Rep. Carolyn H. Krause
Filed: 3/31/2004
 
 

 




 

 		












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AMENDMENT TO HOUSE BILL 6077 




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    AMENDMENT NO. ______. Amend House Bill 6077  by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Illinois Finance Authority Act is amended  
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by adding Section 825-80 as follows:
 
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    (20 ILCS 3501/825-80  new)
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    Sec. 825-80. Loans for broadband Internet access.
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    (a) The Authority must establish and maintain a program to 
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offer low-interest loans to businesses seeking greater 
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broadband Internet access. Loans made  under this program may be 
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used by businesses to purchase any broadband infrastructure 
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that is required to provide high-speed Internet access.
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    (b) The moneys for loans under this Section shall be 
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maintained in and, subject to appropriation, paid out of the 
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the Broadband Internet Access Revolving Loan Fund, a special 
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fund established in the State treasury. The Fund shall consist 
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of any moneys that the State may from time to time appropriate 
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or transfer to the Fund, as well as any donations, gifts, 
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bequests, and any other moneys from any public or private 
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source. All interest earned on moneys in the Fund and all 
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payments received on loans made under the program must be 
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deposited into the Fund.  The Fund may no be used for any 
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purpose other than the purposes set forth in this Section.
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    (c) No business may receive loans exceeding, in an 
 


 






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aggregate amount, $250,000, and the term for the repayment of 
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any loan under this program may not exceed 20 years. The 
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Authority may require a lien or other security as a condition 
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for making a loan under this Section.
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    (d) The Authority must adopt any rules necessary to 
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implement and administer this Section.

 
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    Section 10. The State Finance Act is amended by adding 
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Section
5.625 as follows:


 
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    (30 ILCS 105/5.625 new)


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    Sec. 5.625. The Broadband Internet Access Revolving Loan 
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Fund.

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".