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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Finance Authority Act is amended by | ||||||||||||||||||||||||||
5 | changing Section 825-80 as follows: | ||||||||||||||||||||||||||
6 | (20 ILCS 3501/825-80) | ||||||||||||||||||||||||||
7 | Sec. 825-80. Fire truck and EMS service vehicle revolving | ||||||||||||||||||||||||||
8 | loan program. | ||||||||||||||||||||||||||
9 | (a) This Section is a continuation and re-enactment of the | ||||||||||||||||||||||||||
10 | fire truck revolving loan program enacted as Section 3-27 of | ||||||||||||||||||||||||||
11 | the Rural Bond Bank Act by Public Act 93-35, effective June 24, | ||||||||||||||||||||||||||
12 | 2003, and repealed by Public Act 93-205, effective January 1, | ||||||||||||||||||||||||||
13 | 2004. Under the Rural Bond Bank Act, the program was | ||||||||||||||||||||||||||
14 | administered by the Rural Bond Bank and the State Fire Marshal. | ||||||||||||||||||||||||||
15 | (b) The Authority and the State Fire Marshal shall jointly | ||||||||||||||||||||||||||
16 | administer a fire truck and EMS service vehicle revolving loan | ||||||||||||||||||||||||||
17 | program. The program shall provide zero-interest loans for the | ||||||||||||||||||||||||||
18 | purchase of fire trucks and EMS service vehicles by a fire | ||||||||||||||||||||||||||
19 | department, a fire protection district, or a township fire | ||||||||||||||||||||||||||
20 | department , or an EMS provider . The Authority shall make loans | ||||||||||||||||||||||||||
21 | based on need, as determined by the State Fire Marshal. EMS | ||||||||||||||||||||||||||
22 | providers that operate as a for-profit business are not | ||||||||||||||||||||||||||
23 | eligible for loans.
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1 | (c) The loan funds, subject to appropriation, shall be paid | ||||||
2 | out of the Fire Truck and EMS Service Vehicle Revolving Loan | ||||||
3 | Fund, a special fund in the State Treasury. The Fund shall | ||||||
4 | consist of any moneys transferred or appropriated into the | ||||||
5 | Fund, as well as all repayments of loans made under the program | ||||||
6 | and any balance existing in the Fund on the effective date of | ||||||
7 | this Section. The Fund shall be used for loans to fire | ||||||
8 | departments ,
and fire protection districts , and EMS providers
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9 | to purchase fire trucks and EMS service vehicles and for no | ||||||
10 | other purpose other than the ordinary and contingent expenses | ||||||
11 | of administering the program . All interest earned on moneys in | ||||||
12 | the Fund shall be deposited into the Fund. | ||||||
13 | (d) A loan for the purchase of fire trucks or EMS service | ||||||
14 | vehicles may not exceed $250,000 to any fire department ,
or
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15 | fire protection district , or EMS provider . The repayment period | ||||||
16 | for the loan may not exceed 20 years. The fire department ,
or
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17 | fire protection district , or EMS provider shall repay each year | ||||||
18 | at least 5% of the principal amount borrowed or the remaining | ||||||
19 | balance of the loan, whichever is less. All repayments of loans | ||||||
20 | shall be deposited into the Fire Truck and EMS Service Vehicle
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21 | Revolving Loan Fund. | ||||||
22 | (e) The Authority and the State Fire Marshal shall adopt | ||||||
23 | rules to administer the program.
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24 | (f) Notwithstanding the repeal of Section 3-27 of the Rural | ||||||
25 | Bond Bank Act, all otherwise lawful actions taken on or after | ||||||
26 | January 1, 2004 and before the effective date of this Section |
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1 | by any person under the authority originally granted by that | ||||||
2 | Section 3-27, including without limitation the granting, | ||||||
3 | acceptance, and repayment of loans for the purchase of fire | ||||||
4 | trucks, are hereby validated, and the rights and obligations of | ||||||
5 | all parties to any such loan are hereby acknowledged and | ||||||
6 | confirmed.
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7 | (Source: P.A. 94-221, eff. 7-14-05.) | ||||||
8 | Section 10. The State Finance Act is amended by renumbering | ||||||
9 | and changing Section 5.595, as enacted by Public Act 93-35, as | ||||||
10 | follows:
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11 | (30 ILCS 105/5.598)
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12 | Sec. 5.598
5.595 . The Fire Truck and EMS Service Vehicle
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13 | Revolving Loan Fund. | ||||||
14 | (Source: P.A. 93-35, eff. 6-24-03; revised 10-9-03.)
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