Statutes > Illinois Statutes > CHAPTER 20 EXECUTIVE BRANCH > 20 ILCS 3501/ Illinois Finance Authority Act. > Article 825 - Other Powers

Article 825 - Other Powers


      (20 ILCS 3501/Art. 825 heading)
ARTICLE 825
OTHER POWERS

    (20 ILCS 3501/825‑5)
    Sec. 825‑5. Motion Picture Production Program; Findings and Declaration of Policy. It is hereby found and declared that the production of motion pictures has an enormous potential for contributing to the economic well‑being of the State and its communities; that a critical mass of movie productions is essential to the continuing viability of this fledgling industry in Illinois; that to achieve this critical mass, a financial inducement to attract movie productions to the State is required; and that the provisions of this Act are hereby declared to be in the public interest and for the public benefit.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑10)
    Sec. 825‑10. The Authority may develop a program for financing the production of motion pictures in the State of Illinois. All projects financed by the Authority shall require the approval of both the Illinois Arts Council and the Authority.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑12)
    Sec. 825‑12. Conservation projects.
    (a) The Authority may develop a program to provide low‑interest loans and other financing to individuals, business entities, private organizations, and units of local government for conservation projects in the State of Illinois.
    (b) Projects under this Section may include, without limitation, the acquisition of land for open‑space projects, preservation or recreation measures for open spaces, and energy conservation or efficiency projects that are intended to reduce energy usage and costs.
    (c) The Authority, in cooperation with the Department of Natural Resources and the Department of Commerce and Economic Opportunity, may adopt any rules necessary for the administration of this Section. The Authority must include any information concerning the program under this Section on its Internet website.
(Source: P.A. 95‑697, eff. 11‑6‑07.)

    (20 ILCS 3501/825‑13)
    Sec. 825‑13. Supervision of the Riverdale Development Authority bond issuances.
    (a) All bond issuances of the Riverdale Development Authority are subject to supervision, management, control, and approval of the Authority.
    (b) All bonds issued by the Riverdale Development Authority under the supervision of the Authority are subject to the terms and conditions that are set forth in the Riverdale Development Authority Act.
    (c) The bonds issued by the Riverdale Development Authority under the supervision of the Authority are not debts of the Authority or of the State.
(Source: P.A. 94‑1093, eff. 1‑26‑07.)

    (20 ILCS 3501/825‑13.5)
    Sec. 825‑13.5. Supervision of the Illinois Urban Development Authority bond issuances.
    (a) All bond issuances of the Illinois Urban Development Authority are subject to supervision, management, control, and approval of the Authority.
    (b) All bonds issued by the Illinois Urban Development Authority under the supervision of the Authority are subject to the terms and conditions that are set forth in the Illinois Urban Development Authority Act.
    (c) The bonds issued by the Illinois Urban Development Authority under the supervision of the Authority are not debts of the Authority or of the State.
(Source: P.A. 96‑234, eff. 1‑1‑10.)

    (20 ILCS 3501/825‑15)
    Sec. 825‑15. (Repealed).
(Source: P.A. 93‑205, eff. 1‑1‑04. Repealed by P.A. 94‑91, eff. 7‑1‑05.)

