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Rep. Arthur Turner
Filed: 3/10/2017
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| 1 | | AMENDMENT TO HOUSE BILL 2698
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| 2 | | AMENDMENT NO. ______. Amend House Bill 2698 on page 1, line |
| 3 | | 5, after "9-4.3", by inserting "and by adding Section 9-4.8"; |
| 4 | | and
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| 5 | | on page 10, immediately below line 11, by inserting the |
| 6 | | following:
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| 7 | | "(30 ILCS 750/9-4.8 new) |
| 8 | | Sec. 9-4.8. State Small Business Credit Initiative Fund. |
| 9 | | (a) There is hereby created the State Small Business Credit |
| 10 | | Initiative Fund, also referred to in this Article as the "SSBCI |
| 11 | | Fund", as a special fund in the State treasury. |
| 12 | | The purpose of the SSBCI Fund is to finance intermediary |
| 13 | | agreements, administration, technical assistance agreements, |
| 14 | | loans, grants, or investments in Illinois. Investments, |
| 15 | | administration grants, and financial aid shall be used for the |
| 16 | | purposes set forth in this Article. Loan financing shall be in |
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| 1 | | the form of loan agreements pursuant to the terms and |
| 2 | | conditions set forth in this Article. All loans shall be |
| 3 | | conditioned on the project receiving financing from |
| 4 | | participating lenders or other investors. |
| 5 | | (b) The following amounts shall be deposited into the SSBCI |
| 6 | | Fund: |
| 7 | | (1) all receipts, including dividends, principal and |
| 8 | | interest payments, and royalties, from any applicable |
| 9 | | loan, intermediary, or technical assistance agreement made |
| 10 | | from the SSBCI Fund or from direct appropriations from the |
| 11 | | Build Illinois Bond Fund or the General Revenue Fund by the |
| 12 | | General Assembly entered into by the Department; |
| 13 | | (2) all proceeds of assets of whatever nature received |
| 14 | | by the Department as a result of default or delinquency |
| 15 | | with respect to a loan agreement made from the SSBCI Fund |
| 16 | | or from direct appropriations by the General Assembly, |
| 17 | | including proceeds from the sale, disposal, lease, or |
| 18 | | rental of real or personal property that the Department may |
| 19 | | receive as a result thereof; |
| 20 | | (3) any appropriations, grants, or gifts made to the |
| 21 | | SSBCI Fund; |
| 22 | | (4) any income received from interest on investments of |
| 23 | | moneys in the SSBCI Fund; |
| 24 | | (5) all moneys resulting from the collection of |
| 25 | | premiums, fees charges, costs, and expenses described in |
| 26 | | subsection (e) of Section 9-3. |
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| 1 | | (c) The Treasurer may invest moneys in the SSBCI Fund in |
| 2 | | securities constituting obligations of the United States |
| 3 | | government, or in obligations the principal of and interest on |
| 4 | | which are guaranteed by the United States Government, or in |
| 5 | | certificates of deposit of any State or national bank which are |
| 6 | | fully-secured by obligations guaranteed as to principal and |
| 7 | | interest by the United States Government.".
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