reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.500 - Purpose; Definitions; Incorporation by Reference

Current through Register Vol. 48, No. 28, July 12, 2024
a) The purpose of the Illinois Housing
				Partnership Program is to assist the financing of projects for the
				rehabilitation of affordable multi-family housing for low and moderate income
				residents. Under this program, the Illinois Finance Authority may provide
				zero-interest loans to municipalities to facilitate housing
				rehabilitation.
b) Definitions
Words defined in the Illinois Finance Authority Act and in
				  Section
				  1100.50 have the same
				  meaning when used in this Subpart unless a more specific definition is
				  prescribed in this Section. This Section establishes additional definitions for
				  use in this Subpart only.
"Application" means the application for the use of program
				  funds for a particular project.
"Corporate authorities" means the city council or similar
				  body when the reference is to cities, the board of trustees or similar body
				  when the reference is to villages or incorporated towns, and the council when
				  the reference is to municipalities under the commission form of municipal
				  government.
"Loan" means a loan from the Authority under this
				  program.
"Low Income" means income of persons whose annual income does
				  not exceed 50% of the median income for the metropolitan statistical area in
				  which the project is located, with adjustments for larger and smaller families,
				  as specified in Table A of this Part.
"Moderate Income" means income of persons whose annual income
				  does not exceed 80% of the median income for the metropolitan statistical area
				  in which the project is located, with adjustments for larger and smaller
				  families, as specified in Table A of this Part.
"Multi-family Housing" means buildings with at least four (4)
				  separate residential units, with each unit containing separate and complete
				  facilities for living, sleeping, eating, cooking and sanitation, and containing
				  at least three (3) rooms. Studio units are not considered units under this
				  definition.
"Municipality" means a city, village or incorporated town in
				  the State of Illinois.
"Primary Developer" means the non-governmental project
				  participant who has primary responsibility for the planning, organization,
				  development and completion of the project.
"Program" means the Illinois Housing Partnership
				  Program.
"Project" means the group of integrally related activities
				  which are to be carried out by all public and private participating parties, as
				  listed in the agreement relating to the project.
c) Incorporation by Reference
All materials incorporation by reference in this Subpart are
				  incorporated as of the date specified and include no later amendments or
				  editions.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.505 - Eligible Applicants; Eligible Projects

Current through Register Vol. 48, No. 28, July 12, 2024
a) Eligible Applicants
Only municipalities are eligible to apply for and receive
				  loans from the Authority under the program. Subject to appropriation of funds
				  for such purpose by the General Assembly, all municipalities in Illinois are
				  eligible for loans under the program. The project site must be within the
				  corporate limits of the municipality applying for the loan.
b) Eligible Projects
1) All projects, the objectives of which are
				the rehabilitation of affordable, multi-family housing, principally for persons
				of low and moderate incomes, are eligible for funding. The Authority will
				select from among eligible projects on the basis of the criteria for selection
				set forth in Section
				1100.525.
2) In order to be eligible for selection on
				the basis of the criteria set forth in Section 1100.525, a project must provide
				multi-family housing, at least 51% of the units being available at affordable
				rents for persons of low and moderate income, and involve rehabilitation of an
				existing structure or structures. "Affordable rents" means a rental charge
				which is not greater than one-third (1/3) of the gross income of the low or
				moderate income persons as defined in Section
				1100.500.
3) Upon the request of the applicant, the
				Authority will consider for selection under Section 1100.525, a project in
				which less than 51% of the units are intended to be available at affordable
				rents to persons of low and moderate income, provided that the project is
				located in a census tract in which the median income is no greater than the 80%
				of the median income for the metropolitan statistical area.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.510 - Municipal Approval

Current through Register Vol. 48, No. 28, July 12, 2024
No application for program funds shall be reviewed by the
				  members of the Authority until the corporate authorities of the municipality
				  have by resolution approved the project. No such resolution shall be adopted
				  until a public hearing on the proposed project has been held at a location
				  convenient to the project site. Notice of the public hearing shall be published
				  once at least 14 calendar days prior to the date of the hearing in at least one
				  newspaper of general circulation in the municipality.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.520 - On-Site Inspection

