95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3676


 
Introduced 2/28/2007, by Rep. Arthur L. Turner
 
SYNOPSIS AS INTRODUCED:
 		













20 ILCS 605/605-497 new






30 ILCS 105/5.675 new










    Amends the Department of Commerce and Economic Opportunity Law and the State Finance Act. Creates the Illinois Community Assets Fund to finance intermediary agreements, administration, technical assistance agreements, loans, grants, investments, or other forms of financial assistance for the purpose of increasing access to capital and financing in economically depressed communities or communities and populations that have been underserved by mainstream capital markets in Illinois. Effective immediately.
















LRB095 11424 RCE 32277 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB3676

LRB095 11424 RCE 32277 b






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    AN ACT concerning State government.

 
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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 Department of Commerce and Economic 
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Opportunity Law of the
Civil Administrative Code of Illinois is 
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amended  by adding Section 605-497 as follows:
 
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    (20 ILCS 605/605-497  new)
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    Sec. 605-497. Illinois Community Assets Fund.
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    (a) The Illinois Community Assets Fund is created as a 
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special fund in the State Treasury.
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    (b) The purpose of the Fund, subject to appropriation, is 
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to finance intermediary agreements, administration, technical 
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assistance agreements, loans, grants, investments, or other 
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forms of financial assistance for the purpose of increasing 
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access to capital and financing in economically depressed 
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communities or communities and populations that have been 
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underserved by mainstream capital markets in Illinois.
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    (c) Deposits into the Fund shall include, but be not 
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limited to: (1) all receipts, including dividends, principal 
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and interest payments, premiums, fees, charges, costs and 
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royalties, or other return on investment from any applicable 
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loan made from the Fund; (2) all proceeds of whatever nature, 
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including proceeds from the sale, disposal, lease, or rental of 
 


 






HB3676
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LRB095 11424 RCE 32277 b




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real or personal property, received by the Department as a 
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result of default or delinquency with respect to any loans made 
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from the Fund; (3) any appropriations, grants, or gifts made to 
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the Fund; and (4) any income received from interest on 
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investments of moneys in the Fund by the State Treasurer.
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    (d) The Department shall adopt rules to implement Fund 
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activities.

 
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    Section 10. 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 Illinois Community Assets Fund.
 

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