HB5114 95TH GENERAL ASSEMBLY

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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5114

Introduced , by Rep. Mike Boland

SYNOPSIS AS INTRODUCED:

New Act

Creates the Cool and Green Roofs Linked Deposit Program Act. Creates the Cool and Green Roof Linked Deposit Program within the Office of the Treasurer in which the Treasurer agrees to deposit moneys with a financial institution at less than current market rates if the institution agrees to provide financial incentives to a specified class of customers in order to further social policies. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning environmental safety.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 1. Short title. This Act may be cited as the Cool and Green Roofs Linked Deposit Program Act.

Section 5. Findings and intent. The General Assembly finds that improvement of our urban environments to reduce air pollutants and the urban heat island effect will benefit the State's residents and that developing a program to assist property owners and developers to address these issues by adapting, building, or retrofitting green and cool roofs will improve our communities. The General Assembly also finds that green and cool roofs may reduce cooling costs, increase the life of the roof, and improve the quality of life for building occupants.

Section 10. Definitions.

"Cool roof" means a roof that uses specialized materials, including without limitation soybean-based paint, to reflect and radiate a high percentage of solar heat off of the roof surface and reduces the building's heat gain.

"Green roof" means a roof or partially covered roof consisting of plants, soil, or another lightweight growing medium that is installed on top of a water-proof membrane.

Section 20. The Cool and Green Roof Linked Deposit Program. There is created the Cool and Green Roof Linked Deposit Program within the Office of the Treasurer, and the Treasurer shall coordinate the program with assistance from the Green Governments Coordinating Council and the Governor's Rural Affairs Council. Under the Program, the Treasurer agrees to deposit moneys with a financial institution at less than current market rates if the institution agrees to provide financial incentives to a specified class of customers in order to further social policies. The financial incentives of the financial institution may include, without limitation, low-interest loans, investments with above-market-rate returns, rebates or refunds, or any other financial inventive.

Section 99. Effective date. This Act takes effect upon becoming law.