Illinois Administrative Code › Title 92 - TRANSPORTATION › Part 5 - DISADVANTAGED BUSINESS REVOLVING LOAN PROGRAM › Section 5.40 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Each term in this Part has the meaning set forth as follows
				unless its use clearly requires a different meaning.
"Applicant" means any eligible DBE who is applying for a loan
				under the Law and this Part.
"Application" means those forms and documents required by the
				Department to be submitted by an applicant in support of its request for a loan
				granted under this Part.
"Certified by the Illinois Department of Transportation" means
				the DBE is certified by the Unified Certification Program, of which the
				Department is a member, for all purposes under this Part.
"Code" means the Illinois Procurement Code [30 ILCS 500
				].
"Committee" means the Loan Selection Committee created by the
				Department in accordance with Section 7705-610(c) of the Law and Section
				5.110
				of this Part.
"Construction" means building, altering, repairing, improving,
				or demolishing any public structure or building, or making improvements of any
				kind to public real property. Construction does not include the routine
				operation, routine repair, or routine maintenance of existing structures,
				buildings, or real property. (Section 2705-610(b) of the Law)
"Construction-related Services" means those services including
				construction design, layout, inspection, support, feasibility or location
				study, research, development, planning, or other investigative study undertaken
				by a construction agency concerning construction or potential construction.
				(Section 2705-610(b) of the Law)
"Contractor" means one who participates, through a contract or
				subcontract at any tier, in a United States Department of
				Transportation-assisted or Illinois Department of Transportation-assisted
				highway, rail, transit, or airport program. (Section 2705-610(b) of the
				Law)
"Conventional Lender" means a federally or state chartered bank
				or credit union.
"Department" means the Illinois Department of
				Transportation.
"Disadvantaged Business Enterprise" or "DBE" has the meaning
				ascribed to it under
				49 CFR
				26.5 (2013), unless rebutted pursuant to
				49 CFR
				26.67 (b).
"Eligible Expenditures" means expenditures that are current
				liabilities or working capital expenses associated with participation in the
				performance of contracts procured and awarded by the Department for
				transportation construction and construction-related purposes. (Section
				2705-610(f) of the Law)
"Escrow Account" means a fiduciary account established
				with:
a banking corporation which is both organized under the
				Illinois Banking Act [205 ILCS 5 ] and authorized to accept and administer
				trusts in this State; or
a national banking association which has its principal place of
				business in this State and which is authorized to accept and administer trusts
				in this State. (Section 2705-610(b) of the Law)
"Escrow Agent" means the State or national bank or trust
				company having authority to administer an escrow account.
"Fund Control Agent or Agents" means a person who provides
				managerial and technical assistance to DBEs and holds the authority to manage a
				loan under this Part. The Fund Control Agent or Agents will be procured by the
				Department under a request for proposal process governed by the Illinois
				Procurement Code [30 ILCS 500] and rules adopted under that Code (see 44 Ill.
				Adm. Code 6). (Section 2705-610(b) of the Law)
"Ineligible Expenditures" means the expenses listed in Section
				5.130.
"Law" means the Department of Transportation Law of the Civil
				Administrative Code of Illinois [20
				ILCS 2705/2705-610 ].
"Loan" or "Loan Assistance Funds" means a low-interest line of
				credit made available to a selected DBE under this Part for the purposes set
				forth in Section
				5.30.
				(Section 2705-610(b) of the Law)
"Partial Payment" means a payment made to the prime contractor,
				subcontractor or lower tiered subcontractor based upon the engineer's written
				estimate of the quantity of work performed and material allowances that are
				advanced.
"Prime Contractor" means the individual, firm, partnership,
				joint venture or corporation contracting with the Department for performance of
				prescribed work.
"Prime Rate" means the minimum interest rate charged by a
				commercial bank on short-term business loans to large, best-rated customers or
				corporations.
"Program" means the Disadvantaged Business Revolving Loan
				Program.
"Secretary" means the Secretary of the Illinois Department of
				Transportation.
"State" means the State of Illinois.
"Unified Certification Program" has the meaning established in
				Subpart E of 49 CFR 26.