Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 1100 - ILLINOIS FINANCE AUTHORITY
Subpart B - FINANCING PROGRAMS
Section 1100.230 - General Criteria for Approval
Universal Citation: 74 IL Admin Code ยง 1100.230
Current through Register Vol. 48, No. 12, March 22, 2024
In determining whether to recommend an application for financing under Section 1100.225, the Authority staff shall take into account the following criteria:
a) The financial responsibility of the borrower and user of the project, including:
1) The readiness of the project to
proceed;
2) In the case of a
revenue bond of the Authority, the nature of the commitment of the proposed
purchaser, the nature of the bond security, and the likelihood that the bond
purchaser will be repaid based on an evaluation of the borrower's credit
worthiness as evidenced in the application;
3) The likelihood that the project would not
proceed without the benefit of Authority financing;
4) Whether the project is one of several
projects to be financed through a pooled bond issue; and
5) In the case of a loan or other use of
Authority's funds, the ability of the borrower to repay the Authority and the
sufficiency of available collateral based on an evaluation of the borrower's
credit worthiness as evidenced in the application.
b) The relationship between the amount of funds to be provided by the Authority and each of the following representations made by the borrower in the application:
1)
The number and type of jobs produced or retained by the project, including jobs
in the construction industry;
2)
The contribution the project will make to the economic development of the area
in which it is located and the need for such development;
3) The need or demand for the goods and
services to be provided by the project;
4) Whether the project will result in the
retention of businesses and jobs in the State which would otherwise be lost to
the State; and
5) In the case of an
environmental project, the environmental benefits of the project.
c) Such other evidence which the borrower makes available to demonstrate that the project advances the objectives of the Act or the Environmental Act, as the case may be.
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