    (20 ILCS 3501/825‑20)
    Sec. 825‑20. Financially Distressed City Assistance Program; Findings and Declarations of Policy. It is hereby found and declared that there exists an urgent need to reduce involuntary unemployment and economic stagnation within financially distressed cities and to create therein a more favorable economic climate for the development of new and improved employment opportunities for the citizens of such cities; that to address such need it is necessary to promote sound financial management and fiscal integrity within such cities in order to provide a secure financial basis for their continued operation; and that implementation of a financially distressed city assistance program under the provisions of this Act is declared to be in the public interest and for the public benefit.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑25)
    Sec. 825‑25. Definition. As used in Sections 825‑20 through 825‑60 of this Act, the term "financially distressed city" means a unit of local government which has been certified and designated as a financially distressed city under Section 8‑12‑4 of the Illinois Municipal Code and to which the provisions of Division 12 of Article 8 of that Code have become applicable as provided by that Section 8‑12‑4.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑30)
    Sec. 825‑30. Powers and Duties; Financing.
    (a) Upon application of the financial advisory authority established for a financially distressed city under Division 12 of Article 8 of the Illinois Municipal Code, the Authority shall have the power to issue its bonds, notes or other evidences of indebtedness, the proceeds of which are to be used to make loans to a financially distressed city for purposes of enabling that city to restructure its current indebtedness and to provide and pay for its essential municipal services as determined in a manner consistent with Division 12 of Article 8 of the Illinois Municipal Code by the financial advisory authority established for that city under that Division 12.
    (b) Bonds authorized to be issued by the Authority under Sections 825‑20 through 825‑60 shall be payable from such revenues, income, funds and accounts of the financially distressed city which receives a loan of any proceeds of the bonds so issued as the Authority shall determine and prescribe in the loan agreement.
    (c) The Authority may prescribe the form and contents of any application submitted under subsection (a) of this Section and may, at its discretion, accept or reject such application or require such additional information as it deems necessary to aid in its review and determination of whether it will issue its bonds and loan the proceeds thereof as authorized under Sections 825‑20 through 825‑60.
    (d) The amount of bonds issued or proceeds thereof loaned by the Authority with respect to an application which the Authority has approved shall be determined by the Authority.
    (e) The financially distressed city receiving a loan under Sections 825‑20 through 825‑60 shall enter into a loan agreement in the form and manner prescribed by the Authority, and shall pay back to the Authority the principal amount of the loan, plus annual interest as determined by the Authority. The Authority shall have the power, subject to appropriations by the General Assembly, to subsidize or buy down a portion of the interest on such loans, up to 4% per annum.
    (f) The Authority shall create and establish a debt service reserve fund to be maintained by a trustee separate and segregated from all other funds and accounts of the Authority. This reserve fund shall be initially funded by a contribution of State monies.
    (g) The amount to be accumulated in the debt service reserve fund shall be determined by the Authority but shall not exceed the maximum amount of interest, principal and sinking fund installments due in any succeeding calendar year.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑35)
    Sec. 825‑35. Pledge of Funds. Any financially distressed city which receives funds from the Department of Revenue, including without limitation funds received pursuant to Section 8‑11‑1, 8‑11‑5 or 8‑11‑6 of the Illinois Municipal Code or Section 2 or 12 of the State Revenue Sharing Act, or from the Department of Transportation pursuant to Section 8 of the Motor Fuel Tax Law, may, by appropriate proceedings, pledge to the Authority, or any entity acting on behalf of the Authority (including, without limitation, any trustee), any or all of such receipts to the extent that such receipts are determined by the Authority to be necessary to provide revenues to pay or secure the payment of the principal of, premium, if any, and interest on any of the bonds issued on behalf of, or loans made to, the financially distressed city by the Authority under Sections 825‑20 through 825‑60. The adoption of such proceedings shall constitute a directive to the State Comptroller and State Treasurer to pay to, or on behalf of, the Authority or such other entity (including, without limitation, any trustee) such portion of the pledged receipts from the Department of Revenue or Department of Transportation, as the case may be, and with the State Comptroller and the State Treasurer. With respect to any bonds issued on behalf of, or loans made to, the financially distressed city by the Authority under Sections 825‑20 through 825‑60, which are in default in the payment of principal, premium, if any, or interest, to the extent that the