(730 ILCS 5/3-2-2.1)
(from Ch. 38, par. 1003-2-2.1)
In addition to all other powers, duties and
responsibilities which are otherwise provided by law, the Department shall
administer the County Jail Revolving Loan Fund, a special fund in the State
Treasury which is hereby created. The Department shall accept for deposit
into such fund any and all grants, loans, subsidies, matching funds,
reimbursements, appropriations, transfers of appropriations, income derived
from investments, State bond proceeds, proceeds from repayment of loans, or
other things of value from the federal or State governments, person, firm
or corporation, public or private. Monies in the County Jail Revolving
Loan Fund shall be invested in the same manner as provided in "An Act
relating to certain investments of public funds by public agencies",
approved July 23, 1973, as amended. A portion of the proceeds from the
interest or dividends from such investments may be used to pay
administrative costs of the Department incurred in the administration of
the fund. The Department shall loan money from the County Jail Revolving
Loan Fund to any county for the purpose of constructing a new county jail
or remodeling, reconstructing or renovating an existing county jail. The
Department shall adopt rules and regulations establishing criteria to be
used in determining loan eligibility and the interest rate, if any, to be
charged on loaned money from the fund. The eligibility criteria shall
include the following factors:
(a) creditworthiness of the county;
(b) ability of the county to borrow money by traditional methods;
(c) evidence of the county's efforts to raise funds in traditional markets; and
(d) the costs of borrowing that the county would encounter in traditional markets.
To be eligible for a loan from the fund, a county must demonstrate it has
the ability to make debt service payments and that it has explored all
reasonable methods of expanding, constructing, reconstructing or upgrading
the county jail facility and the method selected is the least expensive or most practical.
No county may finance more than 75% of the total costs of constructing,
reconstructing, upgrading or expanding a county jail facility from the fund.
The term of payment for loans authorized by the Department shall be at
least 10 years. The Department may impose such other charges or fees as it
deems necessary to defray the costs of administering the loans under the fund.
Counties already in the process of upgrading county jail facilities and
counties that combine to construct a regional jail facility shall be
eligible for loans from the fund.
(Source: P.A. 84-1411.)