SB2949 Engrossed

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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2003, and repealed by Public Act 93-205, effective January 1, 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, or an EMS provider.  The Authority shall make loans 
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based on need, as determined by the State Fire Marshal. EMS 
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providers that operate as a for-profit business are not 
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eligible for loans.

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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, and EMS providers

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to purchase fire trucks and EMS service vehicles and for no 
 


 






SB2949 Engrossed
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LRB094 19194 RCE 54737 b




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other purpose other than the ordinary and contingent expenses 
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of administering the program.  All interest earned on moneys in 
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the Fund shall be deposited into the Fund.
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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

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fire protection district, or EMS provider.  The repayment period 
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for the loan may not exceed 20 years. The fire department,
or

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fire protection district, or EMS provider shall repay each year 
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at least 5% of the principal amount borrowed or the remaining 
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balance of the loan, whichever is less.  All repayments of loans 
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shall be deposited into the Fire Truck and EMS Service Vehicle

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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.)