95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0923

 

Introduced 2/7/2007, by Rep. Kurt M. Granberg

 

SYNOPSIS AS INTRODUCED:
 
New Act
30 ILCS 105/5.675 new

    Creates the Port Development Revolving Loan Program Act. Provides that the Department of Commerce and Economic Opportunity may provide grants or interest-free or below market rate loans to port districts in the State for the purposes of enhancing the use of Illinois' navigable waterways and developing inland inter-modal freight facilities within the State. Sets forth the terms and conditions of the grants and loans. Creates the Port Development Revolving Loan Fund. Amends the State Finance Act to make corresponding changes. Effective July 1, 2007.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0923 LRB095 07579 HLH 27729 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 1. Short title. This Act may be cited as the Port
5 Development Revolving Loan Program Act.
 
6     Section 5. Port development loans and grants.
7     (a) The Department of Commerce and Economic Opportunity is
8 authorized to provide grants or interest-free or below market
9 rate loans to port districts in the State for the purposes of
10 enhancing the use of Illinois' navigable waterways and
11 developing inland inter-modal freight facilities within the
12 State.
13     (b) Grants and loans are authorized for the purposes
14 designated in this Section, but only when the applicant
15 demonstrates to the Department that it is unable to finance the
16 projects from its own revenue sources or funds.
17     (c) Grant moneys under this Section shall be used by the
18 port district for eligible project costs that are within the
19 scope of powers and responsibilities granted in the port
20 district's enabling legislation. Eligible project costs must
21 relate to inter-modal freight facilities and may include,
22 without limitation, establishing or improving roadways,
23 railroads, and approaches, whether by land or water, to any

 

 

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1 terminal, terminal facility, or port facility; construction,
2 repair, or removal of any port, terminal, terminal facility, or
3 port facility hazard; or the removal or relocation of private
4 facilities or structures that inhibit the transfer of
5 inter-modal freight at the port facility.
6     (e) The Department shall provide financing to port
7 districts based on criteria established by the Department.
 
8     Section 10. Port development loan and grant conditions.
9 Port development loans and grants awarded by the Department are
10 subject to the following conditions:
11     (a) Financial assistance through the loans or grants must
12 be used for projects authorized under this Act.
13     (b) With respect to port development loans, the Department
14 shall determine the interest rate, if any, that the loans shall
15 bear. The Department shall set the terms and conditions for
16 repayment of the loans. The repayment period shall not exceed
17 20 years.
18     (c) Repayments of principal and interest on loans made and
19 any funds collected because of a default or failure to comply
20 with the terms or conditions of a loan under this program shall
21 be paid into the Port Development Revolving Loan Fund.
22     (d) The Department may take whatever actions are necessary
23 or appropriate to protect the State's interest in the event of
24 default, foreclosure, or noncompliance with the terms and
25 conditions of the loans or grants provided under this Act,

 

 

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1 including the power to sell, dispose, lease, or rent, upon
2 terms and conditions deemed to be appropriate by the
3 Department, real or personal property which the Department may
4 receive as a result thereof.
 
5     Section 15. Port Development Revolving Loan Fund.
6     (a) The Port Development Revolving Loan Fund is created as
7 a special fund in the State Treasury. The Department shall have
8 the authority to make expenditures from the Fund, pursuant to
9 appropriations in furtherance of the purposes of this Act. The
10 State Treasurer shall be custodian of the Fund and may invest
11 funds in securities constituting direct obligations of the
12 United States Government, or in obligations the principal of
13 and interest on which are guaranteed by the United States
14 Government, or in certificates of deposit of any State or
15 national bank that are fully secured by obligations guaranteed
16 as to principal and interest by the United States Government.
17     (b) Moneys shall be deposited in the Fund from the
18 following sources:
19         (1) all receipts, including principal and interest
20     payments and royalties, from any loan agreement made from
21     the Fund or pursuant to this Act entered into by the
22     Department;
23         (2) all proceeds of assets of whatever nature received
24     by the Department as a result of default or delinquency
25     with respect to loan agreements made from the Fund or from

 

 

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1     direct appropriations by the General Assembly, including
2     proceeds from the sale, disposal, lease, or rental of real
3     or personal property that the Department may receive as a
4     result thereof;
5         (3) any appropriations, grants, or gifts made to the
6     Fund; and
7         (4) any income received from interest on investments of
8     moneys in the Fund.
 
9     Section 90. The State Finance Act is amended by adding
10 Section 5.675 as follows:
 
11     (30 ILCS 105/5.675 new)
12     Sec. 5.675. The Port Development Revolving Loan Fund.
 
13     Section 99. Effective date. This Act takes effect July 1,
14 2007.