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| | 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 | |
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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.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB3525 | | LRB099 09969 MGM 30188 b |
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1 | | AN ACT concerning State government.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Department of Natural Resources Act is |
5 | | amended 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 |
8 | | Program Fund. |
9 | | There is hereby created within the State treasury a Home |
10 | | and Business Flood Protection and Loan Program Fund, which |
11 | | shall be used and administered by the Department, subject to |
12 | | appropriation by the General Assembly and distribution by the |
13 | | Director, to provide assistance for the following purposes: |
14 | | (1) to accept and retain funds from grant awards,
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15 | | appropriations, transfers, and payments of interest and |
16 | | principal; |
17 | | (2) to make direct loans at or below market interest
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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. |