Bill Status of HB4379 94th General Assembly
Short Description: FINANCE AUTH-BROADBAND PROGRAM
Rep. Carolyn H. Krause and Kurt M. Granberg
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Requires the Illinois Finance Authority to establish and maintain a program to offer low-interest loans to businesses seeking greater broadband Internet access. Provides that these loans may be used to purchase any broadband infrastructure that is required to provide high-speed Internet access. Provides that the moneys for loans shall be maintained in and paid out of the Broadband Internet Access Revolving Loan Fund, a special fund established in the State treasury. Provides that no business may receive an aggregate amount of more than $250,000 in loans and that all loans must be repaid within 5 years. Requires the Authority to adopt necessary rules. Authorizes the Authority to require a lien or other security as a condition for making a loan under the program. Amends the State Finance Act to create the Broadband Internet Access Revolving Loan Fund. Effective immediately.