2023 Illinois Compiled Statutes › Chapter 20 - EXECUTIVE BRANCH › 20 ILCS 3501/ - Illinois Finance Authority Act. › Article 845 - Authority Debts, Contracts And Reports

(20 ILCS 3501/Art. 845 heading)
ARTICLE 845
AUTHORITY DEBTS, CONTRACTS AND REPORTS
(20 ILCS 3501/845-5)
Sec. 845-5. Bond limitations.
(a) The Authority may not have outstanding at any one time bonds
for any of its corporate purposes in an aggregate principal amount exceeding $28,150,000,000, excluding bonds issued to refund the bonds of the Authority or
bonds of the Predecessor Authorities.
(b) The Authority may not have outstanding at any one time revenue bonds in  an aggregate principal amount exceeding $4,000,000,000 on behalf of the Illinois Power Agency as set forth in Section 825-90.  Any such revenue bonds issued on behalf of the Illinois Power Agency pursuant to  this Act  shall not be counted against the bond authorization limit  set forth in subsection (a).
(Source: P.A. 94-1068, eff. 8-1-06; 95-481, eff. 8-28-07; 95-697, eff. 11-6-07; 95-876, eff. 8-21-08; 95-879, eff. 8-21-08.)
(20 ILCS 3501/845-10)
Sec. 845-10. 
		
		The Authority may issue a single bond issue pursuant to this
Act
for a group of industrial projects, a group of corporations or a group of
business entities, a group of units of local government or other borrowers or
any combination thereof. A bond issue for multiple projects as provided in this
Section shall be subject to all requirements for bond issues as established by
this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
(20 ILCS 3501/845-15)
Sec. 845-15. 
		
		The Authority may maintain an office or branch office
anywhere
in the State, and may utilize, without the payment of rent, any office
facilities which the State may conveniently make available to it.
(Source: P.A. 93-205, eff. 1-1-04.)
(20 ILCS 3501/845-20)
Sec. 845-20. 
		
		The Authority shall not have power to levy taxes for any
purpose whatsoever.
(Source: P.A. 93-205, eff. 1-1-04.)
(20 ILCS 3501/845-25)
Sec. 845-25. 
		
		The Authority shall not incur any obligations for salaries,
office or other administrative expenses prior to the making of appropriations
to meet such expenses. Interest earned from investments of any funds of the
Authority and repayments of principal of such investments shall be available
for appropriation by the Board for the corporate purposes of the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
(20 ILCS 3501/845-30)
Sec. 845-30. 
		
		The State and all counties, cities, villages, incorporated
towns
and other municipal corporations, political subdivisions and public bodies, and
public officers of any thereof, all banks, bankers, trust companies, savings
banks and institutions, building and loan associations, savings and loan
associations, investment companies and other persons carrying on a banking
business, all insurance companies, insurance associations and other persons
carrying on an insurance business and all executors, administrators, guardians,
trustees and other fiduciaries may legally invest any sinking funds, moneys or
other funds belonging to them or within their control in any bonds or evidences
of indebtedness issued pursuant to this Act or issued by the Predecessor
Authorities, it being the purpose of this Section to authorize the investment
in
such bonds or evidences of indebtedness of all sinking, insurance, retirement,
compensation, pension and trust funds, whether owned or controlled by private
or
public persons or officers; provided, however, that nothing contained in this
Section may be construed as relieving any person from any duty of exercising
reasonable care in selecting securities for purchase or investment.
(Source: P.A. 93-205, eff. 1-1-04.)
(20 ILCS 3501/845-35)
Sec. 845-35. 
		
		Under no circumstances shall any bonds or other evidences of
indebtedness issued by the Authority or the Predecessor Authorities under this
Act or under any other law be or become an indebtedness or obligation of the
State of Illinois, within the purview of any constitutional limitation or
provision, and it shall be plainly stated on the face of each bond or other
evidence of indebtedness that it does not constitute such an indebtedness or
obligation but is payable solely from the revenues or income of the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
(20 ILCS 3501/845-40)
Sec. 845-40. 
		
		The Authority shall appoint a secretary and treasurer, who
may,
but need not, be a member or members of the Authority to hold office during the
pleasure of the Authority. Before entering upon the duties of the respective
offices such person or persons shall take and subscribe to the constitutional
oath of office, and the treasurer shall execute a bond with corporate sureties
to be approved by the Authority. The bond shall be payable to the Authority in
whatever penal sum may be directed by the Authority conditioned upon the
faithful performance of the duties of the office and the payment of all money
received by him according to law and the orders of the Authority. The Authority
may, at any time, require a new bond from the treasurer in such penal sum as
may
then be determined by the Authority. The obligation of the sureties shall not
extend to any loss sustained by the insolvency, failure or closing of any
savings and loan association or national or state bank wherein the treasurer
has
deposited funds if the bank or savings and loan association has been approved
by
the Authority as a depository for these funds. The oaths of office and the
treasurer's bond shall be filed in the principal office of the Authority.
All funds of the Authority, including without limitation, grants or loans from
the federal government, the State or any agency or instrumentality thereof,
fees, service charges, interest or other investment earnings on its funds,
payments of principal of and interest on loans of its funds and revenue from
any
other source, except funds the application of which is otherwise specifically
provided for by appropriation, resolution, grant agreement, lease agreement,
loan agreement, indenture, mortgage or trust agreement or other agreement, may
be held by the Authority in its treasury and be generally available for
expenditure by the Authority for any of the purposes authorized by this Act. In
addition to investments authorized by
Section 2 of
the Public Funds Investment Act, funds of the Authority may be invested in (a)
obligations issued by
any
State, unit of local government or school district which obligations are rated
at the time of purchase by a national rating service within the two highest
rating classifications without regard to any rating refinement or gradation by
numerical or other modifier, or (b) equity securities of an investment company
registered under the Investment Company Act of 1940 whose sole assets, other
than cash and other temporary investments, are obligations which are eligible
investments for the Authority, provided that not more than 20% of the assets of
the investment company may consist of unrated obligations of the type described
in clause (a) which the Board of Directors of the investment company has
determined to be of comparable quality to rated obligations described in clause
(a).  Funds appropriated by the General Assembly to the Authority shall be held
in the
State treasury unless this Act or the Act making the appropriation specifically
states that the monies are to be held in or appropriated to the Authority's
treasury.
Such funds as are authorized to be held in the Authority's treasury and
deposited in any bank or savings and loan association and placed in the name of
the Authority shall be withdrawn or paid out only by check or draft upon the
bank or savings and loan association, signed by the treasurer and countersigned
by the Chairperson of the Authority. The Authority may designate any of its
members or any officer or employee of the Authority to affix the signature of
the Chairperson and another to affix the signature of the treasurer to any
check
or draft for payment of salaries or wages and for payment of any other
obligations of not more than $2,500.
In case any officer whose signature appears upon any check or draft, issued
pursuant to this Act, ceases to hold his office before the delivery thereof to
the payee, his signature nevertheless shall be valid and sufficient for all
purposes with the same effect as if he had remained in office until delivery
thereof.
No bank or savings and loan association shall receive public funds as permitted
by this
Section, unless it has complied with the requirements established
pursuant to
Section 6 of the Public Funds Investment Act.
(Source: P.A. 93-205, eff. 1-1-04.)