Bill > SB2159

This bill amends the Illinois Finance Authority Act to expand the permissible uses of two existing loan guarantee funds: the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund. Specifically, the bill allows the Illinois Finance Authority, with the Governor's approval and working jointly with an appropriate state administrative agency, to use moneys from these funds for purposes related to the Climate Bank. The Climate Bank is not explicitly defined in the text, but appears to be a new state initiative focused on climate-related financial activities. The bill does not change the existing provisions about loan guarantees for farmers and agribusinesses, but instead adds a new pathway for using the funds beyond their original agricultural lending purposes. The changes become effective immediately upon enactment, giving the Illinois Finance Authority more flexibility in deploying these financial resources for what are presumably climate-related economic development or environmental initiatives.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2159&GAID=18&DocTypeID=SB&SessionID=114&GA=104