Sec. 30. Open Lands Loan Program.
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/il/chapter-525/act-33/30A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 30. Open Lands Loan Program. The Department may establish an Open Lands Loan Program to make loans to units of local government for the purpose of assisting in the purchase of real property to protect open spaces and lands with significant natural resource attributes. For purposes of the program, and not by way of limitation on any other purposes or programs provided for in this Act, there is hereby established the Open Lands Loan Fund, a special fund in the State treasury.
The Department has the power to use any appropriations from the State made for the purposes under this Act and to enter into any intergovernmental agreements with the federal government or the State, or any instrumentality thereof, for purposes of capitalizing the Open Lands Loan Fund. Moneys in the Open Lands Loan Fund may be used for any purpose under the Open Lands Loan Program including, without limitation, the making of loans permitted under this Act.
The Department may establish and collect any fees and charges, determine and enforce any terms and conditions, and charge any interest rates that it determines to be necessary and appropriate to the successful administration of the Open Lands Loan Program. All principal and interest repayments on loans made using funds withdrawn from the Open Lands Loan Fund shall be deposited into the Open Lands Loan Fund to be used for the purposes of the Open Lands Loan program or for any other purpose under this Act that the Department, in its discretion, finds appropriate.
Investment earnings on moneys held in the Open Lands Loan Fund or in any reserve fund or pledged fund created with funds withdrawn from the Open Lands Loan Fund must be treated in the same way as loan repayments. The Department shall promulgate rules concerning selection and eligibility requirements. The rules shall include the following additional requirements:
(1)Units of local government receiving loans under this Act to acquire real property
must:
(A)agree to make and keep the lands accessible to the public for conservation and
recreation, unless the Department determines that public accessibility would be detrimental to the lands or any natural resources associated with the land;
(B)agree that all real property acquired with loan proceeds shall not be sold,
leased, exchanged, or otherwise encumbered unless it is used to qualify for a federal program or, subject to Department approval, transferred to the federal government, the State, or a unit of local government for conservation and recreation purposes consistent with this Act;
(C)agree to execute and donate to the State at no charge a conservation easement on
the lands to be acquired; and
(D)agree to manage lands in accordance with the terms of the loan. Any changes in
management must be approved by the Department before implementation.
(2)Loans made by the Department to units of local government must be secured by
interests in collateral and guarantees that the Department determines are necessary to protect the Department's interest in the repayment of the principal and interest, if any, of each loan made under this Section.
(3)Loans made by the Department may be used only to purchase interests in land from
willing sellers and may not involve the use of eminent domain.
(4)Borrowers may not use the proceeds from other Department grant programs to repay
loans made under this program.
(5)Borrowers must agree to manage lands in accordance with the terms of the loan. Any
changes in management must be approved by the Department before implementation.
(6)The Department is authorized to promulgate, by rule, other reasonable requirements
necessary to effectively implement this Act.