Full Text of SB1498 98th General Assembly
SB1498eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Finance Authority Act is amended by | 5 | | changing Sections 825-95, 825-110, 830-10, and 830-15 as | 6 | | follows: | 7 | | (20 ILCS 3501/825-95)
| 8 | | Sec. 825-95. Emerald ash borer revolving loan program. | 9 | | (a) The Illinois Finance Authority may shall administer an | 10 | | emerald ash borer revolving loan program. The program shall | 11 | | provide low-interest or zero-interest loans to units of local | 12 | | government for the replanting of trees on public lands that are | 13 | | within emerald ash borer quarantine areas as established by the | 14 | | Illinois Department of Agriculture. The Authority shall make | 15 | | loans based on the recommendation of the Department of | 16 | | Agriculture.
| 17 | | (b) The loan funds, subject to appropriation, must be paid | 18 | | out of the Emerald Ash Borer Revolving Loan Fund, a special | 19 | | fund created in the State treasury. The moneys in the Fund | 20 | | consist of any moneys transferred or appropriated into the Fund | 21 | | as well as all repayments of loans made under this program. | 22 | | Moneys in the Fund may be used only for loans to units of local | 23 | | government for the replanting of trees within emerald ash borer |
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| 1 | | quarantine areas established by the Department of Agriculture | 2 | | and for no other purpose. All interest earned on moneys in the | 3 | | Fund must be deposited into the Fund.
| 4 | | (c) A loan for the replanting of trees on public lands | 5 | | within emerald ash borer quarantine areas established by the | 6 | | Department of Agriculture may not exceed $5,000,000 to any one | 7 | | unit of local government. The repayment period for the loan may | 8 | | not exceed 20 years. The unit of local government shall repay, | 9 | | each year, at least 5% of the principal amount borrowed or the | 10 | | remaining balance of the loan, whichever is less. All | 11 | | repayments of loans must be deposited into the Emerald Ash | 12 | | Borer Revolving Loan Fund.
| 13 | | (d) Any loan under this Section to a unit of local | 14 | | government may not exceed the moneys that the unit of local | 15 | | government expends or dedicates for the reforestation project | 16 | | for which the loan is made.
| 17 | | (e) The Department of Agriculture may enter into agreements | 18 | | with a unit of local government under which the unit of local | 19 | | government is authorized to assist the Department in carrying | 20 | | out its duties in a quarantined area, including inspection and | 21 | | eradication of any dangerous insect or dangerous plant disease, | 22 | | and including the transportation, processing, and disposal of | 23 | | diseased material. The Department is authorized to provide | 24 | | compensation or financial assistance to the unit of local | 25 | | government for its costs.
| 26 | | (f) The Authority, with the assistance of the Department of |
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| 1 | | Agriculture and the Department of Natural Resources, shall | 2 | | adopt rules to administer the program under this Section.
| 3 | | (Source: P.A. 95-588, eff. 9-4-07; 95-876, eff. 8-21-08.) | 4 | | (20 ILCS 3501/825-110) | 5 | | Sec. 825-110. Implementation of ARRA provisions regarding | 6 | | qualified energy conservation bonds. | 7 | | (a) Definitions. | 8 | | (i) "Affected local government" means any county or | 9 | | municipality within the
State if the county or municipality | 10 | | has a population of 100,000 or more, as defined in
Section | 11 | | 54D(e)(2)(C) of the Code. | 12 | | (ii) "Allocation amount" means the $133,846,000 amount | 13 | | of qualified energy conservation bonds authorized under | 14 | | ARRA for the financing of qualifying projects located | 15 | | within the State and the sub-allocation of those amounts | 16 | | among each affected local government. | 17 | | (iii) "ARRA" means, collectively, the American | 18 | | Recovery and Reinvestment Act of 2009, including, without | 19 | | limitation, Section 54D of the Code; the guidance provided | 20 | | by the Internal Revenue Service applicable to qualified | 21 | | energy conservation bonds; and any legislation | 22 | | subsequently adopted by the United States Congress to | 23 | | extend or expand the economic development bond financing | 24 | | incentives authorized by ARRA. |
