summary
Introduced
02/06/2026
02/06/2026
In Committee
02/13/2026
02/13/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Finance Authority Act. In provisions concerning bond authorization and financing limits for clean coal projects, coal projects, energy efficiency projects, PACE projects, and renewable energy projects, provides that the limitations apply to outstanding bonds (instead of issued bonds). Provides that those limitations do not include bonds issued to refund the bonds of the Illinois Finance Authority or bonds of predecessor authorities. Provides that no member, officer, or employee of the Illinois Finance Authority may be in any manner financially interested in any contract or agreement upon which that person may be called to act or vote. Requires those members, officers, and employees to abstain from deliberating or voting on the award or material modification of any contract or agreement in which that person holds a financial interest. Provides that no member, officer, or employee of the Illinois Finance Authority may take or receive, or offer to take or receive, any money or other thing of value as a gift, bribe, or means of influencing that person's vote or action in that person's official capacity. Amends the Public Officer Prohibited Activities Act. Provides that certain provisions do not apply to the members and officers of the Illinois Finance Authority. Makes other changes.
AI Summary
This bill makes several changes to Illinois law regarding the Illinois Finance Authority (IFA) and ethics for its members, officers, and employees. Primarily, it modifies how bond financing limits are calculated for various energy projects, including clean coal, coal, energy efficiency, PACE (Property Assessed Clean Energy), and renewable energy projects. Instead of limiting the amount of bonds that can be *issued*, the bill now limits the amount of bonds that can be *outstanding* at any given time, meaning the total amount of debt currently held. It also clarifies that bonds issued to refinance existing IFA bonds or those of predecessor authorities do not count towards these limits. A significant ethical provision is introduced, stating that no IFA member, officer, or employee can have a financial interest in any contract or agreement they are involved in voting on or making decisions about, and they must abstain from voting or deliberating on such matters. Furthermore, they are prohibited from accepting gifts, bribes, or anything of value that could influence their official actions. The bill also amends the Public Officer Prohibited Activities Act to exempt members and officers of the Illinois Finance Authority from certain existing restrictions related to financial interests in contracts, while still upholding the new ethical standards for the IFA.
Sponsors (1)
Last Action
Referred to Rules Committee (on 02/13/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...