Illinois General Assembly - Full Text of HB2698
Illinois General Assembly

Previous General Assemblies

Full Text of HB2698  100th General Assembly


Rep. Arthur Turner

Filed: 3/10/2017





10000HB2698ham001LRB100 08759 HLH 22520 a


2    AMENDMENT NO. ______. Amend House Bill 2698 on page 1, line
35, after "9-4.3", by inserting "and by adding Section 9-4.8";
5on page 10, immediately below line 11, by inserting the
7    "(30 ILCS 750/9-4.8 new)
8    Sec. 9-4.8. State Small Business Credit Initiative Fund.
9    (a) There is hereby created the State Small Business Credit
10Initiative Fund, also referred to in this Article as the "SSBCI
11Fund", as a special fund in the State treasury.
12    The purpose of the SSBCI Fund is to finance intermediary
13agreements, administration, technical assistance agreements,
14loans, grants, or investments in Illinois. Investments,
15administration grants, and financial aid shall be used for the
16purposes set forth in this Article. Loan financing shall be in



10000HB2698ham001- 2 -LRB100 08759 HLH 22520 a

1the form of loan agreements pursuant to the terms and
2conditions set forth in this Article. All loans shall be
3conditioned on the project receiving financing from
4participating lenders or other investors.
5    (b) The following amounts shall be deposited into the SSBCI
7        (1) all receipts, including dividends, principal and
8    interest payments, and royalties, from any applicable
9    loan, intermediary, or technical assistance agreement made
10    from the SSBCI Fund or from direct appropriations from the
11    Build Illinois Bond Fund or the General Revenue Fund by the
12    General Assembly entered into by the Department;
13        (2) all proceeds of assets of whatever nature received
14    by the Department as a result of default or delinquency
15    with respect to a loan agreement made from the SSBCI Fund
16    or from direct appropriations by the General Assembly,
17    including proceeds from the sale, disposal, lease, or
18    rental of real or personal property that the Department may
19    receive as a result thereof;
20        (3) any appropriations, grants, or gifts made to the
21    SSBCI Fund;
22        (4) any income received from interest on investments of
23    moneys in the SSBCI Fund;
24        (5) all moneys resulting from the collection of
25    premiums, fees charges, costs, and expenses described in
26    subsection (e) of Section 9-3.



10000HB2698ham001- 3 -LRB100 08759 HLH 22520 a

1    (c) The Treasurer may invest moneys in the SSBCI Fund in
2securities constituting obligations of the United States
3government, or in obligations the principal of and interest on
4which are guaranteed by the United States Government, or in
5certificates of deposit of any State or national bank which are
6fully-secured by obligations guaranteed as to principal and
7interest by the United States Government.".