(20 ILCS 655/12-6) (from Ch. 67 1/2, par. 623)
Sec. 12-6.
Enterprise Zone Loan Fund.
(a)
There is hereby created the Enterprise Zone Loan Fund to
be held as part of the State Treasury. The Department is
authorized to make loans from the Fund for the purposes
established under this Act. The State Treasurer shall have
custody of the Fund and may invest in securities constituting
direct obligations of the United States Government, or in
obligations the principal of and interest on which are
guaranteed by the United States Government, or in certificates
of deposit of any State or national bank which are fully
secured by obligations guaranteed as to principal and interest
by the United States Government. The purpose of the Fund is
to offer loans to finance firms considering the location
of a proposed plant in a certified Enterprise Zone and to provide financing to
carry out the purposes and provisions of paragraph (h) of
Section 12-3 of this Act. Such financing shall be in the
form of a loan, mortgage or other debt instrument. All loans
shall be conditioned on the project receiving financing from
participating lenders or other sources. Loan proceeds shall
be available for project costs associated with an expansion
of business capacity and employment, except for debt refinancing.
Targeted companies for the program shall primarily
consist of established industrial and service companies with
proven records of earnings which will sell their product to
markets beyond Illinois and which have proven multistate
location options. New ventures shall be considered only if
the entity is protected with adequate security with regard to
its financing and operation. The limitations and conditions
with respect to the use of this Fund shall not apply in
carrying out the purposes and provisions of paragraph (h) of Section
12-3 of this Act.
(b) Deposits in the Fund shall include, but are
not limited to:
(1) All receipts, including principal and interest
payments, royalties or other payments, from any loan made by
the Department under this Act.
(2) All proceeds of assets of whatever nature
received by the Department as a result of default and delinquency
with respect to loans made under this Act, including
proceeds from the sale, disposal, lease or rental of real
or personal property which the Department may receive as a
result thereof.
(3) Any appropriations, grants or gifts made to
the Fund.
(4) Any income received from interest on investments
of amounts from the Fund not currently needed to meet
the obligations of the Fund.
(Source: P.A. 84-165.)
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