reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.202 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
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 an application for revenue bond or loan
				  financing in the form provided by the Authority. The form of application may be
				  amended from time to time.
"Bond purchase commitment" means a letter, bond purchase
				  agreement or other document from a bond purchaser, underwriter or placement
				  agent indicating that the terms of a financing have been finalized and that the
				  parties are prepared to execute the documents pertaining to the financing in
				  their present form. A bond purchase commitment will not be regarded as complete
				  unless it specifies the aggregate principal amount of the bond issue, the
				  maximum interest rate or interest rate formula, the term of the issue, the
				  maximum and minimum prices at which the bonds will be purchased, and an
				  amortization schedule.
"Borrower" means the obligor on a loan made by the Authority,
				  whether from the proceeds of a revenue bond issue or program capital.
"Enterprise Zone" means an enterprise zone as defined in the
				  Illinois Enterprise Zone Act [20 ILCS 655 ].
"Environmental Act" means the Illinois Environmental
				  Facilities Financing Act [20 ILCS 3515 ].
"Environmental Project" means any project which constitutes
				  an environmental facility or facilities, as those terms are used in the
				  Environmental Act.
"Inducement Resolution" or "Loan Commitment Resolution" means
				  a resolution adopted by the Authority with respect to a project indicating the
				  Authority's willingness to provide financing for the project, subject to the
				  conditions specified in the resolution.
"Tax Code" means the Internal Revenue Code, as amended,
				  codified in Title 26, United States Code.
"Tax Increment Financing (TIF) District" means an area
				  designated for redevelopment through tax increment allocation financing as
				  provided in the Tax Increment Allocation Redevelopment Act [65 ILCS
				  5/11-74.4-1].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.206 - Notice to Municipalities

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Authority shall not issue any bonds
				relating to the financing of an industrial project located within the planning
				and subdivision control jurisdiction of any municipality unless:
1) Notice of the proposed project, including
				a description of the proposed financing, is submitted to the corporate
				authorities of such municipality; and
2) Such corporate authorities, within 45 days
				after mailing of the notice, have failed to notify the Authority that the
				municipality has adopted a resolution disapproving the project, or have
				notified the Authority that the municipality has adopted a resolution approving
				the project. [20 ILCS 3505/6.1 ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.208 - Changes in Information and Additional Information

Current through Register Vol. 48, No. 28, July 12, 2024
a) Borrowers are responsible for notifying
				the Authority in writing within 30 days of any subsequent material changes in
				the nature or description of the project, the financial condition of the
				proposed borrower, and the proposed structure or participation in the
				financing.
b) Prior to the Board
				meeting at which project financing will be considered, the borrower must submit
				a disclosure statement which will disclose the ownership of any trust, estate,
				corporate and partnership entities who will be in the role of borrower or
				guarantor in the financing. A form for this purpose may be provided by the
				Authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.210 - Meetings of the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
Regular meetings of the Authority are held in accordance with
				  a schedule adopted by the Authority at its annual meeting in July. The schedule
				  of meetings for the current fiscal year of the Authority is available on
				  request. The schedule of meetings is subject to change. The Authority may
				  schedule special meetings in a manner consistent with the by-laws of the
				  Authority. Notice of the time and place of all regular and special meetings
				  will be published in accordance with the Illinois Open Meetings Act [5 ILCS 120
				  ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.212 - Eligible Projects

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Projects, other than environmental or public purpose projects, must be located
				in an area of Critical Labor Surplus.
b) All projects to be financed on a federal
				tax-exempt basis must meet eligibility requirements imposed under the Tax
				Code.
c) Borrowers may seek
				financing for capital projects, which include but are not limited to, the
				acquisition, construction, refurbishment, creation, development or
				redevelopment of any facility, equipment, machinery, real property, or personal
				property for use by an entity whether public or private, for profit or not for
				profit. Project costs also include the associated expenses of a capital
				project, such as expenses relating to engineering and legal services, plans,
				specifications, surveys, estimates of costs, and determining the feasibility or
				practicability of the project. Projects which are structured to receive the
				benefits of tax exempt status under Sections 103 and 141-147 of the Tax Code
				shall adhere to the expenditure regulations regarding the use of the exempt
				proceeds.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.215 - Scheduling of Project Consideration