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| 1 | | (iv) "ARRA implementing regulations" means the | 2 | | regulations promulgated by the Authority as further | 3 | | described in subdivision (c)(iv) of this Section to | 4 | | implement the provisions of this Section. | 5 | | (v) "Code" means the Internal Revenue Code of 1986, as | 6 | | amended. | 7 | | (vi) "Qualified energy conservation bond" means any | 8 | | qualified energy conservation bond issued pursuant to | 9 | | Section 54D of the Code. | 10 | | (vii) "Qualified energy conservation bond allocation" | 11 | | means an allocation of authority to issue qualified energy | 12 | | conservation bonds granted pursuant to Section 54D of the | 13 | | Code. | 14 | | (viii) "Regional authority" means the Central Illinois | 15 | | Economic Development Authority, Eastern Illinois Economic | 16 | | Development Authority, Joliet Arsenal Development | 17 | | Authority, Quad Cities Regional Economic Development | 18 | | Authority, Riverdale Development Authority, Southeastern | 19 | | Illinois Economic Development Authority, Southern Illinois | 20 | | Development Authority, Southwestern Illinois Development | 21 | | Authority, Tri-County River Valley Development Authority, | 22 | | Upper Illinois River Valley Development Authority, | 23 | | Illinois Urban Development Authority, Western Illinois | 24 | | Economic Development Authority, or Will-Kankakee Regional | 25 | | Development Authority. | 26 | | (ix) "Sub-allocation" means the portion of the |
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| 1 | | allocation amount allocated to each affected local | 2 | | government. | 3 | | (x) "Waived qualified energy conservation bond | 4 | | allocation" means the amount of the qualified energy | 5 | | conservation bond allocation that an affected local | 6 | | government elects to reallocate to the State pursuant to | 7 | | Section 54D(e)(2)(B) of the Code. | 8 | | (xi) "Waiver agreement" means an agreement between the | 9 | | Authority and an
affected local government providing for | 10 | | the reallocation, in whole or in part, of that
affected | 11 | | local government's sub-allocation to the Authority. The | 12 | | waiver agreement may provide for the payment of an affected | 13 | | local
government's reasonable fees and costs as determined | 14 | | by the Authority in connection with
the affected local | 15 | | government's reallocation of its sub-allocation. | 16 | | (b) Findings. | 17 | | It is found and declared that: | 18 | | (i) it is in the public interest and for the benefit of | 19 | | the State to maximize the use of economic development | 20 | | incentives authorized by ARRA; | 21 | | (ii) those incentives include the maximum use of the | 22 | | allocation amount for the issuance of qualified energy | 23 | | conservation bonds to promote energy conservation under | 24 | | the applicable provisions of ARRA; and | 25 | | (iii) those incentives also include the issuance by the |
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| 1 | | Authority of qualified energy conservation bonds for the | 2 | | purposes of financing qualifying projects to be financed | 3 | | with proceeds of qualified energy conservation bonds. | 4 | | (c) Powers of Authority. | 5 | | (i) In order to carry out the provisions of ARRA and | 6 | | further the purposes of this Section, the Authority has: | 7 | | (A) the power to receive from any affected local | 8 | | government its sub-allocation that it voluntarily | 9 | | waives to the Authority, in whole or in part, for | 10 | | allocation by the Authority to a regional authority | 11 | | specifically designated by that affected local | 12 | | government, and the Authority shall reallocate that | 13 | | waived qualified energy conservation bond allocation | 14 | | to the regional authority specifically designated by | 15 | | that affected local government; provided that (1) the | 16 | | affected local government must take official action by | 17 | | resolution or ordinance, as applicable, to waive the | 18 | | sub-allocation to the Authority and specifically | 19 | | designate that its waived qualified energy | 20 | | conservation bond allocation should be reallocated to | 21 | | a regional authority; (2) the regional authority must | 22 | | use the sub-allocation to issue qualified energy | 23 | | conservation bonds on or before August 16, 2010 and, if | 24 | | qualified energy conservation bonds are not issued on | 25 | | or before August 16, 2010, the sub-allocation shall be |
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| 1 | | deemed waived to the Authority for reallocation by the | 2 | | Authority to qualifying projects; and (3) the proceeds | 3 | | of the qualified energy conservation bonds must be used | 4 | | for qualified projects within the jurisdiction of the | 5 | | applicable regional authority; | 6 | | (B) at the Authority's sole discretion, the power | 7 | | to reallocate any sub-allocation deemed waived to the | 8 | | Authority pursuant to subsection (c)(i)(A)(2) back to | 9 | | the Regional Authority that had the sub-allocation; | 10 | | (C) the power to enter into waiver agreements with | 11 | | affected local
