Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 1100 - ILLINOIS FINANCE AUTHORITY
Subpart C - VETERANS ASSISTANCE
Section 1100.300 - Purposes and Objectives; Compliance with Federal Law; Forms for Program
Universal Citation: 74 IL Admin Code ยง 1100.300
Current through Register Vol. 48, No. 12, March 22, 2024
a) This Subpart is established to accomplish the general purposes of Article 820 of the Act and in particular the purchasing of governmental units bonds in accordance with the program to achieve the following objectives:
1) To foster and promote by all reasonable
means the provision of adequate capital markets and facilities for borrowing
money by rural units of local government, and for the financing of their
respective public improvements and other governmental purposes within the State
from proceeds of bonds or notes issued by those governmental units;
2) To assist rural governmental units in
fulfilling their needs for those purposes by use of creation of
indebtedness;
3) To the extent
possible, to reduce the costs of indebtedness to taxpayers and residents of
this State and to encourage continued investor interest in the purchase of
bonds or notes of rural governmental units as sound and preferred securities
for investment; and
4) To encourage
rural governmental units to continue their independent undertakings of public
improvements and other governmental purposes and the financing thereof, and to
assist them in those activities by making funds available at reduced interest
costs for orderly financing of those purposes, especially during periods of
restricted credit or money supply, and particularly for those rural
governmental units not otherwise able to borrow for those purposes.
b) This Subpart shall be construed in conformity and compliance with applicable federal law, including without limits Section 103A of the Internal Revenue Code ( 26 USC 103 ).
c) The Executive Director shall prepare, use, supplement and amend such forms, agreements and other documents as may be necessary to implement the program.
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