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91_HB0943sam001
LRB9101953PTpkam04
1 AMENDMENT TO HOUSE BILL 943
2 AMENDMENT NO. . Amend House Bill 943 on page 2, by
3 replacing lines 31 through 34 with the following:
4 "A governing commission, with no less than $4,000,000 in
5 its guarantee fund, may, if authorized by referendum duly
6 adopted by a majority of the voters, establish a Low Interest
7 Home Improvement Loan Program in accordance with and subject
8 to procedures established by a financial institution, as
9 defined in the Illinois Banking Act. Whenever the question
10 of creating a Low Interest Home Improvement Loan Program is
11 initiated by resolution or ordinance of the corporate
12 authorities of the municipality or by a petition signed by
13 not less than 10% of the total number of registered voters of
14 each precinct in the territory, the registered voters of
15 which are eligible to sign the petition, it shall be the duty
16 of the election authority having jurisdiction over the
17 municipality to submit the question of creating the program
18 to the electors of each precinct within the territory at the
19 regular election specified in the resolution, ordinance, or
20 petition initiating the question. A petition initiating a
21 question described in this subsection shall be filed with the
22 election authority having jurisdiction over the municipality.
23 The petition shall be filed and objections to the petition
24 shall be made in the manner provided in the Election Code. A
-2- LRB9101953PTpkam04
1 resolution, ordinance, or petition initiating a question
2 described in this subsection shall specify the election at
3 which the question is to be submitted. The referendum on the
4 question shall be held in accordance with the Election Code.
5 The question shall be in substantially the following form:
6 "Shall the (name of the home equity program)
7 implement a Low Interest Home Improvement Loan Program
8 with money from the guarantee fund of the established
9 guaranteed home equity program?"
10 The votes must be recorded as "Yes" or "No".
11 Whenever a majority of the voters on the public question
12 approve the creation of the program as certified by the
13 proper election authorities, the commission shall establish
14 the program and administer the program with funds collected
15 under the Guaranteed Home Equity Program, subject to the
16 following conditions:
17 (1) At any given time, the cumulative total of all
18 loans and loan guarantees (if applicable) issued under
19 this program may not reduce the balance of the guarantee
20 fund to less than $3,000,000."; and
21 on page 3, by deleting lines 1 through 7; and
22 on page 3, by replacing lines 18 through 21 with the
23 following:
24 "the amount of equity value in his or her residence.".