HB5087 96TH GENERAL ASSEMBLY

LRB096 16716 JAM 32008 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5087

Introduced 1/29/2010, by Rep. Daniel V. Beiser

SYNOPSIS AS INTRODUCED:

20 ILCS 605/605-975 new
30 ILCS 105/5.755 new

Amends the Department of Commerce and Economic Opportunity Law and the State Finance Act. Authorizes the Department to administer a revolving loan program for the construction, rehabilitation, remodeling, and expansion of police stations and the acquisition of land for the construction or expansion of police stations by police departments. Specifies terms of loans. Creates the necessary special fund in the State treasury. Effective July 1, 2010.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois is amended by adding Section 605-975 as follows:

(20 ILCS 605/605-975 new)

Sec. 605-975. Police station revolving loan program.

(a) The Department of Commerce and Economic Opportunity may administer a police station revolving loan program. The program may provide zero-interest loans for the construction, rehabilitation, remodeling, or expansion of a police station or the acquisition of land for the construction or expansion of a police station by a police department. Once the program receives funding, the Department shall make loans based on need.

(b) The loan funds, subject to appropriation, may be paid out of the Police Station Revolving Loan Fund, a special fund in the State treasury. The Fund may consist of any moneys transferred or appropriated into the Fund, as well as all repayments of loans made under the program. Once the program receives funding, the Fund may be used for loans to police departments to construct, rehabilitate, remodel, or expand police stations or acquire land for the construction or expansion of police stations and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund.

(c) A loan under the program may not exceed $2,000,000 to any police department. The repayment period for the loan may not exceed 25 years. The police department shall repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans shall be deposited into the Police Station Revolving Loan Fund.

Section 10. The State Finance Act is amended by adding Section 5.755 as follows:

(30 ILCS 105/5.755 new)

Sec. 5.755. The Police Station Revolving Loan Fund.

Section 99. Effective date. This Act takes effect July 1, 2010.