governments to provide for the | 12 | | reallocation, in whole or in part, of their | 13 | | sub-allocations,
to receive waived qualified energy | 14 | | conservation bond allocations from those affected | 15 | | local governments, and to use those waived qualified | 16 | | energy conservation bond allocations, in whole or in | 17 | | part, to issue qualified energy conservation bonds of | 18 | | the Authority for qualifying projects or to reallocate | 19 | | those qualified energy conservation bond allocations, | 20 | | in whole or in part, to a county or municipality to | 21 | | issue its own energy conservation bonds for qualifying | 22 | | projects; and | 23 | | (D) the power to issue qualified energy | 24 | | conservation bonds for any project authorized to be | 25 | | financed with proceeds thereof under the applicable | 26 | | provisions of ARRA. |
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| 1 | | (ii) In addition to the powers set forth in item (i), | 2 | | the Authority shall be the sole recipient, on behalf of the | 3 | | State, of any waived qualified energy conservation bond | 4 | | allocations. Qualified energy conservation bond | 5 | | allocations can be reallocated to the Authority only by | 6 | | voluntary waiver as provided in this Section. | 7 | | (iii) In addition to the powers set forth in items (i) | 8 | | and (ii), the Authority has any powers otherwise enjoyed by | 9 | | the Authority in connection with the issuance of its bonds | 10 | | if those powers are not in conflict with any provisions | 11 | | with respect to qualified energy conservation bonds set | 12 | | forth in ARRA. | 13 | | (iv) The Authority has the power to adopt regulations | 14 | | providing for the implementation of any of the provisions | 15 | | contained in this Section, including the provisions | 16 | | regarding waiver agreements and reallocation of all or any | 17 | | portion of the allocation amount and sub-allocations and | 18 | | the issuance of qualified energy conservation bonds; | 19 | | except that those regulations shall not (1) provide any | 20 | | waiver or reallocation of an affected local government's | 21 | | sub-allocation other than a voluntary waiver as described | 22 | | in subsection (c) or (2) be inconsistent with the | 23 | | provisions of subsection (c)(i). Regulations adopted by | 24 | | the Authority for determining reallocation of all or any | 25 | | portion of a waived qualified energy conservation | 26 | | allocation may include, but are not limited to, (1) the |
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| 1 | | ability of the county or municipality to issue qualified | 2 | | energy conservation bonds by the end of a given calendar | 3 | | year, (2) the amount of jobs that will be retained or | 4 | | created, or both, by the qualifying project to be financed | 5 | | by qualified energy conservation bonds, and (3) the | 6 | | geographical proximity of the qualifying project to be | 7 | | financed by qualified energy conservation bonds to a | 8 | | municipality or county that reallocated its sub-allocation | 9 | | to the Authority. | 10 | | (d) Established dates for notice. | 11 | | Any affected local government or regional authority that | 12 | | has issued qualified energy conservation bonds on or before the | 13 | | effective date of this Section must report its issuance of | 14 | | qualified energy conservation bonds to the Authority within 30 | 15 | | days after the effective date of this Section. After the | 16 | | effective date of this Section, any affected local government | 17 | | or any regional authority must report its issuance of qualified | 18 | | energy conservation bonds to the Authority not less than 30 | 19 | | days after those bonds are issued. | 20 | | (e) Reports to the General Assembly. | 21 | | Starting 60 days after the effective date of this Section | 22 | | and ending when there is no longer any allocation amount, the | 23 | | Authority shall file a report before the end 15th day of each | 24 | | fiscal year month with the General Assembly detailing its |
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| 1 | | implementation of this Section, including but not limited to | 2 | | the dollar amount of the allocation amount that has been | 3 | | reallocated by the Authority pursuant to this Section, the | 4 | | qualified energy conservation bonds issued in the State as of | 5 | | the date of the report, and descriptions of the qualifying | 6 | | projects financed by those qualified energy conservation | 7 | | bonds.
| 8 | | (Source: P.A. 96-1020, eff. 7-12-10.)
| 9 | | (20 ILCS 3501/830-10)
| 10 | | Sec. 830-10.
