Sec. 9-4.2. Illinois Capital Revolving Loan Fund.

427 words·~2 min read·/il/chapter-30/act-750/9-4-2

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(a)There is hereby created the Illinois Capital Revolving Loan Fund, hereafter referred to in this Article as the "Capital Fund" to be held as a separate fund within the State Treasury.

The purpose of the Capital Fund is to finance intermediary agreements, administration, technical assistance agreements, loans, grants, or investments in Illinois. In addition, funds may be used for a one time transfer in fiscal year 1994, not to exceed the amounts appropriated, to the Public Infrastructure Construction Loan Revolving Fund for grants and loans pursuant to the Public Infrastructure Loan and Grant Program Act. Investments, administration, grants, and financial aid shall be used for the purposes set for in this Article.

Loan financing will be in the form of loan agreements pursuant to the terms and conditions set forth in this Article. All loans shall be conditioned on the project receiving financing from participating lenders or other investors. Loan proceeds shall be available for project costs, except for debt refinancing.

(b)There shall be deposited in the Capital Fund such amounts, including but not limited to:

(i)All receipts, including dividends, principal and interest payments and royalties,

from any applicable loan, intermediary, or technical assistance agreement made from the Capital Fund or from direct appropriations from the Build Illinois Bond Fund or the General Revenue Fund by the General Assembly entered into by the Department;

(ii)All proceeds of assets of whatever nature received by the Department as a result of

default or delinquency with respect to loan agreements made from the Capital Fund or from direct appropriations by the General Assembly, including proceeds from the sale, disposal, lease or rental of real or personal property which the Department may receive as a result thereof;

(iii)Any appropriations, grants or gifts made to the Capital Fund;

(iv)Any income received from interest on investments of moneys in the Capital Fund;

(v)All moneys resulting from the collection of premiums, fees, charges, costs, and

expenses in connection with the Capital Fund as described in subsection

(e)of Section 9-3.

(c)The Treasurer may invest moneys in the Capital Fund in securities constituting obligations of the United States Government, or in obligations the principal of and interest on which are guaranteed by 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 which are fully secured by obligations guaranteed as to principal and interest by the United States Government.