(20 ILCS 3501/835-25)
(Section scheduled to be repealed on August 1, 2019)
Authority administrative expenses.
For fiscal years 2017 through 2019, the Authority is authorized to reimburse itself for the ordinary and necessary expenses of administering the State Guarantee
program under this Article from amounts from time to time available in the Industrial Project Insurance Fund in amounts not to exceed: (1) $275,000 in fiscal year 2017; and (2) $200,000 per fiscal year in fiscal years 2018 and 2019. Ordinary and necessary expenses of administering those State Guarantee programs include, without limitation, costs of general administration, staff, accounting and auditing services, legal services, judgments, loan servicing, realization upon collateral, communications with borrowers and lenders, and similar expenses, all to the extent reasonably allocable to such State Guarantee programs.
This Section is repealed on August 1, 2019.
(Source: P.A. 99-509, eff. 6-24-16.)