(20 ILCS 3501/801‑5)
Sec. 801‑5.
Findings and declaration of policy.
The General Assembly
hereby finds, determines and declares:
(a) that there are a number of existing State authorities authorized to
issue
bonds to alleviate the conditions and promote the objectives set forth below;
and to provide a stronger, better coordinated development effort, it is
determined to be in the interest of promoting the health, safety, morals and
general welfare of all the people of the State to consolidate certain of such
existing authorities into one finance authority;
(b) that involuntary unemployment affects the health, safety, morals and
general welfare of the people of the State of Illinois;
(c) that the economic burdens resulting from involuntary unemployment fall
in
part upon the State in the form of public assistance and reduced tax revenues,
and in the event the unemployed worker and his family migrate elsewhere to find
work, may also fall upon the municipalities and other taxing districts within
the areas of unemployment in the form of reduced tax revenues, thereby
endangering their financial ability to support necessary governmental services
for their remaining inhabitants;
(d) that a vigorous growing economy is the basic source of job
opportunities;
(e) that protection against involuntary unemployment, its economic burdens
and the spread of economic stagnation can best be provided by promoting,
attracting,
stimulating and revitalizing industry, manufacturing and commerce in the State;
(f) that the State has a responsibility to help create a favorable climate
for new and improved job opportunities for its citizens by encouraging the
development of commercial businesses and industrial and manufacturing plants
within the State;
(g) that increased availability of funds for construction of new facilities
and the expansion and improvement of existing facilities for industrial,
commercial
and manufacturing facilities will provide for new and continued employment in
the construction industry and alleviate the burden of unemployment;
(h) that in the absence of direct governmental subsidies the unaided
operations of private enterprise do not provide sufficient resources for
residential
construction, rehabilitation, rental or purchase, and that support from housing
related commercial facilities is one means of stimulating residential
construction, rehabilitation, rental and purchase;
(i) that it is in the public interest and the policy of this State to foster
and promote by all reasonable means the provision of adequate capital markets
and facilities for borrowing money by units of local government, and for the
financing of their respective public improvements and other governmental
purposes within the State from proceeds of bonds or notes issued by those
governmental units; and to assist local governmental units in fulfilling their
needs for those purposes by use of creation of indebtedness;
(j) that it is in the public interest and the policy of this State to the
extent possible, to reduce the costs of indebtedness to taxpayers and residents
of this State and to encourage continued investor interest in the purchase of
bonds or notes of governmental units as sound and preferred securities for
investment; and to encourage governmental units to continue their independent
undertakings of public improvements and other governmental purposes and the
financing thereof, and to assist them in those activities by making funds
available at reduced interest costs for orderly financing of those purposes,
especially during periods of restricted credit or money supply, and
particularly for those governmental units not otherwise able to borrow for
those purposes;
(k) that in this State the following conditions exist: (i) an inadequate
supply of funds at interest rates sufficiently low to enable persons engaged in
agriculture in this State to pursue agricultural operations at present levels;
(ii) that such inability to pursue agricultural operations lessens the supply
of agricultural commodities available to fulfill the needs of the citizens of
this
State; (iii) that such inability to continue operations decreases available
employment in the agricultural sector of the State and results in unemployment
and its attendant problems; (iv) that such conditions prevent the acquisition
of an adequate capital stock of farm equipment and machinery, much of which is
manufactured in this State, therefore impairing the productivity of
agricultural
land and, further, causing unemployment or lack of appropriate increase in
employment in such manufacturing; (v) that such conditions are conducive to
consolidation of acreage of agricultural land with fewer individuals living and
farming on the traditional family farm; (vi) that these conditions result in a
loss in population, unemployment and movement of persons from rural to urban
areas accompanied by added costs to communities for creation of new public
facilities and services; (vii) that there have been recurrent shortages of
funds for agricultural purposes from private market sources at reasonable rates
of
interest; (viii) that these shortages have made the sale and purchase of
agricultural land to family farmers a virtual impossibility in many parts of
the State; (ix) that the ordinary operations of private enterprise have not in
the
past corrected these conditions; and (x) that a stable supply of adequate funds
for agricultural financing is required to encourage family farmers in an
orderly
and sustained manner and to reduce the problems described above;
(l) that for the benefit of the people of the State of Illinois, the conduct
