99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3525
 
Introduced , by Rep. Mike Fortner
 
SYNOPSIS AS INTRODUCED:
 

 
20 ILCS 801/1-45  new
30 ILCS 105/5.866 new

     Amends the Department of Natural Resources Act. Creates the Home and Business Flood Protection and Loan Program Fund, which shall be administered by the Department of Natural Resources. Provides that the Home and Business Flood Protection and Loan Program Fund shall be used and administered by the Department to (1) accept and retain funds from grant awards, appropriations, transfers, and payments of interest and principal, and (2) make direct loans at or below market interest rates and to provide additional subsidization, including, but not limited to, forgiveness of principal, negative interest rates, and grants, to any eligible local government unit to finance public mitigation projects that would bring relief from damage created by urban flooding. Amends the State Finance Act to create the Home and Business Flood Protection and Loan Program Fund. Effective immediately.
  


LRB099 09969 MGM 30188 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB3525LRB099 09969 MGM 30188 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 Department of Natural Resources Act is 
5amended  by adding Section 1-45 as follows:
 
6    (20 ILCS 801/1-45  new)
7    Sec. 1-45. The Home and Business Flood Protection and Loan 
8Program Fund.
9    There is hereby created within the State treasury a Home 
10and Business Flood Protection and Loan Program Fund, which 
11shall be used and administered by the Department, subject to 
12appropriation by the General Assembly and distribution by the 
13Director, to provide assistance for the following purposes:
14        (1)   to accept and retain funds from grant awards,
    
15    appropriations, transfers, and payments of interest and 
16    principal;
17        (2)    to make direct loans at or below market interest
    
18    rates and to provide additional subsidization, including, 
19    but not limited to, forgiveness of principal, negative 
20    interest rates, and grants, to any eligible local 
21    government unit to finance public mitigation projects that 
22    would bring relief from damage created by urban flooding.
 
 
 
HB3525- 2 -LRB099 09969 MGM 30188 b

1    Section 10. The State Finance Act is amended by adding 
2Section 5.866 as follows:
 
3    (30 ILCS 105/5.866 new)
4    Sec. 5.866. The Home and Business Flood Protection and Loan 
5Program Fund.
 
 
6    Section 99. Effective date. This Act takes effect upon 
7becoming law.