Illinois General Assembly - Bill Status for HB2419

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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