SB1617sam001 95TH GENERAL ASSEMBLY

Sen. Jeffrey M. Schoenberg

Filed: 3/14/2007

 

 


 

 


 
09500SB1617sam001 LRB095 11111 CMK 33147 a

1
AMENDMENT TO SENATE BILL 1617

2     AMENDMENT NO. ______. Amend Senate Bill 1617 by replacing
3 everything after the enacting clause with the following:
 
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)
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.
16     (b) The loan funds, subject to appropriation, must be paid

 

 

09500SB1617sam001 - 2 - LRB095 11111 CMK 33147 a

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.
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.
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.
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.".