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| [ Engrossed ] | [ House Amendment 002 ] |
92_SB2192
LRB9212302BDdv
1 AN ACT concerning commercial development.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Department of Commerce and Community
5 Affairs Law of the Civil Administrative Code of Illinois is
6 amended by changing Sections 605-65, 605-525, 605-900,
7 605-905, 605-910, and 605-915 as follows:
8 (20 ILCS 605/605-65) (was 20 ILCS 605/46.52)
9 Sec. 605-65. Grants under Gang Control Grant Act. The
10 Department may To award grants to community-based groups, as
11 defined in the Gang Control Grant Act.
12 (Source: P.A. 91-239, eff. 1-1-00.)
13 (20 ILCS 605/605-525) (was 20 ILCS 605/46.55)
14 Sec. 605-525. Minority Controlled and Female Controlled
15 Business Loan Board. There is hereby created a Minority
16 Controlled and Female Controlled Businesses Loan Board,
17 hereinafter referred to as the Board, consisting of 6 members
18 appointed by the Governor with the advice and consent of the
19 Senate. No more than 3 members shall be of the same
20 political party. For the initial appointments to the Board,
21 3 members shall be appointed to serve a 2 year term and 3
22 members shall be appointed to serve a 4 year term. Successor
23 members shall serve for terms of 4 years.
24 The Board may shall maintain an office in each of the
25 following areas: Alexander or Pulaski County, East St. Louis,
26 and the City of Chicago. For the purpose of this Act, the
27 terms "minority person", "female", "minority owned business"
28 and "female owned business" shall have the definitions of
29 those terms provided in Section 2 of the Business Enterprise
30 for Minorities, Females, and Persons with Disabilities Act.
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1 The Board may shall have the authority to make direct
2 grants and low interest loans to minority controlled
3 businesses and female controlled businesses in East St.
4 Louis, the City of Chicago, and either Alexander County or
5 Pulaski County from appropriations for that purpose to the
6 Department. The Board may shall establish and publish
7 guidelines to be followed in making the grants and loans.
8 Grant funds may will be allowed to reimburse businesses
9 for expenses incurred in the preparation of proposals that
10 are accepted for loan assistance and to maintain
11 administering offices in each of the 4 target areas. Loan
12 funds may will be awarded at a cost of no more than 3% per
13 annum for up to 20 years to businesses that are existing or
14 proposed.
15 (Source: P.A. 91-239, eff. 1-1-00.)
16 (20 ILCS 605/605-900) (was 20 ILCS 605/46.6b)
17 Sec. 605-900. Construction loans to local governments for
18 revenue producing capital facilities. The Department may To
19 make loans to units of local government for construction of
20 revenue producing capital facilities, subject to the terms
21 and conditions it deems necessary to ensure repayment.
22 (Source: P.A. 91-239, eff. 1-1-00.)
23 (20 ILCS 605/605-905) (was 20 ILCS 605/46.41b)
24 Sec. 605-905. Grants to local governments in connection
25 with federal prisons. The Department may To make grants to
26 units of local government for (i) land acquisition and all
27 necessary improvements upon or related thereto for the
28 purpose of facilitating the location of federal prisons in
29 Illinois and (ii) for the development of industrial or
30 commercial parks, or both, that are adjacent to or abut any
31 federal prison constructed in Illinois after January 9, 1990
32 (the effective date of Public Act 86-1017).
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1 (Source: P.A. 91-239, eff. 1-1-00.)
2 (20 ILCS 605/605-910) (was 20 ILCS 605/46.56)
3 Sec. 605-910. Grants to municipalities for site
4 development along waterways. In cooperation with the
5 Department of Transportation, the Department may to make
6 grants and provide financial assistance to municipalities for
7 site development along waterways in order to promote
8 commercial and industrial development.
9 (Source: P.A. 91-239, eff. 1-1-00.)
10 (20 ILCS 605/605-915) (was 20 ILCS 605/46.45)
11 Sec. 605-915. Assisting local governments to achieve
12 lower borrowing costs. The Department may To cooperate with
13 the Illinois Development Finance Authority in assisting local
14 governments to achieve overall lower borrowing costs and more
15 favorable terms under Sections 7.50 through 7.61 of the
16 Illinois Development Finance Authority Act, including using
17 the Department's federally funded Community Development
18 Assistance Program for those purposes.
19 (Source: P.A. 91-239, eff. 1-1-00.)
20 Section 10. The Rural Diversification Act is amended by
21 changing Sections 4 and 5 as follows:
22 (20 ILCS 690/4) (from Ch. 5, par. 2254)
23 Sec. 4. Powers of the Office. The Office has the
24 following powers, in addition to those granted to it by other
25 law, which it may exercise at the discretion of the Director
26 of Commerce and Community Affairs:
27 (a) To provide financing pursuant to the provisions of
28 this Act, from appropriations made by the General Assembly
29 from the General Revenue Fund, Federal trust funds, and the
30 Rural Diversification Revolving Fund created herein, to or on
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1 behalf of rural business and agribusiness to promote rural
2 diversification.
3 (b) To provide financing in the form of direct loans and
4 grants from State funds for qualifying agricultural and rural
5 diversification projects independent of federal financial
6 participation, except that no grants from State funds shall
7 be made directly with a rural business.