Current through Register Vol. 48, No. 28, July 12, 2024
During the period in which the application is being reviewed,
				  project participants shall provide full and free access to the project site to
				  the officers, agents and employees of the Authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.525 - Selection Criteria

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority will review those projects for which completed
				  applications have been submitted within the deadlines established under this
				  Subpart. By vote of its members, subject to the availability of funds, the
				  Authority will select for loans those projects which advance the objectives of
				  the Act. In making its selection under this Subpart, the Authority shall take
				  into account the following selection criteria, giving greatest weight to
				  subsections (a)(1), (a)(2) and (a)(3):
a) The level of economic distress within the
				municipality or the project area. The level of distress of an area may be
				evidenced by a number of factors, including:
1) Age and condition of buildings in the
				area;
2) Population growth or
				decline;
3) Level of unemployment
				in the area; and
4) Percentage of
				community residents with low or moderate income;
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.530 - Deadlines

Current through Register Vol. 48, No. 28, July 12, 2024
a) At the beginning
				of each fiscal year, the Authority will adopt a schedule or schedules by which
				applications must be received and awards will be made. In adopting such
				schedule or schedules the Authority will take into account the amount of funds
				appropriated and available for expenditure for the program, the number and size
				of municipalities eligible to receive loans under law and the need for
				efficient decisionmaking.
b) The
				application must state the funding round for which it is submitted. Loans, if
				any, will be made before the next deadline for applications.
c) For fiscal year 1986 only, round 1
				applications shall be received on or before February 1, 1986 to be eligible for
				an award before April 1, 1986. Round 2 applications shall be received on or
				before April 1, 1986 to be eligible for an award before July 1, 1986.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.535 - Funding Restrictions and Eligible Costs

Current through Register Vol. 48, No. 28, July 12, 2024
a) No more than 3 dollars of program funds
				may be provided for every 7 dollars obtained by the municipality from private
				sources.
b) No more than $1,000,000
				in program funds may be awarded in any fiscal year to a single
				project.
c) No more than $2,000,000
				in aggregate program funds may be awarded in any fiscal year to projects
				developed or initiated by any single private sector developer.
d) No program loan may be less than $30,000
				in amount.
e) Program funds shall
				be used only for rehabilitation of existing housing. Program funds shall be
				used only to pay for eligible project costs. Eligible project costs will be
				defined in the loan agreement.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.540 - Loan Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
Upon approval of the application, the Authority and the
				  municipality shall enter into a loan agreement containing terms and provisions
				  relating to the loan. The Authority shall provide the form of the loan
				  agreement.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.545 - Disbursement and Repayment of Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Funds shall be disbursed after commencement of the project
				  pursuant to a disbursement schedule contained in the loan agreement. Repayment
				  of the loan principal shall be made according to the loan agreement. The
				  interest rate on all loans shall be zero (0) percent.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.550 - Loan Terms

Current through Register Vol. 48, No. 28, July 12, 2024
The loan may mature at such time or times, may be in such
				  form, may be payable under such terms, may be secured by such security, and may
				  contain such terms and covenants, all as may be provided by the Authority in
				  the loan agreement, provided the principal of a loan made with respect to a
				  project shall be repaid upon sale by the owner to a non-participating party or
				  upon final payment of any funds provided to a project from private sources and
				  secured by a first mortgage. All loans made by the Authority under this program
				  shall be repaid upon the sale or transfer of the property
				  rehabilitated.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.555 - Recordkeeping and Access to Information

Current through Register Vol. 48, No. 28, July 12, 2024
Any municipality which receives program funds and its project
				  participants shall:
a) maintain
				separate, accurate accounts, records, and books relative to the project in such
				manner and detail as the Authority may prescribe in the loan
				agreement;
b) grant to the
				employees of the State or representatives of the Authority at all times during
				normal business hours and as often as the Authority may require, full and free
				access to the project and to its accounts, records, and books;
c) permit the Authority or any accountants or
				auditors approved by the Authority to make periodic audits, excerpts or
				transcripts of the project accounts, statements and documents; and
d) at the request of the Authority, furnish
				copies of documents or instruments related to the project in the possession of
				the municipality or the primary developer as the Authority may from time to
				time require.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.560 - Progress Reports

