[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB4306
LRB9112127ACtm
1 AN ACT to amend the Environmental Protection Act.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Environmental Protection Act is amended
5 by changing Section 58.15 as follows:
6 (415 ILCS 5/58.15)
7 Sec. 58.15. Brownfields Redevelopment Loan Program.
8 (a) The Agency shall establish and administer a
9 revolving loan program to be known as the "Brownfields
10 Redevelopment Loan Program" for the purpose of providing
11 loans to be used for site investigation, site remediation, or
12 both, and economic development at brownfields sites. All
13 principal, interest, and penalty payments from loans made
14 under this Section shall be deposited into the Brownfields
15 Redevelopment Fund and reused in accordance with this
16 Section.
17 (b) General requirements for loans:
18 (1) Loans shall be at or below market interest
19 rates in accordance with a formula set forth in
20 regulations promulgated under subsection (c) of this
21 Section.
22 (2) Loans shall be awarded subject to availability
23 of funding based on the order of receipt of applications
24 satisfying all requirements as set forth in the
25 regulations promulgated under subsection (c) of this
26 Section.
27 (3) The maximum loan amount under this Section for
28 any one project is $1,000,000.
29 (4) In addition to any requirements or conditions
30 placed on loans by regulation, loan agreements under the
31 Brownfields Redevelopment Loan Program shall include the
-2- LRB9112127ACtm
1 following requirements:
2 (A) the loan recipient shall secure the loan
3 repayment obligation;
4 (B) completion of the loan repayment shall not
5 exceed 5 years; and
6 (C) loan agreements shall provide for a
7 confession of judgment by the loan recipient upon
8 default.
9 (5) Loans shall not be used to cover expenses
10 incurred prior to the approval of the loan application.
11 (6) If the loan recipient fails to make timely
12 payments or otherwise fails to meet its obligations as
13 provided in this Section or implementing regulations, the
14 Agency is authorized to pursue the collection of the
15 amounts past due, the outstanding loan balance, and the
16 costs thereby incurred, either pursuant to the Illinois
17 State Collection Act of 1986 or by any other means
18 provided by law, including the taking of title, by
19 foreclosure or otherwise, to any project or other
20 property pledged, mortgaged, encumbered, or otherwise
21 available as security or collateral.
22 (c) The Agency shall have the authority to enter into
23 any contracts or agreements that may be necessary to carry
24 out its duties or responsibilities under this Section. The
25 Agency shall have the authority to promulgate regulations
26 setting forth procedures and criteria for administering the
27 Brownfields Redevelopment Loan Program. The regulations
28 promulgated by the Agency for loans under this Section shall
29 include, but need not be limited to, the following elements:
30 (1) loan application requirements;
31 (2) determination of credit worthiness of the loan
32 applicant;
33 (3) types of security required for the loan;
34 (4) types of collateral, as necessary, that can be
-3- LRB9112127ACtm
1 pledged for the loan;
2 (5) special loan terms, as necessary, for securing
3 the repayment of the loan;
4 (6) maximum loan amounts;
5 (7) purposes for which loans are available;
6 (8) application periods and content of
7 applications;
8 (9) procedures for Agency review of loan
9 applications, loan approvals or denials, and loan
10 acceptance by the loan recipient;
11 (10) procedures for establishing interest rates;
12 (11) requirements applicable to disbursement of
13 loans to loan recipients;
14 (12) requirements for securing loan repayment
15 obligations;
16 (13) conditions or circumstances constituting
17 default;
18 (14) procedures for repayment of loans and
19 delinquent loans including, but not limited to, the
20 initiation of principal and interest payments following
21 loan acceptance;
22 (15) loan recipient responsibilities for work
23 schedules, work plans, reports, and record keeping;
24 (16) evaluation of loan recipient performance,
25 including auditing and access to sites and records;
26 (17) requirements applicable to contracting and
27 subcontracting by the loan recipient, including
28 procurement requirements;
29 (18) penalties for noncompliance with loan
30 requirements and conditions, including stop-work orders,
31 termination, and recovery of loan funds; and
32 (19) indemnification of the State of Illinois and
33 the Agency by the loan recipient.
34 (d) Moneys in the Brownfields Redevelopment Fund may be
-4- LRB9112127ACtm
1 used as a source of revenue or security for the principal and
2 interest on revenue or general obligation bonds issued by the
3 State or any political subdivision or instrumentality
4 thereof, if the proceeds of those bonds will be deposited
5 into the Fund.
6 (Source: P.A. 91-36, eff. 6-15-99.)
7 Section 99. Effective date. This Act takes effect upon
8 becoming law.