|
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
1 | AN ACT concerning finance.
| ||||||||||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||||
4 | Section 5. The Illinois Finance Authority Act is amended by | ||||||||||||||||||||||||||
5 | changing Sections 825-80 and 825-85 as follows: | ||||||||||||||||||||||||||
6 | (20 ILCS 3501/825-80) | ||||||||||||||||||||||||||
7 | Sec. 825-80. Fire truck revolving loan program. | ||||||||||||||||||||||||||
8 | (a) This Section is a continuation and re-enactment of the | ||||||||||||||||||||||||||
9 | fire truck revolving loan program enacted as Section 3-27 of | ||||||||||||||||||||||||||
10 | the Rural Bond Bank Act by Public Act 93-35, effective June 24, | ||||||||||||||||||||||||||
11 | 2003, and repealed by Public Act 93-205, effective January 1, | ||||||||||||||||||||||||||
12 | 2004. Under the Rural Bond Bank Act, the program was | ||||||||||||||||||||||||||
13 | administered by the Rural Bond Bank and the State Fire Marshal. | ||||||||||||||||||||||||||
14 | (b) The Authority and the State Fire Marshal shall jointly | ||||||||||||||||||||||||||
15 | administer a fire truck revolving loan program. The program | ||||||||||||||||||||||||||
16 | shall provide zero-interest loans for the purchase of fire | ||||||||||||||||||||||||||
17 | trucks by a fire department, a fire protection district, or a | ||||||||||||||||||||||||||
18 | township fire department. The Authority shall make loans based | ||||||||||||||||||||||||||
19 | on need, as determined by the State Fire Marshal. | ||||||||||||||||||||||||||
20 | (c) The loan funds, subject to appropriation, shall be paid | ||||||||||||||||||||||||||
21 | out of the Fire Truck Revolving Loan Fund, a special fund in | ||||||||||||||||||||||||||
22 | the State Treasury. The Fund shall consist of any moneys | ||||||||||||||||||||||||||
23 | transferred or appropriated into the Fund, as well as all |
| |||||||
| |||||||
1 | repayments of loans made under the program and any balance | ||||||
2 | existing in the Fund on the effective date of this Section. The | ||||||
3 | Fund shall be used for loans to fire departments and fire | ||||||
4 | protection districts to purchase fire trucks and for no other | ||||||
5 | purpose. All interest earned on moneys in the Fund shall be | ||||||
6 | deposited into the Fund. The Authority may reimburse itself | ||||||
7 | from the Fund for its reasonable costs and expenses incurred in | ||||||
8 | connection with administering the program.
| ||||||
9 | (d) A loan for the purchase of fire trucks may not exceed | ||||||
10 | $250,000 to any fire department or fire protection district. | ||||||
11 | The repayment period for the loan may not exceed 20 years. The | ||||||
12 | fire department or fire protection district shall repay each | ||||||
13 | year at least 5% of the principal amount borrowed or the | ||||||
14 | remaining balance of the loan, whichever is less. All | ||||||
15 | repayments of loans shall be deposited into the Fire Truck | ||||||
16 | Revolving Loan Fund. | ||||||
17 | (e) The Authority and the State Fire Marshal shall adopt | ||||||
18 | rules to administer the program.
| ||||||
19 | (f) Notwithstanding the repeal of Section 3-27 of the Rural | ||||||
20 | Bond Bank Act, all otherwise lawful actions taken on or after | ||||||
21 | January 1, 2004 and before the effective date of this Section | ||||||
22 | by any person under the authority originally granted by that | ||||||
23 | Section 3-27, including without limitation the granting, | ||||||
24 | acceptance, and repayment of loans for the purchase of fire | ||||||
25 | trucks, are hereby validated, and the rights and obligations of | ||||||
26 | all parties to any such loan are hereby acknowledged and |
| |||||||
| |||||||
1 | confirmed.
| ||||||
2 | (Source: P.A. 94-221, eff. 7-14-05.) | ||||||
3 | (20 ILCS 3501/825-85) | ||||||
4 | Sec. 825-85. Ambulance revolving loan program. | ||||||
5 | (a) The Authority and the State Fire Marshal shall jointly | ||||||
6 | administer an ambulance revolving loan program. The program | ||||||
7 | shall provide zero-interest loans for the purchase of | ||||||
8 | ambulances by a fire department, a fire protection district, a | ||||||
9 | township fire department, or a non-profit ambulance service. | ||||||
10 | The Authority shall make loans based on need, as determined by | ||||||
11 | the State Fire Marshal. | ||||||
12 | (b) The loan funds, subject to appropriation, shall be paid | ||||||
13 | out of the Ambulance Revolving Loan Fund, a special fund in the | ||||||
14 | State treasury. The Fund shall consist of any moneys | ||||||
15 | transferred or appropriated into the Fund, as well as all | ||||||
16 | repayments of loans made under the program. The Fund shall be | ||||||
17 | used for loans to fire departments, fire protection districts, | ||||||
18 | and non-profit ambulance services to purchase ambulances and | ||||||
19 | for no other purpose. All interest earned on moneys in the Fund | ||||||
20 | shall be deposited into the Fund. The Authority may reimburse | ||||||
21 | itself from the Fund for its reasonable costs and expenses | ||||||
22 | incurred in connection with administering the program. | ||||||
23 | (c) A loan for the purchase of ambulances may not exceed | ||||||
24 | $100,000 to any fire department, fire protection district, or | ||||||
25 | non-profit ambulance service. The repayment period for the loan |
| |||||||
| |||||||
1 | may not exceed 10 years. The fire department, fire protection | ||||||
2 | district, or non-profit ambulance service` shall repay each | ||||||
3 | year at least 5% of the principal amount borrowed or the | ||||||
4 | remaining balance of the loan, whichever is less. All | ||||||
5 | repayments of loans shall be deposited into the Ambulance | ||||||
6 | Revolving Loan Fund. | ||||||
7 | (d) The Authority and the State Fire Marshal shall adopt | ||||||
8 | rules to administer the program.
| ||||||
9 | (Source: P.A. 94-829, eff. 6-5-06.)
|