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Authority shall consider the adoption
				of an inducement resolution or a loan commitment resolution for a project at
				the next regularly scheduled meeting of the Authority following the receipt of
				a completed application, provided that the application is received not later
				than four weeks preceding such meeting. If the application is received less
				than four weeks prior to the meeting date, the Authority may, at its option,
				consider the resolution at either that meeting or the next regularly scheduled
				meeting. Borrowers will be notified by letter of the project number assigned to
				their transaction and of the time and place of the meeting at which their
				application will be considered. The Authority recommends that borrowers attend
				such meeting in order to answer any questions posed by the Board.
b) In case of a loan commitment resolution,
				the Authority resolution shall continue as a valid commitment for a period of
				time not later than the end of the sixth month following the date of the
				resolution. The Authority may extend the resolution for an additional six
				months by motion adopted by the Board if requested by the Authority staff or
				borrower because of a need for additional time to conclude the
				project.
c) Any material change in
				the financing structure or the financial condition of the borrower between the
				date of adoption of a resolution and closing of the transaction shall require
				reconsideration by the Board.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.220 - Staff Review

Current through Register Vol. 48, No. 28, July 12, 2024
The staff of the Authority will review each complete
				  application and place it on the agenda for consideration by the Board. The
				  staff will make a recommendation for Board action with respect to each project
				  based upon the criteria set forth in Sections
				  1100.230
				  and
				  1100.235.
				  The recommendations of the staff are not binding on the
				  Board.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.225 - Authority Action

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The Board, using the criteria set forth in Sections
				1100.230
				and
				1100.235
				will review each application for issuance of its revenue bonds to finance a
				project and take any one of the following actions:
1) Adopt an inducement or loan commitment
				resolution.
2) Decline to adopt an
				inducement or loan commitment resolution with respect to the project.
3) Table consideration of the project to
				allow further time for consideration by the Board or for submission of
				additional information by the borrower.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.230 - General Criteria for Approval

Current through Register Vol. 48, No. 28, July 12, 2024
In determining whether to recommend an application for
				  financing under Section
				  1100.225, the
				  Authority staff shall take into account the following criteria:
a) The financial responsibility of the
				borrower and user of the project, including:
1) The readiness of the project to
				proceed;
2) In the case of a
				revenue bond of the Authority, the nature of the commitment of the proposed
				purchaser, the nature of the bond security, and the likelihood that the bond
				purchaser will be repaid based on an evaluation of the borrower's credit
				worthiness as evidenced in the application;
3) The likelihood that the project would not
				proceed without the benefit of Authority financing;
4) Whether the project is one of several
				projects to be financed through a pooled bond issue; and
5) In the case of a loan or other use of
				Authority's funds, the ability of the borrower to repay the Authority and the
				sufficiency of available collateral based on an evaluation of the borrower's
				credit worthiness as evidenced in the application.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.235 - Additional Criteria for Commercial Projects

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the criteria established in Section
				  1100.230,
				  in the case of commercial projects the Authority shall consider whether and to
				  what extent any of the following conditions exists:
a) The project will be occupied in whole or
				in substantial part by the owner of the project who is expanding his or her
				business and increasing employment, or whether all or a substantial part of the
				project has been leased to a tenant or tenants who are expanding their
				businesses and increasing employment.
b) The project has special features which are
				designed to attract start-up companies, and the owner can demonstrate the
				likelihood of success for the project; for example, incubator facilities and
				projects which provide shared or low-cost services to small
				businesses.
c) The project
				demonstrates a likelihood of occupancy and is located in:
1) an enterprises zone;
2) a Tax Increment Financing
				District;
3) an officially
				designated slum or blighted area under State law; or
4) any other district specifically designated
				for economic development by the municipality in which the project is
				located.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.240 - Submission of Documents

Current through Register Vol. 48, No. 28, July 12, 2024
In order for a bond financing to be considered for final
				  resolution at the monthly meeting of the Authority, a bond purchase commitment
				  and copies of all major financing documents, including any official statement
				  or offering memorandum in substantially final form must be submitted to the
				  Authority not less than 12 calendar days in advance of the applicable meeting
				  date. Documents will be regarded as in substantially final form when submitted
				  with a bond purchase commitment and a letter from bond counsel which states
				  that fact. In addition, any public hearings required under the Tax Code must be
				  held prior to the adoption of a final resolution. Bond counsel should notify
				  the Authority at least 7 calendar days prior to the date of the meeting if the
				  amount of the bonds to be issued has changed from the amount set forth in the
				  inducement resolution. During December, and within the calendar month preceding
				  the effective date of any tax legislation passed by either house of the United
				  States Congress, the Authority may shorten the foregoing deadlines for projects
				  pending at such time.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.245 - Public Hearing Procedures and Responsibilities

