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| Public Act 095-0588 |
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AN ACT concerning conservation.
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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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Section 5. The Illinois Finance Authority Act is amended by | ||||
adding Section 825-90 as follows: | ||||
(20 ILCS 3501/825-90 new)
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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.
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(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.
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(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.
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(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.
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(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.
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(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.
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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. | ||