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Public Act 094-0829
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| SB0623 Enrolled |
LRB094 04351 RCE 34380 b |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Illinois Finance Authority Act is amended by |
adding Section 825-85 as follows:
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(20 ILCS 3501/825-85 new) |
Sec. 825-85. Ambulance revolving loan program. |
(a) The Authority and the State Fire Marshal shall jointly |
administer an ambulance revolving loan program. The program |
shall provide zero-interest loans for the purchase of |
ambulances by a fire department, a fire protection district, a |
township fire department, or a non-profit ambulance service. |
The Authority shall make loans based on need, as determined by |
the State Fire Marshal. |
(b) The loan funds, subject to appropriation, shall be paid |
out of the Ambulance Revolving Loan Fund, a special fund in the |
State treasury. The Fund shall consist of any moneys |
transferred or appropriated into the Fund, as well as all |
repayments of loans made under the program. The Fund shall be |
used for loans to fire departments, fire protection districts, |
and non-profit ambulance services to purchase ambulances and |
for no other purpose. All interest earned on moneys in the Fund |
shall be deposited into the Fund. |
(c) A loan for the purchase of ambulances may not exceed |
$100,000 to any fire department, fire protection district, or |
non-profit ambulance service. The repayment period for the loan |
may not exceed 10 years. The fire department, fire protection |
district, or non-profit ambulance service` shall repay each |
year at least 5% of the principal amount borrowed or the |
remaining balance of the loan, whichever is less. All |
repayments of loans shall be deposited into the Ambulance |
Revolving Loan Fund. |