Illinois Compiled Statutes 415 ILCS 5/19.5 – Loans; repayment
Current as of: 2024 | Check for updates
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(a) The Agency shall have the authority to make loans pursuant to the regulations promulgated under Section 19.4.
(b) Loans made from the Fund shall provide for:
(1) a schedule of disbursement of proceeds;
(2) a fixed rate that includes interest and loan
(b) Loans made from the Fund shall provide for:
Terms Used In Illinois Compiled Statutes 415 ILCS 5/19.5
- Agency: means the Illinois Environmental Protection Agency. See Illinois Compiled Statutes 415 ILCS 5/19.2
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- Fund: means the Water Revolving Fund created pursuant to this Title, consisting of the Water Pollution Control Loan Program, the Public Water Supply Loan Program, and the Loan Support Program. See Illinois Compiled Statutes 415 ILCS 5/19.2
- Loan: means a loan made from the Water Pollution Control Loan Program or the Public Water Supply Loan Program to an eligible applicant as a result of a contractual agreement between the Agency and such applicant. See Illinois Compiled Statutes 415 ILCS 5/19.2
- Local government unit: means a county, municipality, township, municipal or county sewerage or utility authority, sanitary district, public water district, improvement authority or any other political subdivision whose primary purpose is to construct, operate and maintain wastewater treatment facilities, including storm water treatment systems, or public water supply facilities or both. See Illinois Compiled Statutes 415 ILCS 5/19.2
(1) a schedule of disbursement of proceeds;
(2) a fixed rate that includes interest and loan
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support based upon priority, but the loan support rate shall not exceed one-half of the fixed rate established for each loan;
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(3) a schedule of repayment;
(4) initiation of principal repayments within one
(4) initiation of principal repayments within one
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year after the project is operational; and
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(5) a confession of judgment upon default.
(c) The Agency may amend existing loans to include a loan support rate only if the overall cost to the loan recipient is not increased.
(d) A local government unit shall secure the payment of its obligations to the Fund by a dedicated source of repayment, including revenues derived from the imposition of rates, fees and charges. Other loan applicants shall secure the payment of their obligations by appropriate security and collateral pursuant to regulations promulgated under Section 19.4.
(c) The Agency may amend existing loans to include a loan support rate only if the overall cost to the loan recipient is not increased.
(d) A local government unit shall secure the payment of its obligations to the Fund by a dedicated source of repayment, including revenues derived from the imposition of rates, fees and charges. Other loan applicants shall secure the payment of their obligations by appropriate security and collateral pursuant to regulations promulgated under Section 19.4.