Illinois Administrative Code
Title 92 - TRANSPORTATION
Part 15 - AIRPORT LAND LOAN PROGRAM
Section 15.80 - Repayment Requirements
Current through Register Vol. 48, No. 38, September 20, 2024
a) Loan payments shall be scheduled in equal amounts for the periodsdetermined under subsection (b) of this Section. The loanpayments shall be calculated so that the loan is completelyrepaid, with interest, on outstanding balances, by the end of theterm determined under Section 15.70(b).
b) The period of loan payments shall be annual, and the annual payment will be due on the anniversary of the date the loan was received by the Owner unless, by mutual agreement, a period ofless than one year is chosen.
c) There will be no penalty for early payment ahead of the paymentschedule. In the event of a prepayment, the principal of the loan shall be reduced. The amount of the periodic payments shall remain the same, but the number of those payments, and the period of the loan, shall be reduced unless the Department agrees to reduce the amount of the payments and to allow the period of the loan to remain the same. (Section 34b(b)(4) of the Act)
d) If the Owner receives a project grant(s) for the acquisition of the property, such grant(s) shall be applied to the payment of the loan and the principal shall be reduced accordingly. The amount of the periodic payments shall remain the same, but the number of those payments, and the period of the loan, shall be reduced unless the Department agrees to reduce the amount of the payments and to allow the period of the loan to remain the same.
e) No interest in the property can be transferred by the Owner without express, written permission from the Department. If such an interest is transferred, in whole or in part, then the loan must be repaid in full from the proceeds of the transfer.
