Illinois General Assembly - Full Text of Public Act 095-0588
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Public Act 095-0588


 

Public Act 0588 95TH GENERAL ASSEMBLY



 


 
Public Act 095-0588
 
SB1617 Enrolled LRB095 11111 CMK 31444 b

    AN ACT concerning conservation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Finance Authority Act is amended by
adding Section 825-90 as follows:
 
    (20 ILCS 3501/825-90 new)
    Sec. 825-90. Emerald ash borer revolving loan program.
    (a) The Illinois Finance Authority shall administer an
emerald ash borer revolving loan program. The program shall
provide low-interest or zero-interest loans to units of local
government for the replanting of trees on public lands that are
within emerald ash borer quarantine areas as established by the
Illinois Department of Agriculture. The Authority shall make
loans based on the recommendation of the Department of
Agriculture.
    (b) The loan funds, subject to appropriation, must be paid
out of the Emerald Ash Borer Revolving Loan Fund, a special
fund created in the State treasury. The moneys in the Fund
consist of any moneys transferred or appropriated into the Fund
as well as all repayments of loans made under this program.
Moneys in the Fund may be used only for loans to units of local
government for the replanting of trees within emerald ash borer
quarantine areas established by the Department of Agriculture
and for no other purpose. All interest earned on moneys in the
Fund must be deposited into the Fund.
    (c) A loan for the replanting of trees on public lands
within emerald ash borer quarantine areas established by the
Department of Agriculture may not exceed $5,000,000 to any one
unit of local government. The repayment period for the loan may
not exceed 20 years. The unit of local government shall repay,
each year, at least 5% of the principal amount borrowed or the
remaining balance of the loan, whichever is less. All
repayments of loans must be deposited into the Emerald Ash
Borer Revolving Loan Fund.
    (d) Any loan under this Section to a unit of local
government may not exceed the moneys that the unit of local
government expends or dedicates for the reforestation project
for which the loan is made.
    (e) The Department of Agriculture may enter into agreements
with a unit of local government under which the unit of local
government is authorized to assist the Department in carrying
out its duties in a quarantined area, including inspection and
eradication of any dangerous insect or dangerous plant disease,
and including the transportation, processing, and disposal of
diseased material. The Department is authorized to provide
compensation or financial assistance to the unit of local
government for its costs.
    (f) The Authority, with the assistance of the Department of
Agriculture and the Department of Natural Resources, shall
adopt rules to administer the program under this Section.
 
    Section 10. The State Finance Act is amended by adding
Section 5.675 as follows:
 
    (30 ILCS 105/5.675 new)
    Sec. 5.675. The Emerald Ash Borer Revolving Loan Fund.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 9/4/2007