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91_HB0063ham003
LRB9100535KSgcam04
1 AMENDMENT TO HOUSE BILL 63
2 AMENDMENT NO. . Amend House Bill 63, AS AMENDED, by
3 replacing Sections 900, 905, and 999 with the following:
4 "Section 900. The State Finance Act is amended by adding
5 Sections 5.490 and 8.36 as follows:
6 (30 ILCS 105/5.490 new)
7 Sec. 5.490. The Airport Land Loan Revolving Fund.
8 (30 ILCS 105/8.36 new)
9 Sec. 8.36. Airport Land Loan Revolving Fund.
10 Appropriations for loans to units of local government or
11 public airport authorities that currently operate an airport
12 and are in existence as of January 1, 1999 by the Department
13 of Transportation pursuant to Section 34b of the Illinois
14 Aeronautics Act shall be payable from the Airport Land Loan
15 Revolving Fund.
16 Section 905. The Illinois Aeronautics Act is amended by
17 adding Section 34b as follows:
18 (620 ILCS 5/34b new)
19 Sec. 34b. Airport land loan revolving fund.
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1 (a) The Department may make loans to units of local
2 government or public airport authorities who currently
3 operate an airport and are in existence as of January 1, 1999
4 for the purchase of any real estate interests within a radius
5 of one-half mile to an existing airport as may be needed for
6 essential airport purposes, including future needs. The
7 loans are payable from the Airport Land Loan Revolving Fund,
8 subject to appropriation. All repayments of loans made
9 pursuant to this Section, including interest thereon and
10 penalties, shall be deposited in the Airport Land Loan
11 Revolving Fund. The Treasurer shall deposit all investment
12 earnings arising from balances in the Airport Land Loan
13 Revolving Fund in that Fund.
14 (b) All loans under this Section shall be made by
15 contract between the Department and the unit of local
16 government or the public airport authority, which contract
17 shall include the following provisions:
18 (1) The annual rate of interest shall be 2 percent
19 below the Prime Rate charged by banks, as published by
20 the Federal Reserve, in effect at the time the Department
21 approves the loan, but in no event shall less than 2
22 percent be charged.
23 (2) The term of any loan shall not exceed five
24 years.
25 (3) Loan payments shall be scheduled in equal
26 amounts for the periods determined under paragraph (4) of
27 this Section. The loan payments shall be calculated so
28 that the loan is completely repaid, with interest, on
29 outstanding balances, by the end of the term determined
30 under paragraph (2) of this Section. There shall be no
31 penalty for prepayment of the loan.
32 (4) The period of loan payments shall be annual,
33 unless by mutual agreement a period of less than one year
34 is chosen.
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1 (5) The loan shall be secured with the land
2 purchased, in whole or in part. The unit of local
3 government or public airport authority shall assign a
4 first priority lien in the property to the State.
5 (6) If the loan payment is not made within 15 days
6 after the scheduled date determined under paragraph (3)
7 of this Section, a penalty of 10% of the payment shall be
8 assessed. If 30 days after the scheduled payment date no
9 payment has been received, the loan shall be considered
10 in default.
11 (7) As soon as a loan is considered in default, the
12 Department shall notify the unit of local government or
13 the public airport authority and attempt to enter into a
14 renegotiation of the loan payment amounts and schedule
15 determined under paragraph (3) of this Section. In no
16 case shall the term of the loan be extended beyond the
17 initial term determined under paragraph (2) of this
18 Section; nor shall the interest rate be lowered nor any
19 interest be forgiven. If a renegotiation of loan payment
20 amounts and schedule is obtained to the Department's
21 satisfaction within 30 days of notification of default,
22 then the new payment schedule shall replace the one
23 determined by paragraph (3) of this Section and shall be
24 used to measure compliance with the loan for purposes of
25 default. If after 30 days of notification of default the
26 Department has not obtained a renegotiation to its
27 satisfaction, the Department shall declare the loan
28 balance due and payable immediately. If the unit of
29 local government or the public airport authority cannot
30 immediately pay the balance of the loan, the Department
31 shall proceed to foreclose.
32 (c) The Airport Land Loan Resolving Fund is created in
33 the State Treasury.
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1 Section 999. Effective date. This Act takes effect upon
2 becoming law.".