(30 ILCS 750/10-6) (from Ch. 127, par. 2710-6)
(Text of Section from P.A. 102-1115)
Sec. 10-6. Large Business Attraction Fund.
(a) There is created the Large Business Attraction Fund to
be held as part of the State Treasury. The Department is
authorized to make loans from the Fund for the purposes
established under this Article. The State Treasurer shall have
custody of the Fund and may invest in securities constituting
direct obligations of the United States Government, in
obligations the principal of and interest on which are
guaranteed by the United States Government, or in certificates
of deposit of any State or national bank that are fully
secured by obligations guaranteed as to principal and interest
by the United States Government. The purpose of the Fund is
to offer loans to finance large firms considering the location
of a proposed plant in the State and to provide financing to
carry out the purposes and provisions of paragraph (h) of
Section 10-3. Financing shall be in the
form of a loan, mortgage, or other debt instrument. All loans
shall be conditioned on the project receiving financing from
participating lenders or other sources. Loan proceeds shall
be available for project costs associated with an expansion
of business capacity and employment, except for debt refinancing.
Targeted companies for the program shall primarily
consist of established industrial and service companies with
proven records of earnings that will sell their product to
markets beyond Illinois and have proven multistate
location options. New ventures shall be considered only if
the entity is protected with adequate security with regard to
its financing and operation. The limitations and conditions
with respect to the use of this Fund shall not apply in
carrying out the purposes and provisions of paragraph (h) of Section 10-3.
(b) Deposits into the Fund shall include, but are
not limited to:
(1) Any appropriations, grants, or gifts made to
the Fund.
(2) Any income received from interest on investments of amounts from the Fund not |
(c) The State Comptroller and the State Treasurer shall from time to
time, upon the written direction of the Governor, transfer from the Fund to
the General Revenue Fund or the Budget Stabilization Fund, those amounts that the Governor determines are in
excess of the amounts required to meet the obligations of the Fund. Any amounts transferred to the Budget Stabilization Fund may be transferred back to the Large Business Attraction Fund by the State Comptroller and the State Treasurer, upon the written direction of the Governor.
(Source: P.A. 102-1115, eff. 1-9-23.)
(Text of Section from P.A. 102-1125)
Sec. 10-6. Large Business Attraction Fund.
(a) There is created the Large Business Attraction Fund to
be held as part of the State Treasury. The Department is
authorized to make loans from the Fund for the purposes
established under this Article. The State Treasurer shall have
custody of the Fund and may invest in securities constituting
direct obligations of the United States Government, in
obligations the principal of and interest on which are
guaranteed by the United States Government, or in certificates
of deposit of any State or national bank that are fully
secured by obligations guaranteed as to principal and interest
by the United States Government. The purpose of the Fund is
to offer loans to finance large firms considering the location
of a proposed plant in the State and to provide financing to
carry out the purposes and provisions of paragraph (h) of
Section 10-3. Financing shall be in the
form of a loan, mortgage, or other debt instrument. All loans
shall be conditioned on the project receiving financing from
participating lenders or other sources. Loan proceeds shall
be available for project costs associated with an expansion
of business capacity and employment, except for debt refinancing.
Targeted companies for the program shall primarily
consist of established industrial and service companies with
proven records of earnings that will sell their product to
markets beyond Illinois and have proven multistate
location options. New ventures shall be considered only if
the entity is protected with adequate security with regard to
its financing and operation. The limitations and conditions
with respect to the use of this Fund shall not apply in
carrying out the purposes and provisions of paragraph (h) of Section 10-3.
(b) Deposits into the Fund shall include, but are
not limited to:
(1) Any appropriations, grants, or gifts made to
the Fund.
(2) Any income received from interest on investments of amounts from the Fund not
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(c) The State Comptroller and the State Treasurer shall from time to
time, upon the written direction of the Governor, transfer from the Fund to
the General Revenue Fund those amounts that the Governor determines are in
excess of the amounts required to meet the obligations of the Fund.
(d) Notwithstanding subsection (a) of this Section, the Large Business Attraction Fund may be used for the purposes established under the Invest in Illinois Act, including for awards, grants, loans, contracts, and administrative expenses.
(Source: P.A. 102-1125, eff. 2-3-23.)
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