Bill Text: IL HB2501 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning the powers of the Authority.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB2501 Detail]

Download: Illinois-2011-HB2501-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB2501 Introduced , by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
20 ILCS 3501/830-5
Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning the powers of the Authority.
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A BILL FOR
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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Finance Authority Act is amended by
changing Section 830-5 as follows:
(20 ILCS 3501/830-5)
Sec. 830-5. The Authority shall have the following powers:
(a) To loan its funds to one or more persons to be used by
such persons to pay the the costs of acquiring, constructing,
reconstructing or improving Agricultural Facilities, soil or
water conservation projects or watershed areas, such loans to
be on such terms and conditions, and for such period of time,
and secured or evidenced by such mortgages, deeds of trust,
notes, debentures, bonds or other secured or unsecured
evidences of indebtedness of such persons as the Board may
determine;
(b) To loan its funds to any agribusiness which operates or
will operate a facility located in Illinois for those purposes
permitted by rules and regulations issued pursuant to the
Internal Revenue Code of 1954, as amended, relating to the use
of moneys loaned from the proceeds from the issuance of
industrial development revenue bonds; such loans shall be on
terms and conditions, and for periods of time, and secured or

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evidenced by mortgages, deeds of trust, notes, debentures,
bonds or other secured or unsecured evidences of indebtedness
of such agribusiness as the Board may require;
(c) To purchase, or to make commitments to purchase, from
lenders notes, debentures, bonds or other evidences of
indebtedness secured by mortgages, deeds of trust, or security
devices, or unsecured, as the Authority may determine, or
portions thereof or participations therein, which notes,
bonds, or other evidences of indebtedness shall have been or
will be executed by the obligors thereon to obtain funds with
which to acquire, by purchase, construction, or otherwise,
reconstruct or improve Agricultural Facilities;
(d) To contract with lenders or others for the origination
of or the servicing of the loans made by the Authority pursuant
to this Section or represented by the notes, bonds, or other
evidences of indebtedness which it has purchased pursuant to
this Section; provided that such servicing fees shall not
exceed one percent per annum of the principal amount
outstanding owed to the Authority; and
(e) To enter into a State Guarantee with a lender or a
person holding a note and to sell or issue such State
Guarantees, bonds or evidences of indebtedness in a primary or
a secondary market and to make payment on a State Guarantee
from available sources, including but not limited to, the
Illinois Agricultural Loan Guarantee Fund and the Illinois
Farmer and Agribusiness Loan Guarantee Fund created under

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Section 830-30 and Section 830-35, respectively, and the
Industrial Project Insurance Fund created under Article 805 of
this Act.
(Source: P.A. 96-897, eff. 5-24-10.)