State Treasurer, the State Comptroller, the Department of Revenue or the Department of Transportation shall be the custodian at any time of any other available funds or moneys pledged to the payment of such local government securities or such lease rental payments securing such local government securities pursuant to this Section and due or payable to such a unit of local government at any time subsequent to written notice to the State Comptroller and State Treasurer from the Authority or any entity acting on behalf of the Authority (including, without limitation, any trustee) to the effect that such financially distressed city has not paid or is in default as to payment of the principal of, premium, if any, or interest on any bonds issued on behalf of, or loans made to, the financially distressed city by the Authority under Sections 825‑20 through 825‑60:
    (a) The State Comptroller and the State Treasurer shall withhold the payment of such funds or moneys from the financially distressed city until the amount of such principal, premium, if any, and interest then due and unpaid has been paid to the Authority or such entity acting on behalf of the Authority (including, without limitation, any trustee), or the State Comptroller or State Treasurer have been advised that arrangements, satisfactory to the Authority or such entity, have been made for the payment of such principal, premium, if any, and interest; and
    (b) Within 10 days after a demand for payment by the Authority or such entity is given to the State Treasurer and the State Comptroller, the State Treasurer shall pay such funds or moneys as are legally available therefor to the Authority or such entity for the payment of principal, premium, if any, and interest on such bonds or loans. The Authority or such entity may carry out this Section and exercise all the rights, remedies and provisions provided or referred to in this Section.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑40)
    Sec. 825‑40. Additional security. In the event that the Authority determines that funds pledged, intercepted or otherwise received or to be received by the Authority under Section 825‑20 of this Act will not be sufficient for the payment of the principal, premium, if any, and interest during the next State fiscal year on any bonds issued by the Authority under Sections 825‑20 through 825‑60, the Chairman, as soon as is practicable, shall certify to the Governor the amount required by the Authority to enable it to pay the principal, premium, if any, and interest falling due on such bonds. The Governor shall submit the amount so certified to the General Assembly as soon as practicable, but no later than the end of the current State fiscal year. This paragraph shall not apply to any bonds as to which the Authority shall have determined, in the resolution authorizing their issuance, that this paragraph shall not apply. Whenever the Authority makes such a determination, that fact shall be plainly stated on the face of such bonds and that fact shall also be reported to the Governor. In the event of a withdrawal of moneys from a debt service reserve fund established with respect to any issue or issues of bonds of the Authority to pay principal and interest on those bonds, the Chairman, as soon as practicable, shall certify to the Governor the amount required to restore such reserve funds to the level required in the resolution or indenture securing the bonds. The Governor shall submit the amount so certified to the General Assembly as soon as practicable, but not later than the end of the current State fiscal year.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑50)
    Sec. 825‑50. Eligible Investments. Bonds issued by the Authority pursuant to Sections 825‑20 through 825‑60 shall be permissible investments within the provisions of Section 805‑40.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑55)
    Sec. 825‑55. Tax Exemption. The exercise of the powers granted in Sections 825‑20 through 825‑60 are in all respects for the benefit of the people of Illinois, and in consideration thereof shall be free from all taxation by the State or its political subdivisions, except for estate, transfer and inheritance taxes. For the purposes of Section 250 of the Illinois Income Tax Act, the exemption of the income from bonds issued under the aforementioned Sections shall terminate after all of the bonds have been paid. The amount of such income that shall be added and then subtracted on the Illinois income tax return of a taxpayer, pursuant to Section 203 of the Illinois Income Tax Act, from federal adjusted gross income or federal taxable income in computing Illinois base income shall be the interest net of any bond premium amortization.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑60)
    Sec. 825‑60. Financially Distressed City Assistance Program Limitation. In addition to the bonds authorized to be issued under Sections 801‑40(w), 825‑65(e), 830‑25 and 845‑5, the Authority may have outstanding at any time, bonds for the purposes enumerated in Sections 825‑20 through 825‑60 in an aggregate principal amount that shall not exceed $50,000,000. Such bonds shall not constitute an indebtedness or obligation of the State of Illinois, and it shall be plainly stated on the face of each bond that it does not constitute such an indebtedness or obligation but is payable solely from the revenues, income or other assets of the Authority pledged therefor.
(Source: P.A. 93‑205, eff. 1‑1‑04.)

