullest opportunity to learn and to develop | 12 | | their intellectual and mental
capacities and skills; that to | 13 | | achieve these ends it is of the utmost
importance
that private | 14 | | institutions of higher education within the State be provided | 15 | | with
appropriate additional means to assist the people of the | 16 | | State in achieving the
required levels of learning and | 17 | | development of their intellectual and mental
capacities and | 18 | | skills and that cultural institutions within the State be
| 19 | | provided with appropriate additional means to expand the | 20 | | services and resources
which they offer for the cultural, | 21 | | intellectual, scientific, educational and
artistic enrichment | 22 | | of the people of the State;
| 23 | | (m) that in order to foster civic and neighborhood pride, | 24 | | citizens require
access to facilities such as educational | 25 | | institutions, recreation, parks and
open spaces, entertainment | 26 | | and sports, a reliable transportation network,
cultural |
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| 1 | | facilities and theaters and other facilities as authorized by | 2 | | this
Act, and that it is in the best interests of the State to | 3 | | lower the costs of
all such facilities by providing financing | 4 | | through the State;
| 5 | | (n) that to preserve and protect the health of the citizens | 6 | | of the State,
and
lower the costs of health care, that | 7 | | financing for health facilities should be
provided through the | 8 | | State; and
it is hereby declared to be the policy of the State, | 9 | | in the interest of
promoting the health, safety, morals and | 10 | | general welfare of all the people of
the State, to address the | 11 | | conditions noted above, to increase job opportunities
and to | 12 | | retain existing jobs in the State, by making available through | 13 | | the
Illinois Finance Authority, hereinafter created, funds for | 14 | | the development,
improvement and creation of industrial, | 15 | | housing, local government, educational,
health, public purpose | 16 | | and other projects; to issue its bonds and notes to make
funds | 17 | | at reduced rates and on more favorable terms for borrowing by | 18 | | local
governmental units through the purchase of the bonds or | 19 | | notes of the
governmental units; and to make or acquire loans | 20 | | for the acquisition and
development of agricultural | 21 | | facilities; to provide financing for private
institutions of | 22 | | higher education, cultural institutions, health facilities and
| 23 | | other facilities and projects as authorized by this Act; and to | 24 | | grant broad
powers to the Illinois Finance Authority to | 25 | | accomplish and to carry out these
policies of the State which | 26 | | are in the public interest of the State and of its
taxpayers |
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| 1 | | and residents; and
| 2 | | (o) that providing financing alternatives for projects | 3 | | that are located outside the State that are owned, operated, | 4 | | leased, managed by, or otherwise affiliated with, institutions | 5 | | located within the State and providing for the issuance of the | 6 | | Authority's bonds and notes to make funds available at reduced | 7 | | rates and on more favorable terms for borrowing by local | 8 | | governmental units and persons located in the State and outside | 9 | | the State through the purchase of the bonds, notes, or | 10 | | obligations of local governmental units or persons would | 11 | | promote the economy of the State for the benefit of the health, | 12 | | welfare, safety, trade, commerce, industry, and economy of the | 13 | | people of the State by creating employment opportunities in the | 14 | | State and lowering the cost of accessing housing, healthcare, | 15 | | private education, or cultural institutions in the State by | 16 | | reducing the cost of financing or operating those projects.
| 17 | | (Source: P.A. 96-1021, eff. 7-12-10.)
| 18 | | (20 ILCS 3501/801-10)
| 19 | | Sec. 801-10. Definitions. The following terms, whenever | 20 | | used or referred
to
in this Act, shall have the following | 21 | | meanings, except in such instances where
the context may | 22 | | clearly indicate otherwise:
| 23 | | (a) The term "Authority" means the Illinois Finance | 24 | | Authority created by
this Act.
| 25 | | (b) The term "project" means an industrial project, |
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| 1 | | conservation project, housing project, public
purpose project, | 2 | | higher education project, health facility project, cultural
| 3 | | institution project, municipal bond program project, | 4 | | agricultural facility or agribusiness, and "project" may
| 5 | | include any combination of one or more of the foregoing | 6 | | undertaken jointly by
any person with one or more other | 7 | | persons.
