093_HB0185ham001
LRB093 04132 MKM 11917 a
1 AMENDMENT TO HOUSE BILL 185
2 AMENDMENT NO. . Amend House Bill 185 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Rural Bond Bank Act is amended by adding
5 Section 3-26 as follows:
6 (30 ILCS 360/3-26 new)
7 Sec. 3-26. Road grader revolving loan program. The
8 Illinois Rural Bond Bank is the administrator of a road
9 grader revolving loan program. The purpose is to provide
10 loans to units of local government for the purchase of road
11 graders that are manufactured in the United States of
12 America. For purposes of this Section, "unit of local
13 government" means a county, township, or municipality; and
14 "manufactured in the United States of America" means that all
15 significant parts, processing, and labor that go into the
16 road grader must be of U.S. origin and that the road grader
17 must contain only, or only negligible, foreign content. "Road
18 grader" includes any machinery with a purchase price of
19 $100,000 or more that is used for the construction or
20 maintenance of roads. The Illinois Rural Bond Bank shall
21 determine eligibility for the loans based on need, as
22 determined by the Illinois Rural Bond Bank. The Illinois
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1 Rural Bond Bank must give priority in making loans to units
2 of local government without a road grader or with the oldest
3 road grader.
4 The loan funds, subject to appropriation, shall be paid
5 out of the Road Grader Revolving Loan Fund, a special fund in
6 the State treasury. The Fund shall consist of any moneys
7 transferred into or appropriated to the Fund as well as all
8 repayments of loans made under this Section. The Fund shall
9 be used for loans to units of local government to purchase
10 road graders and for no other purpose. All interest earned on
11 moneys in the Fund shall be deposited into the Fund.
12 The annual rate of interest on the loan is 1%.
13 The aggregate outstanding principal balance of loans to
14 any one unit of local government for the purchase of road
15 graders may not exceed $350,000. The repayment period for the
16 loan may not exceed 15 years. The unit of local government
17 shall repay each year at least 5% of the principal amount
18 borrowed or the remaining balance of the loan, whichever is
19 less. All repayments of loans, including any interest, shall
20 be deposited into the Road Grader Revolving Loan Fund.
21 The Illinois Rural Bond Bank must adopt rules to
22 administer the program.
23 Section 10. The State Finance Act is amended by adding
24 Section 5.595 as follows:
25 (30 ILCS 105/5.595 new)
26 Sec. 5.595. The Road Grader Revolving Loan Fund.".