Sen. Jeffrey M. Schoenberg
Filed: 3/14/2007
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1 | AMENDMENT TO SENATE BILL 1617
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2 | AMENDMENT NO. ______. Amend Senate Bill 1617 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Finance Authority Act is amended | ||||||
5 | by 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 |
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1 | out of the Emerald Ash Borer Revolving Loan Fund, a special | ||||||
2 | fund created in the State Treasury. The moneys in the Fund | ||||||
3 | consist of any moneys transferred or appropriated into the Fund | ||||||
4 | as well as all repayments of loans made under this program. | ||||||
5 | Moneys in the Fund may be used only for loans to units of local | ||||||
6 | government for the replanting of trees within emerald ash borer | ||||||
7 | quarantine areas established by the Department of Agriculture | ||||||
8 | and for no other purpose. All interest earned on moneys in the | ||||||
9 | Fund must be deposited into the Fund.
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10 | (c) A loan for the replanting of trees on public lands | ||||||
11 | within emerald ash borer quarantine areas established by the | ||||||
12 | Department of Agriculture may not exceed $5,000,000 to any one | ||||||
13 | unit of local government. The repayment period for the loan may | ||||||
14 | not exceed 20 years. The unit of local government shall repay, | ||||||
15 | each year, at least 5% of the principal amount borrowed or the | ||||||
16 | remaining balance of the loan, whichever is less. All | ||||||
17 | repayments of loans must be deposited into the Emerald Ash | ||||||
18 | Borer Revolving Loan Fund.
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19 | (d) Any loan under this Section to a unit of local | ||||||
20 | government may not exceed the moneys that the unit of local | ||||||
21 | government expends or dedicates for the reforestation project | ||||||
22 | for which the loan is made.
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23 | (e) The Authority, with the assistance of the Department of | ||||||
24 | Agriculture and the Department of Natural Resources, shall | ||||||
25 | adopt rules to administer the program under this Section.
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1 | Section 10. The State Finance Act is amended by adding | ||||||
2 | Section 5.675 as follows: | ||||||
3 | (30 ILCS 105/5.675 new) | ||||||
4 | Sec. 5.675. The Emerald Ash Borer Revolving Loan Fund. | ||||||
5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.".
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