Current through Register Vol. 48, No. 28, July 12, 2024
Recipient municipalities shall submit semi-annual progress
				  reports to the Authority. Such reports shall include, but need not be limited
				  to a statement indicating expenditures and disbursements of program funds
				  during the previous six month period and cumulatively and a statement on the
				  progress and status of activities performed in relation to the project schedule
				  and program objectives.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.565 - Audit Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
Recipient municipalities shall cause to be prepared an audit
				  of the uses of loan funds. The audit shall be conducted in accordance with
				  generally accepted standards of accounting for State and local governments,
				  such as the Codification of Governmental Accounting and Financial Reporting
				  Standards (Governmental Accounting Standards Board, November 1, 1984). The
				  audit shall be undertaken and completed within 150 days from the completion of
				  the project, and within 15 days following the date such audit is completed, the
				  corporate authorities of the municipality shall transmit a copy of the audit to
				  the Authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.570 - Loan Monitoring and Recovery

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority retains the right to rescind program loans and
				  require the immediate repayment of loans already disbursed if it finds that the
				  municipality or other project participant is misusing program funds or is not
				  complying with the terms of these regulations, the loan agreement, or
				  applicable law, all as provided in the loan agreement.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.575 - Project Completion Notice

Current through Register Vol. 48, No. 28, July 12, 2024
Each municipality shall notify the Authority within sixty
				  (60) days after completion of the project that all portions of the project have
				  been fully completed in accordance with the plans and specifications for the
				  project. Within 180 days, each municipality shall also be required to certify
				  that all portions of the project have been fully paid for and that no claim or
				  claims exist against the project out of which a lien based on the furnishing of
				  labor or material exists or might ripen.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.600 - Introduction

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Illinois
				Finance Authority is a State agency which engages in the financing of
				educational facilities for private colleges, universities, and academic
				institutions in Illinois, and the financing of cultural facilities for private
				cultural institutions in Illinois, by issuing tax-exempt revenue bonds. The
				tax-exempt status of the Authority's bonds results in considerable savings in
				interest costs to the participating institutions.
b) The Illinois Finance Authority Act [20
				ILCS 3501 ] (the "Act"), under which the Authority operates, was recently
				amended to make it possible for the Authority to engage in a broader range of
				financing than was previously the case. The Authority has accordingly prepared
				these Guidelines for the purpose of advising Illinois colleges, universities,
				academic institutions and cultural institutions as to what now can be financed
				under the Act. The Authority encourages interested institutions to apply for
				financing, but must, of course, reserve the right to accept or reject any
				application.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.610 - Who May Apply for Financing

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Act provides that any private
				institution of higher education may apply to the Authority for the financing of
				an educational facility. A private institution of higher education is defined
				to mean any 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 post-graduate degree, or provides not
				less than a two 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 semi-professional 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 an institution
				that:
A) is accredited by a nationally
				recognized accrediting agency or association or, if not so accredited, be an
				institution whose credits are accepted, on transfer, by not less than three
				institutions which are so accredited, for credit on the same basis as if
				transferred from an institution so accredited, and holds an unrevoked
				certificate or approval from the Board of Higher Education under the Private
				College Act [110 ILCS 1005/121 ], or
B) is qualified and approved as a "degree
				granting institution" under the Academic Degree Act [110 ILCS 1010 ];
				and
4) does not
				discriminate in the admission of students on the basis of race, color or
				creed.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.630 - Types of Costs that Can Be Financed: Outstanding Debt

Current through Register Vol. 48, No. 28, July 12, 2024
Generally speaking, all costs connected with the acquisition
				  or construction of an educational or cultural facility can be financed through
				  an Authority bond issue, including the costs of refunding or refinancing debt
				  previously incurred by a private institution of higher education or a cultural
				  institution to finance an educational or cultural facility and the costs of
				  remodeling or adding to an existing facility. Equipment to be used in an
				  educational or cultural facility may also be financed.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.640 - Application Guidelines