| 8 | | (c) The term "public purpose project" means any project or | 9 | | facility
including
without limitation land, buildings, | 10 | | structures, machinery, equipment and all
other real and | 11 | | personal property, which is authorized or required by law to be
| 12 | | acquired, constructed, improved, rehabilitated, reconstructed, | 13 | | replaced or
maintained by any unit of government or any other | 14 | | lawful public purpose which
is authorized or required by law to | 15 | | be undertaken by any unit of government.
| 16 | | (d) The term "industrial project" means the acquisition, | 17 | | construction,
refurbishment, creation, development or | 18 | | redevelopment of any facility,
equipment, machinery, real | 19 | | property or personal property for use by any
instrumentality of | 20 | | the State or its political subdivisions, for use by any
person | 21 | | or institution, public or private, for profit or not for | 22 | | profit, or for
use in any trade or business including, but not | 23 | | limited to, any industrial,
manufacturing or commercial | 24 | | enterprise and which is (1) a capital project
including but not | 25 | | limited to: (i) land and any rights therein, one or more
| 26 | | buildings, structures or other improvements, machinery and |
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| 1 | | equipment, whether
now existing or hereafter acquired, and | 2 | | whether or not located on the same site
or sites; (ii) all | 3 | | appurtenances and facilities incidental to the foregoing,
| 4 | | including, but not limited to utilities, access roads, railroad | 5 | | sidings, track,
docking and similar facilities, parking | 6 | | facilities, dockage, wharfage, railroad
roadbed, track, | 7 | | trestle, depot, terminal, switching and signaling or related
| 8 | | equipment, site preparation and landscaping; and (iii) all | 9 | | non-capital costs
and expenses relating thereto or (2) any | 10 | | addition to, renovation,
rehabilitation or
improvement of a | 11 | | capital project or (3) any activity or undertaking which the
| 12 | | Authority determines will aid, assist or encourage economic | 13 | | growth, development
or redevelopment within the State or any | 14 | | area thereof, will promote the
expansion, retention or | 15 | | diversification of employment opportunities within the
State | 16 | | or any area thereof or will aid in stabilizing or developing | 17 | | any industry
or economic sector of the State economy. The term | 18 | | "industrial project" also
means the production of motion | 19 | | pictures.
| 20 | | (e) The term "bond" or "bonds" shall include bonds, notes | 21 | | (including bond,
grant or revenue anticipation notes), | 22 | | certificates and/or other evidences of
indebtedness | 23 | | representing an obligation to pay money, including refunding
| 24 | | bonds.
| 25 | | (f) The terms "lease agreement" and "loan agreement" shall | 26 | | mean: (i) an
agreement whereby a project acquired by the |
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| 1 | | Authority by purchase, gift or
lease
is leased to any person, | 2 | | corporation or unit of local government which will use
or cause | 3 | | the project to be used as a project as heretofore defined upon | 4 | | terms
providing for lease rental payments at least sufficient | 5 | | to pay when due all
principal of, interest and premium, if any, | 6 | | on any bonds of the Authority
issued
with respect to such | 7 | | project, providing for the maintenance, insuring and
operation | 8 | | of the project on terms satisfactory to the Authority, | 9 | | providing for
disposition of the project upon termination of | 10 | | the lease term, including
purchase options or abandonment of | 11 | | the premises, and such other terms as may be
deemed desirable | 12 | | by the Authority, or (ii) any agreement pursuant to which the
| 13 | | Authority agrees to loan the proceeds of its bonds issued with | 14 | | respect to a
project or other funds of the Authority to any | 15 | | person which will use or cause
the project to be used as a | 16 | | project as heretofore defined upon terms providing
for loan | 17 | | repayment installments at least sufficient to pay when due all
| 18 | | principal of, interest and premium, if any, on any bonds of the | 19 | | Authority, if
any, issued with respect to the project, and | 20 | | providing for maintenance,
insurance and other matters as may | 21 | | be deemed desirable by the Authority.
| 22 | | (g) The term "financial aid" means the expenditure of | 23 | | Authority funds or
funds provided by the Authority through the | 24 | | issuance of its bonds, notes or
other
evidences of indebtedness | 25 | | or from other sources for the development,
construction, | 26 | | acquisition or improvement of a project.
