summary
Introduced
02/07/2025
02/07/2025
In Committee
05/31/2025
05/31/2025
Crossed Over
04/09/2025
04/09/2025
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Reinserts the provisions of the introduced bill with changes. Adds additional provisions concerning climate resilience projects. Further amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority may finance or refinance any accounts receivable, working capital, liability, or insurance or noncapital cost or operating expense for any unit of government, participating health institution, private institution of higher education, academic institution, cultural institution, or other person authorized to borrow funds from the Authority pursuant to the Act. Provides that those agreements are included in the definitions of "lease agreement" and "loan agreement" under the Act. Effective immediately.
AI Summary
This bill expands the powers of the Illinois Finance Authority (IFA) to finance and refinance various types of projects, with a particular focus on climate resilience. Specifically, the bill allows the IFA to finance or refinance accounts receivable, working capital, liabilities, insurance costs, or operating expenses for various entities including units of government, health institutions, academic institutions, and cultural institutions. The bill introduces a new definition of "climate resilience project" as a project aimed at reducing hazards or risks to people and property from future disasters or climate-related conditions. This includes projects that ensure access to clean water, support wastewater treatment, and enhance the resilience of essential infrastructure. The legislation also broadens the IFA's ability to utilize funding sources, including repurposed existing program funds, federal funds, charitable contributions, and earnings from financing activities. Additionally, the bill expands the types of projects that governmental units can own, construct, and operate to include both clean energy infrastructure and climate resilience projects. The bill takes effect immediately upon becoming law, signaling the state's commitment to supporting climate adaptation and resilience efforts.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (22)
Nabeela Syed (D)*,
Rachel Ventura (D)*,
Diane Blair-Sherlock (D),
Kelly Cassidy (D),
Dan Didech (D),
Laura Faver Dias (D),
Sara Feigenholtz (D),
Edgar González (D),
Graciela Guzmán (D),
Linda Holmes (D),
Lilian Jiménez (D),
Adriane Johnson (D),
Kyle Moore (R),
Bob Morgan (D),
Laura Murphy (D),
Michelle Mussman (D),
Mike Porfirio (D),
Abdelnasser Rashid (D),
Brad Stephens (R),
Jil Tracy (R),
Ram Villivalam (D),
Maurice West (D),
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 05/31/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2306&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB2306eng.htm |
| Senate Amendment 001 | https://www.ilga.gov/legislation/104/SB/10400SB2306sam001.htm |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB2306.htm |
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