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Introduction. Each applicant institution is encouraged to review the following
				procedures incident to the preparation of any application for
				assistance.
b) Pre-filing Stage.
				Prior to the preparation or submission of any application for assistance, each
				institution is requested to contact the Authority's Executive Director. The
				Executive Director will arrange for a meeting, or meetings, with the
				institution and the Authority's Executive Director, financial advisor, and bond
				counsel. The purpose of these meetings is two-fold:
1) A preliminary evaluation of the proposed
				project by the institution and the Authority's staff in order to determine, in
				the first instance, whether or not an application should be submitted to the
				Authority for its consideration. (In the event that it is the opinion of the
				Authority's staff that an application should not be prepared and submitted,
				this recommendation will be rendered to the Authority for its consideration
				prior to any further work with respect to the proposed project); and
2) Where prior Authority authorization is not
				deemed necessary, the Authority staff shall at once assist the institution in
				the development of its application for the Authority's information and review.
				Additionally, the financial advisor will prepare an initial financial advisory
				review for the Authority's consideration. (This initial review consists of a
				description of the proposed project and a description of the economic
				background of the applicant institution.)
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.650 - Interest Rate on the Authority's Bonds

Current through Register Vol. 48, No. 28, July 12, 2024
There is no legal limit on the interest rate for the
				  Authority's Bonds under this Subpart. As a matter of policy, however, the
				  Authority may decide in certain cases to limit the rate for a particular Bond
				  issue, after consulting with its financial advisor and the institution which is
				  applying for financing.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.670 - Length of Bond Issue

Current through Register Vol. 48, No. 28, July 12, 2024
The Act limits the life of an Authority bond issue under this
				  Subpart to 40 years. The Authority will, in consultation with its fiscal
				  advisor and the applying institution, determine the length of any given
				  issue.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.680 - Type of Bond Issue

Current through Register Vol. 48, No. 28, July 12, 2024
The Act permits bonds under this Subpart to be sold at a
				  private or public sale and the method to be followed will be determined on a
				  case by case basis.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart F - LOAN PARTICIPATION PROGRAM › Section 1100.690 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Authority
				charges the following fees to participating institutions for the services it
				provides:
1) Application Fee - for processing
				an Application for Assistance. - An "Application Fee", based upon the following
				schedule, is payable upon submission of an application and is not refundable:
A) $250 on issues up to but not including
				$1,000,000 principal amount;
B)
				$500 on issues of $1,000,000 up to but not including $5,000,000 principal
				amount; and
C) $1,000 on issues of
				$5,000,000 principal amount and over.
AGENCY NOTE: This fee will be credited to the Administrative
				  Charge upon completion of the related bond financing.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart G - FARM DEVELOPMENT PROGRAM › Section 1100.705 - Rules and Guidelines Applicable to Bond Programs under this Subpart

