20 ILCS 3501/801-10
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 801 - General Provisions

Sec. 801-10. Definitions. The following terms, whenever used or referred  to  in this Act, shall have the following meanings, except in such instances where  the context may clearly indicate otherwise:(a) The term "Authority" means the Illinois Finance Authority created by  this Act.(b) The term "project" means an industrial project, clean energy project, conservation project, housing project, public  purpose project, higher education project, health facility project, cultural  institution project, municipal bond program project, PACE Project, agricultural facility or agribusiness, and "project" may  include any combination of one or more of the foregoing undertaken jointly by  any person with one or more other persons.(c) The term "public purpose project" means (i) any project or facility,  including  without limitation land, buildings, structures, machinery, equipment and all  other real and personal property, which is authorized or required by law to be  acquired, constructed, improved, rehabilitated, reconstructed, replaced or  maintained by any unit of government or any other lawful public purpose, including provision of working capital, which  is authorized or required by law to be undertaken by any unit of government or (ii) costs incurred and other expenditures, including expenditures for management, investment, or working capital costs, incurred in connection with  the reform, consolidation, or implementation of the transition process  as described in Articles 22B and 22C of the Illinois Pension Code.(d) The term "industrial project" means the acquisition, construction,  refurbishment, creation, development or redevelopment of any facility,  equipment, machinery, real property or personal property for use by any  instrumentality of the State or its political subdivisions, for use by any  person or institution, public or private, for profit or not for profit, or for  use in any trade or business, including, but not limited to, any industrial,  manufacturing, clean energy, or commercial enterprise that is located within or outside the State, provided that, with respect to a project involving property located outside the State, the property must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, and which is (1) a capital project or clean energy project,  including, but not limited to: (i) land and any rights therein, one or more  buildings, structures or other improvements, machinery and equipment, whether  now existing or hereafter acquired, and whether or not located on the same site  or sites; (ii) all appurtenances and facilities incidental to the foregoing,  including, but not limited to, utilities, access roads, railroad sidings, track,  docking and similar facilities, parking facilities, dockage, wharfage, railroad  roadbed, track, trestle, depot, terminal, switching and signaling or related  equipment, site preparation and landscaping; and (iii) all non-capital costs  and expenses relating thereto or (2) any addition to, renovation,  rehabilitation or  improvement of a capital project or a clean energy project, or (3) any activity or undertaking within or outside the State, provided that, with respect to a project involving property located outside the State, the property must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, which the  Authority determines will aid, assist or encourage economic growth, development  or redevelopment within the State or any area thereof, will promote the  expansion, retention or diversification of employment opportunities within the  State or any area thereof or will aid in stabilizing or developing any industry  or economic sector of the State economy. The term "industrial project" also  means the production of motion pictures.(e) The term "bond" or "bonds" shall include bonds, notes (including bond,  grant or revenue anticipation notes), certificates and/or other evidences of  indebtedness representing an obligation to pay money, including refunding  bonds.(f) The terms "lease agreement" and "loan agreement" shall mean: (i) an  agreement whereby a project acquired by the Authority by purchase, gift or  lease  is leased to any person, corporation or unit of local government which will use  or cause the project to be used as a project as heretofore defined upon terms  providing for lease rental payments at least sufficient to pay when due all  principal of, interest and premium, if any, on any bonds of the Authority  issued  with respect to such project, providing for the maintenance, insuring and  operation of the project on terms satisfactory to the Authority, providing for  disposition of the project upon termination of the lease term, including  purchase options or abandonment of the premises, and such other terms as may be  deemed desirable by the Authority, or (ii) any agreement pursuant to which the  Authority agrees to loan the proceeds of its bonds issued with respect to a  project or other funds of the Authority to any person which will use or cause  the project to be used as a project as heretofore defined upon terms providing  for loan repayment installments at least sufficient to pay when due all  principal of, interest and premium, if any, on any bonds of the Authority, if  any, issued with respect to the project, and providing for maintenance,  insurance and other matters as may be deemed desirable by the Authority.(g) The term "financial aid" means the expenditure of Authority funds or  funds provided by the Authority through the issuance of its bonds, notes or  other  evidences of indebtedness or from other sources for the development,  construction, acquisition or improvement of a project.(h) The term "person" means an individual, corporation, unit of government,  business trust, estate, trust, partnership or association, 2 or more persons  having a joint or common interest, or any other legal entity.