SB 3458

Abstract

Creates the Resilient Illinois Revolving Loan Fund Act. Establishes the Resilient Illinois Revolving Loan Fund as a special fund in the State treasury. Provides that moneys in the Fund shall be used to provide low-interest or no-interest loans to counties and nonprofit organizations for local resilience projects that address mitigation of hazards. Specifies that moneys in the Fund may also be used for administrative support associated with the Fund, including the hiring of necessary staff. Tasks the Illinois Emergency Management Agency and Office of Homeland Security with the Fund's administration. Requires the Director of the Illinois Emergency Management Agency and Office of Homeland Security (IEMA-OHS) to apply to the Federal Emergency Management Agency when funding is available under the federal STORM Act to capitalize the Fund. Directs IEMA-OHS to prioritize providing loans to projects it determines to have the greatest impact on eliminating hazards. Provides that the Fund shall be administered, operated, and maintained to remain available in perpetuity to provide loans and other financial assistance. Requires the Agencies to establish application procedures and eligibility criteria for loans from the Fund. Amends the State Finance Act to make a conforming change. Effective immediately.