Rep. Donald L. Moffitt

Filed: 3/2/2011

 

 


 

 


 
09700HB3053ham001LRB097 10905 PJG 51774 a

1
AMENDMENT TO HOUSE BILL 3053

2    AMENDMENT NO. ______. Amend House Bill 3053 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Finance Authority Act is amended
5by adding Section 825-87 as follows:
 
6    (20 ILCS 3501/825-87 new)
7    Sec. 825-87. School bus revolving loan program.
8    (a) For purposes of this Section, "school bus" has the same
9meaning as provided in the Illinois Vehicle Code.
10    (b) The Authority and the State Superintendent of Education
11shall jointly administer a school bus revolving loan program.
12The program shall provide zero-interest loans for the purchase
13of school buses by a school district or unit of local
14government if both the chassis and passenger compartment are
15built in Illinois. The program shall provide loans at a 1% rate
16of simple interest per year for the purchase of school buses by

 

 

09700HB3053ham001- 2 -LRB097 10905 PJG 51774 a

1a school district or unit of local government if either the
2chassis or the passenger compartment is built in Illinois. The
3program shall provide loans at a 2% rate of simple interest per
4year for the purchase of school buses by a school district or
5unit of local government if both the chassis and the passenger
6compartment are built outside of Illinois. The Authority shall
7make loans based on need, as determined by the State
8Superintendent of Education.
9    (c) The loan funds, subject to appropriation, shall be paid
10out of the School Bus Revolving Loan Fund, a special fund which
11is created in the State treasury. The Fund shall consist of any
12moneys transferred or appropriated into the Fund as well as all
13repayments of loans made under the program. The Fund shall be
14used for loans to school districts and units of local
15government to purchase school buses and for no other purpose.
16All interest earned on moneys in the Fund shall be deposited
17into the Fund.
18    (d) A loan for the purchase of school buses may not exceed
19$100,000 to any school district or unit of local government.
20The repayment period for the loan may not exceed 20 years. The
21school district or unit of local government shall repay each
22year at least 5% of the principal amount borrowed or the
23remaining balance of the loan, whichever is less. All
24repayments of loans shall be deposited into the School Bus
25Revolving Loan Fund.
26    (e) The Authority and the State Superintendent of Education

 

 

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1shall adopt rules to administer the program.
2    (f) The provisions of this Section are subject to
3appropriation.
4    (g) Unless funds sufficient to continue the program are
5appropriated, this Section becomes inoperative on the date 5
6years after the effective date of this amendatory Act of the
797th General Assembly.
 
8    Section 10. The State Finance Act is amended by adding
9Section 5.786 as follows:
 
10    (30 ILCS 105/5.786 new)
11    Sec. 5.786. The School Bus Revolving Loan Fund.
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.".