30 ILCS 345/1
Short title
Short title. This Act shall be known and may be cited as the "Illinois Private Activity Bond Allocation Act". (Source: P.A. 84-952.)
Illinois Compiled Statutes 30 ILCS 345 — Illinois Private Activity Bond Allocation Act.
Illinois · statute · 30 ILCS 345 · 10 active provisions
30 ILCS 345/2
Public policy
Public policy. The General Assembly has determined that the federal government has imposed certain restrictions on the aggregate amount of private activity bonds, the interest on which is not included in federal gross income for purposes of federal income tax, which may be issued by the State, its agencies, instrumenta…
30 ILCS 345/3
Definitions
Definitions. (a) "Code" means the United States Internal Revenue Code of 1986, as now or hereafter amended. (b) "Official action" means a resolution or ordinance authorizing the issuance or taking similar official action with respect to the issuance of private activity bonds. (c) "Private activity bond" means (1) that…
30 ILCS 345/4
State agency allocation
State agency allocation. (a) The Governor's office may allocate volume cap among the State and the State agencies from the State Agency Pool for private activity bonds issued by the State and the State agencies under Section 146 of the Code. (b) The State or any State agency which proposes to issue private activity bon…
30 ILCS 345/5
Unit of local government allocation
Unit of local government allocation. (a) No unit of local government shall issue any private activity bond, except in conformity with rules established by the Governor's office pursuant to this Act. (b) The total volume cap available to all units of local government is hereby assigned to the Local Government Pool. The…
30 ILCS 345/6
Voluntary Reallocations
Voluntary Reallocations. The State, any State agency and the corporate authorities of any home rule unit, except as provided and limited in Section 6.1, may reallocate to any unit of local government, any home rule unit, the State or a State agency at any time all or any portion of its unused allocation of its volume c…
30 ILCS 345/7
Information reporting of private activity bond issuance
Information reporting of private activity bond issuance. (a) Each State agency, unit of local government, and home rule unit or person authorized to act on its behalf shall, within 10 days after the issuance of any private activity bond, submit in written form the following information with the Governor's office: (a) t…
30 ILCS 345/7.5
Bond issuer; annual report
Bond issuer; annual report. The issuer of bonds utilizing bond volume cap from the Local Government Pool and the State Agency Pool shall file, if the issuer utilized the bond volume cap for any housing purpose, an annual report with the Governor and the General Assembly. The annual report from each issuer must include,…
30 ILCS 345/8
Home rule units
Home rule units. Except as provided for voluntary transactions as permitted in Section 6, and except as required for the amount of volume cap allocation remaining unused as of May 31 of each year as provided in Section 6.1, nothing in this Act is intended to provide a formula for allocation of the volume cap for home r…
30 ILCS 345/9
Mortgage Credit Certificates
Mortgage Credit Certificates. Any allocation of volume cap for the issuance of private activity bonds constituting qualified mortgage bonds, within the meaning of Section 143 of the Code, shall, when made to an authorized issuer of qualified mortgage credit certificates within the meaning of Section 25 of the Code, inc…