SB2416 Summary

• Establishes the Resilient Illinois Revolving Loan Fund as a special fund in the State treasury to provide low-interest or no-interest loans to counties and nonprofit organizations for local resilience and hazard mitigation projects.

• Fund moneys come from federal or private funding sources, General Assembly appropriations, investment earnings, loan repayments, and other sources; funds are protected from state sweeps and budgetary transfers.

• Director of the Illinois Emergency Management Agency administers the Fund and shall apply for federal STORM Act funding when available to capitalize the Fund, prioritizing loans for projects with greatest impact on hazard elimination.

• Agency must establish application procedures and eligibility criteria requiring applicants to demonstrate need for hazard mitigation and ability to repay loans.

• Authorizes creation of 2 full-time equivalent positions within the Illinois Emergency Management Agency to provide administrative support for Fund implementation; takes effect immediately.