    (20 ILCS 3501/825‑65)
    Sec. 825‑65. Clean Coal, Coal, Energy Efficiency, and Renewable Energy Project Financing.
    (a) Findings and declaration of policy.
        (i) It is hereby found and declared that Illinois has
     abundant coal resources and, in some areas of Illinois, the demand for power exceeds the generating capacity. Incentives to encourage the construction of coal‑fueled electric generating plants in Illinois to ensure power generating capacity into the future and to advance clean coal technology and the use of Illinois coal are in the best interests of all of the citizens of Illinois.
        (ii) It is further found and declared that Illinois
     has abundant potential and resources to develop renewable energy resource projects and that there are many opportunities to invest in cost‑effective energy efficiency projects throughout the State. The development of those projects will create jobs and investment as well as decrease environmental impacts and promote energy independence in Illinois. Accordingly, the development of those projects is in the best interests of all of the citizens of Illinois.
        (iii) The Authority is authorized to issue bonds to
     help finance Clean Coal, Coal, Energy Efficiency, and Renewable Energy projects pursuant to this Section.
    (b) Definitions.
        (i) "Clean Coal Project" means (A) "clean coal
     facility", as defined in Section 1‑10 of the Illinois Power Agency Act; (B) "clean coal SNG facility", as defined in Section 1‑10 of the Illinois Power Agency Act; (C) transmission lines and associated equipment that transfer electricity from points of supply to points of delivery for projects described in this subsection (b); (D) pipelines or other methods to transfer carbon dioxide from the point of production to the point of storage or sequestration for projects described in this subsection (b); or (E) projects to provide carbon abatement technology for existing generating facilities.
        (ii) "Coal Project" means new electric generating
     facilities or new gasification facilities, as defined in Section 605‑332 of the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois, which may include mine‑mouth power plants, projects that employ the use of clean coal technology, projects to provide scrubber technology for existing energy generating plants, or projects to provide electric transmission facilities or new gasification facilities.
        (iii) "Energy Efficiency Project" means measures that
     reduce the amount of electricity or natural gas required to achieve a given end use, consistent with Section 1‑10 of the Illinois Power Agency Act.
        (iv) "Renewable Energy Project" means (A) a project
     that uses renewable energy resources, as defined in Section 1‑10 of the Illinois Power Agency Act; (B) a project that uses environmentally preferable technologies and practices that result in improvements to the production of renewable fuels, including but not limited to, cellulosic conversion, water and energy conservation, fractionation, alternative feedstocks, or reduced green house gas emissions; (C) transmission lines and associated equipment that transfer electricity from points of supply to points of delivery for projects described in this subsection (b); or (D) projects that use technology for the storage of renewable energy, including, without limitation, the use of battery or electrochemical storage technology for mobile or stationary applications.
    (c) Creation of reserve funds. The Authority may establish and maintain one or more reserve funds to enhance bonds issued by the Authority for a Clean Coal Project, a Coal Project, an Energy Efficiency Project, or a Renewable Energy Project. There may be one or more accounts in these reserve funds in which there may be deposited:
        (1) any proceeds of the bonds issued by the Authority
     required to be deposited therein by the terms of any contract between the Authority and its bondholders or any resolution of the Authority;
        (2) any other moneys or funds of the Authority that
     it may determine to deposit therein from any other source; and
        (3) any other moneys or funds made available to the
     Authority. Subject to the terms of any pledge to the owners of any bonds, moneys in any reserve fund may be held and applied to the payment of principal, premium, if any, and interest of such bonds.
    (d) Powers and duties. The Authority has the power:
        (1) To issue bonds in one or more series pursuant to
     one or more resolutions of the Authority for any Clean Coal Project, Coal Project, Energy Efficiency Project, or Renewable Energy Project authorized under this Section, within the authorization set forth in subsection (e).
        (2) To provide for the funding of any reserves or
     other funds or accounts deemed necessary by the Authority in connection with any bonds issued by the Authority.
        (3) To pledge any funds of the Authority or funds
     made available to the Authority that may be applied to such purpose as security for any bonds or any guarantees, letters of credit, insurance contracts or similar credit support or liquidity instruments securing the bonds.
        (4) To enter into agreements or contracts with third
     parties, whether public or private, including, without limitation, the United States of America, the State or any department or agency thereof, to obtain any appropriations, grants, loans or guarantees that are deemed necessary or desirable by the Authority. Any such guarantee, agreement or contract may contain terms and provisions necessary or desirable in connection with the program, subject to the requirements established by the Act.
        (5) To exercise such other powers as are necessary or
     incidental to the foregoing.
    (e) Clean Coal Project, Coal Project, Energy Efficiency Project, and Renewable Energy Project bond authorization and financing limits. In addition to any other bonds authorized to be issued under Sections 801‑40(w), 825‑60, 830‑25 and 845‑5, the Authority may have outstanding, at any time, bonds for the purpose enumerated in this Section 825‑65 in an aggregate principal amount that shall not exceed $3,000,000,000, subject to the following limitations: (i) up to $300,000,000 may be issued to finance projects, as described in clause (C) of subsection (b)(i) and clause (C) of subsection (b)(iv) of this Section 825‑65; (ii) up to $500,000,000 may be issued to finance projects, as described in clauses (D) and (E) of subsection (b)(i) of this Section 825‑65; (iii) up to $2,000,000,000 may be issued to finance Clean Coal Projects, as described in clauses (A) and (B) of subsection (b)(i) of this Section 825‑65 and Coal Projects, as described in subsection (b)(ii) of this Section 825‑65; and (iv) up to $2,000,000,000 may be issued to finance Energy Efficiency Projects, as described in subsection (b)(iii) of this Section 825‑65 and Renewable Energy Projects, as described in clauses (A), (B), and (D) of subsection (b)(iii) of this Section 825‑65. An application for a loan financed from bond proceeds from a borrower or its affiliates for a Clean Coal Project, a Coal Project, Energy Efficiency Project, or a Renewable Energy Project may not be approved by the Authority for an amount in excess of $450,000,000 for any borrower or its affiliates. These bonds shall not constitute an indebtedness or obligation of the State of Illinois and it shall be plainly stated on the face of each bond that it does not constitute an indebtedness or obligation of the State of Illinois, but is payable solely from the revenues, income or other assets of the Authority pledged therefor.
    (f) The bonding authority granted under this Section is in addition to and not limited by the provisions of Section 845‑5.
(Source: P.A. 95‑470, eff. 8‑27‑07; 96‑103, eff. 1‑1‑10; 96‑817, eff. 1‑1‑10.)

