Current through Register Vol. 48, No. 12, March 22, 2024
a) The Department, with assistance from the
Financial Advisory Committee, shall evaluate applications for loans and make
such evaluations available to the Board. Evaluation of the loan applications
shall be based on, but not limited to, the following criteria: (Section 10 of
the Act)
1) The length of time the Applicant
will commit to using Illinois Coal in the facility which is modified, acquired
or constructed as a result of the Project. The Applicant must agree to use
Illinois Coal for at least the life of the loan as a condition of such loan.
(Section 10 of the Act)
2) The
total amount of Illinois Coal used. (Section 10 of the Act)
3) The financial feasibility of the Project,
the percentage of the Total Project Cost for which State Financing is
requested, and the extent to which the Project maximizes the use of private
funds or funds from other public sources. To be financially feasible the
Project must have a positive net present value and an internal rate of return
equal to or greater than the cost of capital. (Section 10 of the Act)
4) The technical merits of the Project,
including but not limited to the effectiveness of the proposed coal-use system
in controlling emissions of sulfur dioxide and other pollutants. The Project's
technology must be commercially proven and commercially available. (Section 10
of the Act)
5) The environmental
acceptability of the Industrial Coal Project, including the percentage
reductions of sulfur dioxide, nitrous oxides and other pollutants. The
Industrial Coal Project must comply with all applicable environmental
regulations.
6) The type and
quantity of fuel displaced by the Industrial Coal Project.
7) The amount of additional loan security
provided by the Applicant to the Department, if any.
b) Following its evaluation of the
application, the Department shall make a recommendation to the Board regarding
the advisability of providing State Financing for the proposed Industrial Coal
Project. The Department shall rank the proposals on the above criteria and
recommend for funding to the Board the Projects with the lowest cumulative
scores.
c) The Department shall use
its best efforts to complete the evaluation of applications received and to
make its recommendation to the Board in a timely manner.