and increase of their commerce, the protection and enhancement of their
welfare,
the development of continued prosperity and the improvement of their health and
living conditions it is essential that all the people of the State be given the
fullest opportunity to learn and to develop their intellectual and mental
capacities and skills; that to achieve these ends it is of the utmost
importance
that private institutions of higher education within the State be provided with
appropriate additional means to assist the people of the State in achieving the
required levels of learning and development of their intellectual and mental
capacities and skills and that cultural institutions within the State be
provided with appropriate additional means to expand the services and resources
which they offer for the cultural, intellectual, scientific, educational and
artistic enrichment of the people of the State;
(m) that in order to foster civic and neighborhood pride, citizens require
access to facilities such as educational institutions, recreation, parks and
open spaces, entertainment and sports, a reliable transportation network,
cultural facilities and theaters and other facilities as authorized by this
Act, and that it is in the best interests of the State to lower the costs of
all such facilities by providing financing through the State; and
(n) that to preserve and protect the health of the citizens of the State,
and
lower the costs of health care, that financing for health facilities should be
provided through the State; and
it is hereby declared to be the policy of the State, in the interest of
promoting the health, safety, morals and general welfare of all the people of
the State, to address the conditions noted above, to increase job opportunities
and to retain existing jobs in the State, by making available through the
Illinois Finance Authority, hereinafter created, funds for the development,
improvement and creation of industrial, housing, local government, educational,
health, public purpose and other projects; to issue its bonds and notes to make
funds at reduced rates and on more favorable terms for borrowing by local
governmental units through the purchase of the bonds or notes of the
governmental units; and to make or acquire loans for the acquisition and
development of agricultural facilities; to provide financing for private
institutions of higher education, cultural institutions, health facilities and
other facilities and projects as authorized by this Act; and to grant broad
powers to the Illinois Finance Authority to accomplish and to carry out these
policies of the State which are in the public interest of the State and of its
taxpayers and residents.
(Source: P.A. 93‑205, eff. 1‑1‑04.)
|
(20 ILCS 3501/801‑10)
Sec. 801‑10. Definitions. The following terms, whenever used or referred
to
in this Act, shall have the following meanings, except in such instances where
the context may clearly indicate otherwise:
(a) The term "Authority" means the Illinois Finance Authority created by
this Act.
(b) The term "project" means an industrial project, housing project, public
purpose project, higher education project, health facility project, cultural
institution project, agricultural facility or agribusiness, and "project" may
include any combination of one or more of the foregoing undertaken jointly by
any person with one or more other persons.
(c) The term "public purpose project" means any project or facility
including
without limitation land, buildings, structures, machinery, equipment and all
other real and personal property, which is authorized or required by law to be
acquired, constructed, improved, rehabilitated, reconstructed, replaced or
maintained by any unit of government or any other lawful public purpose which
is authorized or required by law to be undertaken by any unit of government.
(d) The term "industrial project" means the acquisition, construction,
refurbishment, creation, development or redevelopment of any facility,
equipment, machinery, real property or personal property for use by any
instrumentality of the State or its political subdivisions, for use by any
person or institution, public or private, for profit or not for profit, or for
use in any trade or business including, but not limited to, any industrial,
manufacturing or commercial enterprise and which is (1) a capital project
including but not limited to: (i) land and any rights therein, one or more
buildings, structures or other improvements, machinery and equipment, whether
now existing or hereafter acquired, and whether or not located on the same site
or sites; (ii) all appurtenances and facilities incidental to the foregoing,
including, but not limited to utilities, access roads, railroad sidings, track,
docking and similar facilities, parking facilities, dockage, wharfage, railroad
roadbed, track, trestle, depot, terminal, switching and signaling or related
equipment, site preparation and landscaping; and (iii) all non‑capital costs
and expenses relating thereto or (2) any addition to, renovation,
rehabilitation or
improvement of a capital project or (3) any activity or undertaking which the
Authority determines will aid, assist or encourage economic growth, development
or redevelopment within the State or any area thereof, will promote the
expansion, retention or diversification of employment opportunities within the
State or any area thereof or will aid in stabilizing or developing any industry
or economic sector of the State economy. The term "industrial project" also
means the production of motion pictures.
