Bill Title: Amends the Illinois Finance Authority Act. Creates a school bus revolving loan program. Provides for a 2% rate of interest on loans for the purchase of a school bus if the chassis and the passenger compartment are built outside of Illinois, a 1% rate of interest for a school bus if either the chassis or the passenger compartment is built in Illinois, or a 0% rate of interest for a school bus if both the chassis and the passenger compartment are built in Illinois. Creates the School Bus Revolving Loan Fund as a special fund in the State treasury. Provides that loan funds shall be paid out of the Fund, and repayments of loans shall be deposited into the Fund. Provides that a loan to a school district or unit of local government for the purchase of school buses may not exceed $100,000. Provides that the repayment period may not exceed 20 years. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB3053 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Amended	2011-03-02	HTML/Text	Link	View
Introduced	Not Avail	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB3053

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB3053 currently on file.