Illinois General Assembly - Full Text of HB3525
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Full Text of HB3525  99th General Assembly

HB3525 99TH GENERAL ASSEMBLY

  
  

 


 
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.