    (20 ILCS 3501/825‑70)
    Sec. 825‑70. Criteria for participation in the program. Applications to the Authority for financing of any Clean Coal, Coal, Energy Efficiency Project, or Renewable Energy Project shall be reviewed by the Authority. Upon submission of any such application, the Authority staff shall review the application for its completeness and may, at the discretion of the Authority staff, request such additional information as it deems necessary or advisable to aid in review. If the Authority receives applications for financing for Clean Coal, Coal, Energy Efficiency Project, or Renewable Energy Projects in excess of the bond authorization available for such financing at any one time, it shall consider applications in the order of priority as it shall determine, in consultation with other State agencies, and consistent with State policy to promote environmentally preferable technology and energy independence.
(Source: P.A. 96‑103, eff. 1‑1‑10; 96‑817, eff. 1‑1‑10.)

    (20 ILCS 3501/825‑75)
    Sec. 825‑75. Additional Security. In the event that the Authority determines that monies of the Authority will not be sufficient for the payment of the principal of and interest on any bonds issued by the Authority under Sections 825‑65 through 825‑75 of this Act for Clean Coal Projects, Coal Projects, Energy Efficiency Projects, or Renewable Energy Projects during the next State fiscal year, the Chairperson, as soon as practicable, shall certify to the Governor the amount required by the Authority to enable it to pay such principal, premium, if any, and interest on such bonds. The Governor shall submit the amount so certified to the General Assembly as soon as practicable, but no later than the end of the current State fiscal year. This subsection shall apply to any bonds or notes as to which the Authority shall have determined, in the resolution authorizing the issuance of the bonds or notes, that this subsection shall apply. Whenever the Authority makes such a determination, that fact shall be plainly stated on the face of the bonds or notes and that fact should also be reported to the Governor. In the event of a withdrawal of moneys from a reserve fund established with respect to any issue or issues of bonds of the Authority to pay principal, premium, if any, and interest on such bonds, the Chairman of the Authority, as soon as practicable, shall certify to the Governor the amount required to restore the reserve fund to the level required in the resolution or indenture securing those bonds. The Governor shall submit the amount so certified to the General Assembly as soon as practicable, but no later than the end of the current State fiscal year. The Authority shall obtain written approval from the Governor for any bonds and notes to be issued under this Section.
(Source: P.A. 95‑470, eff. 8‑27‑07; 96‑103, eff. 1‑1‑10; 96‑817, eff. 1‑1‑10.)

