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Illinois Statutes Chapter 20. Executive Branch § 3855/1-85. Construction of facilities

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 1-85. Construction of facilities. The Agency may begin construction of a facility costing the Agency more than $100,000,000 only if the Agency demonstrates each of the following:

(a) After conducting a study, that the construction and operation of the facility is feasible.

(b) That the project does not materially adversely affect overall real property taxes in the taxing jurisdictions where the facility is to be located.

(c) That the Agency has received all required federal, State, and local government licenses, permits, or approval for the facility.

(d) That the Agency has obtained binding written commitments from municipal electric systems, governmental aggregators, or rural electric cooperatives constituting agreements to purchase, in the aggregate, at least 75% of the anticipated output of the facility for a time period long enough to ensure recovery of:

(1) all costs, including interest, amortization charges, and reserve charges, sufficient to retire revenue bonds issued for costs incurred in connection with the development and construction of a facility; and

(2) all operating, capital, administrative, and general expenses for the continued operation of the facility, including fiscal reserves, and any depreciation charges or costs.

(e) That the Agency has a reasonable plan to sell the remaining anticipated output of the facility to municipal electric systems, governmental aggregators, or rural electric cooperatives.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 20. Executive Branch § 3855/1-85. Construction of facilities - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-20-executive-branch/il-st-sect-20-3855-1-85/

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