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| 1 | AN ACT concerning conservation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Finance Authority Act is amended by | ||||||
| 5 | adding Section 825-90 as follows: | ||||||
| 6 | (20 ILCS 3501/825-90 new)
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| 7 | Sec. 825-90. Emerald ash borer revolving loan program. | ||||||
| 8 | (a) The Illinois Finance Authority shall administer an | ||||||
| 9 | emerald ash borer revolving loan program. The program shall | ||||||
| 10 | provide low-interest or zero-interest loans to units of local | ||||||
| 11 | government for the replanting of trees on public lands that are | ||||||
| 12 | within emerald ash borer quarantine areas as established by the | ||||||
| 13 | Illinois Department of Agriculture. The Authority shall make | ||||||
| 14 | loans based on the recommendation of the Department of | ||||||
| 15 | Agriculture.
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| 16 | (b) The loan funds, subject to appropriation, must be paid | ||||||
| 17 | out of the Emerald Ash Borer Revolving Loan Fund, a special | ||||||
| 18 | fund created in the State treasury. The moneys in the Fund | ||||||
| 19 | consist of any moneys transferred or appropriated into the Fund | ||||||
| 20 | as well as all repayments of loans made under this program. | ||||||
| 21 | Moneys in the Fund may be used only for loans to units of local | ||||||
| 22 | government for the replanting of trees within emerald ash borer | ||||||
| 23 | quarantine areas established by the Department of Agriculture | ||||||
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| 1 | and for no other purpose. All interest earned on moneys in the | ||||||
| 2 | Fund must be deposited into the Fund.
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| 3 | (c) A loan for the replanting of trees on public lands | ||||||
| 4 | within emerald ash borer quarantine areas established by the | ||||||
| 5 | Department of Agriculture may not exceed $5,000,000 to any one | ||||||
| 6 | unit of local government. The repayment period for the loan may | ||||||
| 7 | not exceed 20 years. The unit of local government shall repay, | ||||||
| 8 | each year, at least 5% of the principal amount borrowed or the | ||||||
| 9 | remaining balance of the loan, whichever is less. All | ||||||
| 10 | repayments of loans must be deposited into the Emerald Ash | ||||||
| 11 | Borer Revolving Loan Fund.
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| 12 | (d) Any loan under this Section to a unit of local | ||||||
| 13 | government may not exceed the moneys that the unit of local | ||||||
| 14 | government expends or dedicates for the reforestation project | ||||||
| 15 | for which the loan is made.
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| 16 | (e) The Authority, with the assistance of the Department of | ||||||
| 17 | Agriculture and the Department of Natural Resources, shall | ||||||
| 18 | adopt rules to administer the program under this Section.
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| 19 | Section 10. The State Finance Act is amended by adding | ||||||
| 20 | Section 5.675 as follows: | ||||||
| 21 | (30 ILCS 105/5.675 new) | ||||||
| 22 | Sec. 5.675. The Emerald Ash Borer Revolving Loan Fund. | ||||||
| 23 | Section 99. Effective date. This Act takes effect upon | ||||||
| 24 | becoming law. | ||||||