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Public Act 92-0757
SB1565 Enrolled LRB9212299ACsb
AN ACT concerning energy efficiency.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Development Finance Authority
Act is amended by adding Sections 7.91, 7.92, and 7.94 as
follows:
(20 ILCS 3505/7.91 new)
Sec. 7.91. Energy Efficiency Revolving Loan Fund;
findings and declaration of policy. It is hereby found and
declared that market restructuring in the electric power
industry has created an urgent need to provide financial
incentives for the improvement of energy efficiency. It is
in the public interest to reduce the costs of energy supplies
and services by providing loans, loan guarantees, and
interest rate write downs and by financing the administration
of loans, loan guarantees, and interest rate write downs and
the provision of technical assistance related thereto to fund
energy efficiency improvements in governmental, commercial,
and certain multi-family and other buildings.
(20 ILCS 3505/7.92 new)
Sec. 7.92. Energy Efficiency Revolving Loan Fund. There
is hereby created the Energy Efficiency Revolving Loan Fund,
hereafter referred to in Sections 7.91 through 7.94 as the
"Fund". The Treasurer of the Authority shall have custody of
the Fund, which shall be held outside the State treasury. The
Authority is authorized to issue both tax exempt and taxable
bonds on behalf of the Fund. The Authority is authorized to
accept any and all loan repayments, interest earnings,
proceeds from defaults or delinquencies, appropriations,
grants, gifts, loans, or other payments from public or
private entities, including public utilities, for deposit
into the Fund.
(20 ILCS 3505/7.94 new)
Sec. 7.94. Loan program.
(a) The Authority shall provide loans to units of local
government and nonprofit organizations engaged in the
aggregation of electricity demand. Loans shall be provided
at no more than 2% interest. Loans may be made either by the
Authority or by other lenders using loan guarantees or
interest rate write downs provided by the Authority. Loans
may be made for the purchase and installation of any energy
efficiency measure having a financial payback of no more than
7 years, including but not limited to the bulk purchase of
high-efficiency energy equipment or appliances, energy
monitoring devices, or clean small-scale energy production
devices.
(b) The loan repayment period shall be no longer than 8
years.
(c) The Authority shall give priority to projects that
(i) demonstrate innovative and efficient ways to achieve
electricity demand reductions, (ii) may serve as a model for
replication in other locations, or (iii) are proposed by
governmental or nonprofit organizations to promote both
energy efficiency and improved reliability of service.
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly May 14, 2002.
Approved August 02, 2002.
Effective August 02, 2002.
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