Current through Register Vol. 48, No. 28, July 12, 2024
a) General
				Description of Programs. The bond programs are intended to allow farmers to
				obtain lower interest rate loans for qualified purposes by obtaining loan funds
				from the proceeds of a tax-free bond issued by the Authority. The Authority
				shall establish, from time to time, particular bond programs to implement the
				policies and purposes of the Act. The Authority may modify or discontinue any
				such program, in a manner consistent with this Part, if it determines that the
				public interest would be served by so doing.
b) Applicant Eligibility
1) Unless otherwise provided in this Part,
				the eligible applicant must be a permanent resident of Illinois at the time the
				bond is issued.
2) The land and
				improvements or depreciable farm property the applicant proposes to purchase
				will be located within Illinois.
3)
				The applicant must be at least 18 years of age at the time of
				application.
4) The applicant may
				be required to document to the satisfaction of the lender and the Authority,
				sufficient education, training or experience in the type of project for which
				the loan is sought.
5) If the loan
				is sought for the acquisition of land, the applicant may be required to
				document, to the satisfaction of the lender, that he will have access to
				adequate working capital, farm equipment, machinery or livestock. If the loan
				is sought for acquisition of depreciable agricultural property, the applicant
				should document access to adequate working capital or agricultural
				land.
6) The Authority may, from
				time to time, and through formal rulemaking procedures, establish rules
				requiring that a determination be made that the applicant is unable to secure
				financing from nongovernmental sources upon terms and conditions which the
				applicant reasonably could be expected to fulfill.
7) The land and improvements which are
				financed by the loan made by the Authority must be used by the applicant. Any
				improvements or depreciable property which is to become a fixture or an
				integral part of real estate may be financed by the Authority only if the
				applicant owns or leases the real estate on which it is to be
				located.
8) The applicant must
				state the particular program for which he or she is applying and must satisfy
				all the eligibility requirements of that program.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart G - FARM DEVELOPMENT PROGRAM › Section 1100.715 - Rules and Guidelines Applicable to the Interest Buy Down Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) General
				Description of Program
1) The Interest Buy
				Down Program (IBD), which is used in conjunction with the State Guarantee
				Program for Restructuring Agricultural Debt (SGP), is designed to subsidize the
				interest cost on loans made to pork producers.
2) The State shall pay a portion of the
				interest on qualifying loans under the SGP:
A) The maximum principal amount on which the
				State will pay interest is $100,000.
B) The State will pay the interest calculated
				at a rate of 2.0 % up to the maximum principal amount.
C) Payments will be made to the Lender
				annually.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.800 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following definitions apply in this Subpart:
"Applicant" means a unit of local government, including any
				  municipality, township, township fire department, or special district such as a
				  fire protection district that operates a fire department or provides fire
				  suppression services itself without contracting those services from another
				  entity.
"Authority" means the Illinois Finance Authority created by
				  the Illinois Finance Authority Act [20 ILCS 3501 ] or its successor
				  agency.
"Board" means the governing body of the entity receiving the
				  loan.
"Brush Truck" means a pickup chassis with or equipped with a
				  flatbed or a pickup box. The brush truck must be rated by the manufacturer as
				  between three-fourths of a ton and one ton and outfitted with a fire or rescue
				  apparatus.
"Fire Department" means a fire department, fire protection
				  district, or township fire department that is a unit of local government (as
				  defined in Article VII, Section 1 of the Illinois Constitution of 1970 and in
				  5 ILCS
				  70/1.28 ) in Illinois that provides fire suppression
				  within a geographical area. For purposes of this Part, "Fire Department" is
				  defined to include volunteer fire departments and volunteer fire protection