Current through Register Vol. 48, No. 28, July 12, 2024
In the case of a project which is to be financed as a private
				  activity bond, as that term is used in the Tax Code, bond counsel and borrowers
				  are responsible for ensuring compliance with the public notice and hearing
				  requirements of the Tax Code. The Authority has established the following
				  procedures in this Subpart to assist in meeting these requirements.
a) Public hearings will be held on Monday
				immediately preceding each regular meeting of the Authority. If that Monday is
				a public holiday, however, the public hearing will be held on the next day.
				Bond counsel for the project must request the Authority to hold a public
				hearing for a project prior to the meeting of the Authority at which the final
				resolution for such project will be adopted. Public hearings will be held by a
				designated officer or employee of the Authority commencing on the hearing date
				at the offices of the Illinois Finance Authority, or such other location
				designated by the Authority from time to time. Bond counsel should select a
				proposed date for the public hearing and notify the Authority and Authority
				counsel of it in writing at least three weeks prior to the date selected. Bond
				counsel should include with this notification a copy of the proposed notice of
				public hearing.
b) During the two
				months preceding the effective date of any tax legislation passed by either
				house of the United States Congress, the Authority may revise its schedule of
				public hearings to increase the number of public hearings to be held. Bond
				counsel should consult with Authority staff to assure that the needs of the
				project are able to be accommodated.
c) The borrower and its bond counsel are
				responsible for publication of public notice of any hearing required under
				Section 147 of the Tax Code not less than two weeks prior to the date selected
				for such hearing. Public notice must be published in the State Journal-Register
				in Springfield, Illinois and in a newspaper of general circulation available to
				residents of the locality of the facility to be financed.
d) Bond counsel should arrange for affidavits
				of publication evidencing the required publication of public notice of any
				hearing required under Section 147 of the Tax Code to be sent to and received
				by the Authority at least two business days before the public
				hearing.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.250 - Final Public Approval

Current through Register Vol. 48, No. 28, July 12, 2024
The Governor of the State serves as the applicable elected
				  representative for purposes of the public approval requirement of the Tax Code.
				  The Authority will not submit requests for approval to the Governor until the
				  public hearing has been held and the Authority has adopted a final resolution
				  authorizing the issuance and sale of the bonds.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.255 - Requests for Allocation

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The Authority will not allocate volume cap or request an allocation of volume
				cap from the Governor's office until all basic documents for the transaction
				have been submitted to the Authority in substantially final form, a public
				hearing with request to the financing has been duly held and the Authority has
				adopted a final resolution authorizing the issuance and confirming the sale of
				bonds. However, during the two months preceding the effective date of any tax
				legislation passed by either house of the United States Congress, the Authority
				may waive the requirements that a final resolution be passed prior to
				submission by the Authority of a request for allocation for all projects
				pending at the time of such waiver.
b) During the calendar year, the Authority
				may receive cessions of bonding volume. Such ceded bonding volume may be
				restricted or unrestricted, depending on the resolution of the municipality
				pursuant to which it is ceded. If restricted, the Authority will use such
				amount of ceded bonding volume in conformity with such restrictions.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.260 - Amendatory Resolutions

Current through Register Vol. 48, No. 28, July 12, 2024
If material changes are made to a project or the terms of the
				  financing, an amendatory resolution shall be required. Borrowers are required
				  to notify the Authority in writing and consult bond counsel and counsel to the
				  Authority if material changes are to be made to the project or the terms of the
				  financing which would require the adoption of such an amendatory resolution.
				  Such an amendatory resolution will be considered at the next regular meeting of
				  the Authority occurring not sooner than two weeks following receipt by the
				  Authority of such written notice.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.265 - Bond Counsel on Pooled Bond Issues

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority will select bond counsel to be used on all
				  pooled financings. Such bond counsel may be paid from bond proceeds. Each
				  borrower in a pooled financing must be represented by its own general
				  counsel.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.270 - Program Requirements; Standardized Documents

