101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0884
 
Introduced , by Rep. Michael T. Marron
 
SYNOPSIS AS INTRODUCED:
 

 
20 ILCS 3501/820-65 new
30 ILCS 105/5.891 new

     Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority may administer a local infrastructure revolving loan program. Provides that the program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest and low-interest loans to units of local government to be used for specified infrastructure projects. Creates the Local Infrastructure Revolving Loan Fund, and provides for the use of the Fund. Provides for a continuing appropriation of moneys from the Fund to the Authority for payment to units of local government for specified purposes. Provides for the maximum amount of the loan to be given and repayment of the loan. Authorizes the Authority to adopt rules to administer the program. Amends the State Finance Act to provide for the Local Infrastructure Revolving Loan Fund.
  


LRB101 06788 RJF 51815 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB0884LRB101 06788 RJF 51815 b


  
1    AN ACT concerning State government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Finance Authority Act is amended  by 
5adding Section 820-65 as follows:
 
6    (20 ILCS 3501/820-65 new)
7    Sec. 820-65. Local infrastructure revolving loan program.
8    (a) The Authority may administer a local infrastructure 
9revolving loan program. The program shall, in instances where 
10sufficient loan funds exist to permit applications to be 
11accepted, provide zero-interest and low-interest loans to 
12units of the local government to be used for infrastructure 
13projects, including road projects, sidewalk and street light 
14improvements, and any project for which moneys in the Motor 
15Fuel Tax Fund are used. The Authority shall make loans based on 
16need, as determined by the Authority.
17    (b) The loan funds, subject to appropriation, shall be paid 
18out of the Local Infrastructure Revolving Loan Fund, which is 
19created as a special fund in the State treasury. The Fund shall 
20consist of any moneys transferred or appropriated into the 
21Fund, as well as all repayments of loans made under the 
22program. The Fund shall be used for loans to units of the local 
23government to be used for infrastructure projects, including 
 
 
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1road projects, sidewalk and street light improvements, and any 
2project for which moneys in the Motor Fuel Tax Fund are used. 
3All interest earned on moneys in the Fund shall be deposited 
4into the Fund.
5    (c) There is hereby appropriated, on a continuing annual 
6basis in each fiscal year, from the Local Infrastructure 
7Revolving Loan Fund, the amount, if any, of funds received into 
8the Local Infrastructure Revolving Loan Fund to the Authority 
9for payment to units of local government for the purposes for 
10which the moneys would otherwise be used under this Section.
11    (d) A loan for infrastructure projects under this Section 
12may not exceed $1,000,000 to any unit of local government. The 
13repayment period for the loan may not exceed 20 years. A unit 
14of local government receiving a loan under this Section shall 
15repay each year at least 5% of the principal amount borrowed or 
16the remaining balance of the loan, whichever is less. All 
17repayments of loans shall be deposited into the Local 
18Infrastructure Revolving Loan Fund.
19    (e) The Authority may adopt rules in accordance with the 
20Illinois Administrative Procedure Act to administer the 
21program. 
 
22    Section 10. The State Finance Act is amended  by adding 
23Section 5.891 as follows:
 
24    (30 ILCS 105/5.891 new)
 
 
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1    Sec. 5.891. The Local Infrastructure Revolving Loan Fund.