(30 ILCS 750/9-4.4)
Sec. 9-4.4.
Financial intermediary agreements.
(a) The Department is authorized to exercise its powers and duties set forth
in this Article through various financial intermediary agreements to assist
young firms, including business start-ups and micro-enterprises; mature
firms,
including industrial expansions, modernizations, or environmental upgrades; and
other targeted credit disadvantaged firms identified by the Department.
(b) A financial intermediary agreement may include, but is not limited to,
participation agreements in which the Department purchases an undivided
interest in an otherwise qualifying loan made by a participating lender; seed
financing or capitalization of revolving pools of money for lending or
investing in
third parties; financial aid for one or more credit enhancement pools of
political subdivisions of the State; or financial aid for loan loss reserve
accounts or certificates, provided the loss reserve accounts or certificates
are established pursuant to a trust indenture executed for that purpose by a
financial intermediary with a bank or trust company in the State of Illinois
designated by the State Treasurer having trust powers.
(Source: P.A. 88-422.)
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