				  districts (that are units of local government).
"Fire Truck" means an emergency vehicle identified as a
				  pumper, ladder, truck, elevating platform, rescue truck, tanker, or squad
				  truck.
"Fund" means the Fire Truck Revolving Loan Fund.
"Funding Date" means the date on which a zero-interest loan
				  or low-interest loan is closed and funded.
"Low-Interest Loan" means a loan with a fixed rate of
				  interest lower than commercially available.
"OSFM" means the Office of the State Fire Marshal.
"Program" means the Illinois Fire Truck Revolving Loan
				  Program.
"Recipient" means an applicant that has successfully applied
				  for and received all required approvals from OSFM and the Authority, agreed to
				  and executed loan documentation prepared by the Authority, and closed and
				  funded its fire truck or brush truck loan.
"Zero-Interest Loan" means a loan bearing a zero percent rate
				  of interest for the duration of the loan.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.803 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any Section, subsection, sentence or clause of this
				  Subpart shall be held by a court of competent jurisdiction to be invalid, that
				  holding shall not affect the remaining portions of this
				  Subpart.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.805 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) OSFM and the
				Authority may jointly administer a Program to provide zero-interest loans or
				low-interest loans to eligible applicants to finance or reimburse all or a
				portion of the cost of purchasing fire trucks or brush trucks, subject to
				availability of funds.
b)
				For-profit entities, nonprofit entities, associations and/or not-for-profit
				corporations are not eligible to apply for a loan under this program. Units of
				local government that do not operate fire departments are similarly not
				eligible (e.g., a municipality that contracts for fire suppression from another
				municipality or fire protection district would be ineligible).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.810 - Eligible Expenditures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Subject to the availability of funds, loans are available to be made under the
				Program for zero-interest loans or low-interest loans to applicants for the
				purchase of fire trucks or brush trucks as deemed eligible under OSFM's
				administrative rules at 41 Ill. Adm. Code
				290.20
				and
				290.30.
b) Loan proceeds may be used to pay off a
				loan that was obtained no more than one year prior to the receipt of a loan
				under this Program if the loan being paid off was obtained to purchase the fire
				truck or brush truck that is the subject of the application that was approved
				under this Program.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.815 - Loan Application Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) Applications for loans to be made pursuant
				to the Program shall be submitted to OSFM on forms provided by, and following
				the procedures established by, OSFM and the Authority. Each application shall
				be reviewed by OSFM. OSFM will determine, based on equipment needs, financial
				need, and how recently the applicant has received a previous loan under this
				Program, which eligible applicant or applicants shall be recommended to the
				Authority for further consideration to receive a loan under this Program to
				finance the purchase of a fire truck or brush truck.
b) Applications approved by OSFM will be
				forwarded to the Authority. The Authority will review the loan application and
				any supplemental information provided in connection with each loan application,
				including, without limitation, financial statements and certifications and
				assurances provided by officers of the applicant, and any related
				Board-approved ordinances, resolutions, tax levies, budgets or other pertinent
				documents necessary to evaluate legal authorization and determine
				creditworthiness of the applicant.
c) The Authority, after completion of its
				review, will notify OSFM of which loan applications have been approved. OSFM
				will notify each applicant of the approval or disapproval of its application.
				Applicants who are not approved may request reconsideration of the
				determination of OSFM or the Authority by following the Request for
				Reconsideration procedures established by OSFM (see 41 Ill. Adm. Code
				290.60
				).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.817 - Funding Criteria and Credit Review Process

