HB 185

Abstract

Amends the State Treasurer Act. Provides that the Treasurer shall administer a road grader revolving loan program to provide loans to units of local government for the purchase of road graders that are manufactured in the United States of America. Provides that the Treasurer shall determine eligibility for the loans based on need as determined by the Treasurer, and that the loan funds, subject to appropriation, shall be paid out of the Road Grader Revolving Loan Fund, a special fund in the State treasury. Provides that (i) the aggregate outstanding principal amount of loans to any one unit of local government for the purchase of road graders may not exceed $350,000; (ii) the repayment period for the loan may not exceed 15 years; and (iii) the unit of local government must repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. Provides that the the loan interest is 1% annually. Provides that the Treasurer must adopt rules to administer the program. Amends the State Finance Act to create the Fund.