Illinois General Assembly - Full Text of SB2690
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Full Text of SB2690  98th General Assembly




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1    AN ACT concerning finance.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Finance Authority Act is amended by
5changing Section 825-80 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
9fire truck revolving loan program enacted as Section 3-27 of
10the Rural Bond Bank Act by Public Act 93-35, effective June 24,
112003, and repealed by Public Act 93-205, effective January 1,
122004. Under the Rural Bond Bank Act, the program was
13administered by the Rural Bond Bank and the State Fire Marshal.
14    (a-5) For purposes of this Section, "brush truck" means a
15pickup chassis with or equipped with a flatbed or a pickup box.
16The truck must be rated by the manufacturer as between
17three-fourths of a ton and one ton and outfitted with a fire or
18rescue apparatus.
19    (b) The Authority and the State Fire Marshal may jointly
20administer a fire truck revolving loan program. The program
21shall, in instances where sufficient loan funds exist to permit
22applications to be accepted, provide zero-interest and
23low-interest loans for the purchase of fire trucks by a fire



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1department, a fire protection district, or a township fire
2department. For the purchase of brush trucks by a fire
3department, a fire protection district, or a township fire
4department, the program shall provide loans at a 2% rate of
5simple interest per year for a brush truck if both the chassis
6and the apparatus are built outside of Illinois, a 1% rate of
7simple interest per year for a brush truck if either the
8chassis or the apparatus is built in Illinois, or a 0% rate of
9interest for a brush truck if both the chassis and the
10apparatus are built in Illinois. The Authority shall make loans
11based on need, as determined by the State Fire Marshal.
12    (c) The loan funds, subject to appropriation, shall be paid
13out of the Fire Truck Revolving Loan Fund, a special fund in
14the State Treasury. The Fund shall consist of any moneys
15transferred or appropriated into the Fund, as well as all
16repayments of loans made under the program and any balance
17existing in the Fund on the effective date of this Section. The
18Fund shall be used for loans to fire departments and fire
19protection districts to purchase fire trucks and brush trucks
20and for no other purpose. All interest earned on moneys in the
21Fund shall be deposited into the Fund. As soon as practical
22after January 1, 2013 (the effective date of Public Act
2397-901), all moneys in the Fire Truck Revolving Loan Fund shall
24be paid by the State Fire Marshal to the Authority, and, on and
25after that date, all future moneys deposited into the Fire
26Truck Revolving Loan Fund under this Section shall be paid by



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1the State Fire Marshal to the Authority under the continuing
2appropriation provision of subsection (c-1) of this Section;
3provided that the Authority and the State Fire Marshal enter
4into an intergovernmental agreement to use the moneys
5transferred to the Authority from the Fund solely for the
6purposes for which the moneys would otherwise be used under
7this Section and to set forth procedures to otherwise
8administer the use of the moneys.
9    (c-1) There is hereby appropriated, on a continuing annual
10basis in each fiscal year, from the Fire Truck Revolving Loan
11Fund, the amount, if any, of funds received into the Fire Truck
12Revolving Loan Fund to the State Fire Marshal for payment to
13the Authority for the purposes for which the moneys would
14otherwise be used under this Section.
15    (d) A loan for the purchase of fire trucks or brush trucks
16may not exceed $350,000 $250,000 to any fire department or fire
17protection district. A loan for the purchase of brush trucks
18may not exceed $100,000 per truck. The repayment period for the
19loan may not exceed 20 years. The fire department or fire
20protection district shall repay each year at least 5% of the
21principal amount borrowed or the remaining balance of the loan,
22whichever is less. All repayments of loans shall be deposited
23into the Fire Truck Revolving Loan Fund.
24    (e) The Authority and the State Fire Marshal may adopt
25rules in accordance with the Illinois Administrative Procedure
26Act to administer the program.



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1    (f) Notwithstanding the repeal of Section 3-27 of the Rural
2Bond Bank Act, all otherwise lawful actions taken on or after
3January 1, 2004 and before the effective date of this Section
4by any person under the authority originally granted by that
5Section 3-27, including without limitation the granting,
6acceptance, and repayment of loans for the purchase of fire
7trucks, are hereby validated, and the rights and obligations of
8all parties to any such loan are hereby acknowledged and
10(Source: P.A. 97-900, eff. 8-6-12; 97-901, eff. 1-1-13; 98-463,
11eff. 8-16-13.)
12    Section 99. Effective date. This Act takes effect upon
13becoming law.