Bill Amendment: IL HB2698 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: SMALL BUSINESS DEVELOPMENT
Status: 2017-08-25 - Public Act . . . . . . . . . 100-0377 [HB2698 Detail]
Download: Illinois-2017-HB2698-House_Amendment_001.html
Bill Title: SMALL BUSINESS DEVELOPMENT
Status: 2017-08-25 - Public Act . . . . . . . . . 100-0377 [HB2698 Detail]
Download: Illinois-2017-HB2698-House_Amendment_001.html
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1 | AMENDMENT TO HOUSE BILL 2698
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2 | AMENDMENT NO. ______. Amend House Bill 2698 on page 1, line | ||||||
3 | 5, after "9-4.3", by inserting "and by adding Section 9-4.8"; | ||||||
4 | and
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5 | on page 10, immediately below line 11, by inserting the | ||||||
6 | following:
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7 | "(30 ILCS 750/9-4.8 new) | ||||||
8 | Sec. 9-4.8. State Small Business Credit Initiative Fund. | ||||||
9 | (a) There is hereby created the State Small Business Credit | ||||||
10 | Initiative Fund, also referred to in this Article as the "SSBCI | ||||||
11 | Fund", as a special fund in the State treasury. | ||||||
12 | The purpose of the SSBCI Fund is to finance intermediary | ||||||
13 | agreements, administration, technical assistance agreements, | ||||||
14 | loans, grants, or investments in Illinois. Investments, | ||||||
15 | administration grants, and financial aid shall be used for the | ||||||
16 | purposes set forth in this Article. Loan financing shall be in |
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1 | the form of loan agreements pursuant to the terms and | ||||||
2 | conditions set forth in this Article. All loans shall be | ||||||
3 | conditioned on the project receiving financing from | ||||||
4 | participating lenders or other investors. | ||||||
5 | (b) The following amounts shall be deposited into the SSBCI | ||||||
6 | Fund: | ||||||
7 | (1) all receipts, including dividends, principal and | ||||||
8 | interest payments, and royalties, from any applicable | ||||||
9 | loan, intermediary, or technical assistance agreement made | ||||||
10 | from the SSBCI Fund or from direct appropriations from the | ||||||
11 | Build Illinois Bond Fund or the General Revenue Fund by the | ||||||
12 | General Assembly entered into by the Department; | ||||||
13 | (2) all proceeds of assets of whatever nature received | ||||||
14 | by the Department as a result of default or delinquency | ||||||
15 | with respect to a loan agreement made from the SSBCI Fund | ||||||
16 | or from direct appropriations by the General Assembly, | ||||||
17 | including proceeds from the sale, disposal, lease, or | ||||||
18 | rental of real or personal property that the Department may | ||||||
19 | receive as a result thereof; | ||||||
20 | (3) any appropriations, grants, or gifts made to the | ||||||
21 | SSBCI Fund; | ||||||
22 | (4) any income received from interest on investments of | ||||||
23 | moneys in the SSBCI Fund; | ||||||
24 | (5) all moneys resulting from the collection of | ||||||
25 | premiums, fees charges, costs, and expenses described in | ||||||
26 | subsection (e) of Section 9-3. |
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1 | (c) The Treasurer may invest moneys in the SSBCI Fund in | ||||||
2 | securities constituting obligations of the United States | ||||||
3 | government, or in obligations the principal of and interest on | ||||||
4 | which are guaranteed by the United States Government, or in | ||||||
5 | certificates of deposit of any State or national bank which are | ||||||
6 | fully-secured by obligations guaranteed as to principal and | ||||||
7 | interest by the United States Government. ".
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