(a) The Authority may shall establish a Farm | 11 | | Debt Relief Program to
help provide
eligible Illinois farmers | 12 | | with State assistance in meeting their
farming-related debts.
| 13 | | (b) To be eligible for the program, a person must (1) be | 14 | | actively engaged in
farming in this State, (2) have | 15 | | farming-related debts in an amount equal to at
least 55% of the | 16 | | person's total assets, and (3) demonstrate that he can secure
| 17 | | credit from a conventional lender for the 1986 crop year.
| 18 | | (c) An eligible person may apply to the Authority, in such | 19 | | manner as the
Authority may specify, for a one-time farm debt | 20 | | relief payment of up to 2% of
the person's outstanding | 21 | | farming-related debt. If the Authority determines that
the | 22 | | applicant is eligible for a payment under this
Section, it may | 23 | | then approve
a payment to the applicant. Such payment shall | 24 | | consist of a payment made by the
Authority directly to one or | 25 | | more of the applicant's farming-related creditors,
to be |
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| 1 | | applied to the reduction of the applicant's farming-related | 2 | | debt. The
applicant shall be entitled to select the creditor or | 3 | | creditors to receive the
payment, unless the applicant is | 4 | | subject to the jurisdiction of a bankruptcy
court, in which | 5 | | case the selection of the court shall control.
| 6 | | (d) Payments shall be made from the Farm Emergency | 7 | | Assistance Fund, which is
hereby established as a special fund | 8 | | in the State treasury, from funds
appropriated to the Authority | 9 | | for that purpose. No grant may exceed the lesser
of (1) 2% of | 10 | | the applicant's outstanding farm-related debt, or (2) $2000. | 11 | | Not
more than one grant under this
Section may be made to any | 12 | | one person, or to any
one household, or to any single farming | 13 | | operation.
| 14 | | (e) Payments to applicants having farming-related debts in | 15 | | an amount equal
to
at least 55% of the person's total assets, | 16 | | but less than 70%, shall be repaid
by
the applicant to the | 17 | | Authority for deposit into the Farm Emergency Assistance
Fund | 18 | | within five years from the date the payment was made. Repayment | 19 | | shall be
made in equal installments during the five-year period | 20 | | with no additional
interest charge and may be prepaid in whole | 21 | | or in part at any time. Applicants
having farming-related debts | 22 | | in an amount equal to at least 70% of the person's
total assets | 23 | | shall not be required to make any repayment. Assets shall | 24 | | include,
but not be limited to, the following: cash crops or | 25 | | feed on hand; livestock
held for sale; breeding stock; | 26 | | marketable bonds and securities; securities not
readily |
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| 1 | | marketable; accounts receivable; notes receivable; cash | 2 | | invested in
growing crops; net cash value of life insurance; | 3 | | machinery and equipment; cars
and trucks; farm and other real | 4 | | estate including life estates and personal
residence; value of | 5 | | beneficial interests in trusts; government payments or
grants; | 6 | | and any other assets. Debts shall include, but not be limited | 7 | | to, the
following: accounts payable; notes or other | 8 | | indebtedness owed to any source;
taxes; rent; amounts owed on | 9 | | real estate contracts or real estate mortgages;
judgments; | 10 | | accrued interest payable; and any other liability.
| 11 | | (Source: P.A. 93-205, eff. 1-1-04.)
| 12 | | (20 ILCS 3501/830-15)
| 13 | | Sec. 830-15. Interest-buy-back program.
| 14 | | (a) The Authority may shall establish an interest-buy-back | 15 | | program to subsidize
the interest cost on certain loans to | 16 | | Illinois farmers.
| 17 | | (b) To be eligible an applicant must (i) be a resident of | 18 | | Illinois; (ii) be
a
principal operator of a farm or land; (iii) | 19 | | derive at least 50% of annual gross
income from farming; and | 20 | | (iv) have a net worth of at least $10,000. The
Authority shall | 21 | | establish minimum and maximum financial requirements, maximum
| 22 | | payment amounts, starting and ending dates for the program, and | 23 | | other criteria.
| 24 | | (c) Lenders may apply on behalf of eligible applicants on | 25 | | forms provided by
the
Authority. Lenders may submit requests |
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| 1 | | for payment on forms provided by the
Authority. Lenders and | 2 | | applicants shall be responsible for any fees or charges
the | 3 | | Authority may require.
| 4 | | (d) The Authority shall make payments to lenders from | 5 | | available
appropriations from the General Revenue Fund.
| 6 | | (Source: P.A. 93-205, eff. 1-1-04.)
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.
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