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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB3988
Introduced 1/6/2004, by Roger L. Eddy SYNOPSIS AS INTRODUCED:
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20 ILCS 3501/820-65 new |
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30 ILCS 105/5.625 new |
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Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall
administer a road grader revolving loan program to provide loans to units of
local
government for the purchase of road graders that are manufactured in the United
States of America. Provides that the Illinois Finance Authority shall
determine eligibility for the loans based on need and that the loan funds, subject to appropriation, shall be paid
out of the Road Grader Revolving Loan Fund, a special fund in the State
treasury. Provides terms for the loan concerning: (i) the maximum aggregate outstanding principal amount of loans to any one unit of local government; (ii) the repayment schedule; and (iii) the amount that must be repaid each year. Provides that
the loan interest is 1% annually. Requires the Illinois Finance Authority to adopt rules
to administer the program. Amends the State Finance Act to create the Fund. |
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| FISCAL NOTE ACT
MAY APPLY
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A BILL FOR
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HB3988 |
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LRB093 14953 MKM 40522 b |
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| AN ACT concerning loans to local governments.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by |
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| adding Section 820-65 as
follows:
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| (20 ILCS 3501/820-65 new)
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| Sec. 820-65. Road grader revolving loan program. The |
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| Illinois Finance Authority is the
administrator of
a road |
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| grader revolving loan program. The purpose is to provide loans |
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| to units
of local government for the
purchase of road graders |
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| that are manufactured in the United States of America.
For |
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| purposes of this Section, "unit of local government" means a |
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| county,
township, or municipality;
and "manufactured in the |
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| United States of America" means that all significant
parts, |
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| processing, and labor that go into the road grader must be of |
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| U.S.
origin
and that the road grader must contain only |
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| negligible foreign
content. "Road grader" includes any |
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| machinery with a purchase
price of $100,000 or more that is |
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| used for the construction or maintenance of
roads.
The Illinois |
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| Finance Authority shall determine
eligibility for the loans |
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| based on need, as determined by the Illinois Finance Authority. |
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| The
Illinois Finance Authority must give priority in making |
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| loans to units of local
government
without a road grader
or |
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| with the oldest road grader.
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| The loan funds, subject to appropriation, shall be paid out |
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| of the
Road Grader Revolving Loan Fund, a special fund in the |
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| State treasury. The Fund
shall consist of any moneys |
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| transferred into or appropriated to the Fund as
well as all |
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| repayments of loans made under this Section. The Fund shall be |
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| used
for loans to units of local government to purchase road |
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| graders and for no
other purpose. All
interest earned on moneys |
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| in the Fund shall be deposited into the Fund.
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