20 ILCS 3501/820-20
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 820 - Local Government

Sec. 820-20.         Powers and Duties; Illinois Local Government Financing  Assistance Program. The Authority has the power:(a) To purchase from time to time pursuant to negotiated sale or to  otherwise  acquire from time to time any local government securities issued by one or more  units of local government upon such terms and conditions as the Authority may  prescribe;(b) To issue bonds in one or more series pursuant to one or more resolutions  of  the Authority for any purpose authorized under  this Article,  including without limitation purchasing or acquiring local government  securities, providing for the payment of any interest deemed necessary on such  bonds, paying for the cost of issuance of such bonds, providing for the payment  of the cost of any guarantees, letters of credit, insurance contracts or other  similar credit support or liquidity instruments, or providing for the funding  of  any reserves deemed necessary in connection with such bonds and refunding or  advance refunding of any such bonds and the interest and any premium thereon,  pursuant to this Act;(c) To provide for the funding of any reserves or other funds or accounts  deemed necessary by the Authority in connection with any bonds issued by the  Authority or local government securities purchased or otherwise acquired by the  Authority;(d) To pledge any local government security, including any payments thereon,  and any other funds of the Authority or funds made available to the Authority  which may be applied to such purpose, as security for any bonds or any  guarantees, letters of credit, insurance contracts or similar credit support or  liquidity instruments securing the bonds;(e) To enter into agreements or contracts with third parties, whether public  or  private, including without limitation the United States of America, the State,  or any department or agency thereof to obtain any appropriations, grants, loans  or guarantees which are deemed necessary or desirable by the Authority. Any  such guarantee, agreement or contract may contain terms and provisions  necessary  or desirable in connection with the program, subject to the requirements  established by  this Article;(f) To charge reasonable fees to defray the cost of obtaining letters of  credit, insurance contracts or other similar documents, and to charge such  other  reasonable fees to defray the cost of trustees, depositories, paying agents,  bond registrars, escrow agents and other administrative expenses. Any such fees  shall be payable by units of local government whose local government securities  are purchased or otherwise acquired by the Authority pursuant to  this Article, in such amounts and at such times as the Authority  shall determine, and the amount of the fees need not be uniform among the  various units of local government whose local government securities are  purchased or otherwise acquired by the Authority pursuant to  this Article;(g) To obtain and maintain guarantees, letters of credit, insurance  contracts  or similar credit support or liquidity instruments which are deemed necessary  or  desirable in connection with any bonds or other obligations of the Authority or  any local government securities;(h) To establish application fees and other service fees and prescribe  application, notification, contract, agreement, security and insurance forms  and  rules and regulations it deems necessary or appropriate;(i) To provide technical assistance, at the request of any unit of local  government, with respect to the financing or refinancing for any public  purpose.  In fulfillment of this purpose, the Authority may request assistance from the  Department as necessary; any unit of local government that is experiencing  either a financial emergency as defined in the Local Government Financial  Planning and Supervision Act or a condition of fiscal crisis evidenced by an  impaired ability to obtain financing for its public purpose projects from  traditional financial channels or impaired ability to fully fund its  obligations  to fire, police and municipal employee pension funds, or to bond payments or  reserves, may request technical assistance from the Authority in the form of a  diagnostic evaluation of its financial condition;(j) To purchase any obligations of the Authority issued pursuant to  this Article;(k) To sell, transfer or otherwise dispose of local government securities  purchased or otherwise acquired by the Authority pursuant to  this Article,  including without limitation, the sale, transfer or  other disposition of undivided fractionalized interests in the right to receive  payments of principal and premium, if any, or the right to receive payments of  interest or the right to receive payments of principal of and premium, if any,  and interest on pools of such local government securities;(l) To acquire, purchase, lease, sell, transfer and otherwise dispose of  real  and personal property, or any interest therein, and to issue its bonds and  enter  into leases, contracts and other agreements with units of local government in  connection with such acquisitions, purchases, leases, sales and other  dispositions of such real and personal property;(m) To make loans to banks, savings and loans and other financial  institutions  for the purpose of purchasing or otherwise acquiring local government  securities, and to issue its bonds, and enter into agreements and contracts in  connection with such loans;(n) To enter into agreements or contracts with any person necessary or  appropriate to place the payment obligations of the Authority under any of its  bonds in whole or in part on any interest rate basis, cash flow basis, or other  basis desired by the Authority, including without limitation agreements or  contracts commonly known as "interest rate swap agreements", "forward payment  conversion agreements", and "futures", or agreements or contracts to exchange  cash flows or a series of payments, or agreements or contracts, including  without limitation agreements or contracts commonly known as "options", "puts"  or "calls", to hedge payment, rate spread, or similar exposure; provided, that  any such agreement or contract shall not constitute an obligation for borrowed  money, and shall not be taken into account under  Section 845-5 of this Act or any  other debt limit of the Authority or the State of Illinois;(o) To make and enter into all other agreements and contracts and execute  all  instruments necessary or incidental to performance of its duties and the  execution of its powers under  this Article;(p) To contract for and finance the costs of energy audits, project-specific  engineering and design specifications, and any other related analyses  preliminary to an energy conservation project; and, to contract for and finance  the cost of project monitoring and data collection to verify post-installation  energy consumption and energy-related operating costs. Any such contract shall  be executed only after it has been jointly negotiated by the Authority and the  Department; and(q) To exercise such other powers as are necessary or incidental to the  foregoing.    (Source: P.A. 93-205, eff. 1-1-04.)