(e) The term "bond" or "bonds" shall include bonds, notes (including bond,
grant or revenue anticipation notes), certificates and/or other evidences of
indebtedness representing an obligation to pay money, including refunding
bonds.
(f) The terms "lease agreement" and "loan agreement" shall mean: (i) an
agreement whereby a project acquired by the Authority by purchase, gift or
lease
is leased to any person, corporation or unit of local government which will use
or cause the project to be used as a project as heretofore defined upon terms
providing for lease rental payments at least sufficient to pay when due all
principal of, interest and premium, if any, on any bonds of the Authority
issued
with respect to such project, providing for the maintenance, insuring and
operation of the project on terms satisfactory to the Authority, providing for
disposition of the project upon termination of the lease term, including
purchase options or abandonment of the premises, and such other terms as may be
deemed desirable by the Authority, or (ii) any agreement pursuant to which the
Authority agrees to loan the proceeds of its bonds issued with respect to a
project or other funds of the Authority to any person which will use or cause
the project to be used as a project as heretofore defined upon terms providing
for loan repayment installments at least sufficient to pay when due all
principal of, interest and premium, if any, on any bonds of the Authority, if
any, issued with respect to the project, and providing for maintenance,
insurance and other matters as may be deemed desirable by the Authority.
(g) The term "financial aid" means the expenditure of Authority funds or
funds provided by the Authority through the issuance of its bonds, notes or
other
evidences of indebtedness or from other sources for the development,
construction, acquisition or improvement of a project.
(h) The term "person" means an individual, corporation, unit of government,
business trust, estate, trust, partnership or association, 2 or more persons
having a joint or common interest, or any other legal entity.
(i) The term "unit of government" means the federal government, the State or
unit of local government, a school district, or any agency or instrumentality,
office, officer, department, division, bureau, commission, college or
university thereof.
(j) The term "health facility" means: (a) any public or private institution,
place, building, or agency required to be licensed under the Hospital Licensing
Act; (b) any public or private institution, place, building, or agency required
to be licensed under the Nursing Home Care Act; (c)
any public or licensed private hospital as defined in the Mental Health and
Developmental Disabilities Code; (d) any such facility exempted from such
licensure when the Director of Public Health attests that such exempted
facility
meets the statutory definition of a facility subject to licensure; (e) any
other
public or private health service institution, place, building, or agency which
the Director of Public Health attests is subject to certification by the
Secretary, U.S. Department of Health and Human Services under the Social
Security Act, as now or hereafter amended, or which the Director of Public
Health attests is subject to standard‑setting by a recognized public or
voluntary accrediting or standard‑setting agency; (f) any public or private
institution, place, building or agency engaged in providing one or more
supporting services to a health facility; (g) any public or private
institution,
place, building or agency engaged in providing training in the healing arts,
including but not limited to schools of medicine, dentistry, osteopathy,
optometry, podiatry, pharmacy or nursing, schools for the training of x‑ray,
laboratory or other health care technicians and schools for the training of
para‑professionals in the health care field; (h) any public or private
congregate, life or extended care or elderly housing facility or any public or
private home for the aged or infirm, including, without limitation, any
Facility as defined in the Life Care Facilities Act; (i) any public or private
mental, emotional or physical rehabilitation facility or any public or private
educational, counseling, or rehabilitation facility or home, for those persons
with a developmental disability, those who are physically ill or disabled, the
emotionally disturbed, those persons with a mental illness or persons with
learning or similar disabilities or problems; (j) any public or private
alcohol, drug or substance abuse diagnosis, counseling treatment or
rehabilitation
facility, (k) any public or private institution, place, building or agency
licensed by the Department of Children and Family Services or which is not so
licensed but which the Director of Children and Family Services attests
provides child care, child welfare or other services of the type provided by
facilities
subject to such licensure; (l) any public or private adoption agency or
facility; and (m) any public or private blood bank or blood center. "Health
facility" also means a public or private structure or structures suitable
primarily for use as a laboratory, laundry, nurses or interns residence or
other housing or hotel facility used in whole or in part for staff, employees
or
students and their families, patients or relatives of patients admitted for
treatment or care in a health facility, or persons conducting business with a
health facility, physician's facility, surgicenter, administration building,
research facility, maintenance, storage or utility facility and all structures
or facilities related to any of the foregoing or required or useful for the
operation of a health facility, including parking or other facilities or other
supporting service structures required or useful for the orderly conduct of
such health facility.