(i) The term "unit of government" means the federal government, the State or  unit of local government, a school district, or any agency or instrumentality,  office, officer, department, division, bureau, commission, college or  university thereof.(j) The term "health facility" means: (a) any public or private institution,  place, building, or agency required to be licensed under the Hospital Licensing  Act; (b) any public or private institution, place, building, or agency required  to be licensed under the Nursing Home Care Act, the Specialized Mental Health Rehabilitation Act of 2013, the ID/DD Community Care Act, or the MC/DD Act; (c)  any public or licensed private hospital as defined in the Mental Health and  Developmental Disabilities Code; (d) any such facility exempted from such  licensure when the Director of Public Health attests that such exempted  facility  meets the statutory definition of a facility subject to licensure; (e) any  other  public or private health service institution, place, building, or agency which  the Director of Public Health attests is subject to certification by the  Secretary, U.S. Department of Health and Human Services under the Social  Security Act, as now or hereafter amended, or which the Director of Public  Health attests is subject to standard-setting by a recognized public or  voluntary accrediting or standard-setting agency; (f) any public or private  institution, place, building or agency engaged in providing one or more  supporting services to a health facility; (g) any public or private  institution,  place, building or agency engaged in providing training in the healing arts,  including, but not limited to, schools of medicine, dentistry, osteopathy,  optometry, podiatry, pharmacy or nursing, schools for the training of x-ray,  laboratory or other health care technicians and schools for the training of  para-professionals in the health care field; (h) any public or private  congregate, life or extended care or elderly housing facility or any public or  private home for the aged or infirm, including, without limitation, any  Facility as defined in the Life Care Facilities Act; (i) any public or private  mental, emotional or physical rehabilitation facility or any public or private  educational, counseling, or rehabilitation facility or home, for those persons  with a developmental disability, those who are physically ill or disabled, the  emotionally disturbed, those persons with a mental illness or persons with  learning or similar disabilities or problems; (j) any public or private  alcohol, drug or substance abuse diagnosis, counseling treatment or  rehabilitation  facility, (k) any public or private institution, place, building or agency  licensed by the Department of Children and Family Services or which is not so  licensed but which the Director of Children and Family Services attests  provides child care, child welfare or other services of the type provided by  facilities  subject to such licensure; (l) any public or private adoption agency or  facility; and (m) any public or private blood bank or blood center. "Health  facility" also means a public or private structure or structures suitable  primarily for use as a laboratory, laundry, nurses or interns residence or  other housing or hotel facility used in whole or in part for staff, employees  or  students and their families, patients or relatives of patients admitted for  treatment or care in a health facility, or persons conducting business with a  health facility, physician's facility, surgicenter, administration building,  research facility, maintenance, storage or utility facility and all structures  or facilities related to any of the foregoing or required or useful for the  operation of a health facility, including parking or other facilities or other  supporting service structures required or useful for the orderly conduct of  such health facility. "Health facility" also means, with respect to a project located outside the State, any public or private institution, place, building, or agency which provides services similar to those described above, provided that such project is owned, operated, leased or managed by a participating health institution located within the State, or a participating health institution affiliated with an entity located within the State.(k) The term "participating health institution" means (i) a private corporation  or association or (ii) a public entity of this State, in either case authorized by the laws of this  State or the applicable state to provide or operate a health facility as defined in this Act and which,  pursuant to the provisions of this Act, undertakes the financing, construction  or acquisition of a project or undertakes the refunding or refinancing of  obligations, loans, indebtedness or advances as provided in this Act.(l) The term "health facility project", means a specific health facility  work  or improvement to be financed or refinanced (including without limitation  through reimbursement of prior expenditures), acquired, constructed, enlarged,  remodeled, renovated, improved, furnished, or equipped, with funds provided in  whole or in part hereunder, any accounts receivable, working capital, liability  or insurance cost or operating expense financing or refinancing program of a  health facility with or involving funds provided in whole or in part hereunder,  or any combination thereof.(m) The term "bond resolution" means the resolution or resolutions  authorizing the issuance of, or providing terms and conditions related to,  bonds issued  under this Act and includes, where appropriate, any trust agreement, trust  indenture, indenture of mortgage or deed of trust providing terms and  conditions for such bonds.