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| 1 | | (h) The term "person" means an individual, corporation, | 2 | | unit of government,
business trust, estate, trust, partnership | 3 | | or association, 2 or more persons
having a joint or common | 4 | | interest, or any other legal entity.
| 5 | | (i) The term "unit of government" means the federal | 6 | | government, the State or
unit of local government, a school | 7 | | district, or any agency or instrumentality,
office, officer, | 8 | | department, division, bureau, commission, college or
| 9 | | university thereof.
| 10 | | (j) The term "health facility" means: (a) any public or | 11 | | private institution,
place, building, or agency required to be | 12 | | licensed under the Hospital Licensing
Act; (b) any public or | 13 | | private institution, place, building, or agency required
to be | 14 | | licensed under the Nursing Home Care Act, the Specialized | 15 | | Mental Health Rehabilitation Act, or the ID/DD Community Care | 16 | | Act; (c)
any public or licensed private hospital as defined in | 17 | | the Mental Health and
Developmental Disabilities Code; (d) any | 18 | | such facility exempted from such
licensure when the Director of | 19 | | Public Health attests that such exempted
facility
meets the | 20 | | statutory definition of a facility subject to licensure; (e) | 21 | | any
other
public or private health service institution, place, | 22 | | building, or agency which
the Director of Public Health attests | 23 | | is subject to certification by the
Secretary, U.S. Department | 24 | | of Health and Human Services under the Social
Security Act, as | 25 | | now or hereafter amended, or which the Director of Public
| 26 | | Health attests is subject to standard-setting by a recognized |
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| 1 | | public or
voluntary accrediting or standard-setting agency; | 2 | | (f) any public or private
institution, place, building or | 3 | | agency engaged in providing one or more
supporting services to | 4 | | a health facility; (g) any public or private
institution,
| 5 | | place, building or agency engaged in providing training in the | 6 | | healing arts,
including but not limited to schools of medicine, | 7 | | dentistry, osteopathy,
optometry, podiatry, pharmacy or | 8 | | nursing, schools for the training of x-ray,
laboratory or other | 9 | | health care technicians and schools for the training of
| 10 | | para-professionals in the health care field; (h) any public or | 11 | | private
congregate, life or extended care or elderly housing | 12 | | facility or any public or
private home for the aged or infirm, | 13 | | including, without limitation, any
Facility as defined in the | 14 | | Life Care Facilities Act; (i) any public or private
mental, | 15 | | emotional or physical rehabilitation facility or any public or | 16 | | private
educational, counseling, or rehabilitation facility or | 17 | | home, for those persons
with a developmental disability, those | 18 | | who are physically ill or disabled, the
emotionally disturbed, | 19 | | those persons with a mental illness or persons with
learning or | 20 | | similar disabilities or problems; (j) any public or private
| 21 | | alcohol, drug or substance abuse diagnosis, counseling | 22 | | treatment or
rehabilitation
facility, (k) any public or private | 23 | | institution, place, building or agency
licensed by the | 24 | | Department of Children and Family Services or which is not so
| 25 | | licensed but which the Director of Children and Family Services | 26 | | attests
provides child care, child welfare or other services of |
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| 1 | | the type provided by
facilities
subject to such licensure; (l) | 2 | | any public or private adoption agency or
facility; and (m) any | 3 | | public or private blood bank or blood center. "Health
facility" | 4 | | also means a public or private structure or structures suitable
| 5 | | primarily for use as a laboratory, laundry, nurses or interns | 6 | | residence or
other housing or hotel facility used in whole or | 7 | | in part for staff, employees
or
students and their families, | 8 | | patients or relatives of patients admitted for
treatment or | 9 | | care in a health facility, or persons conducting business with | 10 | | a
health facility, physician's facility, surgicenter, | 11 | | administration building,
research facility, maintenance, | 12 | | storage or utility facility and all structures
or facilities | 13 | | related to any of the foregoing or required or useful for the
| 14 | | operation of a health facility, including parking or other | 15 | | facilities or other
supporting service structures required or | 16 | | useful for the orderly conduct of
such health facility. "Health | 17 | | facility" also means, with respect to a project located outside | 18 | | the State, any public or private institution, place, building, | 19 | | or agency which provides services similar to those described | 20 | | above, provided that such project is owned, operated, leased or | 21 | | managed by a participating health institution located within | 22 | | the State, or a participating health institution affiliated | 23 | | with an entity located within the State.
