Illinois Private Activity Bond Allocation Act

The act sets out how a state divides its annual volume limitation on private activity bonds among the issuers seeking to use it. It splits that capacity into dedicated allocation pools — among them affordable housing, housing finance, economic development, general state, and carryforward pools — and establishes the procedure an issuer follows to obtain an allocation: filing a notice of intent to issue on a prescribed form, having that request evaluated and confirmed, and then reporting the bonds actually issued so the allocation can be finally certified. Amounts that go unused are recaptured for reallocation or carried forward, and the act further addresses qualified mortgage credit certificates, fees paid into a dedicated trust fund, and how the allocation scheme accommodates later changes in federal law.

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