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the loan application review criteria developed
				  by OSFM (see 41 Ill. Adm. Code
				  290.55
				  ), the credit review process and funding criteria approved by the Authority for
				  this Program are as follows:
a) The
				Authority's Chief Financial Officer, or his or her designee, will serve as an
				ex officio, non-voting member of OSFM's Loan Application Review Committee for
				the purpose of reviewing submitted loan documentation to ensure that all
				documents necessary for the Authority to initiate its credit and due diligence
				review are present (see 41 Ill. Adm. Code
				290.40
				).
b) If an applicant is delinquent
				on a previous loan funded by the Authority, the applicant shall be
				automatically disqualified from funding under this Program until any loan
				repayment delinquency has been cured.
c) The applicant must demonstrate its ability
				to meet at least one of the following minimum debt service coverage
				requirements:
1) General fund revenues or
				specified revenue stream:
				1.25 x;
				or
2) State intercept revenues:
				1.25x; or
3) Direct property levy
				for the loan: 1.00 x.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.820 - Loan Documents and Servicing

Current through Register Vol. 48, No. 28, July 12, 2024
a) Loan applications approved by OSFM and the
				Authority will be submitted to the Authority to prepare loan documentation and
				funding. Subject to the availability of funds, the Authority will prepare the
				loan documentation, including, without limitation, a Loan Agreement to evidence
				the loan.
b) The loan documentation
				will be provided to the applicant for execution. Upon execution of the loan
				documentation, subject to the availability of funds, the Authority will execute
				the loan documentation and cause the loan to be funded.
c) The Authority will retain the executed
				loan documents and will service funded loans.
d) The Authority reserves the right to charge
				an origination/processing fee of up to $500 per applicant that receives an
				approved loan. The amounts attributable to this origination/processing fee
				shall be deducted from the loan proceeds released upon closing and funding of
				the loan.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.825 - Repayment Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Loans shall be repaid within 20 years, except that loans to finance acquisition
				of brush trucks shall be repaid within 10 years.
b) For the purchase of brush trucks by a fire
				department, the Program shall provide loans at a 2% rate of simple interest per
				year if both the brush truck chassis and the apparatus are built outside of
				Illinois; a 1% rate of simple interest per year if either the brush truck
				chassis or the apparatus is built in Illinois; or a 0% rate if both the brush
				truck chassis and the apparatus are built in Illinois. The applicable interest
				rate shall be fixed and remain in effect for the term of the loan.
c) The rate of interest on loans under the
				Program, except for brush trucks, will be a 0% fixed interest rate (and remain
				in effect until the final maturity date of the loan) unless the applicant has
				one or more investment grade credit ratings (i.e., at or above "Baa3" or "BBB-"
				or the equivalent) from any nationally recognized municipal credit rating
				agency. The applicable interest rate shall be fixed and remain in effect until
				the final maturity date of the loan.
d) For applicants that do not qualify for 0%
				loans pursuant to subsection (c), the interest rate shall be determined as
				follows:
1) The interest rate will be set each
				January 1 for loans that are documented and funded during that calendar
				year;
2) The interest rate will be
				equivalent to 50% of the mean of the Bond Buyer's 20-Bond General Obligation
				Index for the 12 month period that ended September 30 of the prior calendar
				year (and will represent the interest rates in effect as of October 1 of each
				year under the Illinois Environmental Protection Agency's State Revolving
				Fund/Clean Water Initiative Programs); and
3) The loans will bear interest on a simple
				interest basis. The applicable interest rate shall be fixed and remain in
				effect until the final maturity date of the loan.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart H - FIRE TRUCK REVOLVING LOAN PROGRAM › Section 1100.830 - Terms and Conditions of Loan Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
A loan application approved by OSFM and the Authority is
				  subject to the following terms:
a)
				Loan proceeds under this Program shall be used exclusively for the eligible
				expenditures listed in Section
				1100.810
				and shall be expended in accordance with the approved application and the
				recipient's policies and procedures related to those expenditures. In the event
				that the loan proceeds are not expended in the manner approved, the recipient,
				upon written notification from the Authority, shall be required to submit, by
				the next payment due date, payment of the outstanding principal and accrued
				interest, if any, of the loan.
b)
				Loan proceeds shall be obligated no later than six months following the loan
				funding date.
c) Proof of use of
				loan proceeds for the funded zero-interest loan or low-interest loan shall be
				provided to the Authority and OSFM in writing pursuant to terms specified in
				the Loan Agreement.
d) Loan
				proceeds shall be included in the recipient's budget.
e) If a payment delinquency or default is not
				cured within 90 calendar days by payment of the amount owed to the Authority,
				the Authority shall notify the Office of the Comptroller to deduct the amount
				owed from any payments by the State to the recipient. OSFM and/or the Authority
				may avail themselves of all remedies, rights and provisions of law applicable
				in these circumstances. Failure to exercise any rights or remedies provided by
				law may not be used as a defense by the recipient in any proceeding brought