(k) The term "participating health institution" means a private corporation
or association or public entity of this State, authorized by the laws of this
State to provide or operate a health facility as defined in this Act and which,
pursuant to the provisions of this Act, undertakes the financing, construction
or acquisition of a project or undertakes the refunding or refinancing of
obligations, loans, indebtedness or advances as provided in this Act.
(l) The term "health facility project", means a specific health facility
work
or improvement to be financed or refinanced (including without limitation
through reimbursement of prior expenditures), acquired, constructed, enlarged,
remodeled, renovated, improved, furnished, or equipped, with funds provided in
whole or in part hereunder, any accounts receivable, working capital, liability
or insurance cost or operating expense financing or refinancing program of a
health facility with or involving funds provided in whole or in part hereunder,
or any combination thereof.
(m) The term "bond resolution" means the resolution or resolutions
authorizing the issuance of, or providing terms and conditions related to,
bonds issued
under this Act and includes, where appropriate, any trust agreement, trust
indenture, indenture of mortgage or deed of trust providing terms and
conditions for such bonds.
(n) The term "property" means any real, personal or mixed property, whether
tangible or intangible, or any interest therein, including, without limitation,
any real estate, leasehold interests, appurtenances, buildings, easements,
equipment, furnishings, furniture, improvements, machinery, rights of way,
structures, accounts, contract rights or any interest therein.
(o) The term "revenues" means, with respect to any project, the rents, fees,
charges, interest, principal repayments, collections and other income or profit
derived therefrom.
(p) The term "higher education project" means, in the case of a private
institution of higher education, an educational facility to be acquired,
constructed, enlarged, remodeled, renovated, improved, furnished, or equipped,
or any combination thereof.
(q) The term "cultural institution project" means, in the case of a cultural
institution, a cultural facility to be acquired, constructed, enlarged,
remodeled, renovated, improved, furnished, or equipped, or any combination
thereof.
(r) The term "educational facility" means any property located within the
State
constructed or acquired before or after the effective date of this Act, which
is
or will be, in whole or in part, suitable for the instruction, feeding,
recreation or housing of students, the conducting of research or other work of
a
private institution of higher education, the use by a private institution of
higher education in connection with any educational, research or related or
incidental activities then being or to be conducted by it, or any combination
of the foregoing, including, without limitation, any such property suitable for
use as or in connection with any one or more of the following: an academic
facility, administrative facility, agricultural facility, assembly hall,
athletic facility, auditorium, boating facility, campus, communication
facility,
computer facility, continuing education facility, classroom, dining hall,
dormitory, exhibition hall, fire fighting facility, fire prevention facility,
food service and preparation facility, gymnasium, greenhouse, health care
facility, hospital, housing, instructional facility, laboratory, library,
maintenance facility, medical facility, museum, offices, parking area,
physical education facility, recreational facility, research facility, stadium,
storage facility, student union, study facility, theatre or utility.
