Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart A - ILLINOIS FINANCE AUTHORITY › Section 1100.50 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following definitions shall apply in this Part:
"Act" means the Illinois Finance Authority Act [20 ILCS 3501
				  ].
"Application" means a potential borrower application to issue
				  bonds through the Authority pursuant to this Part.
"Application Fee" means the fee required to be paid to the
				  Authority by the potential borrower at the time the application is
				  filed.
"Authority" or "IFA" means the Illinois Finance Authority
				  created by Section 801-15 of the Act.
"Board" means the members of the Authority, gathered in a
				  meeting to transact Authority business.
"Bond Counsel" means an attorney at law or firm of attorneys
				  of nationally recognized standing in matters pertaining to the tax-exempt
				  nature of interest on, and the validity of, bonds issued by states and their
				  political subdivisions, duly admitted to the practice of law before the highest
				  court of any state of the United States of America or of the District of
				  Columbia. The Authority relies on a list of bond counsels published quarterly
				  by the Bond Buyer in the "Directory of Municipal Bond Dealers". The bond
				  counsel or firm must have rendered a sole legal opinion in connection with the
				  sale of State or municipal bonds (short-term issues excluded) within the two
				  year period preceding submission of the borrower's application to the
				  Authority. The legal opinion rendered may have been on either publicly offered
				  or privately placed bond issues. Attorneys acting only as counsel to an
				  underwriter or placement agent do not qualify.
"Bondholder" or "Holder" or "Noteholder" or any similar term
				  when used with reference to a bond or note of the Authority means any person
				  who is the bearer of any outstanding bond or note of the Authority registered
				  to bearer or not registered, or the registered owner of any outstanding bond of
				  the Authority which at the time is registered other than to bearer.
"Bonds" means and shall include bonds, notes, certificates,
				  bond grant or revenue anticipation notes or any other evidence of indebtedness
				  representing an obligation to pay money. (Section 801-10 of the Act)
"Borrower" means any governmental unit which submits an
				  application and is accepted to issue bonds through the Authority.
"Chairman" means the Chairman of the Authority Board.
"Final Resolution" means a resolution adopted by the
				  Authority approving the final terms of a financing by the Authority.
"Fiscal Year" means the fiscal year of the Authority,
				  beginning on July 1 and ending on June 30.
"Fully Marketable Form" means a local governmental security
				  duly executed and accompanied by an approving legal opinion of bond counsel.
				  The local governmental security so executed need not be printed or
				  lithographed, nor be in more than one denomination.
"Governmental Unit" means a unit of local government as
				  defined in Section 820-10(b) of the Act.
"Local Governmental Security" means a bond or note or
				  evidence of debt issued by a governmental unit and payable from taxes or from
				  rates, charges or assessments.
"Notes" means any notes of the Authority issued under the
				  Act.
"Person" means, unless limited to a natural person by the
				  context in which it is used, a person, corporation, association, trust,
				  partnership or cooperative. (Section 801-10 of the Act)
"Reserve Fund" means the Reserve Fund established as provided
				  in Section 820-15 of the Act.
"Revenues" means all fees, charges, moneys, profits, payments
				  of principal of or interest on local governmental securities and other
				  investments, gifts, grants, contributions, appropriations and all other income
				  derived or to be derived by the Authority under the Act.
"Volume Cap" means the aggregate principal amount of private
				  activity bonds which can be issued in any given calendar year by the State and
				  its political subdivisions (including the Authority) as obligations the
				  interest on which is exempt from federal income taxation. Volume cap is
				  determined under Section 147 of the Tax Code, or its successor section in any
				  subsequent United States Internal Revenue Code; and by the Private Activity
				  Bond Allocation Act [30 ILCS 345 ].