Rep. Carolyn H. Krause
Filed: 3/31/2004
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1 | AMENDMENT TO HOUSE BILL 6077
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2 | AMENDMENT NO. ______. Amend House Bill 6077 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Finance Authority Act is amended | ||||||
5 | by adding Section 825-80 as follows: | ||||||
6 | (20 ILCS 3501/825-80 new) | ||||||
7 | Sec. 825-80. Loans for broadband Internet access. | ||||||
8 | (a) The Authority must establish and maintain a program to | ||||||
9 | offer low-interest loans to businesses seeking greater | ||||||
10 | broadband Internet access. Loans made under this program may be | ||||||
11 | used by businesses to purchase any broadband infrastructure | ||||||
12 | that is required to provide high-speed Internet access. | ||||||
13 | (b) The moneys for loans under this Section shall be | ||||||
14 | maintained in and, subject to appropriation, paid out of the | ||||||
15 | the Broadband Internet Access Revolving Loan Fund, a special | ||||||
16 | fund established in the State treasury. The Fund shall consist | ||||||
17 | of any moneys that the State may from time to time appropriate | ||||||
18 | or transfer to the Fund, as well as any donations, gifts, | ||||||
19 | bequests, and any other moneys from any public or private | ||||||
20 | source. All interest earned on moneys in the Fund and all | ||||||
21 | payments received on loans made under the program must be | ||||||
22 | deposited into the Fund. The Fund may no be used for any | ||||||
23 | purpose other than the purposes set forth in this Section. | ||||||
24 | (c) No business may receive loans exceeding, in an |
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1 | aggregate amount, $250,000, and the term for the repayment of | ||||||
2 | any loan under this program may not exceed 20 years. The | ||||||
3 | Authority may require a lien or other security as a condition | ||||||
4 | for making a loan under this Section. | ||||||
5 | (d) The Authority must adopt any rules necessary to | ||||||
6 | implement and administer this Section.
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7 | Section 10. The State Finance Act is amended by adding | ||||||
8 | Section
5.625 as follows:
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9 | (30 ILCS 105/5.625 new)
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10 | Sec. 5.625. The Broadband Internet Access Revolving Loan | ||||||
11 | Fund.
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12 | Section 99. Effective date. This Act takes effect upon | ||||||
13 | becoming law.".
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