Illinois Administrative Code
Title 32 - ENERGY
Part 110 - ADMINISTRATION OF THE ILLINOIS INDUSTRIAL COAL UTILIZATION PROGRAM
Section 110.80 - Loan Agreement

Universal Citation: 32 IL Admin Code ยง 110.80
Current through Register Vol. 48, No. 12, March 22, 2024

After an Industrial Coal Project has been approved by the Board, the Department and the Borrower shall execute a loan agreement. The loan agreement shall, at a minimum, require a letter of certification from the Borrower's fiscal officer or accountant stating that State Financing shall be applied only to the Industrial Coal Project, as described in the application and approved by the Board. The agreement shall include a statement signed by the Borrower certifying that it will comply with the terms and conditions of State Financing provided in connection with the Project and the Program. The loan agreement may specify actions necessary or appropriate to protect the State's interest in the event of default, foreclosure or noncompliance with the terms and conditions of the loan provided under the Program, including the power to sell, dispose, lease or rent, upon terms and conditions deemed to be appropriate by the Department, real or personal property which the Department may receive as a result thereof. (Section 12 of the Act)

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.