093_HB0115eng

 
HB0115 Engrossed                     LRB093 03382 MKM 03400 b

 1        AN ACT in relation to fire protection.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5. The Rural Bond Bank Act is amended  by  adding
 5    Section 3-27 as follows:

 6        (30 ILCS 360/3-27 new)
 7        Sec.   3-27.  Fire  truck  revolving  loan  program.  The
 8    Illinois Rural Bond Bank and the  State  Fire  Marshal  shall
 9    jointly  administer a fire truck revolving loan program.  The
10    program shall provide zero interest loans for the purchase of
11    fire trucks  by  a  fire  department  or  a  fire  protection
12    district  or  a township fire department.  The Illinois Rural
13    Bond Bank shall make loans based on need,  as  determined  by
14    the   State  Fire  Marshal.    The  loan  funds,  subject  to
15    appropriation, shall be paid out of the Fire Truck  Revolving
16    Loan  Fund,  a  special fund in the State treasury.  The Fund
17    shall consist of any moneys transferred into or  appropriated
18    to  the  Fund  as  well as all repayments of loans made under
19    this Section.  The Fund shall  be  used  for  loans  to  fire
20    departments  and  fire  protection districts to purchase fire
21    trucks and for no other  purpose.   All  interest  earned  on
22    moneys in the Fund shall be deposited into the Fund.
23        A  loan  for  the  purchase of fire trucks may not exceed
24    $250,000 to any fire department or fire protection  district.
25    The  repayment  period  for the loan may not exceed 20 years.
26    The fire department or fire protection district  shall  repay
27    each year at least 5% of the principal amount borrowed or the
28    remaining  balance  of  the  loan,  whichever  is  less.  All
29    repayments of loans shall be deposited into  the  Fire  Truck
30    Revolving Loan Fund.
31        The  Illinois  Rural Bond Bank and the State Fire Marshal
 
HB0115 Engrossed            -2-      LRB093 03382 MKM 03400 b
 1    shall adopt rules to administer the program.

 2        Section 10.  The State Finance Act is amended  by  adding
 3    Section 5.595 as follows:

 4        (30 ILCS 105/5.595 new)
 5        Sec. 5.595.  The Fire Truck Revolving Loan Fund.

 6        Section  99.  Effective date.  This Act takes effect upon
 7    becoming law.