§ 25-40 — Financial arrangements

Illinois § 25-40

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 30: FINANCE
• Act 30 ILCS 558/: Public-Private Partnership for Civic and Transit Infrastructure Project Act.
• Art.: Artilce 25 - Public-Private Partnership

Text

(a) The public agency may apply for, execute, or endorse applications submitted by the private entity to obtain federal, State, or local credit assistance to develop, maintain, or operate the Project. (b) The private entity may take any action to obtain federal, State, or local assistance for the civic build that serves the public purpose of this Act and may enter into any contracts required to receive the assistance. The public agency shall take all reasonable steps to support action by the private entity to obtain federal, State, or local assistance for the civic build. The assistance may include, but not be limited to, federal credit assistance pursuant to Railroad Rehabilitation and Improvement Financing and the Transportation Infrastructure Finance and Innovation Act. In the event the private entity obtains federal, State, or local assistance for the civic build that serves the public purpose of this Act, the financial assistance shall reduce the State's required payments under this Act on terms as mutually agreed to by the parties in the public-private agreement. (c) Any financing of the civic build costs may be in the amounts and subject to the terms and conditions contained in the public-private agreement. (d) For the purpose of financing or refinancing the civic build costs, the private entity and the public agency may do the following: (1) enter into grant agreements; (2) accept grants from any public or private agency or entity; (3) receive the required payments from the State under this Act; and (4) receive any other payments or monies permitted under this Act or agreed to by the parties in the public-private agreement. (e) For the purpose of financing or refinancing the civic build, public funds may be used and mixed and aggregated with private funds provided by or on behalf of the private entity or other private entities. However, that the required payments from the State under Sections 25-50 and 25-55 of this Act shall be solely used for civic build costs, plus debt service requirements of the civic build, debt service reserves or sinking funds, financing costs, payments for operation and management of the civic build, payments representing the reasonable return on the private equity investment in the civic build, and payments in respect of the public use of private land, air rights, or other real property interests for the civic build, if applicable. (f) The public agency is authorized to facilitate conduit tax-exempt or taxable debt financing, if agreed to between the public agency and the private entity.

Legislative History

(Source: P.A. 101-10, eff. 6-5-19; 102-558, eff. 8-20-21.)