Bill Text: IL SB3597 | 2023-2024 | 103rd General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Creates the Climate Bank Loan Financing Act. Allows a governmental unit (i) to own, construct, equip, manage, control, erect, improve, extend, maintain, and operate new or existing clean energy infrastructure projects, to purchase real estate and any property rights to be used for clean energy infrastructure projects, and to charge for the use of clean energy infrastructure, (ii) to borrow money and to access a loan from the Illinois Finance Authority to finance the acquisition, construction, or improvement of new or existing clean energy infrastructure under the Illinois Climate Bank bond loan programs of the Illinois Finance Authority, and (iii) to issue from time to time general obligation bonds, including alternate bonds and limited bonds, and revenue bonds pursuant to applicable law for the purpose of evidencing its obligation to repay its loans from the Illinois Finance Authority. Includes requirements for the issuance of bonds. Requires the governmental unit to adopt an ordinance, or resolution when appropriate, to authorize participation in a loan from the Illinois Finance Authority, and to authorize and issue bonds. Specifies requirements of the ordinance or resolution, including levying a direct annual tax to pay for general obligation bonds and, for revenue bonds, to enter into covenants and agreements as may be found by the governmental unit to be necessary and appropriate to secure the punctual payment of the principal of and interest on the revenue bonds. Allows the governmental unit to enter into loan agreements and security agreements with respect to the borrowing of money from the Illinois Finance Authority pursuant to the Act. Includes provisions relating to authority to issue bonds under other provisions of law, executing of bonds, and severability. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-1023 [SB3597 Detail]
Download: Illinois-2023-SB3597-Introduced.html
Bill Title: Creates the Climate Bank Loan Financing Act. Allows a governmental unit (i) to own, construct, equip, manage, control, erect, improve, extend, maintain, and operate new or existing clean energy infrastructure projects, to purchase real estate and any property rights to be used for clean energy infrastructure projects, and to charge for the use of clean energy infrastructure, (ii) to borrow money and to access a loan from the Illinois Finance Authority to finance the acquisition, construction, or improvement of new or existing clean energy infrastructure under the Illinois Climate Bank bond loan programs of the Illinois Finance Authority, and (iii) to issue from time to time general obligation bonds, including alternate bonds and limited bonds, and revenue bonds pursuant to applicable law for the purpose of evidencing its obligation to repay its loans from the Illinois Finance Authority. Includes requirements for the issuance of bonds. Requires the governmental unit to adopt an ordinance, or resolution when appropriate, to authorize participation in a loan from the Illinois Finance Authority, and to authorize and issue bonds. Specifies requirements of the ordinance or resolution, including levying a direct annual tax to pay for general obligation bonds and, for revenue bonds, to enter into covenants and agreements as may be found by the governmental unit to be necessary and appropriate to secure the punctual payment of the principal of and interest on the revenue bonds. Allows the governmental unit to enter into loan agreements and security agreements with respect to the borrowing of money from the Illinois Finance Authority pursuant to the Act. Includes provisions relating to authority to issue bonds under other provisions of law, executing of bonds, and severability. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-1023 [SB3597 Detail]
Download: Illinois-2023-SB3597-Introduced.html
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| 1 | AN ACT concerning local government.
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| 2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Counties Code is amended by changing | |||||||||||||||||||
| 5 | Section 5-1135 as follows:
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| 6 | (55 ILCS 5/5-1135) | |||||||||||||||||||
| 7 | Sec. 5-1135. Borrowing from financial institutions. The | |||||||||||||||||||
| 8 | county board of a county may borrow money for any corporate | |||||||||||||||||||
| 9 | purpose from any bank or other financial institution provided | |||||||||||||||||||
| 10 | such money shall be repaid within 2 years from the time the | |||||||||||||||||||
| 11 | money is borrowed. The county board chairman or county | |||||||||||||||||||
| 12 | executive, as the case may be, shall execute a promissory note | |||||||||||||||||||
| 13 | or similar debt instrument, but not a bond, to evidence the | |||||||||||||||||||
| 14 | indebtedness incurred by the borrowing. The obligation to make | |||||||||||||||||||
| 15 | the payments due under the promissory note or other debt | |||||||||||||||||||
| 16 | instrument shall be a lawful direct general obligation of the | |||||||||||||||||||
| 17 | county payable from the general funds of the county and such | |||||||||||||||||||
| 18 | other sources of payment as are otherwise lawfully available. | |||||||||||||||||||
| 19 | The promissory note or other debt instrument shall be | |||||||||||||||||||
| 20 | authorized by an ordinance passed by the county board and | |||||||||||||||||||
| 21 | shall be valid whether or not an appropriation with respect to | |||||||||||||||||||
| 22 | that ordinance is included in any annual or supplemental | |||||||||||||||||||
| 23 | appropriation adopted by the county board. The indebtedness | |||||||||||||||||||
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