| 24 | | (k) The term "participating health institution" means (i) a | 25 | | private corporation
or association or (ii) a public entity of | 26 | | this State, in either case authorized by the laws of this
State |
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| 1 | | or the applicable state to provide or operate a health facility | 2 | | as defined in this Act and which,
pursuant to the provisions of | 3 | | this Act, undertakes the financing, construction
or | 4 | | acquisition of a project or undertakes the refunding or | 5 | | refinancing of
obligations, loans, indebtedness or advances as | 6 | | provided in this Act.
| 7 | | (l) The term "health facility project", means a specific | 8 | | health facility
work
or improvement to be financed or | 9 | | refinanced (including without limitation
through reimbursement | 10 | | of prior expenditures), acquired, constructed, enlarged,
| 11 | | remodeled, renovated, improved, furnished, or equipped, with | 12 | | funds provided in
whole or in part hereunder, any accounts | 13 | | receivable, working capital, liability
or insurance cost or | 14 | | operating expense financing or refinancing program of a
health | 15 | | facility with or involving funds provided in whole or in part | 16 | | hereunder,
or any combination thereof.
| 17 | | (m) The term "bond resolution" means the resolution or | 18 | | resolutions
authorizing the issuance of, or providing terms and | 19 | | conditions related to,
bonds issued
under this Act and | 20 | | includes, where appropriate, any trust agreement, trust
| 21 | | indenture, indenture of mortgage or deed of trust providing | 22 | | terms and
conditions for such bonds.
| 23 | | (n) The term "property" means any real, personal or mixed | 24 | | property, whether
tangible or intangible, or any interest | 25 | | therein, including, without limitation,
any real estate, | 26 | | leasehold interests, appurtenances, buildings, easements,
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| 1 | | equipment, furnishings, furniture, improvements, machinery, | 2 | | rights of way,
structures, accounts, contract rights or any | 3 | | interest therein.
| 4 | | (o) The term "revenues" means, with respect to any project, | 5 | | the rents, fees,
charges, interest, principal repayments, | 6 | | collections and other income or profit
derived therefrom.
| 7 | | (p) The term "higher education project" means, in the case | 8 | | of a private
institution of higher education, an educational | 9 | | facility to be acquired,
constructed, enlarged, remodeled, | 10 | | renovated, improved, furnished, or equipped,
or any | 11 | | combination thereof.
| 12 | | (q) The term "cultural institution project" means, in the | 13 | | case of a cultural
institution, a cultural facility to be | 14 | | acquired, constructed, enlarged,
remodeled, renovated, | 15 | | improved, furnished, or equipped, or any combination
thereof.