(n) The term "property" means any real, personal or mixed property, whether  tangible or intangible, or any interest therein, including, without limitation,  any real estate, leasehold interests, appurtenances, buildings, easements,  equipment, furnishings, furniture, improvements, machinery, rights of way,  structures, accounts, contract rights or any interest therein.(o) The term "revenues" means, with respect to any project, the rents, fees,  charges, interest, principal repayments, collections and other income or profit  derived therefrom.(p) The term "higher education project" means, in the case of a private  institution of higher education, an educational facility to be acquired,  constructed, enlarged, remodeled, renovated, improved, furnished, or equipped,  or any combination thereof.(q) The term "cultural institution project" means, in the case of a cultural  institution, a cultural facility to be acquired, constructed, enlarged,  remodeled, renovated, improved, furnished, or equipped, or any combination  thereof.(r) The term "educational facility" means any property located within the  State, or any property located outside the State, provided that, if the property  is located outside the State, it must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, in each case  constructed or acquired before or after the effective date of this Act, which  is  or will be, in whole or in part, suitable for the instruction, feeding,  recreation or housing of students, the conducting of research or other work of  a  private institution of higher education, the use by a private institution of  higher education in connection with any educational, research or related or  incidental activities then being or to be conducted by it, or any combination  of the foregoing, including, without limitation, any such property suitable for  use as or in connection with any one or more of the following: an academic  facility, administrative facility, agricultural facility, assembly hall,  athletic facility, auditorium, boating facility, campus, communication  facility,  computer facility, continuing education facility, classroom, dining hall,  dormitory, exhibition hall, fire fighting facility, fire prevention facility,  food service and preparation facility, gymnasium, greenhouse, health care  facility, hospital, housing, instructional facility, laboratory, library,  maintenance facility, medical facility, museum, offices, parking area,  physical education facility, recreational facility, research facility, stadium,  storage facility, student union, study facility, theatre or utility.(s) The term "cultural facility" means any property located within the State, or any property located outside the State, provided that, if the property is located outside the State, it must be owned, operated, leased or managed by an entity located within the State or an entity affiliated with an entity located within the State, in each case  constructed or acquired before or after the effective date of this Act, which  is or will be, in whole or in part, suitable for the particular purposes or  needs  of a cultural institution, including, without limitation, any such property  suitable for use as or in connection with any one or more of the following: an  administrative facility, aquarium, assembly hall, auditorium, botanical garden,  exhibition hall, gallery, greenhouse, library, museum, scientific laboratory,  theater or zoological facility, and shall also include, without limitation,  books, works of art or music, animal, plant or aquatic life or other items for  display, exhibition or performance. The term "cultural facility" includes  buildings on the National Register of Historic Places which are owned or  operated by nonprofit entities.(t) "Private institution of higher education" means a not-for-profit  educational institution which is not owned by the State or any political  subdivision, agency, instrumentality, district or municipality thereof, which  is  authorized by law to provide a program of education beyond the high school  level  and which:(1) Admits as regular students only individuals     having a certificate of graduation from a high school, or the recognized equivalent of such a certificate;(2) Provides an educational program for which it     awards a bachelor's degree, or provides an educational program, admission into which is conditioned upon the prior attainment of a bachelor's degree or its equivalent, for which it awards a postgraduate degree, or provides not less than a 2-year program which is acceptable for full credit toward such a degree, or offers a 2-year program in engineering, mathematics, or the physical or biological sciences which is designed to prepare the student to work as a technician and at a semiprofessional level in engineering, scientific, or other technological fields which require the understanding and application of basic engineering, scientific, or mathematical principles or knowledge;(3) Is accredited by a nationally recognized     accrediting agency or association or, if not so accredited, is an institution whose credits are accepted, on transfer, by not less than 3 institutions which are so accredited, for credit on the same basis as if transferred from an institution so accredited, and holds an unrevoked certificate of approval under the Private College Act from the Board of Higher Education, or is qualified as a "degree granting institution" under the Academic Degree Act; and(4) Does not discriminate in the admission of     students on the basis of race or color. "Private institution of higher education" also includes any "academic institution".(u) The term "academic institution" means any not-for-profit institution  which  is not owned by the State or any political subdivision, agency,  instrumentality,  district or municipality thereof, which institution engages in, or facilitates  academic, scientific, educational or professional research or learning in a  field or fields of study taught at a private institution of higher education.  