(a) The General Assembly hereby establishes by this Title a Site Investigation and Remedial Activities Program for sites subject to this Title. This program shall be administered by the Illinois Environmental Protection Agency under this Title XVII and rules adopted by the Illinois Pollution Control Board.
    (b) (1) The General Assembly hereby creates within the
    
State Treasury a special fund to be known as the Brownfields Redevelopment Fund, consisting of 2 programs to be known as the “Municipal Brownfields Redevelopment Grant Program” and the “Brownfields Redevelopment Loan Program”, which shall be used and administered by the Agency as provided in Sections 58.13 and 58.15 of this Act and the rules adopted under those Sections. The Brownfields Redevelopment Fund (“Fund”) shall contain moneys transferred from the Response Contractors Indemnification Fund and other moneys made available for deposit into the Fund.
        (2) The State Treasurer, ex officio, shall be the
    
custodian of the Fund, and the Comptroller shall direct payments from the Fund upon vouchers properly certified by the Agency. The Treasurer shall credit to the Fund interest earned on moneys contained in the Fund. The Agency shall have the authority to accept, receive, and administer on behalf of the State any grants, gifts, loans, reimbursements or payments for services, or other moneys made available to the State from any source for purposes of the Fund. Those moneys shall be deposited into the Fund, unless otherwise required by the Environmental Protection Act or by federal law.
        (3) Pursuant to appropriation, all moneys in the Fund
    
shall be used by the Agency for the purposes set forth in subdivision (b)(4) of this Section and Sections 58.13 and 58.15 of this Act and to cover the Agency’s costs of program development and administration under those Sections.
        (4) The Agency shall have the power to enter into
    
intergovernmental agreements with the federal government or the State, or any instrumentality thereof, for purposes of capitalizing the Brownfields Redevelopment Fund. Moneys on deposit in the Brownfields Redevelopment Fund may be used for the creation of reserve funds or pledged funds that secure the obligations of repayment of loans made pursuant to Section 58.15 of this Act. For the purpose of obtaining capital for deposit into the Brownfields Redevelopment Fund, the Agency may also enter into agreements with financial institutions and other persons for the purpose of selling loans and developing a secondary market for such loans. The Agency shall have the power to create and establish such reserve funds and accounts as may be necessary or desirable to accomplish its purposes under this subsection and to allocate its available moneys into such funds and accounts. Investment earnings on moneys held in the Brownfields Redevelopment Fund, including any reserve fund or pledged fund, shall be deposited into the Brownfields Redevelopment Fund.
        (5) The Agency is authorized to administer funds made
    
available to the Agency under federal law, including but not limited to the Small Business Liability Relief and Brownfields Revitalization Act, related to brownfields cleanup and reuse in accordance with that law and this Title.

Terms Used In Illinois Compiled Statutes 415 ILCS 5/58.3

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • brownfields: means a parcel of real property, or a portion of the parcel, that has actual or perceived contamination and an active potential for redevelopment. See Illinois Compiled Statutes 415 ILCS 5/58.2
  • Ex officio: Literally, by virtue of one's office.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Site: means any single location, place, tract of land or parcel of property, or portion thereof, including contiguous property separated by a public right-of-way. See Illinois Compiled Statutes 415 ILCS 5/58.2
  • 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
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