Full Text of SB3190 93rd General Assembly
SB3190eng 93RD GENERAL ASSEMBLY
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SB3190 Engrossed |
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LRB093 20947 RAS 46927 b |
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| AN ACT concerning commerce.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| (20 ILCS 605/605-360 rep.)
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| Section 5. The Department of Commerce and Economic | 6 |
| Opportunity Law of the
Civil Administrative Code of Illinois is | 7 |
| amended by repealing Section 605-360. | 8 |
| Section 10. The Rural Diversification Act is amended by | 9 |
| changing Sections 4 and 5 as follows:
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| (20 ILCS 690/4) (from Ch. 5, par. 2254)
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| Sec. 4. Powers of the Office. The Office may exercise the | 12 |
| following powers, at the discretion of the Director of Commerce | 13 |
| and Economic Opportunity
has the following powers,
in addition | 14 |
| to those granted to it by other law :
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| (a) To provide financing pursuant to the provisions of this | 16 |
| Act, from
appropriations made by the General Assembly from the | 17 |
| General Revenue Fund,
Federal trust funds, and the Rural | 18 |
| Diversification Revolving Fund created
herein, to or on behalf | 19 |
| of rural business and agribusiness to promote rural
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| diversification.
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| (b) To provide financing in the form of direct loans and | 22 |
| grants from
State funds for qualifying agricultural and rural | 23 |
| diversification
projects independent of federal financial | 24 |
| participation, except that no
grants from State funds shall be | 25 |
| made directly with a rural business.
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| (c) To provide financing in the form of direct loans,
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| grants, and technical assistance contracts from State funds
for | 28 |
| qualifying agricultural and rural diversification projects in
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| coordination with federal financial participation in the form | 30 |
| of loan
guarantees, direct loans, and grant and technical | 31 |
| assistance contract reimbursements.
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| (d) To consider in the award of State funded financing the | 2 |
| satisfaction
of matching requirements associated with federal | 3 |
| financing participation
and the maximization of federal | 4 |
| financing participation to the benefit of
the rural Illinois | 5 |
| economy.
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| (e) To enter into agreements or contracts, accept funds or | 7 |
| grants, and
cooperate with agencies of the Federal Government, | 8 |
| State or Local
Governments, the private sector or non-profit | 9 |
| organizations to carry out
the purposes of this Act;
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| (f) To enter into agreements or contracts for the | 11 |
| promotion, application
origination, analysis or servicing of | 12 |
| the financings made by the
Office pursuant to this Act;
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| (g) To receive and accept, from any source, aid or | 14 |
| contributions of
money, property or labor for the furtherance | 15 |
| of this Act and collect fees,
charges or advances as the | 16 |
| Department may determine in connection with its financing;
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| (h) To establish application, notification, contract and | 18 |
| other
procedures and other procedures and rules deemed | 19 |
| necessary and appropriate
by the Office to carry out the | 20 |
| provisions of this Act;
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| (i) To foreclose any mortgage, deed of trust, note, | 22 |
| debenture, bond or
other security interest held by the Office | 23 |
| and to take all such actions
as may be necessary to enforce any | 24 |
| obligation held by the Office;
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| (j) To analyze opportunities and needs of rural | 26 |
| communities, primarily
those communities experiencing farm | 27 |
| worker distress including consultation
with regional | 28 |
| commissions, governments, or diversification
organizations, | 29 |
| and work to strengthen the coordination of existing programs
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| offered through the Office, the Department of Agriculture, the | 31 |
| Department of
Natural Resources, the Illinois Finance
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| Authority, the Cooperative Extension Service and others for | 33 |
| rural and
agribusiness development and assistance; and
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| (k) To cooperate with an existing committee comprised of | 35 |
| representatives
from the Office, the Rural Affairs Council or | 36 |
| its successor, the Department of
Agriculture, the Illinois |
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| Finance Authority and
others to
coordinate departmental | 2 |
| policies with other State agencies and to promote
agricultural | 3 |
| and rural diversification in the State.
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| (l) To exercise such other right, powers and duties as are | 5 |
| necessary to
fulfill the purposes of this Act.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| (20 ILCS 690/5) (from Ch. 5, par. 2255)
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| Sec. 5. Agricultural and rural diversification financing.
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| (a) The Office's financing to or on behalf of rural | 10 |
| businesses or
agribusinesses in the State shall be for the | 11 |
| purpose of assisting in the cost
of agricultural and rural | 12 |
| diversification projects including (i) acquisition,
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| construction, reconstruction, replacement, repair,
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| rehabilitation, alteration, expansion or extension of real | 15 |
| property,
buildings or machinery and equipment but not the | 16 |
| acquisition
of unimproved land for the production of crops or | 17 |
| livestock; (ii) working
capital items including but not limited | 18 |
| to, inventory, accounts receivable
and prepaid expenses; (iii) | 19 |
| organizational expenses including, but not limited
to, | 20 |
| architectural and engineering costs, legal services, marketing | 21 |
| analyses,
production analyses, or other professional services; | 22 |
| (iv) needed leasehold
improvements, easements, and other | 23 |
| amenities required to prepare a site; (v)
information, | 24 |
| technical support and technical assistance contracts to local
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| officials or not-for-profit agencies regarding private, state | 26 |
| and
federal resources, programs or grant assistances and the | 27 |
| needs and
opportunities for diversification; and (vi) when | 28 |
| conducted in
cooperation with federal reimbursement programs, | 29 |
| financing costs including
guarantee fees, packaging fees and | 30 |
| origination fees but not debt refinancing.
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| (b) Agricultural or rural diversification financing to a | 32 |
| rural
business or agribusiness under this Act shall be used
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| only where it can be shown that the agricultural or rural | 34 |
| diversification
project for which financing is being sought has | 35 |
| the potential to achieve
commercial success and will increase |
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| employment, directly or indirectly
retain jobs, or promote | 2 |
| local diversification.
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| (c) The Office may
shall establish an internal review | 4 |
| committee with
the Director of the Rural Affairs Council, or | 5 |
| his designee,
the Director of the Department of Agriculture, or | 6 |
| his designee, and the
Director of the Illinois Finance | 7 |
| Authority, or
his designee, as
members to assist in the review | 8 |
| of all project applications.
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| (d) The Office shall not provide financing to a rural | 10 |
| business or
agribusiness unless the application includes | 11 |
| convincing evidence that a
specific agricultural or rural | 12 |
| diversification project is ready to
occur and will only occur | 13 |
| if the financing is made. The Office shall also
consider the | 14 |
| applicability of other state and federal programs prior to
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| financing any project.
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| (Source: P.A. 93-205, eff. 1-1-04.)
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| Section 99. Effective date. This Act takes effect upon | 18 |
| becoming law.
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