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority will prescribe program requirements for each
				  pooled financing on an issue by issue basis. Such program requirements will
				  relate primarily to the individual deal structure and may relate to such
				  matters as minimum and maximum loan sizes, and requirements to maintain the
				  tax-exempt status of a pooled financing. In addition, on all pooled financings
				  borrowers and participating banks may be required to use standardized forms of
				  certain documents prepared by bond counsel or counsel to the
				  Authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.275 - Transcripts

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Authority
				must receive after the bond closing one unbound set or originally executed
				counterparts of all closing documents and one bound volume containing copies of
				all closing documents, the cost of which shall be borne by the borrower. Both
				the unbound transcript and the bound volume should include an index of closing
				documents or closing memorandum incorporating such index. The Authority should
				receive the unbound transcript within one month of the closing and the bound
				volume within three months after the closing.
b) Each document in the unbound transcript
				should be filed in a separate pocket, envelope or folder.
c) The bound volume must be permanently bound
				with library binding, with a dark blue or black cover in buckram (or its
				equivalent) and gold lettering.
d)
				The spine of the bound volume should contain the following information:
1) The name of the project;
2) The amount of the bond issue;
3) The type of bond issue (i.e., IRB or
				Pollution Control);
4) The name
				"Illinois Finance Authority";
5)
				The final maturity date of the bonds; and
6) The series designation, if any (i.e.,
				Series 198X).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.280 - Authority Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Authority is statutorily required to support itself through charging fees to
				borrowers, interest on its loans and making investments.
b) The Authority shall establish appropriate
				fees from time to time, and shall publish such fees applicable to each of its
				program. The Authority will provide borrowers with detailed information
				concerning the fees applicable to the particular project.
c) Borrowers are advised that the Authority
				fees do not include any other party involved in the financing unless
				specifically stated. Borrowers should consult their counsel or financial
				advisor as to the fees of other parties.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart B - FINANCING PROGRAMS › Section 1100.285 - Noncompliance and Waiver

Current through Register Vol. 48, No. 28, July 12, 2024
Noncompliance by the Authority with any provisions of this
				  Subpart will not invalidate any action taken by the Authority pursuant to a
				  duly adopted resolution of the Authority within the powers delegated to the
				  Authority under the Act. The Authority may, by a vote of ten (10) members,
				  waive any technical, non-substantive provision of this Subpart. In any
				  resolution of the Authority waiving a provision of this Subpart, the Authority
				  will make findings of fact inducing it to waive the provision in
				  question.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.300 - Purposes and Objectives; Compliance with Federal Law; Forms for Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) This Subpart is
				established to accomplish the general purposes of Article 820 of the Act and in
				particular the purchasing of governmental units bonds in accordance with the
				program to achieve the following objectives:
1) To foster and promote by all reasonable
				means the provision of adequate capital markets and facilities for borrowing
				money by rural 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;
2) To assist rural governmental units in
				fulfilling their needs for those purposes by use of creation of
				indebtedness;
3) 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 rural governmental units as sound and preferred securities
				for investment; and
4) To encourage
				rural 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 rural
				governmental units not otherwise able to borrow for those purposes.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.305 - Applicant Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
Any "governmental unit," meaning any rural county; or any
				  municipality or township having a population less than 25,000, school district,
				  community college district, special district, or other unit designated as a
				  rural unit of local government by the Governor's Executive Order No. 1986-6,
				  effective October 17, 1986, creating the Rural Fair Share Initiative located in
				  a rural county who wishes to sell bonds, may apply to participate in selling
				  bonds to the Illinois Finance Authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.310 - Pre-Filing Stage

Current through Register Vol. 48, No. 28, July 12, 2024
Prior to the preparation or submission of any application for
				  assistance, each governmental unit is requested to contact the Authority's
				  Executive Director. The Executive Director will arrange for a meeting or
				  meetings, with the unit and the Authority's Executive Director and financial
				  advisor. The purpose of the meeting or meetings is to provide information to
				  the unit of local government in order to assist in the application process
				  under the Act and this Part.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.315 - Filing of Application

