SB 3597

Abstract

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. Senate Committee Amendment No. 1 Adds reference to: 60 ILCS 1/240-5 105 ILCS 5/22-100 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill and makes the following changes. Amends the Township Code. In provisions allowing a township board to borrow money from any bank or financial institution under specified conditions, modifies the definition of "financial institution" to include the Illinois Finance Authority. Amends the School Code. Allows the school board of a school district to apply for and obtain a loan from the Illinois Finance Authority to build, purchase, or lease new clean energy infrastructure or perform maintenance or improvements on existing clean energy infrastructure and to have the Illinois Finance Authority issue bonds associated with that loan. Requires the school board of the school district and voters of the school district to approve a proposition to have the Illinois Finance Authority provide such a loan or issue such bonds, except that the school board may apply for and obtain such a loan without approval of voters of the school district if the loan is to be paid or provided for with funds that are not Authority-provided bond proceeds. Includes procedures required to apply for and obtain the loan or bonds, proposition language, and requirements of the bonds. Notwithstanding the provisions, allows the school board of a school district to, by resolution, apply for and obtain a loan from the Illinois Finance Authority to build, purchase, or lease new clean energy infrastructure or perform maintenance or improvements on existing clean energy infrastructure within the district without proposal approval if the loan is paid or provided for with funds that are not the proceeds of bonds authorized under the provisions. Senate Floor Amendment No. 3 Deletes reference to: 55 ILCS 5/5-1135 60 ILCS 1/240-5 105 ILCS 5/22-100 new Adds reference to: New Act Replaces everything after the enacting clause. 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. House Floor Amendment No. 1 Defines "clean energy infrastructure project" to mean: (i) a project that uses renewable energy resources; (ii) an energy efficiency project; (iii) a project that uses technology for the storage of renewable energy, including, without limitation, the use of battery or electrochemical storage technology for mobile or stationary applications; (iv) a project for the acquisition or repairs of electric vehicles; (v) a project for the acquisition, construction, or repairs to electric vehicle charging stations; and (vi) a building electrification project of replacing fossil fuels with electricity to meet a given end use. Additionally defines "electric vehicle", "electric vehicle charging station", and "energy efficient project". Provides that a governmental unit may borrow money and access loans from the Illinois Finance Authority to finance projects for the acquisition, construction, or improvement of new or existing clean energy infrastructure (rather than to finance the acquisition, construction, or improvement of new or existing clean energy infrastructure).