Sen. Jeffrey M. Schoenberg
Filed: 3/14/2007
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 1617




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    AMENDMENT NO. ______. Amend Senate Bill 1617 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 825-90 as follows:
 
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    (20 ILCS 3501/825-90 new)

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    Sec. 825-90. Emerald ash borer revolving loan program.
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    (a) The Illinois Finance Authority shall administer an 
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emerald ash borer revolving loan program. The program shall 
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provide low-interest or zero-interest loans to units of local 
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government for the replanting of trees on public lands that are 
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within emerald ash borer quarantine areas as established by the 
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Illinois Department of Agriculture. The Authority shall make 
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loans based on the recommendation of the Department of 
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Agriculture.

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    (b) The loan funds, subject to appropriation, must be paid 
 


 






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out of the Emerald Ash Borer Revolving Loan Fund, a special 
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fund created in the State Treasury.  The moneys in the Fund 
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consist of any moneys transferred or appropriated into the Fund 
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as well as all repayments of loans made under this program.  
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Moneys in the Fund may be used only for loans to units of local 
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government for the replanting  of trees within emerald ash borer 
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quarantine areas established by the Department of Agriculture 
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and for no other purpose.  All interest earned on moneys in the 
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Fund must be deposited into the Fund.

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    (c) A loan for the replanting of trees on public lands 
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within emerald ash borer quarantine areas established by the 
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Department of Agriculture may not exceed $5,000,000 to any one 
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unit of local government.  The repayment period for the loan may 
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not exceed 20 years. The unit of local government shall repay, 
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each year, at least 5% of the principal amount borrowed or the 
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remaining balance of the loan, whichever is less.  All 
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repayments of loans must be deposited into the Emerald Ash 
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Borer Revolving Loan Fund.

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    (d) Any loan under this Section to a unit of local 
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government may not exceed the moneys that the unit of local 
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government expends or dedicates for the reforestation project 
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for which the loan is made.

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    (e) The Authority, with the assistance of the Department of 
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Agriculture and the Department of Natural Resources, shall 
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adopt rules to administer the program under this Section.


 
 


 






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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 Emerald Ash Borer Revolving Loan Fund.
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".