95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0923


 
Introduced 2/7/2007, by Rep. Kurt M. Granberg
 
SYNOPSIS AS INTRODUCED:
 		













New Act






30 ILCS 105/5.675 new










    Creates the Port Development Revolving Loan Program Act.  Provides that the Department of Commerce and Economic Opportunity may provide grants or interest-free or below market rate loans to
port districts in the State for the purposes of enhancing the use  of Illinois' navigable waterways and developing inland inter-modal freight facilities within the State.  Sets forth the terms and conditions of the grants and loans.  Creates the Port Development Revolving Loan Fund.  Amends the State Finance Act to make corresponding changes.  Effective July 1, 2007.
















LRB095 07579 HLH 27729 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0923

LRB095 07579 HLH 27729 b






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    AN ACT concerning finance.

 
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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 1. Short title. This Act may be cited as the Port 
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Development Revolving Loan Program Act.
 
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    Section 5. Port development loans and grants. 
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    (a) The Department of Commerce and Economic Opportunity is 
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authorized to provide grants or interest-free or below market 
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rate loans to
port districts in the State for the purposes of 
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enhancing the use  of Illinois' navigable waterways and 
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developing inland inter-modal freight facilities within the 
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State.
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    (b) Grants and loans are authorized for the purposes

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designated in this Section, but only when the applicant 
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demonstrates to the Department that it is unable
to finance the 
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projects from
its own revenue sources or funds.
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    (c) Grant moneys under this Section shall be used by the 
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port district for eligible project costs that are within the 
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scope of powers and responsibilities granted in the port 
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district's enabling legislation.  Eligible project costs must 
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relate to inter-modal freight facilities and may include, 
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without limitation, establishing or improving roadways, 
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railroads, and approaches, whether by land or water, to any 
 


 






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terminal, terminal facility, or port facility; construction, 
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repair, or removal of any port, terminal, terminal facility, or 
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port facility hazard;  or the removal or relocation of private 
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facilities or structures that inhibit the transfer of 
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inter-modal freight at the port facility.
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    (e) The Department shall provide financing to port 
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districts based on criteria established by the Department.
 
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    Section 10. Port development loan and grant
conditions.   
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Port development loans and grants
awarded by the Department are 
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subject to the following conditions:
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    (a) Financial assistance through the loans or grants must 
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be used for projects authorized under this Act.
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    (b) With respect to port development loans, the Department

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shall determine the interest rate, if any, that  the loans shall 
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bear.  The
Department shall set the terms and conditions for 
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repayment of the loans.  The
repayment period shall not exceed 
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20 years.
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    (c) Repayments of principal and interest on loans
made and 
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any funds collected because of a default or failure
to comply 
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with the terms or conditions of a loan under this
program shall 
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be paid into the Port Development Revolving Loan Fund.
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    (d) The Department may take whatever actions are
necessary 
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or appropriate to protect the State's interest in
the event of 
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default, foreclosure, or noncompliance with the
terms and 
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conditions of the loans or grants provided under
this Act, 
 


 






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including the power to sell, dispose, lease, or rent,
upon 
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terms and conditions deemed to be appropriate by the

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Department, real or personal property which the Department
may 
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receive as a result thereof.
 
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    Section 15. Port Development Revolving Loan Fund. 
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    (a) The Port Development Revolving Loan Fund is created as 
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a special fund in the State Treasury.  The Department shall have 
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the
authority to make expenditures from the Fund, pursuant to

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appropriations in furtherance of the purposes of this Act.
The 
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State Treasurer shall be custodian of the Fund and may
invest 
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funds in securities constituting direct obligations
of the 
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United States Government, or in obligations the
principal of 
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and interest on which are guaranteed by the
United States 
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Government, or in certificates of deposit of
any State or 
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national bank that  are fully secured by obligations
guaranteed 
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as to principal and interest by the United
States Government.
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    (b) Moneys shall be deposited in the Fund from the 
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following sources:
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        (1) all receipts, including principal and interest

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    payments and royalties, from any loan agreement made from 
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    the
Fund or pursuant to this Act entered into by the 
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    Department;
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        (2) all proceeds of assets of whatever nature
received 
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    by the Department as a result of default or delinquency

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    with respect to loan agreements made from the Fund or
from 
 


 






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    direct appropriations by the General Assembly, including

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    proceeds from the sale, disposal, lease, or rental of real 
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    or
personal property that  the Department may receive as a

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    result thereof;
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        (3) any appropriations, grants, or gifts made to
the 
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    Fund; and
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        (4) any income received from interest on investments
of 
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    moneys in the Fund.
 
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    Section 90. The State Finance Act is amended  by adding 
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Section 5.675 as follows:
 
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    (30 ILCS 105/5.675 new)

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    Sec. 5.675. The Port Development Revolving Loan Fund.

 
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    Section 99. Effective date. This Act takes effect July 1, 
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2007.