    (20 ILCS 3501/825‑80)
    Sec. 825‑80. Fire truck revolving loan program.
    (a) This Section is a continuation and re‑enactment of the fire truck revolving loan program enacted as Section 3‑27 of the Rural Bond Bank Act by Public Act 93‑35, effective June 24, 2003, and repealed by Public Act 93‑205, effective January 1, 2004. Under the Rural Bond Bank Act, the program was administered by the Rural Bond Bank and the State Fire Marshal.
    (b) The Authority and the State Fire Marshal shall jointly administer a fire truck revolving loan program. The program shall provide zero‑interest loans for the purchase of fire trucks by a fire department, a fire protection district, or a township fire department. The Authority shall make loans based on need, as determined by the State Fire Marshal.
    (c) The loan funds, subject to appropriation, shall be paid out of the Fire Truck Revolving Loan Fund, a special fund in the State Treasury. The Fund shall consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program and any balance existing in the Fund on the effective date of this Section. The Fund shall be used for loans to fire departments and fire protection districts to purchase fire trucks and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund.
    (d) A loan for the purchase of fire trucks may not exceed $250,000 to any fire department or fire protection district. The repayment period for the loan may not exceed 20 years. The fire department or fire protection district shall repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Fire Truck Revolving Loan Fund.
    (e) The Authority and the State Fire Marshal shall adopt rules to administer the program.
    (f) Notwithstanding the repeal of Section 3‑27 of the Rural Bond Bank Act, all otherwise lawful actions taken on or after January 1, 2004 and before the effective date of this Section by any person under the authority originally granted by that Section 3‑27, including without limitation the granting, acceptance, and repayment of loans for the purchase of fire trucks, are hereby validated, and the rights and obligations of all parties to any such loan are hereby acknowledged and confirmed.
(Source: P.A. 94‑221, eff. 7‑14‑05.)

    (20 ILCS 3501/825‑81)
    Sec. 825‑81. Fire station revolving loan program.
    (a) The Authority and the State Fire Marshal may jointly administer a fire station revolving loan program. The program may provide zero‑interest loans for the construction, rehabilitation, remodeling, or expansion of a fire station or the acquisition of land for the construction or expansion of a fire station by a fire department, a fire protection district, or a township fire department. Once the program receives funding, the Authority shall make loans based on need, as determined by the State Fire Marshal.
    (b) The loan funds, subject to appropriation, may be paid out of the Fire Station Revolving Loan Fund, a special fund in the State treasury. The Fund may consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program. Once the program receives funding, the Fund may be used for loans to fire departments and fire protection districts to construct, rehabilitate, remodel, or expand fire stations or acquire land for the construction or expansion of fire stations and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund.
    (c) A loan under the program may not exceed $2,000,000 to any fire department or fire protection district. The repayment period for the loan may not exceed 25 years. The fire department or fire protection district shall repay each year at least 4% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Fire Station Revolving Loan Fund.
(Source: P.A. 96‑135, eff. 8‑7‑09; 96‑1172, eff. 7‑22‑10.)

