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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
92_SB1565enr SB1565 Enrolled LRB9212299ACsb 1 AN ACT concerning energy efficiency. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Development Finance Authority 5 Act is amended by adding Sections 7.91, 7.92, and 7.94 as 6 follows: 7 (20 ILCS 3505/7.91 new) 8 Sec. 7.91. Energy Efficiency Revolving Loan Fund; 9 findings and declaration of policy. It is hereby found and 10 declared that market restructuring in the electric power 11 industry has created an urgent need to provide financial 12 incentives for the improvement of energy efficiency. It is 13 in the public interest to reduce the costs of energy supplies 14 and services by providing loans, loan guarantees, and 15 interest rate write downs and by financing the administration 16 of loans, loan guarantees, and interest rate write downs and 17 the provision of technical assistance related thereto to fund 18 energy efficiency improvements in governmental, commercial, 19 and certain multi-family and other buildings. 20 (20 ILCS 3505/7.92 new) 21 Sec. 7.92. Energy Efficiency Revolving Loan Fund. There 22 is hereby created the Energy Efficiency Revolving Loan Fund, 23 hereafter referred to in Sections 7.91 through 7.94 as the 24 "Fund". The Treasurer of the Authority shall have custody of 25 the Fund, which shall be held outside the State treasury. The 26 Authority is authorized to issue both tax exempt and taxable 27 bonds on behalf of the Fund. The Authority is authorized to 28 accept any and all loan repayments, interest earnings, 29 proceeds from defaults or delinquencies, appropriations, 30 grants, gifts, loans, or other payments from public or SB1565 Enrolled -2- LRB9212299ACsb 1 private entities, including public utilities, for deposit 2 into the Fund. 3 (20 ILCS 3505/7.94 new) 4 Sec. 7.94. Loan program. 5 (a) The Authority shall provide loans to units of local 6 government and nonprofit organizations engaged in the 7 aggregation of electricity demand. Loans shall be provided 8 at no more than 2% interest. Loans may be made either by the 9 Authority or by other lenders using loan guarantees or 10 interest rate write downs provided by the Authority. Loans 11 may be made for the purchase and installation of any energy 12 efficiency measure having a financial payback of no more than 13 7 years, including but not limited to the bulk purchase of 14 high-efficiency energy equipment or appliances, energy 15 monitoring devices, or clean small-scale energy production 16 devices. 17 (b) The loan repayment period shall be no longer than 8 18 years. 19 (c) The Authority shall give priority to projects that 20 (i) demonstrate innovative and efficient ways to achieve 21 electricity demand reductions, (ii) may serve as a model for 22 replication in other locations, or (iii) are proposed by 23 governmental or nonprofit organizations to promote both 24 energy efficiency and improved reliability of service. 25 Section 99. Effective date. This Act takes effect upon 26 becoming law.