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91_HB3044
LRB9110133MWgc
1 AN ACT concerning tourism.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Promotion Act is amended by
5 changing Section 8a as follows:
6 (20 ILCS 665/8a) (from Ch. 127, par. 200-28a)
7 Sec. 8a. Grants; Fund.
8 (1) The Department is authorized to make grants, subject
9 to appropriations by the General Assembly for this purpose
10 from the Tourism Promotion Fund or the Tourism Attraction
11 Development Matching Grant Fund, to counties, municipalities,
12 or local promotion groups and loans to for-profit businesses
13 for the development or improvement of tourism attractions in
14 Illinois. The Such grants and loans shall not exceed
15 $100,000 and shall not exceed 50% of the entire amount of the
16 actual expenditures for the development or improvement of a
17 tourist attraction. Agreements for loans made by the
18 Department pursuant to this subsection may contain provisions
19 regarding term, interest rate, security as may be required by
20 the Department and any other provisions the Department may
21 require to protect the State's interest.
22 (2) There is hereby created a special fund in the State
23 Treasury to be known as the Tourism Attraction Development
24 Matching Grant Fund. The deposit of moneys monies into this
25 fund shall be limited to the repayments of principal and
26 interest from loans made pursuant to subsection (1).
27 (Source: P.A. 89-262, eff. 8-10-95.)