IL SB1498

Changes the Illinois Finance Authority's emerald ash borer revolving loan program from mandatory ("shall") to discretionary ("may"), allowing the Authority to administer low-interest or zero-interest loans to local governments for tree replanting in quarantine areas.

Sets a maximum loan amount of $5,000,000 per local government unit with a 20-year repayment period requiring at least 5% annual principal repayment, with all repayments deposited into the Emerald Ash Borer Revolving Loan Fund.

Changes qualified energy conservation bond reporting requirement from monthly (15th day of each month) to annual (end of each fiscal year) reports to the General Assembly on bond implementation and project financing.

Changes the Farm Debt Relief Program and Interest-Buy-Back Program from mandatory ("shall") to discretionary ("may"), allowing rather than requiring the Authority to establish these farmer assistance programs.

Authorizes the Department of Agriculture to enter into agreements with local governments to assist with emerald ash borer quarantine duties including inspection, eradication, and disposal of diseased material, with compensation provided by the Department.