Academic institutions include, without limitation, libraries, archives,  academic, scientific, educational or professional societies, institutions,  associations or foundations having such purposes.(v) The term "cultural institution" means any not-for-profit institution  which  is not owned by the State or any political subdivision, agency,  instrumentality,  district or municipality thereof, which institution engages in the cultural,  intellectual, scientific, educational or artistic enrichment of the people of  the State. Cultural institutions include, without limitation, aquaria,  botanical societies, historical societies, libraries, museums, performing arts  associations or societies, scientific societies and zoological societies.(w) The term "affiliate" means, with respect to financing of an agricultural  facility or an agribusiness, any lender, any person, firm or corporation  controlled by, or under common control with, such lender, and any person, firm  or corporation controlling such lender.(x) The term "agricultural facility" means land, any building or other  improvement thereon or thereto, and any personal properties deemed necessary or  suitable for use, whether or not now in existence, in farming, ranching, the  production of agricultural commodities (including, without limitation, the  products of aquaculture, hydroponics and silviculture) or the treating,  processing or storing of such agricultural commodities when such activities are  customarily engaged in by farmers as a part of farming and which land, building, improvement or personal property is located within the State, or is located outside the State, provided that, if such property is located outside the State, it must be owned, operated, leased, or managed by an entity located within the State or an entity affiliated with an entity located within the State.(y) The term "lender" with respect to financing of an agricultural facility  or an agribusiness, means any federal or State chartered bank, Federal Land  Bank,  Production Credit Association, Bank for Cooperatives, federal or State  chartered savings and loan association or building and loan association, Small  Business  Investment Company or any other institution qualified within this State to  originate and service loans, including, but without limitation to, insurance  companies, credit unions and mortgage loan companies. "Lender" also means a  wholly owned subsidiary of a manufacturer, seller or distributor of goods or  services that makes loans to businesses or individuals, commonly known as a  "captive finance company".(z) The term "agribusiness" means any sole proprietorship, limited  partnership, co-partnership, joint venture, corporation or cooperative which  operates or will operate a facility located within the State or outside the State, provided that, if any facility is located outside the State, it must be owned, operated, leased, or managed by an entity located within the State or an entity affiliated with an entity located within the State, that  is related to the  processing of agricultural commodities (including, without limitation, the  products of aquaculture, hydroponics and silviculture) or the manufacturing,  production or construction of agricultural buildings, structures, equipment,  implements, and supplies, or any other facilities or processes used in  agricultural production. Agribusiness includes but is not limited to the  following:(1) grain handling and processing, including grain     storage, drying, treatment, conditioning, mailing and packaging;(2) seed and feed grain development and processing;(3) fruit and vegetable processing, including     preparation, canning and packaging;(4) processing of livestock and livestock products,     dairy products, poultry and poultry products, fish or apiarian products, including slaughter, shearing, collecting, preparation, canning and packaging;(5) fertilizer and agricultural chemical     manufacturing, processing, application and supplying;(6) farm machinery, equipment and implement     manufacturing and supplying;(7) manufacturing and supplying of agricultural     commodity processing machinery and equipment, including machinery and equipment used in slaughter, treatment, handling, collecting, preparation, canning or packaging of agricultural commodities;(8) farm building and farm structure manufacturing,     construction and supplying;(9) construction, manufacturing, implementation,     supplying or servicing of irrigation, drainage and soil and water conservation devices or equipment;(10) fuel processing and development facilities that     produce fuel from agricultural commodities or byproducts;(11) facilities and equipment for processing and     packaging agricultural commodities specifically for export;(12) facilities and equipment for forestry product     processing and supplying, including sawmilling operations, wood chip operations, timber harvesting operations, and manufacturing of prefabricated buildings, paper, furniture or other goods from forestry products;(13) facilities and equipment for research and     development of products, processes and equipment for the production, processing, preparation or packaging of agricultural commodities and byproducts.(aa) The term "asset" with respect to financing of any agricultural facility  or  any agribusiness, means, but is not limited to the following: cash crops or  feed on hand; livestock held for sale; breeding stock; marketable bonds and  securities; securities not readily marketable; accounts receivable; notes  receivable; cash invested in growing crops; net cash value of life insurance;  machinery and equipment; cars and trucks; farm and other real estate including  life estates and personal residence; value of beneficial interests in trusts;  government payments or grants; and any other assets.