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				When a loan application is submitted to the Authority, the Executive Director
				shall review the loan application to determine whether it is complete (all
				information is fully filled out), and whether the criteria established by the
				Act and this Part have been satisfied. If the Executive Director determines
				that the loan application is incomplete, he shall, within five days of such
				determination, inform the applicant and shall detail the information or
				material which is necessary to complete the application. For the purpose of
				this Part, no application shall be deemed complete until the applicant has
				provided additional information or material as requested by the Executive
				Director.
b) Once the application
				is completed, the application shall be filed with the Authority. (The applicant
				unit is to submit its application fee with the application).
c) The Authority's Executive Director shall
				submit this filed application to the Authority for its consideration at its
				next meeting once the financial advisor's initial financial review is
				completed.
d) At the next meeting,
				the Authority will determine if it shall accept the submitted application. In
				reaching this conclusion, the Authority will consider:
1) The application itself;
2) Comments and presentations by
				representatives of the applicant unit; and
3) The financial advisor's initial
				review.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.320 - Approval of Application

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The Authority shall decide whether or not to approve an accepted application,
				based upon the criteria stated in Section
				1100.310(d) and
				(e), once the financial advisor and bond
				counsel have completed their reviews of the project.
b) If the accepted application is approved,
				the financial advisor, Executive Director and bond counsel will be authorized
				and directed to prepare all necessary financial and legal documentation
				incident to a bond or note offering, e.g., a certified financial statement of
				the unit of local government.
c)
				"Approval" of an application by the Authority is not, nor should be, construed
				as any form of a commitment or guarantee, on the part of the Authority to the
				applicant unit that the proposed financing will be successfully completed and
				sold. Rather, approval of an application indicates the Authority's desire to
				work with the applicant in the attempt to bring its issue to sale.
d) In the event that the applicant's issue is
				sold, the applicant shall reimburse the financial advisor and bond counsel for
				their services rendered. Such costs may be funded out of bond proceeds.
				Further, in the event that the applicant's issue is sold, the applicant shall
				be obligated to pay the Authority the Administrative Charge and Annual
				Fee.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.325 - Denial of Application

Current through Register Vol. 48, No. 28, July 12, 2024
If the application is denied and service is made upon the
				  applicant about the grounds for the denial, then within 21 days of denial, the
				  applicant may file with the Authority a Request for Reconsideration, stating
				  reasons why the Authority should withdraw its denial of the application and
				  approve the loan. The Request for Reconsideration may be accompanied by
				  supporting documents and information not previously considered by the
				  Authority. The Authority shall review the Request for Reconsideration. A denial
				  of a Request for Reconsideration shall be final. While a Request for
				  Reconsideration is pending, the application that is the subject of the Request
				  for Reconsideration shall be deemed complete for the purposes of this Subpart.
				  An application which has been denied by the Authority might be reconsidered
				  under the following circumstances:
a)
				The governmental unit exhibits an improving financial condition as evidenced by
				empirical data and ratio analysis.
b) The creditworthiness of the project is
				enhanced by collateral and/or more attractive terms and conditions proffered by
				the applicant.
c) Additional
				information is supplied which will significantly and positively impact the
				economic viability of the local government unit (i.e., new plant(s) opening(s),
				expansion of existent businesses, significant commercial and residential
				regentrification, etc.)."
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.330 - Priority of Application

Current through Register Vol. 48, No. 28, July 12, 2024
Applications shall be processed by the Authority on a
				  first-come, first-served basis, based upon the receipt of all completed
				  documents by the Authority. The Authority may deviate from the first-come,
				  first-served rule.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.335 - Source of Payment and Nature of Obligation

Current through Register Vol. 48, No. 28, July 12, 2024
The principal and interest on the bond is a limited
				  obligation payable solely out of the revenues derived from the governmental
				  unit and the underlying collateral or other security furnished by or on behalf
				  of the governmental unit.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.340 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Authority
				shall, by resolution, establish the schedule of fees and charges of the
				Authority.
b) Fees of the Authority
				are designed to cover the operating expenses of the Authority.
c) The total amount to be charged for Costs
				of Issuance and Annual Fee for a bond issue shall not exceed the limits
				established by the Authority. Cost of Issuance - the total amount to be charged
				a local government for Cost of Issuance for a bond issue shall not exceed 3% of
				the local government debt.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart C - VETERANS ASSISTANCE › Section 1100.345 - Purchase of Governmental Unit Bonds