| 16 | | (r) The term "educational facility" means any property | 17 | | located within the
State, or any property located outside the | 18 | | State, provided that, if the property is located outside the | 19 | | State, it must be owned, operated, leased or managed by an | 20 | | entity located within the State or an entity affiliated with an | 21 | | entity located within the State, in each case
constructed or | 22 | | acquired before or after the effective date of this Act, which
| 23 | | is
or will be, in whole or in part, suitable for the | 24 | | instruction, feeding,
recreation or housing of students, the | 25 | | conducting of research or other work of
a
private institution | 26 | | of higher education, the use by a private institution of
higher |
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| 1 | | education in connection with any educational, research or | 2 | | related or
incidental activities then being or to be conducted | 3 | | by it, or any combination
of the foregoing, including, without | 4 | | limitation, any such property suitable for
use as or in | 5 | | connection with any one or more of the following: an academic
| 6 | | facility, administrative facility, agricultural facility, | 7 | | assembly hall,
athletic facility, auditorium, boating | 8 | | facility, campus, communication
facility,
computer facility, | 9 | | continuing education facility, classroom, dining hall,
| 10 | | dormitory, exhibition hall, fire fighting facility, fire | 11 | | prevention facility,
food service and preparation facility, | 12 | | gymnasium, greenhouse, health care
facility, hospital, | 13 | | housing, instructional facility, laboratory, library,
| 14 | | maintenance facility, medical facility, museum, offices, | 15 | | parking area,
physical education facility, recreational | 16 | | facility, research facility, stadium,
storage facility, | 17 | | student union, study facility, theatre or utility.
| 18 | | (s) The term "cultural facility" means any property located | 19 | | within the State, or any property located outside the State, | 20 | | provided that, if the property is located outside the State, it | 21 | | must be owned, operated, leased or managed by an entity located | 22 | | within the State or an entity affiliated with an entity located | 23 | | within the State, in each case
constructed or acquired before | 24 | | or after the effective date of this Act, which
is or will be, | 25 | | in whole or in part, suitable for the particular purposes or
| 26 | | needs
of a cultural institution, including, without |
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| 1 | | limitation, any such property
suitable for use as or in | 2 | | connection with any one or more of the following: an
| 3 | | administrative facility, aquarium, assembly hall, auditorium, | 4 | | botanical garden,
exhibition hall, gallery, greenhouse, | 5 | | library, museum, scientific laboratory,
theater or zoological | 6 | | facility, and shall also include, without limitation,
books, | 7 | | works of art or music, animal, plant or aquatic life or other | 8 | | items for
display, exhibition or performance. The term | 9 | | "cultural facility" includes
buildings on the National | 10 | | Register of Historic Places which are owned or
operated by | 11 | | nonprofit entities.
| 12 | | (t) "Private institution of higher education" means a | 13 | | not-for-profit
educational institution which is not owned by | 14 | | the State or any political
subdivision, agency, | 15 | | instrumentality, district or municipality thereof, which
is
| 16 | | authorized by law to provide a program of education beyond the | 17 | | high school
level
and which:
| 18 | | (1) Admits as regular students only individuals having | 19 | | a
certificate of graduation from a high school, or the | 20 | | recognized equivalent of
such a certificate;
| 21 | | (2) Provides an educational program for which it awards | 22 | | a
bachelor's degree, or provides an educational program, | 23 | | admission into which is
conditioned upon the prior | 24 | | attainment of a bachelor's degree or its equivalent,
for | 25 | | which it awards a postgraduate degree, or provides not less | 26 | | than a 2-year
program which is acceptable for full credit |
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| 1 | | toward such a degree, or offers a
2-year program in | 2 | | engineering, mathematics, or the physical or biological
| 3 | | sciences
which is designed to prepare the student to work | 4 | | as a technician and at a
semiprofessional level in | 5 | | engineering, scientific, or other technological
fields
| 6 | | which require the understanding and application of basic | 7 | | engineering,
scientific, or mathematical principles or | 8 | | knowledge;
| 9 | | (3) Is accredited by a nationally recognized | 10 | | accrediting agency or
association or, if not so accredited, | 11 | | is an institution whose credits are
accepted, on transfer, | 12 | | by not less than 3 institutions which are so accredited,
| 13 | | for credit on the same basis as if transferred from an | 14 | | institution so
accredited, and holds an unrevoked | 15 | | certificate of approval under the Private
College Act from | 16 | | the Board of Higher Education, or is qualified as a
"degree | 17 | | granting institution" under the Academic Degree Act; and
| 18 | | (4) Does not discriminate in the admission of students | 19 | | on the basis
of race or color.
