20 ILCS 3501/801-5
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 801 - General Provisions

Sec. 801-5. Findings and declaration of policy. The General Assembly  hereby finds, determines and declares:(a) that there are a number of existing State authorities authorized to  issue  bonds to alleviate the conditions and promote the objectives set forth below;  and to provide a stronger, better coordinated development effort, it is  determined to be in the interest of promoting the health, safety, morals and  general welfare of all the people of the State to consolidate certain of such  existing authorities into one finance authority;(b) that involuntary unemployment affects the health, safety, morals and  general welfare of the people of the State of Illinois;(c) that the economic burdens resulting from involuntary unemployment fall  in  part upon the State in the form of public assistance and reduced tax revenues,  and in the event the unemployed worker and his family migrate elsewhere to find  work, may also fall upon the municipalities and other taxing districts within  the areas of unemployment in the form of reduced tax revenues, thereby  endangering their financial ability to support necessary governmental services  for their remaining inhabitants;(d) that a vigorous growing economy is the basic source of job  opportunities;(e) that protection against involuntary unemployment, its economic burdens  and the spread of economic stagnation can best be provided by promoting,  attracting,  stimulating and revitalizing industry, manufacturing and commerce in the State;(f) that the State has a responsibility to help create a favorable climate  for new and improved job opportunities for its citizens by encouraging the  development of commercial businesses and industrial and manufacturing plants  within the State;(g) that increased availability of funds for construction of new facilities  and the expansion and improvement of existing facilities for industrial,  commercial  and manufacturing facilities will provide for new and continued employment in  the construction industry and alleviate the burden of unemployment;(h) that in the absence of direct governmental subsidies the unaided  operations of private enterprise do not provide sufficient resources for  residential  construction, rehabilitation, rental or purchase, and that support from housing  related commercial facilities is one means of stimulating residential  construction, rehabilitation, rental and purchase;(i) that it is in the public interest and the policy of this State to foster  and promote by all reasonable means the provision of adequate capital markets  and facilities for borrowing money by units of local government, and for the  financing of their respective public improvements and other governmental  purposes within the State from proceeds of bonds or notes issued by those  governmental units; and to assist local governmental units in fulfilling their  needs for those purposes by use of creation of indebtedness;(j) that it is in the public interest and the policy of this State to the  extent possible, to reduce the costs of indebtedness to taxpayers and residents  of this State and to encourage continued investor interest in the purchase of  bonds or notes of governmental units as sound and preferred securities for  investment; and to encourage governmental units to continue their independent  undertakings of public improvements and other governmental purposes and the  financing thereof, and to assist them in those activities by making funds  available at reduced interest costs for orderly financing of those purposes,  especially during periods of restricted credit or money supply, and  particularly for those governmental units not otherwise able to borrow for  those purposes;(k) that in this State the following conditions exist: (i) an inadequate  supply of funds at interest rates sufficiently low to enable persons engaged in  agriculture in this State to pursue agricultural operations at present levels;  (ii) that such inability to pursue agricultural operations lessens the supply  of agricultural commodities available to fulfill the needs of the citizens of  this  State; (iii) that such inability to continue operations decreases available  employment in the agricultural sector of the State and results in unemployment  and its attendant problems; (iv) that such conditions prevent the acquisition  of an adequate capital stock of farm equipment and machinery, much of which is  manufactured in this State, therefore impairing the productivity of  agricultural  land and, further, causing unemployment or lack of appropriate increase in  employment in such manufacturing; (v) that such conditions are conducive to  consolidation of acreage of agricultural land with fewer individuals living and  farming on the traditional family farm; (vi) that these conditions result in a  loss in population, unemployment and movement of persons from rural to urban  areas accompanied by added costs to communities for creation of new public  facilities and services; (vii) that there have been recurrent shortages of  funds for agricultural purposes from private market sources at reasonable rates  of  interest; (viii) that these shortages have made the sale and purchase of  agricultural land to family farmers a virtual impossibility in many parts of  the State; (ix) that the ordinary operations of private enterprise have not in  the  past corrected these conditions; and (x) that a stable supply of adequate funds  for agricultural financing is required to encourage family farmers in an  orderly  and sustained manner and to reduce the problems described above;(l) that for the benefit of the people of the State of Illinois, the conduct  and increase of their commerce, the protection and enhancement of their  welfare,  the development of continued prosperity and the improvement of their health and  living conditions it is essential that all the people of the State be given the  fullest opportunity to learn and to develop their intellectual and mental  capacities and skills; that to achieve these ends it is of the utmost  importance  that private institutions of higher education within the State be provided with  appropriate additional means to assist the people of the State in achieving the  required levels of learning and development of their intellectual and mental  capacities and skills and that cultural institutions within the State be  provided with appropriate additional means to expand the services and resources  which they offer for the cultural, intellectual, scientific, educational and  artistic enrichment of the people of the State;(m) that in order to foster civic and neighborhood pride, citizens require  access to facilities such as educational institutions, recreation, parks and  open spaces, entertainment and sports, a reliable transportation network,  cultural facilities and theaters and other facilities as authorized by this  Act, and that it is in the best interests of the State to lower the costs of  all such facilities by providing financing through the State;(n) that to preserve and protect the health of the citizens of the State,  and  lower the costs of health care, that financing for health facilities should be  provided through the State; and  it is hereby declared to be the policy of the State, in the interest of  promoting the health, safety, morals and general welfare of all the people of  the State, to address the conditions noted above, to increase job opportunities  and to retain existing jobs in the State, by making available through the  Illinois Finance Authority, hereinafter created, funds for the development,  improvement and creation of industrial, housing, local government, educational,  health, public purpose and other projects; to issue its bonds and notes to make  funds at reduced rates and on more favorable terms for borrowing by local  governmental units through the purchase of the bonds or notes of the  governmental units; and to make or acquire loans for the acquisition and  development of agricultural facilities; to provide financing for private  institutions of higher education, cultural institutions, health facilities and  other facilities and projects as authorized by this Act; and to grant broad  powers to the Illinois Finance Authority to accomplish and to carry out these  policies of the State which are in the public interest of the State and of its  taxpayers and residents;(o) that providing financing alternatives for projects that are located outside the State that are owned, operated, leased, managed by, or otherwise affiliated with, institutions located within the State would promote the economy of the State for the benefit of the health, welfare, safety, trade, commerce, industry, and economy of the people of the State by creating employment opportunities in the State and lowering the cost of accessing healthcare, private education, or cultural institutions in the State by reducing the cost of financing or operating those projects;(p)    that the realization of the objectives of the Authority identified in this Act including, without limitation, those designed (1) to assist and enable veterans, minorities, women and disabled individuals to own and operate small businesses; (2) to assist in the delivery of agricultural assistance; and (3) to aid, assist, and encourage economic growth and development within this State, will be enhanced by empowering the Authority to purchase loan participations from participating lenders;(q)   that climate change threatens the health, welfare, and prosperity of all the residents of the State;(r)   combating climate change is necessary to preserve and enhance the health, welfare, and prosperity of all the residents of the State;(s)   that the promotion of the development and implementation of clean energy is necessary to combat climate change and is hereby declared to be the policy of the State; and(t)   that designating the Authority as the "Climate Bank" to aid in all respects with providing financial assistance, programs, and products to finance and otherwise develop and implement equitable clean energy opportunities in the State to mitigate or adapt to the negative consequences of climate change in an equitable manner will further the clean energy policy of the State. (Source: P.A. 102-662, eff. 9-15-21.)