Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 1100 - ILLINOIS FINANCE AUTHORITY
Subpart B - FINANCING PROGRAMS
Section 1100.206 - Notice to Municipalities

Universal Citation: 74 IL Admin Code ยง 1100.206

Current through Register Vol. 48, No. 12, March 22, 2024

a) The Authority shall not issue any bonds relating to the financing of an industrial project located within the planning and subdivision control jurisdiction of any municipality unless:

1) Notice of the proposed project, including a description of the proposed financing, is submitted to the corporate authorities of such municipality; and

2) Such corporate authorities, within 45 days after mailing of the notice, have failed to notify the Authority that the municipality has adopted a resolution disapproving the project, or have notified the Authority that the municipality has adopted a resolution approving the project. [20 ILCS 3505/6.1 ]

b) The Authority will submit notice to the municipalities designated by the borrower after adoption of the inducement resolution. It is the responsibility of each borrower and its counsel to properly identify to the Authority at the time of application any municipality having planning and subdivision control jurisdiction over any portion of the project. The Authority will incorporate into the notice the project description and approximate financing amount provided by the borrower in the application.

c) During the months of November and December, and during the two months preceding the effective date of any tax legislation changes affecting bonds, the Authority will forward the required 45-day notice to municipalities prior to adoption of an inducement resolution, if requested by the borrower.

d) Changes in the project, the legal entity who will become the borrower in the financing, or the financing amount or structure shall require additional or corrected notices to be sent. Notice to the Authority of such changes are the responsibility of the borrower. The Authority assumes no responsibility for any delays in completing the financing arising out of a need to comply with this Section.

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