Full Text of SB2690 98th General Assembly
SB2690eng 98TH GENERAL ASSEMBLY |
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| 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 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 | 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enacted as Section 3-27 of | 10 | | the Rural Bond Bank Act by Public Act 93-35, effective June 24, | 11 | | 2003, and repealed by Public Act 93-205, effective January 1, | 12 | | 2004.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 | | (a-5) For purposes of this Section, "brush truck" means a | 15 | | pickup chassis with or equipped with a flatbed or a pickup box. | 16 | | The truck must be rated by the manufacturer as between | 17 | | three-fourths of a ton and one ton and outfitted with a fire or | 18 | | rescue apparatus. | 19 | | (b) The Authority and the State Fire Marshal may jointly | 20 | | administer a fire truck revolving loan program. The program | 21 | | shall, in instances where sufficient loan funds exist to permit | 22 | | applications to be accepted, provide zero-interest and | 23 | | low-interest loans for the purchase of fire trucks by a fire |
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| 1 | | department, a fire protection district, or a township fire | 2 | | department. For the purchase of brush trucks by a fire | 3 | | department, a fire protection district, or a township fire | 4 | | department, the program shall provide loans at a 2% rate of | 5 | | simple interest per year for a brush truck if both the chassis | 6 | | and the apparatus are built outside of Illinois, a 1% rate of | 7 | | simple interest per year for a brush truck if either the | 8 | | chassis or the apparatus is built in Illinois, or a 0% rate of | 9 | | interest for a brush truck if both the chassis and the | 10 | | apparatus are built in Illinois. The Authority shall make loans | 11 | | based on need, as determined by the State Fire Marshal. | 12 | | (c) The loan funds, subject to appropriation, shall be paid | 13 | | out of the Fire Truck Revolving Loan Fund, a special fund in | 14 | | the 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 and any balance | 17 | | existing in the Fund on the effective date of this Section. The | 18 | | Fund shall be used for loans to fire departments and fire | 19 | | protection districts to purchase fire trucks and brush trucks | 20 | | and for no other purpose. All interest earned on moneys in the | 21 | | Fund shall be deposited into the Fund. As soon as practical | 22 | | after January 1, 2013 (the effective date of Public Act | 23 | | 97-901), all moneys in the Fire Truck Revolving Loan Fund shall | 24 | | be paid by the State Fire Marshal to the Authority, and, on and | 25 | | after that date, all future moneys deposited into the Fire | 26 | | Truck Revolving Loan Fund under this Section shall be paid by |
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| 1 | | the State Fire Marshal to the Authority under the continuing | 2 | | appropriation provision of subsection (c-1) of this Section; | 3 | | provided that the Authority and the State Fire Marshal enter | 4 | | into an intergovernmental agreement to use the moneys | 5 | | transferred to the Authority from the Fund solely for the | 6 | | purposes for which the moneys would otherwise be used under | 7 | | this Section and to set forth procedures to otherwise | 8 | | administer the use of the moneys. | 9 | | (c-1) There is hereby appropriated, on a continuing annual | 10 | | basis in each fiscal year, from the Fire Truck Revolving Loan | 11 | | Fund, the amount, if any, of funds received into the Fire Truck | 12 | | Revolving Loan Fund to the State Fire Marshal for payment to | 13 | | the Authority for the purposes for which the moneys would | 14 | | otherwise be used under this Section. | 15 | | (d) A loan for the purchase of fire trucks or brush trucks | 16 | | may not exceed $350,000 $250,000 to any fire department or fire | 17 | | protection district. A loan for the purchase of brush trucks | 18 | | may not exceed $100,000 per truck. The repayment period for the | 19 | | loan may not exceed 20 years. The fire department or fire | 20 | | protection district shall repay each year at least 5% of the | 21 | | principal amount borrowed or the remaining balance of the loan, | 22 | | whichever is less. All repayments of loans shall be deposited | 23 | | into the Fire Truck Revolving Loan Fund. | 24 | | (e) The Authority and the State Fire Marshal may adopt | 25 | | rules in accordance with the Illinois Administrative Procedure | 26 | | Act to administer the program.
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| 1 | | (f) Notwithstanding the repeal of Section 3-27 of the Rural | 2 | | Bond Bank Act, all otherwise lawful actions taken on or after | 3 | | January 1, 2004 and before the effective date of this Section | 4 | | by any person under the authority originally granted by that | 5 | | Section 3-27, including without limitation the granting, | 6 | | acceptance, and repayment of loans for the purchase of fire | 7 | | trucks, are hereby validated, and the rights and obligations of | 8 | | all parties to any such loan are hereby acknowledged and | 9 | | confirmed.
| 10 | | (Source: P.A. 97-900, eff. 8-6-12; 97-901, eff. 1-1-13; 98-463, | 11 | | eff. 8-16-13.)
| 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law.
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