Sec. 1-85. Construction of facilities.
214 words·~1 min read·
/il/chapter-20/act-3855/1-85A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 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.