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IL SB3247
Bill
Status
Introduced
2/3/2026
Primary Sponsor
Elgie Sims
Click for details
AI Summary
- Amends the Illinois Finance Authority Act to change bond authorization limits from "issued bonds" to "outstanding bonds" for clean coal, coal, energy efficiency, PACE, and renewable energy projects, with caps ranging from $300 million to $2 billion depending on project type
- Excludes bonds issued to refund existing Illinois Finance Authority bonds or predecessor authority bonds from the aggregate principal amount limitations
- Prohibits Illinois Finance Authority members, officers, and employees from having any direct or indirect financial interest in contracts or agreements they may act or vote upon
- Requires Authority members, officers, and employees to abstain from deliberating or voting on contracts in which they hold a financial interest, though abstaining members still count toward quorum
- Prohibits Authority personnel from accepting money or gifts as bribes or means of influencing their official votes or actions
- Establishes exceptions to conflict of interest rules for ownership interests under 5% with contracts under $1,500 (cumulative $25,000 annually), and for volunteer service on nonprofit or public body boards
Legislative Description
FINANCE-IFA ETHICS
Last Action
Rule 2-10 Committee Deadline Established As March 27, 2026
3/13/2026
Committee Referrals
Executive2/17/2026
Assignments2/3/2026
Full Bill Text
No bill text available