Illinois General Assembly - Bill Status for SB2491

Amends the Department of Transportation Law of the Civil Administrative Code of Illinois and the State Finance Act. Grants the Illinois Department of Transportation the power to enter into agreements to make direct grants and low-interest loans to minority-owned businesses, female-owned businesses, and disadvantaged business enterprises certified by the Department for participation on Department-procured construction and construction-related contracts. Provides that grant and loan funds shall be expended, subject to appropriation, from the Working Capital Loan Repayment Fund. Specifies permissible uses of funds and provides that funds may be loaned with or without interest. Provides that the Department shall establish the requirements for eligibility and criteria for grant and loan applications, approved use of funds, amount of loans or grants, interest rates, collateral, and terms. Creates the Working Capital Loan Repayment Fund and provides that the State Comptroller shall order and the State Treasurer shall transfer $10,000,000 from the Road Fund to the Working Capital Loan Repayment Fund.

Replaces everything after the enacting clause with the provisions of the original bill and makes the following changes: defines "contractor" and "fund control agency"; removes the power of the Department to make direct grants; establishes a funds control process; removes language stating that contracts providing for mobilization payments to a certified business are not eligible for loan assistance; removes language stating that any agreement shall provide for the security necessary to protect the State's interest and may include withholding of payments due under the contract accepted for loan assistance under the program; replaces language concerning transfer to the Working Capital Loan Repayment Fund with language providing that upon written request of the Secretary of Transportation, the State Comptroller shall order and the State Treasurer shall transfer amounts not to exceed $3,000,000 in aggregate during a Fiscal Year, for a period of 10 years, from the Road Fund to the Working Capital Loan Repayment Fund.

Replaces everything after the enacting clause with the provisions of Senate Amendment No. 2, and makes the following changes: defines "Fund Control Agent" (instead of "Fund Control Agency") as a person who holds the authority to manage a loan under this Section; defines "escrow account"; provides that shall be dispersed to the escrow account (instead of "expended to the Fund Control Agency"); loan renames the Working Capital Loan Repayment Fund the Working Capital Revolving Loan Fund; contains changes concerning the disbursement and management of funds related to the revolving loan program; provides that investment income which is attributable to the investment of moneys in the Working Capital Revolving Loan Fund shall be retained in the Working Capital Revolving Loan Fund; provides that the Department shall report to the Governor and the General Assembly concerning the revolving loan program; provides that the Department's authority to execute additional loans or request transfers to the Working Capital Revolving Loan Fund expires on June 1, 2022 and contains provisions concerning the winding down of the program; and provides that no transfer to the Working Capital Revolving Loan Fund may be requested or ordered if the available balance in the Working Capital Revolving Loan Fund is equal to or greater than $6,000,000. Effective immediately.

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