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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB2419
Introduced 2/17/2005, by Rep. Aaron Schock SYNOPSIS AS INTRODUCED:
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20 ILCS 3501/820-65 new |
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30 ILCS 105/5.640 new |
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Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall
administer a road equipment revolving loan program to provide interest-free loans to units of
local
government for the purchase of road equipment that is 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 Equipment 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. 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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HB2419 |
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LRB094 08196 BDD 38383 b |
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| AN ACT concerning State government.
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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 equipment revolving loan program. The |
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| Illinois Finance Authority is the
administrator of
a road |
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| equipment revolving loan program. The purpose is to provide |
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| loans to units
of local government for the
purchase of road |
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| equipment that is manufactured in the United States of America.
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| For purposes of this Section, "unit of local government" means |
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| a 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 equipment must be |
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| of U.S.
origin
and that the road equipment must contain only |
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| negligible foreign
content. "Road equipment" 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 road equipment
or |
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| with the oldest road equipment.
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| The loan funds, subject to appropriation, shall be paid out |
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| of the
Road Equipment Revolving Loan Fund, a special fund in |
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| the 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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| equipment and for no
other purpose. All
interest earned on |
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| moneys in the Fund shall be deposited into the Fund.
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