8 (c) To provide financing in the form of direct loans,
9 grants, and technical assistance contracts from State funds
10 for qualifying agricultural and rural diversification
11 projects in coordination with federal financial participation
12 in the form of loan guarantees, direct loans, and grant and
13 technical assistance contract reimbursements.
14 (d) To consider in the award of State funded financing
15 the satisfaction of matching requirements associated with
16 federal financing participation and the maximization of
17 federal financing participation to the benefit of the rural
18 Illinois economy.
19 (e) To enter into agreements or contracts, accept funds
20 or grants, and cooperate with agencies of the Federal
21 Government, State or Local Governments, the private sector or
22 non-profit organizations to carry out the purposes of this
23 Act;
24 (f) To enter into agreements or contracts for the
25 promotion, application origination, analysis or servicing of
26 the financings made by the Office pursuant to this Act;
27 (g) To receive and accept, from any source, aid or
28 contributions of money, property or labor for the furtherance
29 of this Act and collect fees, charges or advances as the
30 Department may determine in connection with its financing;
31 (h) To establish application, notification, contract and
32 other procedures and other procedures and rules deemed
33 necessary and appropriate by the Office to carry out the
34 provisions of this Act;
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1 (i) To foreclose any mortgage, deed of trust, note,
2 debenture, bond or other security interest held by the Office
3 and to take all such actions as may be necessary to enforce
4 any obligation held by the Office;
5 (j) To analyze opportunities and needs of rural
6 communities, primarily those communities experiencing farm
7 worker distress including consultation with regional
8 commissions, governments, or diversification organizations,
9 and work to strengthen the coordination of existing programs
10 offered through the Office, the Department of Agriculture,
11 the Department of Natural Resources, the Illinois Farm
12 Development Authority, the Cooperative Extension Service and
13 others for rural and agribusiness development and assistance;
14 and
15 (k) To cooperate with an existing committee comprised of
16 representatives from the Office, the Rural Affairs Council or
17 its successor, the Department of Agriculture, the Illinois
18 Farm Development Authority and others to coordinate
19 departmental policies with other State agencies and to
20 promote agricultural and rural diversification in the State.
21 (l) To exercise such other right, powers and duties as
22 are necessary to fulfill the purposes of this Act.
23 (Source: P.A. 89-445, eff. 2-7-96.)
24 (20 ILCS 690/5) (from Ch. 5, par. 2255)
25 Sec. 5. Agricultural and rural diversification
26 financing.
27 (a) The Office may provide Office's financing to or on
28 behalf of rural businesses or agribusinesses in the State.
29 The financing shall be for the purpose of assisting in the
30 cost of agricultural and rural diversification projects
31 including (i) acquisition, construction, reconstruction,
32 replacement, repair, rehabilitation, alteration, expansion or
33 extension of real property, buildings or machinery and
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1 equipment but not the acquisition of unimproved land for the
2 production of crops or livestock; (ii) working capital items
3 including but not limited to, inventory, accounts receivable
4 and prepaid expenses; (iii) organizational expenses
5 including, but not limited to, architectural and engineering
6 costs, legal services, marketing analyses, production
7 analyses, or other professional services; (iv) needed
8 leasehold improvements, easements, and other amenities
9 required to prepare a site; (v) information, technical
10 support and technical assistance contracts to local officials
11 or not-for-profit agencies regarding private, state and
12 federal resources, programs or grant assistances and the
13 needs and opportunities for diversification; and (vi) when
14 conducted in cooperation with federal reimbursement programs,
15 financing costs including guarantee fees, packaging fees and
16 origination fees but not debt refinancing.
17 (b) Agricultural or rural diversification financing to a
18 rural business or agribusiness under this Act shall be used
19 only where it can be shown that the agricultural or rural
20 diversification project for which financing is being sought
21 has the potential to achieve commercial success and will
22 increase employment, directly or indirectly retain jobs, or
23 promote local diversification.
24 (c) The Office may shall establish an internal review
25 committee with the Director of the Rural Affairs Council, or
26 his designee, the Director of the Department of Agriculture,
27 or his designee, and the Director of the Illinois Farm
28 Development Authority, or his designee, as members to assist
29 in the review of all project applications.
30 (d) The Office shall not provide financing to a rural
31 business or agribusiness unless the application includes
32 convincing evidence that a specific agricultural or rural
33 diversification project is ready to occur and will only occur
34 if the financing is made. The Office shall also consider the
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1 applicability of other state and federal programs prior to
2 financing any project.
3 (Source: P.A. 85-180.)
4 Section 15. The Local Government Debt Offering Act is
5 amended by changing Section 3 as follows:
6 (30 ILCS 375/3) (from Ch. 85, par. 843)
7 Sec. 3. The Department may is authorized and directed to
8 provide technical and advisory assistance regarding the
9 issuance of long-term debt to those local governments whose
10 governing bodies request such assistance. Such assistance may
11 shall include, but need not be limited to: (1) advice on the
12 marketing of bonds by local governments, (2) advisory review
13 of proposed local government debt issues, including the
14 rendering of opinions as to their legality, (3) conduct of
15 training courses in debt management for local financial
16 officers, and (4) promotion of the use by local government of
17 such tools for sound financial management as adequate systems
18 of budgeting, accounting, auditing, and reporting.
19 (Source: P.A. 77-1504.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.