Full Text of SB2491 97th General Assembly
SB2491sam002 97TH GENERAL ASSEMBLY | Sen. Mattie Hunter Filed: 3/2/2012
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| 1 | | AMENDMENT TO SENATE BILL 2491
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2491 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Department of Transportation Law of the
| 5 | | Civil Administrative Code of Illinois is amended by adding | 6 | | Section 2705-605 as follows: | 7 | | (20 ILCS 2705/2705-605 new) | 8 | | Sec. 2705-605. Disadvantaged business revolving loan | 9 | | program. | 10 | | (a) For the purposes of this Section: | 11 | | "Contractor" means one who participates, through a | 12 | | contract or subcontract at any tier, in a United States | 13 | | Department of Transportation-assisted highway, transit, or | 14 | | airport program. | 15 | | "Fund Control Agency" means an entity who establishes | 16 | | agreements with well-established financial institutions to |
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| 1 | | act as an escrow Agent in conjunction with its Funds | 2 | | Control service. | 3 | | (b) The Department has the power to enter into agreements | 4 | | to make low-interest loans to minority-owned businesses, | 5 | | female-owned businesses, and disadvantaged business | 6 | | enterprises certified by the Department for participation on | 7 | | Department-procured construction and construction-related | 8 | | contracts. For purposes of this Section, the terms | 9 | | "minority-owned business" and "female-owned business" have the | 10 | | meanings ascribed to them by Section 2 of the Business | 11 | | Enterprise for Minorities, Females, and Persons with | 12 | | Disabilities Act. For purposes of this Section, the term | 13 | | "disadvantaged business enterprise" has the meaning ascribed | 14 | | to it by 49 CFR part 26. | 15 | | (c) Loan funds shall be expended, subject to appropriation, | 16 | | from the Working Capital Loan Repayment Fund established as a | 17 | | special fund in the State Treasury. Loaned funds that are | 18 | | repaid to the Department shall be deposited into the fund from | 19 | | which expended. Other appropriations, grants, awards, and | 20 | | donations to the Department for the purpose of the revolving | 21 | | loan program established by this Section shall be deposited | 22 | | into the Working Capital Loan Repayment Fund. | 23 | | (d) A funds control process will be established to serve as | 24 | | an intermediary between the Department and the contractor to | 25 | | verify payments and to ensure paperwork is properly filed. The | 26 | | Fund Control Agency and contractor shall enter into an |
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| 1 | | agreement regarding the control and disbursement of all | 2 | | payments to be made by the Department under the contract. The | 3 | | Department will authorize and direct the Fund Control Agency to | 4 | | review all disbursement requests and supporting documents | 5 | | received from the contractor and direct the funds control | 6 | | agency to disburse escrow funds to the contractor, | 7 | | subcontractor, material supplier, etc. by written request for | 8 | | such disbursement. | 9 | | (e) Loan assistance funds shall be allowed for current | 10 | | liabilities or working capital expenses associated with | 11 | | participation in the performance of contracts procured by the | 12 | | Department for transportation construction and | 13 | | construction-related purposes. Loan funds shall not be used for | 14 | | (1) refinancing or payment of existing long-term debt; (2) | 15 | | payment of non-current taxes; (3) payments, advances, or loans | 16 | | to stockholders, officers, directors, partners, or member | 17 | | owners of limited liability companies; or (4) the purchase or | 18 | | lease of non-construction motor vehicles or equipment. The loan | 19 | | agreement shall provide for the terms and conditions of | 20 | | repayment which shall not extend repayment longer than one year | 21 | | after completion and acceptance of the work authorized for loan | 22 | | assistance under the program. The funds may be loaned with or | 23 | | without interest. | 24 | | (f) The Department shall by establish through | 25 | | administrative rules the requirements for eligibility and | 26 | | criteria for loan applications, approved use of funds, amount |
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| 1 | | of loans, interest rates, collateral, and terms. The Department | 2 | | is authorized to adopt rules to implement this Section. | 3 | | (g) Nothing in this Section is intended nor shall be | 4 | | construed to vest applicants denied funds by the Department in | 5 | | accordance with this Section a right to challenge, protest, or | 6 | | contest the awarding of funds by the Department to successful | 7 | | applicants or any loan or agreement executed in connection | 8 | | therewith.
| 9 | | Section 10. The State Finance Act is amended by adding | 10 | | Sections 5.811 and 8r as follows: | 11 | | (30 ILCS 105/5.811 new) | 12 | | Sec. 5.811. The Working Capital Loan Repayment Fund. | 13 | | (30 ILCS 105/8r new) | 14 | | Sec. 8r. Transfer to the Working Capital Loan Repayment | 15 | | Fund. Upon the written request of the Secretary of | 16 | | Transportation, the State Comptroller shall order and the State | 17 | | Treasurer shall transfer amounts not to exceed $3,000,000 in | 18 | | aggregate during a fiscal year, for a period of 10 years, from | 19 | | the Road Fund to the Working Capital Loan Repayment Fund at | 20 | | such times as requested by the Secretary of Transportation or | 21 | | as soon thereafter as may be practical. ".
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