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Public Act 100-0152
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| HB3108 Enrolled | LRB100 10456 HLH 20668 b |
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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 |
changing Section 825-85 as follows:
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(20 ILCS 3501/825-85) |
Sec. 825-85. Ambulance revolving loan program. |
(a) The Authority and the State Fire Marshal may jointly |
administer an ambulance revolving loan program. The program |
shall, in instances where sufficient loan funds exist to permit |
applications to be accepted, provide zero-interest and |
low-interest loans for the purchase of ambulances by a fire |
department, a fire protection district, a township fire |
department, or a non-profit ambulance service. The Authority |
shall make loans based on need, as determined by the State Fire |
Marshal. |
(b) The loan funds, subject to appropriation, shall be paid |
out of the Ambulance Revolving Loan Fund, a special fund in the |
State treasury. The Fund shall consist of any moneys |
transferred or appropriated into the Fund, as well as all |
repayments of loans made under the program. The Fund shall be |
used for loans to fire departments, fire protection districts, |
and non-profit ambulance services to purchase ambulances and |
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for no other purpose. All interest earned on moneys in the Fund |
shall be deposited into the Fund. As soon as practical after |
the effective date of this amendatory Act of the 97th General |
Assembly, all moneys in the Ambulance Revolving Loan Fund shall |
be paid by the State Fire Marshal to the Authority, and, on and |
after the effective date of this amendatory Act of the 97th |
General Assembly, all future moneys deposited into the |
Ambulance Revolving Loan Fund under this Section shall be paid |
by the State Fire Marshal to the Authority under the continuing |
appropriation provision of subsection (b-1) of this Section; |
provided that the Authority and the State Fire Marshal enter |
into an intergovernmental agreement to use the moneys |
transferred to the Authority from the Fund solely for the |
purposes for which the moneys would otherwise be used under |
this Section and to set forth procedures to otherwise |
administer the use of the moneys. |
(b-1) There is hereby appropriated, on a continuing annual |
basis in each fiscal year, from the Ambulance Revolving Loan |
Fund, the amount, if any, of funds received into the Ambulance |
Revolving Loan Fund to the State Fire Marshal for payment to |
the Authority for the purposes for which the moneys would |
otherwise be used under this Section. |
(c) A loan for the purchase of ambulances may not exceed |
$200,000 $100,000 to any fire department, fire protection |
district, or non-profit ambulance service. The repayment |
period for the loan may not exceed 10 years. The fire |
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department, fire protection district, or non-profit ambulance |
service` shall repay each year at least 5% of the principal |
amount borrowed or the remaining balance of the loan, whichever |
is less. All repayments of loans shall be deposited into the |
Ambulance Revolving Loan Fund. |
(d) The Authority and the State Fire Marshal may adopt |
rules in accordance with the Illinois Administrative Procedure |
Act to administer the program.
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(Source: P.A. 97-901, eff. 1-1-13.)
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