"Private institution of | 20 | | higher education" also includes any "academic
| 21 | | institution".
| 22 | | (u) The term "academic institution" means any | 23 | | not-for-profit institution
which
is not owned by the State or | 24 | | any political subdivision, agency,
instrumentality,
district | 25 | | or municipality thereof, which institution engages in, or | 26 | | facilitates
academic, scientific, educational or professional |
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| 1 | | research or learning in a
field or fields of study taught at a | 2 | | private institution of higher education.
Academic institutions | 3 | | include, without limitation, libraries, archives,
academic, | 4 | | scientific, educational or professional societies, | 5 | | institutions,
associations or foundations having such | 6 | | purposes.
| 7 | | (v) The term "cultural institution" means any | 8 | | not-for-profit institution
which
is not owned by the State or | 9 | | any political subdivision, agency,
instrumentality,
district | 10 | | or municipality thereof, which institution engages in the | 11 | | cultural,
intellectual, scientific, educational or artistic | 12 | | enrichment of the people of
the State. Cultural institutions | 13 | | include, without limitation, aquaria,
botanical societies, | 14 | | historical societies, libraries, museums, performing arts
| 15 | | associations or societies, scientific societies and zoological | 16 | | societies.
| 17 | | (w) The term "affiliate" means, with respect to financing | 18 | | of an agricultural
facility or an agribusiness, any lender, any | 19 | | person, firm or corporation
controlled by, or under common | 20 | | control with, such lender, and any person, firm
or corporation | 21 | | controlling such lender.
| 22 | | (x) The term "agricultural facility" means land, any | 23 | | building or other
improvement thereon or thereto, and any | 24 | | personal properties deemed necessary or
suitable for use, | 25 | | whether or not now in existence, in farming, ranching, the
| 26 | | production of agricultural commodities (including, without |
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| 1 | | limitation, the
products of aquaculture, hydroponics and | 2 | | silviculture) or the treating,
processing or storing of such | 3 | | agricultural commodities when such activities are
customarily | 4 | | engaged in by farmers as a part of farming.
| 5 | | (y) The term "lender" with respect to financing of an | 6 | | agricultural facility
or an agribusiness, means any federal or | 7 | | State chartered bank, Federal Land
Bank,
Production Credit | 8 | | Association, Bank for Cooperatives, federal or State
chartered | 9 | | savings and loan association or building and loan association, | 10 | | Small
Business
Investment Company or any other institution | 11 | | qualified within this State to
originate and service loans, | 12 | | including, but without limitation to, insurance
companies, | 13 | | credit unions and mortgage loan companies. "Lender" also means | 14 | | a
wholly owned subsidiary of a manufacturer, seller or | 15 | | distributor of goods or
services that makes loans to businesses | 16 | | or individuals, commonly known as a
"captive finance company".
