093_HB0185ham001

 










                                     LRB093 04132 MKM 11917 a

 1                     AMENDMENT TO HOUSE BILL 185

 2        AMENDMENT NO.     .  Amend House Bill  185  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section 5.  The Rural Bond Bank Act is amended by adding
 5    Section 3-26 as follows:

 6        (30 ILCS 360/3-26 new)
 7        Sec.  3-26.    Road  grader  revolving  loan program. The
 8    Illinois Rural Bond Bank  is  the  administrator  of  a  road
 9    grader  revolving  loan  program.  The  purpose is to provide
10    loans to units of local government for the purchase  of  road
11    graders  that  are  manufactured  in  the  United  States  of
12    America.  For  purposes  of  this  Section,  "unit  of  local
13    government"  means  a  county, township, or municipality; and
14    "manufactured in the United States of America" means that all
15    significant parts, processing, and labor  that  go  into  the
16    road  grader  must be of U.S. origin and that the road grader
17    must contain only, or only negligible, foreign content. "Road
18    grader" includes any  machinery  with  a  purchase  price  of
19    $100,000  or  more  that  is  used  for  the  construction or
20    maintenance of roads. The  Illinois  Rural  Bond  Bank  shall
21    determine  eligibility  for  the  loans  based  on  need,  as
22    determined  by  the  Illinois  Rural Bond Bank.  The Illinois
 
                            -2-      LRB093 04132 MKM 11917 a
 1    Rural Bond Bank must give priority in making loans  to  units
 2    of  local government without a road grader or with the oldest
 3    road grader.
 4        The loan funds, subject to appropriation, shall  be  paid
 5    out of the Road Grader Revolving Loan Fund, a special fund in
 6    the  State  treasury.  The  Fund  shall consist of any moneys
 7    transferred into or appropriated to the Fund as well  as  all
 8    repayments  of  loans made under this Section. The Fund shall
 9    be used for loans to units of local  government  to  purchase
10    road graders and for no other purpose. All interest earned on
11    moneys in the Fund shall be deposited into the Fund.
12        The annual rate of interest on the loan is 1%.
13        The  aggregate  outstanding principal balance of loans to
14    any one unit of local government for  the  purchase  of  road
15    graders may not exceed $350,000. The repayment period for the
16    loan  may  not  exceed 15 years. The unit of local government
17    shall repay each year at least 5%  of  the  principal  amount
18    borrowed  or  the remaining balance of the loan, whichever is
19    less. All repayments of loans, including any interest,  shall
20    be deposited into the Road Grader Revolving Loan Fund.
21        The   Illinois  Rural  Bond  Bank  must  adopt  rules  to
22    administer the program.

23        Section 10.  The State Finance Act is amended  by  adding
24    Section 5.595 as follows:

25        (30 ILCS 105/5.595 new)
26        Sec. 5.595.  The Road Grader Revolving Loan Fund.".