94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2949


 
Introduced 1/20/2006, by Sen. Deanna Demuzio
 
SYNOPSIS AS INTRODUCED:
 		















20 ILCS 3501/825-80





30 ILCS 105/5.598









    Amends the Illinois Finance Authority Act. Expands the fire truck revolving loan program to include EMS service vehicles. Amends the State Finance Act to make conforming changes.
















LRB094 19194 RCE 54737 b

















 


 


A BILL FOR









 











SB2949

LRB094 19194 RCE 54737 b






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    AN ACT concerning finance.

 
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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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changing Section 825-80 as follows:
 
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    (20 ILCS 3501/825-80)
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    Sec. 825-80. Fire truck and EMS service vehicle revolving 
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loan program.
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    (a) This Section is a continuation and re-enactment of the 
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fire truck revolving loan program enacted as Section 3-27 of 
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the Rural Bond Bank Act by Public Act 93-35, effective June 24, 
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2003, and repealed by Public Act 93-205, effective January 1, 
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2004.  Under the Rural Bond Bank Act, the program was 
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administered by the Rural Bond Bank and the State Fire Marshal.
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    (b) The Authority and the State Fire Marshal shall jointly 
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administer a fire truck and EMS service vehicle revolving loan 
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program.  The program shall provide zero-interest loans for the 
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purchase of fire trucks and EMS service vehicles by a fire 
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department, a fire protection district, or a township fire 
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department.  The Authority shall make loans based on need, as 
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determined by the State Fire Marshal.
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    (c) The loan funds, subject to appropriation, shall be paid 
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out of the Fire Truck and EMS Service Vehicle Revolving Loan 
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Fund, a special fund in the State Treasury.  The Fund shall 
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consist of any moneys transferred or appropriated into the 
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Fund, as well as all repayments of loans made under the program 
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and any balance existing in the Fund on the effective date of 
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this Section.  The Fund shall be used for loans to fire 
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departments and fire protection districts to purchase fire 
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trucks and EMS service vehicles 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.
 


 






SB2949
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LRB094 19194 RCE 54737 b




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    (d) A loan for the purchase of fire trucks or EMS service 
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vehicles may not exceed $250,000 to any fire department or fire 
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protection district.  The repayment period for the loan may not 
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exceed 20 years. The fire department or fire protection 
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district shall repay each year at least 5% of the principal 
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amount borrowed or the remaining balance of the loan, whichever 
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is less.  All repayments of loans shall be deposited into the 
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Fire Truck and EMS Service Vehicle Revolving Loan Fund.
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    (e) The Authority and the State Fire Marshal shall adopt 
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rules to administer the program.

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    (f) Notwithstanding the repeal of Section 3-27 of the Rural 
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Bond Bank Act, all otherwise lawful actions taken on or after 
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January 1, 2004 and before the effective date of this Section 
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by any person under the authority originally granted by that 
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Section 3-27, including without limitation the granting, 
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acceptance, and repayment of loans for the purchase of fire 
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trucks, are hereby validated, and the rights and obligations of 
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all parties to any such loan are hereby acknowledged and 
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confirmed.


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(Source: P.A. 94-221, eff. 7-14-05.)
 
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    Section 10. The State Finance Act is amended  by renumbering 
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and changing Section 5.595, as enacted by Public Act 93-35, as 
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follows:
 



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    (30 ILCS 105/5.598)



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    Sec. 5.598
5.595.  The Fire Truck and EMS Service Vehicle

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Revolving Loan Fund. 
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(Source: P.A. 93-35, eff. 6-24-03; revised 10-9-03.)