Rep. Donald L. Moffitt
Filed: 3/2/2011
 
 

 

 

 
09700HB3053ham001LRB097 10905 PJG 51774 a



1
AMENDMENT TO HOUSE BILL 3053 




2    AMENDMENT NO. ______. Amend House Bill 3053 by replacing 
3everything after the enacting clause with the following:


 
 
4    "Section 5. The Illinois Finance Authority Act is amended  
5by adding Section 825-87 as follows:
 
6    (20 ILCS 3501/825-87 new)
7    Sec. 825-87. School bus revolving loan program.
8    (a) For purposes of this Section, "school bus" has the same 
9meaning as provided in the Illinois Vehicle Code.
10    (b) The Authority and the State Superintendent of Education 
11shall jointly administer a school bus revolving loan program.  
12The program shall provide zero-interest loans for the purchase 
13of school buses by a school district or unit of local 
14government if both the chassis and passenger compartment are 
15built in Illinois. The program shall provide loans at a 1% rate 
16of simple interest per year for the purchase of school buses by 
 
 
09700HB3053ham001- 2 -LRB097 10905 PJG 51774 a

1a school district or unit of local government if either the 
2chassis or the passenger compartment is built in Illinois. The 
3program shall provide loans at a 2% rate of simple interest per 
4year for the purchase of school buses by a school district or 
5unit of local government if both the chassis and the passenger 
6compartment are built outside of Illinois. The Authority shall 
7make loans based on need, as determined by the State 
8Superintendent of Education.
9    (c) The loan funds, subject to appropriation, shall be paid 
10out of the School Bus Revolving Loan Fund, a special fund which 
11is created in the State treasury.  The Fund shall consist of any 
12moneys transferred or appropriated into the Fund as well as all 
13repayments of loans made under the program.  The Fund shall be 
14used for loans to school districts and units of local 
15government to purchase school buses and for no other purpose.  
16All interest earned on moneys in the Fund shall be deposited 
17into the Fund.
18    (d) A loan for the purchase of school buses may not exceed 
19$100,000 to any school district or unit of local government. 
20The repayment period for the loan may not exceed 20 years. The 
21school district or unit of local government shall repay each 
22year at least 5% of the principal amount borrowed or the 
23remaining balance of the loan, whichever is less.  All 
24repayments of loans shall be deposited into the School Bus 
25Revolving Loan Fund.
26    (e) The Authority and the State Superintendent of Education 
 
 
09700HB3053ham001- 3 -LRB097 10905 PJG 51774 a

1shall adopt rules to administer the program.
2    (f) The provisions of this Section are subject to 
3appropriation.
4    (g) Unless funds sufficient to continue the program are 
5appropriated, this Section becomes inoperative on the date 5 
6years after the effective date of this amendatory Act of the 
797th General Assembly. 
 
8    Section 10. The State Finance Act is amended  by adding 
9Section 5.786 as follows:
 
10    (30 ILCS 105/5.786 new)
11    Sec. 5.786. The School Bus Revolving Loan Fund.
 
 
12    Section 99. Effective date. This Act takes effect upon 
13becoming law.".