(s) The term "cultural facility" means any property located within the State
constructed or acquired before or after the effective date of this Act, which
is or will be, in whole or in part, suitable for the particular purposes or
needs
of a cultural institution, including, without limitation, any such property
suitable for use as or in connection with any one or more of the following: an
administrative facility, aquarium, assembly hall, auditorium, botanical garden,
exhibition hall, gallery, greenhouse, library, museum, scientific laboratory,
theater or zoological facility, and shall also include, without limitation,
books, works of art or music, animal, plant or aquatic life or other items for
display, exhibition or performance. The term "cultural facility" includes
buildings on the National Register of Historic Places which are owned or
operated by nonprofit entities.
(t) "Private institution of higher education" means a not‑for‑profit
educational institution which is not owned by the State or any political
subdivision, agency, instrumentality, district or municipality thereof, which
is
authorized by law to provide a program of education beyond the high school
level
and which:
(1) Admits as regular students only individuals
|
having a certificate of graduation from a high school, or the recognized equivalent of such a certificate;
|
|
(2) Provides an educational program for which it
|
|
awards a bachelor's degree, or provides an educational program, admission into which is conditioned upon the prior attainment of a bachelor's degree or its equivalent, for which it awards a postgraduate degree, or provides not less than a 2‑year program which is acceptable for full credit toward such a degree, or offers a 2‑year program in engineering, mathematics, or the physical or biological sciences which is designed to prepare the student to work as a technician and at a semiprofessional level in engineering, scientific, or other technological fields which require the understanding and application of basic engineering, scientific, or mathematical principles or knowledge;
|
|
(3) Is accredited by a nationally recognized
|
|
accrediting agency or association or, if not so accredited, is an institution whose credits are accepted, on transfer, by not less than 3 institutions which are so accredited, for credit on the same basis as if transferred from an institution so accredited, and holds an unrevoked certificate of approval under the Private College Act from the Board of Higher Education, or is qualified as a "degree granting institution" under the Academic Degree Act; and
|
|
(4) Does not discriminate in the admission of
|
|
students on the basis of race or color. "Private institution of higher education" also includes any "academic institution".
|
|
(u) The term "academic institution" means any not‑for‑profit institution
which
is not owned by the State or any political subdivision, agency,
instrumentality,
district or municipality thereof, which institution engages in, or facilitates
academic, scientific, educational or professional research or learning in a
field or fields of study taught at a private institution of higher education.
Academic institutions include, without limitation, libraries, archives,
academic, scientific, educational or professional societies, institutions,
associations or foundations having such purposes.
(v) The term "cultural institution" means any not‑for‑profit institution
which
is not owned by the State or any political subdivision, agency,
instrumentality,
district or municipality thereof, which institution engages in the cultural,
intellectual, scientific, educational or artistic enrichment of the people of
the State. Cultural institutions include, without limitation, aquaria,
botanical societies, historical societies, libraries, museums, performing arts
associations or societies, scientific societies and zoological societies.
(w) The term "affiliate" means, with respect to financing of an agricultural
facility or an agribusiness, any lender, any person, firm or corporation
controlled by, or under common control with, such lender, and any person, firm
or corporation controlling such lender.
(x) The term "agricultural facility" means land, any building or other
improvement thereon or thereto, and any personal properties deemed necessary or
suitable for use, whether or not now in existence, in farming, ranching, the
production of agricultural commodities (including, without limitation, the
products of aquaculture, hydroponics and silviculture) or the treating,
processing or storing of such agricultural commodities when such activities are
customarily engaged in by farmers as a part of farming.
