HB5174 Summary

• Amends the Illinois Finance Authority Act to define two new terms: "municipal bond issuer" (the State or any unit of local government, school district, or agency thereof) and "municipal bond program project" (a program for funding the purchase of bonds or obligations issued by a municipal bond issuer).

• Adds a new finding in Section 801-5(o) stating that providing financing for out-of-state projects owned or operated by State-based institutions, and issuing bonds to fund municipal bond programs, would promote the State's economy and lower borrowing costs.

• Allows the Illinois Finance Authority to approve applications to finance or refinance municipal bond program projects located outside the State after making conclusive findings that the program: includes purchase of bonds from State or local government entities, and would reduce borrowing costs for those entities.

• Prohibits the Authority from providing financing using State volume cap under federal tax law or pledging State credit for any out-of-state projects, and prohibits financing for any projects located outside the United States.

• Effective immediately upon becoming law.