    (20 ILCS 3501/825‑85)
    Sec. 825‑85. Ambulance revolving loan program.
    (a) The Authority and the State Fire Marshal shall jointly administer an ambulance revolving loan program. The program shall provide zero‑interest loans for the purchase of ambulances by a fire department, a fire protection district, a township fire department, or a non‑profit ambulance service. The Authority shall make loans based on need, as determined by the State Fire Marshal.
    (b) The loan funds, subject to appropriation, shall be paid out of the Ambulance Revolving Loan Fund, a special fund in the State treasury. The Fund shall consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program. The Fund shall be used for loans to fire departments, fire protection districts, and non‑profit ambulance services to purchase ambulances and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund.
    (c) A loan for the purchase of ambulances may not exceed $100,000 to any fire department, fire protection district, or non‑profit ambulance service. The repayment period for the loan may not exceed 10 years. The fire department, fire protection district, or non‑profit ambulance service` shall repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Ambulance Revolving Loan Fund.
    (d) The Authority and the State Fire Marshal shall adopt rules to administer the program.
(Source: P.A. 94‑829, eff. 6‑5‑06.)

    (20 ILCS 3501/825‑90)
    Sec. 825‑90. Illinois Power Agency Bonds.
    (a) In this Section:
    "Agency" means the Illinois Power Agency.
    "Agency loan agreement" means any agreement pursuant to which the Illinois Finance Authority agrees to loan the proceeds of its revenue bonds issued with respect to a specific Illinois Power Agency project to the Illinois Power Agency upon terms providing for loan repayment installments at least sufficient to pay when due all principal of, interest and premium, if any, on any revenue bonds of the Authority, if any, issued with respect to the Illinois Power Agency project, and providing for maintenance, insurance, and other matters as may be deemed desirable by the Authority.
    "Authority" means the Illinois Finance Authority.
    "Director" means the Director of the Illinois Power Agency.
    "Facility" means an electric generating unit or a co‑generating unit that produces electricity along with related equipment necessary to connect the facility to an electric transmission or distribution system.
    "Governmental aggregator" means one or more units of local government that individually or collectively procures electricity to serve residential retail electrical loads located within its or their jurisdiction.
    "Local government" means a unit of local government as defined in Section 1 of Article VII of the Illinois Constitution of 1970.
    "Project" means any project as defined in the Illinois Power Agency Act.
    "Real property" means any interest in land, together with all structures, fixtures, and improvements thereon, including lands under water and riparian rights, any easements, covenants, licenses, leases, rights‑of‑way, uses, and other interests, together with any liens, judgments, mortgages, or other claims or security interests related to real property.
    "Revenue bond" means any bond, note, or other evidence of indebtedness issued by the Illinois Finance Authority on behalf of the Illinois Power Agency, the principal and interest of which is payable solely from revenues or income derived from any project or activity of the Agency.
    (b) Powers and duties; Illinois Power Agency Program. The Authority has the power:
        (1) To accept from time to time pursuant to an Agency
     loan agreement any pledge or a pledge agreement by the Agency subject to the requirements and limitations of the Illinois Power Agency Act.
        (2) To issue revenue bonds in one or more series
     pursuant to one or more resolutions of the Authority to loan funds to the Agency pursuant to one or more Agency loan agreements meeting the requirements of the Illinois Power Agency Act and providing for the payment of any interest deemed necessary on those revenue bonds, paying for the cost of issuance of those revenue bonds, providing for the payment of the cost of any guarantees, letters of credit, insurance contracts or other similar credit support or liquidity instruments, or providing for the funding of any reserves deemed necessary in connection with those revenue bonds and refunding or advance refunding of any such revenue bonds and the interest and any premium thereon, pursuant to this Act. Authority for the agreements shall conform to the requirements of the Illinois Power Agency Act. The Authority may issue up to $4,000,000,000 aggregate principal amount of revenue bonds, the net proceeds of which shall be loaned to the Agency pursuant to one or more Agency loan agreements. No revenue bonds issued to refund or advance refund revenue bonds issued under this Section may mature later than the longest maturity date of the series of bonds being refunded. After the aggregate original principal amount of revenue bonds aut