Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 1100 - ILLINOIS FINANCE AUTHORITY
Subpart F - LOAN PARTICIPATION PROGRAM
Section 1100.640 - Application Guidelines
Universal Citation: 74 IL Admin Code ยง 1100.640
Current through Register Vol. 48, No. 12, March 22, 2024
a) Introduction. Each applicant institution is encouraged to review the following procedures incident to the preparation of any application for assistance.
b) Pre-filing Stage. Prior to the preparation or submission of any application for assistance, each institution is requested to contact the Authority's Executive Director. The Executive Director will arrange for a meeting, or meetings, with the institution and the Authority's Executive Director, financial advisor, and bond counsel. The purpose of these meetings is two-fold:
1) A preliminary evaluation of the proposed
project by the institution and the Authority's staff in order to determine, in
the first instance, whether or not an application should be submitted to the
Authority for its consideration. (In the event that it is the opinion of the
Authority's staff that an application should not be prepared and submitted,
this recommendation will be rendered to the Authority for its consideration
prior to any further work with respect to the proposed project); and
2) Where prior Authority authorization is not
deemed necessary, the Authority staff shall at once assist the institution in
the development of its application for the Authority's information and review.
Additionally, the financial advisor will prepare an initial financial advisory
review for the Authority's consideration. (This initial review consists of a
description of the proposed project and a description of the economic
background of the applicant institution.)
c) Filing and Acceptance of Application
1) Once the application is completed the
application will be filed with the Authority. (The applicant institution is to
submit its application fee with the application.)
2) The Authority's Executive Director will
submit this filed application to the Authority for its consideration at its
next meeting once the financial advisor's initial financial review is
completed.
3) At the meeting
referred to above, the Authority will determine if it will accept the submitted
application. In reaching this conclusion, the Authority will consider:
A) the application itself;
B) comments and presentations by
representatives of the applicant institution;
C) the financial advisor's initial review;
and
D) additional observations by
the Authority's Executive Director and bond counsel.
4) If the Authority accepts the application,
it will authorize the following tasks:
A)
Bond counsel will be directed to undertake a preliminary investigation of legal
feasibility of the project. (This investigation will not consist, however, in
the preparation or drafting of documents incident to the proposed issue itself;
rather, this study will address itself to an appraisal of the appropriations
and needs of the issue itself); and
B) Financial advisor will be directed to
prepare a detailed financial study of the proposed application. Upon completion
of this study, the financial advisor will submit to the Authority its specific
recommendation or recommendations.
5) Upon acceptance of the application by the
Authority, the application fee shall be deemed non-refundable and shall be
deposited by the Authority.
6)
Neither the work of the bond counsel or financial advisor, with respect to a
given project, is paid by the Authority. In the event that the proposed project
does not come to issue, the applicant institution shall pay both the financial
advisor and bond counsel their reasonable fees incurred for all work so
performed on behalf of the institution subsequent to the Authority's acceptance
of the application. It shall be the duty of the institution and the financial
advisor and bond counsel, respectively, to determine and agree upon the
reasonableness of fees involved.
d) Approval of Application
1) The Authority will decide whether or not
to approve an accepted application once the financial advisor and bond counsel
have completed their reviews of the project.
2) If the accepted application is approved,
the financial advisor, Executive Director, and bond counsel will be authorized
and directed to prepare all documents and showings necessary and incident to
issuance of bonds for the applicant institution.
3) "Approval" of an application by the
Authority is not, nor should be, construed as any form of a commitment or
guarantee, on the part of the Authority to the applicant institution that the
proposed financing will be successfully completed and sold. Rather, approval of
an application indicates the Authority's desire to work with the applicant in
the attempt to bring its issue to sale.
4) In the event that the applicant
institution's issue is sold, the applicant institution shall reimburse the
financial advisor and bond counsel for their services rendered in accordance
with compensation schedules approved by the Authority. Such costs may be funded
out of bond proceeds. Such schedules are available upon request from the
Executive Director. Further, in the event that the applicant institution's
issue is sold, the applicant institution shall be obligated to pay the
Authority the Administrative Charge and Annual Fee referred to on page 2 of the
Application Form.
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.