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92_SB1264gms
State of Illinois
OFFICE OF THE GOVERNOR
Springfield, Illinois 62706
George H. Ryan
GOVERNOR
February 22, 2002
To the Honorable Members of
The Illinois Senate
92nd General Assembly
Pursuant to Article IV, Section 9(b) of the Illinois
Constitution of 1970, I hereby veto Senate Bill 1264
entitled, "AN ACT in relation to State finances."
Senate Bill 1264 creates the Illinois Large Business
Operational Assistance Act which would allow the Department
of Commerce and Community Affairs (DCCA) to provide loans not
exceeding $10 million to a business that is experiencing a
short-term cash shortfall and will downsize, close, or file
for bankruptcy if an infusion of operating cash is not
secured.
Senate Bill 1264 authorizes the use of appropriations
from the Fund for Illinois' Future for the loans, including
moneys already appropriated to DCCA for another purpose. The
loans must be repaid within five years, and all payments are
to be deposited back into the Fund for Illinois' Future.
The primary intent of Senate Bill 1264 is to provide
financial assistance to an Illinois steel company that
currently is under extreme economic hardship. Assistance has
been provided to this company through other means, and the
sponsors of this legislation agree with me that Senate Bill
1264 is no longer necessary.
For these reasons, I hereby veto and return Senate Bill
1264.
Sincerely,
George H. Ryan
GOVERNOR