Sec. 10-6. Large Business Attraction Fund.

447 words·~2 min read·/il/chapter-30/act-750/10-6·

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(a)There is created the Large Business Attraction Fund to be held as part of the State Treasury. The Department is authorized to make loans from the Fund for the purposes established under this Article. The State Treasurer shall have custody of the Fund and may invest in securities constituting direct obligations of the United States Government, in obligations the principal of and interest on which are guaranteed by the United States Government, or in certificates of deposit of any State or national bank that are fully secured by obligations guaranteed as to principal and interest by the United States Government. The purpose of the Fund is to offer loans to finance large firms considering the location of a proposed plant in the State and to provide financing to carry out the purposes and provisions of paragraph

(h)of Section 10-3. Financing shall be in the form of a loan, mortgage, or other debt instrument. All loans shall be conditioned on the project receiving financing from participating lenders or other sources. Loan proceeds shall be available for project costs associated with an expansion of business capacity and employment, except for debt refinancing. Targeted companies for the program shall primarily consist of established industrial and service companies with proven records of earnings that will sell their product to markets beyond Illinois and have proven multistate location options. New ventures shall be considered only if the entity is protected with adequate security with regard to its financing and operation. The limitations and conditions with respect to the use of this Fund shall not apply in carrying out the purposes and provisions of paragraph

(h)of Section 10-3.

(b)Deposits into the Fund shall include, but are not limited to:

(1)Any appropriations, grants, or gifts made to the Fund.

(2)Any income received from interest on investments of amounts from the Fund not

currently needed to meet the obligations of the Fund.

(c)The State Comptroller and the State Treasurer shall from time to time, upon the written direction of the Governor, transfer from the Fund to the General Revenue Fund or the Budget Stabilization Fund, those amounts that the Governor determines are in excess of the amounts required to meet the obligations of the Fund. Any amounts transferred to the Budget Stabilization Fund may be transferred back to the Large Business Attraction Fund by the State Comptroller and the State Treasurer, upon the written direction of the Governor.

(d)Notwithstanding subsection

(a)of this Section, the Large Business Attraction Fund may be used for the purposes established under the Invest in Illinois Act, including for awards, grants, loans, contracts, and administrative expenses.