(y) The term "lender" with respect to financing of an agricultural facility
or an agribusiness, means any federal or State chartered bank, Federal Land
Bank,
Production Credit Association, Bank for Cooperatives, federal or State
chartered savings and loan association or building and loan association, Small
Business
Investment Company or any other institution qualified within this State to
originate and service loans, including, but without limitation to, insurance
companies, credit unions and mortgage loan companies. "Lender" also means a
wholly owned subsidiary of a manufacturer, seller or distributor of goods or
services that makes loans to businesses or individuals, commonly known as a
"captive finance company".
(z) The term "agribusiness" means any sole proprietorship, limited
partnership, co‑partnership, joint venture, corporation or cooperative which
operates or will operate a facility located within the State of Illinois that
is related to the
processing of agricultural commodities (including, without limitation, the
products of aquaculture, hydroponics and silviculture) or the manufacturing,
production or construction of agricultural buildings, structures, equipment,
implements, and supplies, or any other facilities or processes used in
agricultural production. Agribusiness includes but is not limited to the
following:
(1) grain handling and processing, including grain
|
|
storage, drying, treatment, conditioning, mailing and packaging;
|
|
(2) seed and feed grain development and processing;
(3) fruit and vegetable processing, including
|
|
preparation, canning and packaging;
|
|
(4) processing of livestock and livestock products,
|
|
dairy products, poultry and poultry products, fish or apiarian products, including slaughter, shearing, collecting, preparation, canning and packaging;
|
|
(5) fertilizer and agricultural chemical
|
|
manufacturing, processing, application and supplying;
|
|
(6) farm machinery, equipment and implement
|
|
manufacturing and supplying;
|
|
(7) manufacturing and supplying of agricultural
|
|
commodity processing machinery and equipment, including machinery and equipment used in slaughter, treatment, handling, collecting, preparation, canning or packaging of agricultural commodities;
|
|
(8) farm building and farm structure manufacturing,
|
|
construction and supplying;
|
|
(9) construction, manufacturing, implementation,
|
|
supplying or servicing of irrigation, drainage and soil and water conservation devices or equipment;
|
|
(10) fuel processing and development facilities that
|
|
produce fuel from agricultural commodities or byproducts;
|
|
(11) facilities and equipment for processing and
|
|
packaging agricultural commodities specifically for export;
|
|
(12) facilities and equipment for forestry product
|
|
processing and supplying, including sawmilling operations, wood chip operations, timber harvesting operations, and manufacturing of prefabricated buildings, paper, furniture or other goods from forestry products;
|
|
(13) facilities and equipment for research and
|
|
development of products, processes and equipment for the production, processing, preparation or packaging of agricultural commodities and byproducts.
|
|
(aa) The term "asset" with respect to financing of any agricultural facility
or
any agribusiness, means, but is not limited to the following: cash crops or
feed on hand; livestock held for sale; breeding stock; marketable bonds and
securities; securities not readily marketable; accounts receivable; notes
receivable; cash invested in growing crops; net cash value of life insurance;
machinery and equipment; cars and trucks; farm and other real estate including
life estates and personal residence; value of beneficial interests in trusts;
government payments or grants; and any other assets.
(bb) The term "liability" with respect to financing of any agricultural
facility or any agribusiness shall include, but not be limited to the
following:
accounts payable; notes or other indebtedness owed to any source; taxes; rent;
amounts owed on real estate contracts or real estate mortgages; judgments;
accrued interest payable; and any other liability.
(cc) The term "Predecessor Authorities" means those authorities as described
in Section 845‑75.
(dd) The term "housing project" means a specific work or improvement
undertaken
to provide residential dwelling accommodations, including the acquisition,
construction or rehabilitation of lands, buildings and community facilities and
in connection therewith to provide nonhousing facilities which are part of the
housing project, including land, buildings, improvements, equipment and all
ancillary facilities for use for offices, stores, retirement homes, hotels,
financial institutions, service, health care, education, recreation or research
establishments, or any other commercial purpose which are or are to be related
to a housing development.
(Source: P.A. 93‑205, eff. 1‑1‑04; 93‑1101, eff. 3‑31‑05.)
|
