Summary as Introduced
Amends the Counties Code. In provisions allowing a county board to borrow money for any corporate purpose from any bank or other financial institution under specified conditions, modifies the definition of "financial institution" to include the Illinois Finance Authority.
Staff Analysis
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 projects for 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.