Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 886 - BROWNFIELDS REDEVELOPMENT LOAN PROGRAM › Subpart A - GENERAL PROVISIONS › Section 886.110 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Unless specified otherwise, all terms shall have the meanings
				  set forth in the Illinois Environmental Protection Act. Additionally, for
				  purposes of this Part, the following definitions apply:
"Act" means the Illinois Environmental Protection Act [415
				  ILCS 5 ].
"Agency" means the Illinois Environmental Protection
				  Agency.
"Applicant" means a unit of local government or private party
				  that applies for a brownfields redevelopment loan.
"Brownfields redevelopment loan" means a loan issued pursuant
				  to Section 58.15 of the Act and Subpart B of this Part.
"Brownfields site" or "brownfields" means a parcel of real
				  property, or a portion of the parcel, that has actual or perceived
				  contamination and an active potential for redevelopment. (Section 58.2 of the
				  Act)
"Dedicated source of revenue" means the type of security and
				  the basis of legal authorization that are dedicated by legislative enactment or
				  other appropriate authority along with the applicable revenue source pledged
				  for repayment and deposited into an account restricted to the purpose of loan
				  repayment to the Brownfields Redevelopment Fund, which is sufficient to repay
				  the principal and interest on the loan.
"Fixed loan rate" means one-half the market interest rate but
				  not less than 2.50 %.
"Interest rate" means not less than one-fourth of the market
				  interest rate rounded to the nearest .01%.
"Loan agreement" means the written loan agreement documents
				  and amendments thereto signed by both the Agency and a loan recipient in which
				  the terms and conditions governing the loan are stated and agreed to by both
				  parties.
"Loan recipient" means a unit of local government or private
				  party that has been awarded a loan for brownfields redevelopment under Section
				  58.15 of the Act.
"Loan support rate" means not more than one-fourth of the
				  market interest rate rounded to the nearest .01%.
"Market interest rate" means the mean interest rate of the 20
				  General Obligation Bond Buyer Index, from July 1 to June 30 of the preceding
				  State fiscal year rounded to the nearest .01%.
"Unit of local government" means an incorporated city,
				  village, or town in this State. Unit of local government does not mean a
				  township, town when that term is used as the equivalent of a township,
				  incorporated town that has superseded a civil township, county, or school
				  district, park district, sanitary district, or similar governmental district.
				  (Section 58.2 of the Act)
"Principal" means all disbursements, including interest and
				  loan support accrued on the disbursements, that will be financed at the time
				  the repayment schedule period begins.
"Project" means the activities or tasks the Agency identifies
				  in the loan agreement for which the loan recipient may expend loan
				  funds.
"State" means the State of Illinois.