Illinois Finance Authority Act

The act creates a state finance authority as a public corporate body, establishing its membership, corporate existence, powers and duties, and legislative oversight, along with governance rules on conflicts of interest, prohibited actions, limits on liability, audits, and annual reporting. Its central mechanism is bond financing: the authority may issue revenue bonds, refunding bonds, and bond anticipation notes, secure them by trust indenture, and pledge revenues to their repayment, supported by provisions for notice and validation of the bonds, bondholder remedies, tax exemption, treatment of the bonds as legal investments for public officers and fiduciaries, and a pledge by the state not to impair bondholder rights. Bond proceeds and appropriations move through a revolving fund and other dedicated funds that finance public projects and facilities for local governments and other public entities through loans, grants, and lease-purchase arrangements.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.