Illinois Compiled Statutes 20 ILCS 301/50-40 – Group Home Loan Revolving Fund
Current as of: 2024 | Check for updates
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(a) There is hereby established the Group Home Loan Revolving Fund, referred to in this Section as the “fund”, to be held as a separate fund within the State Treasury. Monies in this fund shall be appropriated to the Department on a continuing annual basis. With these funds, the Department shall, directly or through subcontract, make loans to assist in underwriting the costs of housing in which there may reside individuals who are recovering from substance use disorders, and who are seeking an alcohol-free or drug-free environment in which to live. Consistent with federal law and regulation, the Department may establish guidelines for approving the use and management of monies loaned from the fund, the operation of group homes receiving loans under this Section and the repayment of monies loaned.
(b) There shall be deposited into the fund such amounts including, but not limited to:
(1) All receipts, including principal and interest
(b) There shall be deposited into the fund such amounts including, but not limited to:
Terms Used In Illinois Compiled Statutes 20 ILCS 301/50-40
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Personal property: All property that is not real property.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) All receipts, including principal and interest
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payments and royalties, from any applicable loan agreement made from the fund.
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(2) All proceeds of assets of whatever nature
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received by the Department as a result of default or delinquency with respect to loan agreements made from the fund, including proceeds from the sale, disposal, lease or rental of real or personal property that the Department may receive as a result thereof.
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(3) Any direct appropriations made by the General
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Assembly, or any gifts or grants made by any person to the fund.
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(4) Any income received from interest on investments
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of monies in the fund.
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(c) The Treasurer may invest monies in the fund in securities constituting obligations of the United States government, or in obligations the principal of and interest on which are guaranteed by the United States government, or in certificates of deposit of any State or national bank which are fully secured by obligations guaranteed as to principal and interest by the United States government.