Illinois § 19.5
Full text of Illinois Illinois Compiled Statutes § 19.5, with citation guidance and answers to common questions.
§ 19.5.
Loans; repayment. (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 support based upon priority, but the loan support rate shall not exceed one-half of the fixed rate established for each loan; (3) a schedule of repayment; (4) initiation of principal repayments within one year after the project is operational; and (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. (Source: P.A. 91-36, eff. 6-15-99; 91-52, eff. 6-30-99; 91-501, eff. 8-13-99; 92-16, eff. 6-28-01.)
Frequently Asked Questions About Illinois § 19.5
What does Illinois Compiled Statutes § 19.5 cover?
Section 19.5 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 19.5?
A common citation format is "Illinois Compiled Statutes § 19.5" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 19.5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.