20 ILCS 3515/1
Short title
Short title. This Act may be referred to and cited as the "Illinois Environmental Facilities Financing Act". (Source: P.A. 81-1063.)
Illinois Compiled Statutes 20 ILCS 3515 — Illinois Environmental Facilities Financing Act.
Illinois · statute · 20 ILCS 3515 · 17 active provisions
Provisions
20 ILCS 3515/2
Declaration of necessity and purpose - Liberal construction
Declaration of necessity and purpose - Liberal construction. (a) The General Assembly finds: (i) that environmental damage seriously endangers the public health and welfare; (ii) that such environmental damage results from air, water, and other resource pollution and from public water supply, solid waste disposal, nois…
20 ILCS 3515/3
Definitions
Definitions. In this Act, unless the context otherwise clearly requires, the terms used herein shall have the meanings ascribed to them as follows: (a) "Bonds" means any bonds, notes, debentures, temporary, interim or permanent certificates of indebtedness or other obligations evidencing indebtedness. (b) "Directing bo…
20 ILCS 3515/4
Transfer of functions from the Illinois Development Finance Authority to the Illinois Finance Authority
Transfer of functions from the Illinois Development Finance Authority to the Illinois Finance Authority. The Illinois Finance Authority created by the Illinois Finance Authority Act shall succeed to, assume and exercise all rights, powers, duties and responsibilities formerly exercised by the Illinois Development Finan…
20 ILCS 3515/7
Powers
Powers. In addition to the powers otherwise authorized by law, for the purposes of this Act, the State authority shall have the following powers together with all powers incidental thereto or necessary for the performance thereof: (1) to have perpetual succession as a body politic and corporate; (2) to adopt bylaws for…
20 ILCS 3515/7.5
Required findings for environmental facilities located outside the State
Required findings for environmental facilities located outside the State. The State authority may approve an application to finance or refinance environmental facilities located outside of the State only after it has made either of the following findings with respect to such financing or refinancing, all of which shall…
20 ILCS 3515/8
Acquisition of property
Acquisition of property. The State authority is authorized and empowered directly or by or through any person, as its agent, to acquire by purchase, lease, gift, legacy or otherwise such land, structures, rights of way, franchises, easements, other interests in lands including lands lying under water and riparian right…
20 ILCS 3515/9
Bonds
Bonds. The bonds may be issued as serial bonds or as term bonds or a combination of both types. All bonds issued by the State authority shall be payable solely out of the revenues and receipts derived from the leasing, financing or sale by the authority of the environmental facilities financed with the proceeds thereof…
20 ILCS 3515/10
Security for bonds
Security for bonds. The principal of, and interest and premiums, if any, on any bonds issued by the State authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may also be payable out of proceeds from the sale of the environmental facility acquired with proc…
20 ILCS 3515/11
Payment of bonds-Nonliability of State
Payment of bonds-Nonliability of State. Bonds issued under the provisions of this Act shall not be deemed to constitute a debt or liability of the State or of any political subdivision, but shall be payable solely from the funds herein provided therefor. The issuance of bonds under the provisions of this Act shall not,…
20 ILCS 3515/12
Taxation; securities law
Taxation; securities law. The State authority is hereby declared to be performing a public function in behalf of the State and to be a public instrumentality of the State. Also, for purposes of the Illinois Securities Law of 1953, compiled as Sections 137.1 through 137.17 of Chapter 121 1/2 Ill. Rev. Stats. 1969, and a…
20 ILCS 3515/14
Conveyance of title
Conveyance of title. At or prior to the time the principal of and interest on bonds issued by the State authority to finance a particular environmental facility have been fully paid, the authority may execute such deeds and conveyances as are necessary and required to convey its right, title and interest in such enviro…
20 ILCS 3515/15
Powers not restricted-law complete in itself
Powers not restricted-law complete in itself. Neither this Act nor anything herein contained shall be construed as a restriction or limitation upon any powers which the State authority might otherwise have under any laws of this State, but shall be construed as cumulative of any such powers. No proceedings, referendum,…
20 ILCS 3515/16
Investment of funds
Investment of funds. The State authority may invest any funds in bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of or obligations guaranteed by the United States of America; in certificates of deposit or time deposits constituting direct obligations of any…
20 ILCS 3515/17
Bonds eligible for investment
Bonds eligible for investment. The State and all counties, cities, villages, incorporated towns, and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings an…
20 ILCS 3515/18
Exemption from construction and bidding requirements for public buildings
Exemption from construction and bidding requirements for public buildings. An environmental facility is not subject to any requirements relating to public buildings, structures, grounds, works, or improvements imposed by the laws of this State or any other similar requirements which may be lawfully waived by this secti…
20 ILCS 3515/19
Powers additional to those granted by other laws - Severability
Powers additional to those granted by other laws - Severability. The powers conferred by this Act shall be in addition and supplementary to, and the limitations by this Act shall not affect the powers conferred by any other law. Environmental facilities may be acquired, constructed, reconstructed, repaired, altered, im…