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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4379
Introduced 1/4/2006, by Rep. Carolyn H. Krause SYNOPSIS AS INTRODUCED:
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20 ILCS 3501/825-85 new |
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30 ILCS 105/5.663 new |
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Requires the Illinois Finance Authority to establish and maintain a program to offer low-interest loans to businesses seeking greater broadband Internet access. Provides that these loans may be used to purchase any broadband infrastructure that is required to provide high-speed Internet access. Provides that the moneys for loans shall be maintained in and paid out of the the Broadband Internet Access Revolving Loan Fund, a special fund established in the State treasury. Provides that no business may receive an aggregate amount of more than $250,000 in loans and that all loans must be repaid within 5 years. Requires the Authority to adopt necessary rules. Authorizes the Authority to require a lien or other security as a condition for making a loan under the program. Amends the State Finance Act to create the Broadband Internet Access Revolving Loan Fund. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4379 |
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LRB094 16915 BDD 52194 b |
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| AN ACT concerning economic development.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by |
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| adding Section 825-85 as follows:
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| (20 ILCS 3501/825-85 new) |
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| Sec. 825-85. Loans for broadband Internet access. |
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| (a) The Authority must establish and maintain a program to |
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| offer low-interest loans to businesses seeking greater |
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| broadband Internet access. Loans made under this program may be |
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| used by businesses to purchase any broadband infrastructure |
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| that is required to provide high-speed Internet access. |
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| (b) The moneys for loans under this Section shall be |
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| maintained in and, subject to appropriation, paid out of the |
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| the Broadband Internet Access Revolving Loan Fund, a special |
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| fund established in the State treasury. The Fund shall consist |
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| of any moneys that the State may from time to time appropriate |
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| or transfer to the Fund, as well as any donations, gifts, |
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| bequests, and any other moneys from any public or private |
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| source. All interest earned on moneys in the Fund and all |
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| payments received on loans made under the program must be |
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| deposited into the Fund. The Fund may not be used for any |
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| purpose other than the purposes set forth in this Section. |
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| (c) No business may receive loans exceeding, in an |
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| aggregate amount, $250,000, and the term for the repayment of |
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| any loan under this program may not exceed 5 years. The |
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| Authority may require a lien or other security as a condition |
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| for making a loan under this Section. |
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| (d) The Authority must adopt any rules necessary to |
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| implement and administer this Section.
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| Section 10. The State Finance Act is amended by adding |
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