HB 3988

Abstract

Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority 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 Illinois Finance Authority shall determine eligibility for the loans based on need 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 terms for the loan concerning: (i) the maximum aggregate outstanding principal amount of loans to any one unit of local government; (ii) the repayment schedule; and (iii) the amount that must be repaid each year. Provides that the loan interest is 1% annually. Requires the Illinois Finance Authority to adopt rules to administer the program. Amends the State Finance Act to create the Fund.