Current through Register Vol. 48, No. 28, July 12, 2024
If its application is accepted, a governmental unit may
				  contract to pay interest on, or an interest cost per year for, money borrowed
				  from the Authority and evidenced by its securities purchased by the Authority.
				  Every governmental unit may contract with the Authority concerning the terms
				  and conditions of the loan or purchase, without limitation as to denomination.
				  As provided in the ordinance of the governing body of the governmental unit
				  under which the bonds and notes are authorized to be issued, those bonds and
				  notes may:
a) Be fully registered,
				registerable as to principal only, or in bearer form;
b) Bear interest in compliance with Section
				820-40 of the Act [20 ILCS
				3501/820-40 ];
c) Be evidenced in any manner by the
				governing instrument determining the debt;
d) Contain other provisions not inconsistent
				with this Section; and
e) Be sold
				to the Authority without advertisement at any price or prices.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.405 - Eligible Applicants; Eligible Projects

Current through Register Vol. 48, No. 28, July 12, 2024
a) Only municipalities are eligible to apply
				for and receive grants 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 grants under the program. The
				project site must be within the corporate limits of the municipality applying
				for the grant.
b) All projects, the
				primary objectives of which are the development of viable urban communities and
				expansion of economic opportunity, principally for persons of low and moderate
				incomes, are eligible for funding. The Authority will consider grants to
				municipalities for broad range of housing, industrial, and commercial projects.
				The Authority will select from among eligible projects on the basis of the
				criteria for selection set forth in Section
				1100.435.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.410 - Municipal Approval

Current through Register Vol. 48, No. 28, July 12, 2024
No application for program funds shall be reviewed by the
				  member 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 has been held on the proposed project 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 D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.420 - Technical Assistance

Current through Register Vol. 48, No. 28, July 12, 2024
If requested in the application, the Authority will arrange
				  for technical assistance to applicants during the project review process. For
				  example, the Authority might assist applicants in accurately estimating the
				  number of jobs a particular project will create, or determining whether a
				  particular item is an eligible cost under the program. In all cases, however,
				  the responsibility for completing an application rests with the
				  applicant.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.425 - 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 D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.430 - Selection Criteria

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				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 grants 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), (a)(3) and (a)(5):
1) 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:
A) Age and condition of buildings,
				structures, and public infrastructure in the area;
B) Population growth or decline;
C) Level of unemployment in the area;
				and
D) Percentage of community
				residents with low or moderate income;
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.435 - 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 grant 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 grants under law and the need for
				efficient decision making.
b) The
				application must state the funding round for which it is submitted. Grants, 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 D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.440 - Funding Restrictions and Eligible Costs

Current through Register Vol. 48, No. 28, July 12, 2024
a) No more than $1,000,000 in program funds
				may be awarded in any fiscal year to a single project.
b) No more than $2,000,000 in aggregated
				program funds may be awarded in any fiscal year to projects developed or
				initiated by any single private sector developer.
c) No program grant may be less than $30,000
				in amount.
d) Program funds shall
				be used only to pay for eligible project costs. Eligible project costs will be
				defined in the grant agreement.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.445 - Grant 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 grant agreement containing terms and provisions
				  relating to the project. The Authority shall provide the form of the grant
				  agreement.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.450 - Disbursement of Grants

Current through Register Vol. 48, No. 28, July 12, 2024
Funds shall be disbursed by the Authority after a grant has
				  been awarded and a grant agreement has been executed, pursuant to a
				  disbursement schedule agreed to by the parties. In determining a grant
				  disbursement schedule under this section, the Authority will be guided by the
				  availability of grant funds for disbursement, the timing of receipt of private
				  sources of funding for a project and the expenditure schedule proposed by the
				  primary developer for the project.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.455 - 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 with respect to the project in
				accordance with generally accepted principles of accounting consistently
				applied, such as the Codification of Governmental Accounting and Financial
				Reporting Standards (Governmental Accounting Standards Board, November 1,
				1984);
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 D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.460 - Progress Reports

Current through Register Vol. 48, No. 28, July 12, 2024
Recipient municipalities shall submit progress reports during
				  the term of the grant agreement 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 D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.465 - 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 grant funds. The audit shall be conducted in accordance with
				  generally accepted standards of auditing for State and local government
				  programs, such as the Standards for Audit of Government Organizations,
				  Programs, Activities, and Functions (Comptroller General of the United States,
				  1981 Revision). 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 municipality shall transmit a copy of the audit to the
				  Authority.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.470 - Grant Monitoring and Recovery

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority retains the right to rescind program grants and
				  require the repayment of grants 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 grant agreement, or
				  applicable law all as provided in the grant agreement. Grant recoveries shall
				  be conducted in accordance with the Illinois Grant Funds Recovery
				  Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.475 - 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.