Ill. Admin. Code tit. 32, § 120.40 - Eligible Uses of Grant Funds
a)
The grant amount may be used for capital facilities consisting of buildings,
structures, durable equipment and land at the new electric generating
facility.
b) Funding for the Coal
Revival Program is derived from the sale of general obligation bonds issued by
the State of Illinois. This funding source imposes limits on the use of program
funds. When authorized, general obligation bonds will be sold in increments and
grants awarded to successful applicants upon certification by the Governor's
Office of Management and Budget that the State portion of the projected tax
receipts will equal or exceed 110% of the maximum annual debt service over the
25-year life of the bonds. State sales taxes from coal used by new plants will
be set aside and transferred to the general obligation bond retirement and
interest fund to retire these bonds.
Notes
Amended at 29 Ill. Reg. 1195, effective January 5, 2005
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