Bill Text: IL HB5087 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Department of Commerce and Economic Opportunity Law and the State Finance Act. Authorizes the Department to administer a revolving loan program for the construction, rehabilitation, remodeling, and expansion of police stations and the acquisition of land for the construction or expansion of police stations by police departments. Specifies terms of loans. Creates the necessary special fund in the State treasury. Effective July 1, 2010.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2010-03-17 - Added Co-Sponsor Rep. Michael K. Smith [HB5087 Detail]

Download: Illinois-2009-HB5087-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB5087 Introduced 1/29/2010, by Rep. Daniel V. Beiser SYNOPSIS AS INTRODUCED:
20 ILCS 605/605-975 new
30 ILCS 105/5.755 new
Amends the Department of Commerce and Economic Opportunity Law and the State Finance Act. Authorizes the Department to administer a revolving loan program for the construction, rehabilitation, remodeling, and expansion of police stations and the acquisition of land for the construction or expansion of police stations by police departments. Specifies terms of loans. Creates the necessary special fund in the State treasury. Effective July 1, 2010.
LRB096 16716 JAM 32008 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB5087 LRB096 16716 JAM 32008 b
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Department of Commerce and Economic
Opportunity Law of the Civil Administrative Code of Illinois is
amended by adding Section 605-975 as follows:
(20 ILCS 605/605-975 new)
Sec. 605-975. Police station revolving loan program.
(a) The Department of Commerce and Economic Opportunity may
administer a police station revolving loan program. The program
may provide zero-interest loans for the construction,
rehabilitation, remodeling, or expansion of a police station or
the acquisition of land for the construction or expansion of a
police station by a police department. Once the program
receives funding, the Department shall make loans based on
need.
(b) The loan funds, subject to appropriation, may be paid
out of the Police Station Revolving Loan Fund, a special fund
in the State treasury. The Fund may consist of any moneys
transferred or appropriated into the Fund, as well as all
repayments of loans made under the program. Once the program
receives funding, the Fund may be used for loans to police
departments to construct, rehabilitate, remodel, or expand

HB5087 - 2 - LRB096 16716 JAM 32008 b
police stations or acquire land for the construction or
expansion of police stations and for no other purpose. All
interest earned on moneys in the Fund shall be deposited into
the Fund.
(c) A loan under the program may not exceed $2,000,000 to
any police department. The repayment period for the loan may
not exceed 25 years. The police department shall repay each
year at least 5% of the principal amount borrowed or the
remaining balance of the loan, whichever is less. All
repayments of loans shall be deposited into the Police Station
Revolving Loan Fund.
Section 10. The State Finance Act is amended by adding
Section 5.755 as follows:
(30 ILCS 105/5.755 new)
Sec. 5.755. The Police Station Revolving Loan Fund.
Section 99. Effective date. This Act takes effect July 1,
2010.