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20 ILCS 3501/820-20
(20 ILCS 3501/820-20)
Sec. 820-20.
Powers and Duties; Illinois Local Government Financing
Assistance Program. The Authority has the power:
(a) To purchase from time to time pursuant to negotiated sale or to
otherwise
acquire from time to time any local government securities issued by one or more
units of local government upon such terms and conditions as the Authority may
prescribe;
(b) To issue bonds in one or more series pursuant to one or more resolutions
of
the Authority for any purpose authorized under
this Article,
including without limitation purchasing or acquiring local government
securities, providing for the payment of any interest deemed necessary on such
bonds, paying for the cost of issuance of such bonds, providing for the payment
of the cost of any guarantees, letters of credit, insurance contracts or other
similar credit support or liquidity instruments, or providing for the funding
of
any reserves deemed necessary in connection with such bonds and refunding or
advance refunding of any such bonds and the interest and any premium thereon,
pursuant to this Act;
(c) To provide for the funding of any reserves or other funds or accounts
deemed necessary by the Authority in connection with any bonds issued by the
Authority or local government securities purchased or otherwise acquired by the
Authority;
(d) To pledge any local government security, including any payments thereon,
and any other funds of the Authority or funds made available to the Authority
which may be applied to such purpose, as security for any bonds or any
guarantees, letters of credit, insurance contracts or similar credit support or
liquidity instruments securing the bonds;
(e) To enter into agreements or contracts with third parties, whether public
or
private, including without limitation the United States of America, the State,
or any department or agency thereof to obtain any appropriations, grants, loans
or guarantees which are deemed necessary or desirable by the Authority. Any
such guarantee, agreement or contract may contain terms and provisions
necessary
or desirable in connection with the program, subject to the requirements
established by
this Article;
(f) To charge reasonable fees to defray the cost of obtaining letters of
credit, insurance contracts or other similar documents, and to charge such
other
reasonable fees to defray the cost of trustees, depositories, paying agents,
bond registrars, escrow agents and other administrative expenses. Any such fees
shall be payable by units of local government whose local government securities
are purchased or otherwise acquired by the Authority pursuant to
this Article, in such amounts and at such times as the Authority
shall determine, and the amount of the fees need not be uniform among the
various units of local government whose local government securities are
purchased or otherwise acquired by the Authority pursuant to
this Article;
(g) To obtain and maintain guarantees, letters of credit, insurance
contracts
or similar credit support or liquidity instruments which are deemed necessary
or
desirable in connection with any bonds or other obligations of the Authority or
any local government securities;
(h) To establish application fees and other service fees and prescribe
application, notification, contract, agreement, security and insurance forms
and
rules and regulations it deems necessary or appropriate;
(i) To provide technical assistance, at the request of any unit of local
government, with respect to the financing or refinancing for any public
purpose.
In fulfillment of this purpose, the Authority may request assistance from the
Department as necessary; any unit of local government that is experiencing
either a financial emergency as defined in the Local Government Financial
Planning and Supervision Act or a condition of fiscal crisis evidenced by an
impaired ability to obtain financing for its public purpose projects from
traditional financial channels or impaired ability to fully fund its
obligations
to fire, police and municipal employee pension funds, or to bond payments or
reserves, may request technical assistance from the Authority in the form of a
diagnostic evaluation of its financial condition;
(j) To purchase any obligations of the Authority issued pursuant to
this Article;
(k) To sell, transfer or otherwise dispose of local government securities
purchased or otherwise acquired by the Authority pursuant to
this Article,
including without limitation, the sale, transfer or
other disposition of undivided fractionalized interests in the right to receive
payments of principal and premium, if any, or the right to receive payments of
interest or the right to receive payments of principal of and premium, if any,
and interest on pools of such local government securities;
(l) To acquire, purchase, lease, sell, transfer and otherwise dispose of
real
and personal property, or any interest therein, and to issue its bonds and
enter
into leases, contracts and other agreements with units of local government in
connection with such acquisitions, purchases, leases, sales and other
dispositions of such real and personal property;
(m) To make loans to banks, savings and loans and other financial
institutions
for the purpose of purchasing or otherwise acquiring local government
securities, and to issue its bonds, and enter into agreements and contracts in
connection with such loans;
(n) To enter into agreements or contracts with any person necessary or
appropriate to place the payment obligations of the Authority under any of its
bonds in whole or in part on any interest rate basis, cash flow basis, or other
basis desired by the Authority, including without limitation agreements or
contracts commonly known as "interest rate swap agreements", "forward payment
conversion agreements", and "futures", or agreements or contracts to exchange
cash flows or a series of payments, or agreements or contracts, including
without limitation agreements or contracts commonly known as "options", "puts"
or "calls", to hedge payment, rate spread, or similar exposure; provided, that
any such agreement or contract shall not constitute an obligation for borrowed
money, and shall not be taken into account under
Section 845-5 of this Act or any
other debt limit of the Authority or the State of Illinois;
(o) To make and enter into all other agreements and contracts and execute
all
instruments necessary or incidental to performance of its duties and the
execution of its powers under
this Article;
(p) To contract for and finance the costs of energy audits, project-specific
engineering and design specifications, and any other related analyses
preliminary to an energy conservation project; and, to contract for and finance
the cost of project monitoring and data collection to verify post-installation
energy consumption and energy-related operating costs. Any such contract shall
be executed only after it has been jointly negotiated by the Authority and the
Department; and
(q) To exercise such other powers as are necessary or incidental to the
foregoing.
(Source: P.A. 93-205, eff. 1-1-04.)
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