(bb) The term "liability" with respect to financing of any agricultural  facility or any agribusiness shall include, but not be limited to the  following:  accounts payable; notes or other indebtedness owed to any source; taxes; rent;  amounts owed on real estate contracts or real estate mortgages; judgments;  accrued interest payable; and any other liability.(cc) The term "Predecessor Authorities" means those authorities as described  in Section 845-75.(dd) The term "housing project" means a specific work or improvement located  within the State or outside the State and  undertaken  to provide residential dwelling accommodations, including the acquisition,  construction or rehabilitation of lands, buildings and community facilities and  in connection therewith to provide nonhousing facilities which are part of the  housing project, including land, buildings, improvements, equipment and all  ancillary facilities for use for offices, stores, retirement homes, hotels,  financial institutions, service, health care, education, recreation or research  establishments, or any other commercial purpose which are or are to be related  to a housing development, provided that any work or improvement located outside the State is owned, operated, leased or managed by an entity located within the State, or any entity affiliated with an entity located within the State.(ee) The term "conservation project" means any project including the acquisition, construction, rehabilitation, maintenance, operation, or upgrade that is intended to create or expand open space or to reduce energy usage through efficiency measures. For the purpose of this definition, "open space" has the definition set forth under Section 10 of the Illinois Open Land Trust Act.(ff) The term "significant presence" means the existence within the State of the national or regional headquarters of an entity or group or such other facility of an entity or group of entities where a significant amount of the business functions are performed for such entity or group of entities.(gg) The term "municipal bond issuer" means the State or any other state or commonwealth of the United States, or any unit of local government, school district, agency or instrumentality, office, department, division, bureau, commission, college or university thereof located in the State or any other state or commonwealth of the United States.(hh) The term "municipal bond program project" means a program for the funding of the purchase of bonds, notes or other obligations issued by or on behalf of a municipal bond issuer.(ii)   The term "participating lender" means any trust company, bank, savings bank, credit union, merchant bank, investment bank, broker, investment trust, pension fund, building and loan association, savings and loan association, insurance company, venture capital company, or other institution approved by the Authority which provides a portion of the financing for a project.(jj)   The term "loan participation" means any loan in which the Authority co-operates with a participating lender to provide all or a portion of the financing for a project.(kk)   The term "PACE Project" means an energy project as defined in Section 5 of the Property Assessed Clean Energy Act.(ll)     The term "clean energy" means energy generation that is substantially free (90% or more) of carbon dioxide emissions by design or operations, or that otherwise contributes to the reduction in emissions of environmentally hazardous materials or reduces the volume of environmentally dangerous materials.(mm)     The term "clean energy project" means the acquisition, construction, refurbishment, creation, development or redevelopment of any facility, equipment, machinery, real property, or personal property for use by the State or any unit of local government, school district, agency or instrumentality, office, department, division, bureau, commission, college, or university of the State, for use by any person or institution, public or private, for profit or not for profit, or for use in any trade or business, which the Authority determines will aid, assist, or encourage the development or implementation of clean energy in the State, or as otherwise contemplated by Article 850.(nn)     The term "Climate Bank" means the Authority in the exercise of those powers conferred on it by this Act related to clean energy or clean water, drinking water, or wastewater treatment.(oo)     "Equity investment eligible community" and "eligible community" mean the geographic areas throughout Illinois that would most benefit from equitable investments by the State designed to combat discrimination. Specifically, the eligible communities shall be defined as the following areas:(1)   R3 Areas as established pursuant to Section     10-40 of the Cannabis Regulation and Tax Act, where residents have historically been excluded from economic opportunities, including opportunities in the energy sector; and(2)   Environmental justice communities, as defined     by the Illinois Power Agency pursuant to the Illinois Power Agency Act, where residents have historically been subject to disproportionate burdens of pollution, including pollution from the energy sector.(pp)   "Equity investment eligible person" and "eligible person" mean the persons who would most benefit from equitable investments by the State designed to combat discrimination. Specifically, eligible persons means the following people:(1)  persons whose primary residence is in an equity     investment eligible community;(2)  persons who are graduates of or currently     enrolled in the foster care system; or(3)  persons who were formerly incarcerated.(qq) "Environmental justice community" means the definition of that term based on existing methodologies and findings used and as may be updated by the Illinois Power Agency and its program administrator in the Illinois Solar for All Program. (Source: P.A. 101-610, eff. 1-1-20; 102-662, eff. 9-15-21.)