				against it by OSFM or the Authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart I - AMBULANCE REVOLVING LOAN PROGRAM › Section 1100.900 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following definitions apply in this Subpart:
"Ambulance" means an on-road vehicle that is specifically
				  designed, constructed or modified and equipped and is intended to be used for
				  and is maintained or operated for the emergency transportation of persons who
				  are sick, injured, wounded or otherwise incapacitated or helpless.
"Applicant" means a unit of local government, including any
				  municipality (i.e., city, village or town), township, township fire department,
				  or special district (including but not limited to those described in 55 ILCS
				  100/1001 and 60 ILCS 1/195-5 and 200-13) such as a fire protection district or
				  special ambulance service district that operates a fire department or provides
				  fire suppression services itself without contracting those services from
				  another entity, or an entity that provides ambulance services or emergency
				  medical services that does not earn and distribute taxable business earnings to
				  shareholders or principals of the business and is in good standing as a
				  not-for-profit business with the Illinois Secretary of State.
"Authority" means the Illinois Finance Authority created by
				  the Illinois Finance Authority Act [20 ILCS 3501 ] or its successor
				  agency.
"Board" means the governing body of the entity receiving the
				  loan.
"Fire Department" means a fire department, fire protection
				  district, or township fire department that is a unit of local government (as
				  defined in Article VII, Section 1 of the Illinois Constitution of 1970 and in
				  5 ILCS
				  70/1.28 ) in Illinois that provides fire suppression
				  within a geographical area. For purposes of this Part, "Fire Department" is
				  defined to include volunteer fire departments and volunteer fire protection
				  districts (that are units of local government).
"Fund" means the Ambulance Revolving Loan Fund.
"Funding Date" means the date on which a zero-interest loan
				  or low-interest loan is closed and funded.
"Low-Interest Loan" means a loan with a fixed rate of
				  interest lower than commercially available.
"OSFM" means the Office of the State Fire Marshal.
"Program" means the Illinois Ambulance Revolving Loan
				  Program.
"Recipient" means an applicant that has successfully applied
				  for and received all required approvals from OSFM and the Authority, agreed to
				  and executed loan documentation prepared by the Authority, and closed and
				  funded its ambulance loan.
"Zero-Interest Loan" means a loan bearing a zero percent rate
				  of interest for the duration of the loan.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart I - AMBULANCE REVOLVING LOAN PROGRAM › Section 1100.903 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any Section, subsection, sentence or clause of this
				  Subpart shall be held by a court of competent jurisdiction to be invalid, that
				  holding shall not affect the remaining portions of this
				  Subpart.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart I - AMBULANCE REVOLVING LOAN PROGRAM › Section 1100.905 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) OSFM and the
				Authority may jointly administer a Program to provide zero-interest loans or
				low-interest loans to eligible applicants to finance or reimburse all or a
				portion of the cost of purchasing ambulances subject to availability of
				funds.
b) For-profit entities are
				not eligible to apply for a loan under this Program. Units of local government
				that do not operate fire departments are similarly not eligible (e.g., a
				municipality that contracts for ambulance services from another municipality or
				fire protection district is ineligible).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart I - AMBULANCE REVOLVING LOAN PROGRAM › Section 1100.910 - Eligible Expenditures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Subject to the availability of funds, loans are available to be made under the
				Program for zero-interest loans and low-interest loans to applicants for the
				purchase of ambulances as deemed eligible under OSFM's administrative rules at
				41 Ill. Adm. Code
				292.20
				and
				292.30.
b) Loan proceeds may be used to pay off a
				loan that was obtained no more than one year prior to the receipt of a loan
				under this Program if the loan being paid off was obtained to purchase the
				ambulance that is the subject of the application that was approved under this
				Program.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart I - AMBULANCE REVOLVING LOAN PROGRAM › Section 1100.915 - Loan Application Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) Applications for loans to be made pursuant
				to the Program shall be submitted to OSFM on forms provided by, and following
				the procedures established by, OSFM and the Authority. Each application shall
				be reviewed by OSFM. OSFM will determine, based on equipment needs, financial
				need, and how recently the applicant has received a previous loan under this
				Program, which eligible applicant or applicants shall be recommended to the
				Authority to receive a loan under this Program for the purchase of an
				ambulance.
b) Applications approved
				by OSFM will be forwarded to the Authority. The Authority will review the loan
				application and any information provided in connection with the loan
				application, including, without limitation, financial statements and
				certifications and assurances provided by officers of the applicant, and any
				related Board-approved ordinances, resolutions, tax levies, budgets or other
				pertinent documents necessary to evaluate legal authorization and
				creditworthiness of the applicant.
c) The Authority, after completion of its
				review, will notify OSFM of which loan applications have been approved. OSFM
				will notify each applicant of the approval or disapproval of its application.
				Applicants who are not approved may request reconsideration of the
				determination of OSFM or the Authority by following the Request for
				Reconsideration procedure established by OSFM (see 41 Ill. Adm. Code
				292.70
				).