Ill. Admin. Code tit. 77, § 594.110 – Responsibilities of the Illinois Development Finance Authority | Midpage
§ 594.110
Ill. Admin. Code tit. 77, § 594.110
Responsibilities of the Illinois Development Finance Authority
AUTHORITY: Implementing and authorized by Section 10 of the Family Practice Residency Act [110 ILCS 935/10] and Sections 2310-200 and 2310-205 of the Department of Public Health Powers and Duties Law of the Civil Administrative Code [20 ILCS 2310/2310-20 and 2310-205].DEPARTMENT OF PUBLIC HEALTH
a) The Authority will be responsible for management of the monies transferred to it by the Department from the Fund. It will use the transferred monies to establish bond reserve or credit enhancement escrow accounts, loan program reserves, or other escrow accounts.
b) The Authority will be responsible for completion of all reports as required by the Department and agreed to by the Authority in an interagency agreement.
c) The Authority will be responsible for all loan monitoring and collection of loan repayments from the community health centers which have borrowed from the fund created.