SB 66

Abstract

Amends the Illinois Finance Authority Act. Provides that all official acts of the Authority require the approval of a majority of the members then holding office (instead of 8 members). Provides that a majority of the members of the Authority holding office constitutes a quorum (instead of 8 members). Provides that the Authority may enter into agreements with respect to its bond payment obligations. Provides that any pledge of revenues or other moneys made by the Authority shall be binding from the time the pledge is made, and that revenues and other moneys pledged shall be held outside of the State treasury and shall be subject to certain liens. Provides that "clean coal and energy projects" includes new gasification facilities. Provides that moneys in the Fire Truck Revolving Loan Fund and the Ambulance Revolving Loan Fund may also be used to reimburse the Authority for reasonable expenses incurred in connection with administering the loan programs, including reimbursement for time spent by Authority staff. Makes other changes. Effective immediately.