HB4710 Engrossed

LRB096 15757 RLJ 30996 b





  
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    AN ACT concerning State government.
  
 
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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 
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changing Section 825-81 as follows:
 
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    (20 ILCS 3501/825-81)
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    Sec. 825-81. Fire station revolving loan program. 
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    (a) The Authority and the State Fire Marshal may jointly 
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administer a fire station revolving loan program. The program 
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may provide zero-interest loans for the construction, 
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rehabilitation, remodeling, or expansion of a fire station or 
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the acquisition of land for the construction or expansion of a 
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fire station by a fire department, a fire protection district, 
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or a township fire department. Once the program receives 
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funding, the Authority shall make loans based on need, as 
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determined by the State Fire Marshal.
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    (b) The loan funds, subject to appropriation, may be paid 
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out of the Fire Station Revolving Loan Fund, a special fund in 
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the State treasury. The Fund may consist of any moneys 
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transferred or appropriated into the Fund, as well as all 
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repayments of loans made under the program. Once the program 
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receives funding, the Fund may be used for loans to fire 
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departments and fire protection districts to construct, 
 


 






HB4710 Engrossed
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LRB096 15757 RLJ 30996 b




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rehabilitate, remodel, or expand fire stations or acquire land 
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for the construction or expansion of fire stations and for no 
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other purpose. All interest earned on moneys in the Fund shall 
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be deposited into the Fund.
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    (c) A loan under the program may not exceed $2,000,000 to 
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any fire department or fire protection district. The repayment 
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period for the loan may not exceed 25 years. The fire 
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department or fire protection district shall repay each year at 
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least 4% 5% of the principal amount borrowed or the remaining 
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balance of the loan, whichever is less. All repayments of loans 
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shall be deposited into the Fire Station Revolving Loan Fund.

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(Source: P.A. 96-135, eff. 8-7-09.)
 
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.