IL SB3597

Authorizes governmental units to own, construct, manage, and operate clean energy infrastructure projects including renewable energy, energy efficiency, energy storage, electric vehicles, EV charging stations, and building electrification.

Permits governmental units to borrow money and access loans from the Illinois Finance Authority to finance acquisition, construction, or improvement of clean energy infrastructure projects.

Allows governmental units to issue general obligation bonds, alternate bonds, limited bonds, and revenue bonds to repay loans from the Illinois Finance Authority, with interest rates not exceeding the maximum permitted under the Bond Authorization Act and maturity within 30 years.

Requires the governing body to adopt an ordinance or resolution specifying bond amounts, maturity dates, and interest rates; for general obligation bonds, must provide for a direct annual tax on all taxable property sufficient to pay principal and interest to maturity.

Establishes that bond issuance authority under this Act is in addition to any other existing authority to issue bonds by governmental units.