30 ILCS 750/8-10
2021 Illinois Compiled Statutes|Chapter 30 - FINANCE|30 ILCS 750/ - Build Illinois Act.|Article 8

Sec. 8-10.     Affordable Financing of Public Infrastructure Loans and Grants.(a) The Department is authorized to provide loans or grants to or on behalf  of local governments, local public entities, local medical facilities, and  local public health clinics for the purpose of making affordable the financing  of local public infrastructure improvements under the following conditions:(1) Where the Department has determined that no other     source of affordable financing of the public infrastructure improvement project is available, Affordable Financing of Public Infrastructure loans may be provided as the sole financing source, except that no individual loan shall exceed $100,000.(2) Where the Department has determined that other     sources of financing of the public infrastructure improvement project are available, Affordable Financing of Public Infrastructure loans and grants may be provided to or on behalf of those projects for the purposes of facilitating access to, or reducing the financing costs of other sources through leveraging, credit enhancement, participations, and financing cost subsidies.(b) The Department is authorized to provide small project Affordable  Financing of Public Infrastructure loans.  The Department shall determine the  interest rate, if any, which the loans shall bear.  The repayment period for  small project loans shall not exceed 10 years.  No small project loan shall  exceed $100,000 in principal amount.  The Department shall not exceed  $5,000,000 in total small project loan balances outstanding at any time.  The  Department is authorized to enter into cooperative agreements with other State  government public infrastructure financing entities for the purpose of reliance  upon their application, credit review, security, and loan closing procedures  for individual small project loans.  Small project Affordable Financing of  Public Infrastructure loans may be provided under the following conditions:(1) As the sole financing source when the Department     has determined that no other affordable financing source is available for projects that are necessary to local community health, safety, and economic development;(2) As partial project financing in satisfaction of     other financing source match requirements, to finance feasibility study and other project development costs necessary to accessing other financing, and to otherwise service financing gaps necessary to project feasibility.(c) The Department is authorized to provide Affordable Financing of Public  Infrastructure  interest subsidy grants to local governments, local public  entities, local medical facilities, and public health clinics having  successfully applied for public infrastructure project loan financing from  other State and federal financing programs and intermediaries.  The Department  shall only provide public infrastructure interest subsidy grants to or on  behalf of projects where it has been determined that the interest subsidy is  warranted to make the total project's financing affordable.(d) The Department is authorized to provide small project Affordable  Financing of Public Infrastructure grants to local governments, local public  entities, local medical facilities, and public health clinics of up to 25%  of the project costs where the Department has determined that affordable  financing is available for the balance of the project cost, but not for the  amount to be subject to the small project Affordable Financing of Public  Infrastructure grant.  No small project grant shall exceed $100,000.  The  Department shall not award more than $500,000 per fiscal year in small project  grants.(e) The Department is authorized to provide Affordable Financing of Public  Infrastructure Credit Enhancement loans and grants to State public  infrastructure financing intermediaries on behalf of local governments, local  public entities, local medical facilities, and local public health clinics.  Affordable Financing of Public Infrastructure Credit Enhancement loans and  grants may be awarded to State public infrastructure financing intermediaries  for the purpose of purchasing letters of credit and other forms of credit  enhancements to allow the State public infrastructure financing intermediary  to expand the pool of financing, or reduce the cost of financing available to  local governments, local public entities, local medical facilities, and local  public health clinics to finance public infrastructure projects necessary to  local health, safety, and economic development.   The Department shall not  award an amount of Affordable Financing of Public Infrastructure Credit  Enhancement grants which combined with the total of outstanding Affordable  Financing of Public Infrastructure Credit Enhancement loans exceeds $1,000,000  at any time.(f) The Department is authorized to provide Affordable Financing of Public  Infrastructure Funding Reserve grants for the purpose of leveraging access to,  and financing costs of, funding available through other State public  infrastructure financing intermediaries.  Affordable Financing of Public  Infrastructure Funding Reserve grants may only be awarded to State public  infrastructure financing intermediaries authorized to provide financing to  local governments, local public entities, local medical facilities, or local  public health clinics for the purposes of public infrastructure projects  necessary to community health, safety, and economic development.  The proceeds  of Affordable Financing of Public Infrastructure Funding Reserve grants may  only be used by State public infrastructure financing intermediaries to  establish loss reserve funds intended to leverage access and financing costs of  the public infrastructure financing available for community public  infrastructure projects.  Loss reserve funds shall be established pursuant to a  trust indenture executed for that purpose by the grantee financing intermediary  with a bank or trust company in the State of Illinois  designated by the Treasurer having trust powers and possessing capital and  surplus of not less than $25,000,000.  The trust indenture shall limit the uses  of the reserve fund to the payment of realized losses experienced in the State  public infrastructure financing intermediary's community public infrastructure  financing program as shall be specified in the grant award and for the fees  and other costs of administering the loss reserve fund trust.  Loss reserve  fund trusts funded from Affordable Financing of Public Infrastructure Funding  Reserve grants awarded by the Department shall not exceed 25% of the  total public infrastructure financing made available by the State public  infrastructure financing intermediary intended to be subject to the loss  reserve fund.  The Department shall not in total award Affordable Financing of  Public Infrastructure Funding Reserve grants in excess of $1,000,000.    (Source: P.A. 88-453; 89-262, eff. 8-10-95.)