(30 ILCS 750/8-12)
Sec. 8-12.
Affordable Financing of Public Infrastructure Loan and Grant
Conditions. Affordable Financing of Public
Infrastructure loans and grants awarded by the Department are
subject to the following conditions:
(a) Financial assistance through the loans or
grants must be used for the purposes specified in Section 8-10.
(b) On Affordable Financing of Public Infrastructure loans, the Department
shall determine the interest rate, if any, that the loans
shall bear. The Department shall set the terms and conditions
for repayment of the loans. The repayment period of loans
shall not exceed 20 years.
(c) Repayments of principal and interest on loans
made and any funds collected because of a default or failure
to comply with the terms or conditions of a loan under this
program shall be paid into the Public Infrastructure Construction
Loan Revolving Fund.
(d) The Department may take whatever actions are
necessary or appropriate to protect the State's interest in
the event of default, foreclosure or noncompliance with the
terms and conditions of the loans or grants provided under
this Article, including the power to sell, dispose, lease or rent,
upon terms and conditions deemed to be appropriate by the
Department, real or personal property that the Department
may receive as a result thereof.
(Source: P.A. 88-453.)
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