| 17 | | (z) The term "agribusiness" means any sole proprietorship, | 18 | | limited
partnership, co-partnership, joint venture, | 19 | | corporation or cooperative which
operates or will operate a | 20 | | facility located within the State of Illinois that
is related | 21 | | to the
processing of agricultural commodities (including, | 22 | | without limitation, the
products of aquaculture, hydroponics | 23 | | and silviculture) or the manufacturing,
production or | 24 | | construction of agricultural buildings, structures, equipment,
| 25 | | implements, and supplies, or any other facilities or processes | 26 | | used in
agricultural production. Agribusiness includes but is |
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| 1 | | not limited to the
following:
| 2 | | (1) grain handling and processing, including grain | 3 | | storage,
drying, treatment, conditioning, mailing and | 4 | | packaging;
| 5 | | (2) seed and feed grain development and processing;
| 6 | | (3) fruit and vegetable processing, including | 7 | | preparation, canning
and packaging;
| 8 | | (4) processing of livestock and livestock products, | 9 | | dairy products,
poultry and poultry products, fish or | 10 | | apiarian products, including slaughter,
shearing, | 11 | | collecting, preparation, canning and packaging;
| 12 | | (5) fertilizer and agricultural chemical | 13 | | manufacturing,
processing, application and supplying;
| 14 | | (6) farm machinery, equipment and implement | 15 | | manufacturing and
supplying;
| 16 | | (7) manufacturing and supplying of agricultural | 17 | | commodity
processing machinery and equipment, including | 18 | | machinery and equipment used in
slaughter, treatment, | 19 | | handling, collecting, preparation, canning or packaging
of | 20 | | agricultural commodities;
| 21 | | (8) farm building and farm structure manufacturing, | 22 | | construction
and supplying;
| 23 | | (9) construction, manufacturing, implementation, | 24 | | supplying or
servicing of irrigation, drainage and soil and | 25 | | water conservation devices or
equipment;
| 26 | | (10) fuel processing and development facilities that |
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| 1 | | produce fuel
from agricultural commodities or byproducts;
| 2 | | (11) facilities and equipment for processing and | 3 | | packaging
agricultural commodities specifically for | 4 | | export;
| 5 | | (12) facilities and equipment for forestry product | 6 | | processing and
supplying, including sawmilling operations, | 7 | | wood chip operations, timber
harvesting operations, and | 8 | | manufacturing of prefabricated buildings, paper,
furniture | 9 | | or other goods from forestry products;
| 10 | | (13) facilities and equipment for research and | 11 | | development of
products, processes and equipment for the | 12 | | production, processing, preparation
or packaging of | 13 | | agricultural commodities and byproducts.
| 14 | | (aa) The term "asset" with respect to financing of any | 15 | | agricultural facility
or
any agribusiness, means, but is not | 16 | | limited to the following: cash crops or
feed on hand; livestock | 17 | | held for sale; breeding stock; marketable bonds and
securities; | 18 | | securities not readily marketable; accounts receivable; notes
| 19 | | receivable; cash invested in growing crops; net cash value of | 20 | | life insurance;
machinery and equipment; cars and trucks; farm | 21 | | and other real estate including
life estates and personal | 22 | | residence; value of beneficial interests in trusts;
government | 23 | | payments or grants; and any other assets.
| 24 | | (bb) The term "liability" with respect to financing of any | 25 | | agricultural
facility or any agribusiness shall include, but | 26 | | not be limited to the
following:
accounts payable; notes or |
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| 1 | | other indebtedness owed to any source; taxes; rent;
amounts | 2 | | owed on real estate contracts or real estate mortgages; | 3 | | judgments;
accrued interest payable; and any other liability.
| 4 | | (cc) The term "Predecessor Authorities" means those | 5 | | authorities as described
in Section 845-75.
| 6 | | (dd) The term "housing project" means a specific work or | 7 | | improvement
undertaken
to provide residential dwelling | 8 | | accommodations, including the acquisition,
construction or | 9 | | rehabilitation of lands, buildings and community facilities | 10 | | and
in connection therewith to provide nonhousing facilities | 11 | | which are part of the
housing project, including land, | 12 | | buildings, improvements, equipment and all
ancillary | 13 | | facilities for use for offices, stores, retirement homes, | 14 | | hotels,
financial institutions, service, health care, | 15 | | education, recreation or research
establishments, or any other | 16 | | commercial purpose which are or are to be related
to a housing | 17 | | development. | 18 | | (ee) The term "conservation project" means any project | 19 | | including the acquisition, construction, rehabilitation, | 20 | | maintenance, operation, or upgrade that is intended to create | 21 | | or expand open space or to reduce energy usage through | 22 | | efficiency measures. For the purpose of this definition, "open | 23 | | space" has the definition set forth under Section 10 of the | 24 | | Illinois Open Land Trust Act.
