Local
Government
Lease Program
Description:
The Local Government Lease program provides units of local government with
low-cost, tax-exempt financing for capital equipment, real estate purchases and
other capital improvements..
Benefits:
The program enables qualified entities to purchase capital equipment and real
estate without depleting cash reserves or paying the high cost of traditional
debt financing. Benefits of participating in the Local Government Lease Program
include:
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100% tax-exempt financing
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Favorable interest rates
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Low transaction costs
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Simplified "borrowing" process and quick turn-around time
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Voter referendum and separate tax levy not required on leases with a term of
ten years or less
Type of Financing:
Under the Local Government Lease Program, capital equipment and real estate
purchases are financed with an installment-purchase agreement between the unit
of local government and the Illinois Finance Authority.
Eligibility:
Any unit of local government that is entitled to enter into a lease-purchase
agreement under Illinois law may participate in this program. Qualified local
government units include counties, townships, municipalities, schools, and fire
protection, sanitary, park, library and other special purpose districts.
Fee:
Fees include a non-refundable application fee, due when the application is
submitted, and applicable closing costs. For a fee schedule, contact a Funding
Manager at your local IFA office.
Contact:
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Chicago office: 312.651.1300
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Springfield office: 217.782.5792
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Peoria office: 309.495.5959
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Mt. Vernon office: 618.244.2424
To get started, click here for a simplified application:
Full application:
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