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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4965
Introduced 01/19/06, by Rep. Michael K. Smith SYNOPSIS AS INTRODUCED:
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20 ILCS 3501/825-85 new |
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30 ILCS 105/5.663 new |
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Amends the Illinois Finance Authority Act. Provides for an ambulance revolving loan program. Provides for joint administration of the program by the Illinois Finance Authority and the State Fire Marshal. Amends the State Finance Act to create the Ambulance Revolving Loan Fund. Effective immediately.
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A BILL FOR
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HB4965 |
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LRB094 16867 RCE 52146 b |
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| AN ACT concerning an ambulance revolving loan program.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by |
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| adding Section 825-85 as follows:
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| (20 ILCS 3501/825-85 new) |
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| Sec. 825-85. Ambulance revolving loan program. |
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| (a) The Authority and the State Fire Marshal shall jointly |
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| administer an ambulance revolving loan program. The program |
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| shall provide zero-interest loans for the purchase of |
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| ambulances by a fire department, a fire protection district, or |
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| a township fire department. The Authority shall make loans |
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| based on need, as determined by the State Fire Marshal. |
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| (b) The loan funds, subject to appropriation, shall be paid |
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| out of the Ambulance Revolving Loan Fund, a special fund in the |
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| State Treasury. The Fund shall consist of any moneys |
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| transferred or appropriated into the Fund, as well as all |
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| repayments of loans made under the program. The Fund shall be |
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| used for loans to fire departments and fire protection |
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| districts to purchase ambulances and for no other purpose. All |
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| interest earned on moneys in the Fund shall be deposited into |
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| the Fund. |
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| (c) A loan for the purchase of ambulances may not exceed |
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| $100,000 to any fire department or fire protection district. |
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| The repayment period for the loan may not exceed 10 years. The |
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| fire department or fire protection district shall repay each |
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| year at least 5% of the principal amount borrowed or the |
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| remaining balance of the loan, whichever is less. All |
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| repayments of loans shall be deposited into the Ambulance |
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| Revolving Loan Fund. |
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| (d) The Authority and the State Fire Marshal shall adopt |
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| rules to administer the program.
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