| 25 | | (ff) The term "significant presence" means the existence | 26 | | within the State of the national or regional headquarters of an |
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| 1 | | entity or group or such other facility of an entity or group of | 2 | | entities where a significant amount of the business functions | 3 | | are performed for such entity or group of entities. | 4 | | (gg) The term "municipal bond issuer" means the State or | 5 | | any other state or commonwealth of the United States, or any | 6 | | unit of local government, school district, agency or | 7 | | instrumentality, office, officer, department, division, | 8 | | bureau, commission, college, or university thereof. | 9 | | (hh) The term "municipal bond program project" means a | 10 | | program established for the funding of the purchase of bonds, | 11 | | notes, or other obligations issued by or on behalf of a | 12 | | municipal bond issuer. | 13 | | (Source: P.A. 96-339, eff. 7-1-10; 96-1021, eff. 7-12-10; | 14 | | 97-38, eff. 6-28-11; 97-227, eff. 1-1-12; revised 9-7-11.)
| 15 | | (20 ILCS 3501/801-55)
| 16 | | Sec. 801-55. Required findings for projects located | 17 | | outside the State. The Authority may approve an application to | 18 | | finance or refinance a project , other than a municipal bond | 19 | | program project, located outside of the State only after it has | 20 | | made the following findings with respect to such financing or | 21 | | refinancing, all of which shall be deemed conclusive: | 22 | | (a) the entity financing or refinancing a project | 23 | | located outside the State, or an affiliate thereof, is also | 24 | | engaged in the financing or refinancing of a project | 25 | | located within the State or, alternately, the entity |
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| 1 | | seeking the financing or refinancing, or an affiliate | 2 | | thereof, maintains a significant presence within the | 3 | | State; | 4 | | (b) financing or refinancing the out-of-state project | 5 | | would promote the economy of the State for the benefit of | 6 | | the health, welfare, safety, trade, commerce, industry and | 7 | | economy of the people of the State by creating employment | 8 | | opportunities in the State or lowering the cost of | 9 | | accessing housing, healthcare, private education, or | 10 | | cultural institutions in the State by reducing the cost of | 11 | | financing or operating projects; and | 12 | | (c) after giving effect to the financing or refinancing | 13 | | of the out-of-state project, the Authority shall have the | 14 | | ability to issue at least an additional $1,000,000,000 of | 15 | | bonds under Section 845-5(a) of this Act. | 16 | | The Authority may approve an application to finance or | 17 | | refinance a municipal bond program project located outside of | 18 | | the State only after it has made the following findings with | 19 | | respect to such financing or refinancing, all of which shall be | 20 | | deemed conclusive: | 21 | | (a) the municipal bond program project includes the | 22 | | purchase of bonds, notes, or obligations issued by or on | 23 | | behalf of the State or any unit of local government, school | 24 | | district, agency or instrumentality, office, officer, | 25 | | department, division, bureau, commission, college, or | 26 | | university thereof; and |
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| 1 | | (b) financing or refinancing the municipal bond | 2 | | program project would promote the economy of the State for | 3 | | the benefit of the health, welfare, safety, trade, | 4 | | commerce, industry, and economy of the people of the State | 5 | | by reducing the cost of borrowing to the State or any unit | 6 | | of local government, school district, agency or | 7 | | instrumentality, office, officer, department, division, | 8 | | bureau, commission, college, or university thereof. | 9 | | The Authority shall not provide financing for any project, | 10 | | or portion thereof, located outside the boundaries of the | 11 | | United States of America. | 12 | | Notwithstanding any other provision of this Act, the | 13 | | Authority shall not provide financing that uses State volume | 14 | | cap under Section 146 of the Internal Revenue Code of 1986, as | 15 | | amended, or constitutes an indebtedness or obligation, general | 16 | | or moral, or a pledge of the full faith or loan of credit of the | 17 | | State for any project, or portion thereof, that is located | 18 | | outside of the State.
| 19 | | (Source: P.A. 96-1021, eff. 7-12-10.)
| 20 | | Section 99. Effective date. This Act takes effect upon | 21 | | becoming law.
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