30 ILCS 445/1
Short title
Short title. This Act may be cited as the Climate Bank Loan Financing Act. (Source: P.A. 103-1023, eff. 8-9-24.)
Illinois Compiled Statutes 30 ILCS 445 — Climate Bank Loan Financing Act.
Illinois · statute · 30 ILCS 445 · 11 active provisions
30 ILCS 445/5
Definitions
Definitions. As used in this Act: "Alternate bonds", "applicable law", "bond", "general obligation bonds", "limited bonds", "governmental unit", "revenue bonds", "enterprise revenues", and "revenue source" have the respective meanings set forth in Section 3 of the Local Government Debt Reform Act. "Clean energy infrast…
30 ILCS 445/10
Clean energy infrastructure projects
Clean energy infrastructure projects. A governmental unit may own, construct, equip, manage, control, erect, improve, extend, maintain, and operate new or existing clean energy infrastructure projects and climate resilience projects, may purchase real estate and any property rights to be used for clean energy infrastru…
30 ILCS 445/15
Authorization to borrow from Illinois Finance Authority Illinois Climate Bank loan programs
Authorization to borrow from Illinois Finance Authority Illinois Climate Bank loan programs. A governmental unit may borrow money and access loans from the Illinois Finance Authority to finance projects for the acquisition, construction, or improvement of new or existing clean energy infrastructure, in each case, quali…
30 ILCS 445/20
Bond authorization
Bond authorization. A governmental unit may issue from time to time general obligation bonds, including alternate bonds and limited bonds, and revenue bonds pursuant to applicable law for the purpose of evidencing its obligation to repay its loans from the Illinois Finance Authority. (Source: P.A. 103-1023, eff. 8-9-24…
30 ILCS 445/25
Bond terms
Bond terms. Bonds issued under Section 20 shall bear interest at a rate or rates not to exceed the maximum rate permitted by the Bond Authorization Act at the time of the making of the loan from the Illinois Finance Authority. The bonds shall mature within 30 years from the date issued. General obligation bonds shall b…
30 ILCS 445/30
Adoption of ordinance or resolution
Adoption of ordinance or resolution. In order to authorize participation in a loan from the Illinois Finance Authority and to authorize and issue the bonds, the governing body shall adopt an ordinance, or resolution when appropriate, providing for the determination of the amount of bonds, the maturity of bonds, and the…
30 ILCS 445/35
Authority for issuance
Authority for issuance. The authority to issue bonds by a governmental unit under this Act and applicable law for clean energy infrastructure projects and climate resilience projects is in addition to any other authority to issue bonds by a governmental unit provided by law.(Source: P.A. 103-1023, eff. 8-9-24; 104-6, e…
30 ILCS 445/40
Execution
Execution. The bonds shall be executed in the name of the governmental unit by manual or facsimile signatures of the officials of the governmental unit as may be designated by the ordinance or resolution. (Source: P.A. 103-1023, eff. 8-9-24.)
30 ILCS 445/97
Severability
Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 103-1023, eff. 8-9-24.)
30 ILCS 445/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 103-1023, eff. 8-9-24.)