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| [ Engrossed ] | [ Enrolled ] | [ Senate Amendment 001 ] |
92_SB1565
LRB9212299ACsb
1 AN ACT concerning energy efficiency.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Development Finance Authority
5 Act is amended by adding Sections 7.91, 7.92, and 7.94 as
6 follows:
7 (20 ILCS 3505/7.91 new)
8 Sec. 7.91. Energy Efficiency Revolving Loan Fund;
9 findings and declaration of policy. It is hereby found and
10 declared that market restructuring in the electric power
11 industry has created an urgent need to provide financial
12 incentives for the improvement of energy efficiency. It is
13 in the public interest to reduce the costs of energy supplies
14 and services by providing loans, loan guarantees, and
15 interest rate write downs and by financing the administration
16 of loans, loan guarantees, and interest rate write downs and
17 the provision of technical assistance related thereto to fund
18 energy efficiency improvements in governmental, commercial,
19 and certain multi-family and other buildings.
20 (20 ILCS 3505/7.92 new)
21 Sec. 7.92. Energy Efficiency Revolving Loan Fund. There
22 is hereby created the Energy Efficiency Revolving Loan Fund,
23 hereafter referred to in Sections 7.91 through 7.94 as the
24 "Fund". The Treasurer of the Authority shall have custody of
25 the Fund, which shall be held outside the State treasury. The
26 Authority is authorized to issue both tax exempt and taxable
27 bonds on behalf of the Fund. The Authority is authorized to
28 accept any and all loan repayments, interest earnings,
29 proceeds from defaults or delinquencies, appropriations,
30 grants, gifts, loans, or other payments from public or
-2- LRB9212299ACsb
1 private entities, including public utilities, for deposit
2 into the Fund.
3 (20 ILCS 3505/7.94 new)
4 Sec. 7.94. Loan program.
5 (a) The Authority shall provide loans to units of local
6 government and nonprofit organizations engaged in the
7 aggregation of electricity demand. Loans shall be provided
8 at no more than 2% interest. Loans may be made either by the
9 Authority or by other lenders using loan guarantees or
10 interest rate write downs provided by the Authority. Loans
11 may be made for the bulk purchase of high-efficiency energy
12 equipment or appliances, energy monitoring devices, or clean
13 small-scale energy production devices.
14 (b) The loan repayment period shall be no longer than 8
15 years.
16 (c) The Authority shall give priority to projects that
17 (i) demonstrate innovative and efficient ways to achieve
18 electricity demand reductions, (ii) may serve as a model for
19 replication in other locations, or (iii) are proposed by
20 governmental or nonprofit organizations to promote both
21 energy efficiency and improved reliability of service.
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.