HB0884 Summary

• Creates the Local Infrastructure Revolving Loan Fund as a special fund in the State treasury to finance zero-interest and low-interest loans to units of local government for infrastructure projects.

• Authorizes the Illinois Finance Authority to administer a local infrastructure revolving loan program providing loans for road projects, sidewalk and street light improvements, and projects using Motor Fuel Tax Fund moneys.

• Sets maximum loan amount at $1,000,000 per unit of local government with a repayment period not to exceed 20 years and minimum annual repayment of 5% of principal or remaining balance, whichever is less.

• Establishes a continuing annual appropriation from the Local Infrastructure Revolving Loan Fund to the Authority for payments to local government units, with all loan repayments and interest earnings returned to the Fund.

• Authorizes the Illinois Finance Authority to adopt rules under the Illinois Administrative Procedure Act to administer the program.