Full Text of SB2949 94th General Assembly
SB2949eng 94TH GENERAL ASSEMBLY
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SB2949 Engrossed |
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LRB094 19194 RCE 54737 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 | 5 |
| changing Section 825-80 as follows: | 6 |
| (20 ILCS 3501/825-80) | 7 |
| Sec. 825-80. Fire truck and EMS service vehicle revolving | 8 |
| loan program. | 9 |
| (a) This Section is a continuation and re-enactment of the | 10 |
| fire truck revolving loan program enacted as Section 3-27 of | 11 |
| the Rural Bond Bank Act by Public Act 93-35, effective June 24, | 12 |
| 2003, and repealed by Public Act 93-205, effective January 1, | 13 |
| 2004. Under the Rural Bond Bank Act, the program was | 14 |
| administered by the Rural Bond Bank and the State Fire Marshal. | 15 |
| (b) The Authority and the State Fire Marshal shall jointly | 16 |
| administer a fire truck and EMS service vehicle revolving loan | 17 |
| program. The program shall provide zero-interest loans for the | 18 |
| purchase of fire trucks and EMS service vehicles by a fire | 19 |
| department, a fire protection district, or a township fire | 20 |
| department , or an EMS provider . The Authority shall make loans | 21 |
| based on need, as determined by the State Fire Marshal. EMS | 22 |
| providers that operate as a for-profit business are not | 23 |
| eligible for loans.
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| (c) The loan funds, subject to appropriation, shall be paid | 25 |
| out of the Fire Truck and EMS Service Vehicle Revolving Loan | 26 |
| Fund, a special fund in the State Treasury. The Fund shall | 27 |
| consist of any moneys transferred or appropriated into the | 28 |
| Fund, as well as all repayments of loans made under the program | 29 |
| and any balance existing in the Fund on the effective date of | 30 |
| this Section. The Fund shall be used for loans to fire | 31 |
| departments ,
and fire protection districts , and EMS providers
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| to purchase fire trucks and EMS service vehicles and for no |
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SB2949 Engrossed |
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LRB094 19194 RCE 54737 b |
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| other purpose other than the ordinary and contingent expenses | 2 |
| of administering the program . All interest earned on moneys in | 3 |
| the Fund shall be deposited into the Fund. | 4 |
| (d) A loan for the purchase of fire trucks or EMS service | 5 |
| vehicles may not exceed $250,000 to any fire department ,
or
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| fire protection district , or EMS provider . The repayment period | 7 |
| for the loan may not exceed 20 years. The fire department ,
or
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| fire protection district , or EMS provider shall repay each year | 9 |
| at least 5% of the principal amount borrowed or the remaining | 10 |
| balance of the loan, whichever is less. All repayments of loans | 11 |
| shall be deposited into the Fire Truck and EMS Service Vehicle
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| Revolving Loan Fund. | 13 |
| (e) The Authority and the State Fire Marshal shall adopt | 14 |
| rules to administer the program.
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| (f) Notwithstanding the repeal of Section 3-27 of the Rural | 16 |
| Bond Bank Act, all otherwise lawful actions taken on or after | 17 |
| January 1, 2004 and before the effective date of this Section | 18 |
| by any person under the authority originally granted by that | 19 |
| Section 3-27, including without limitation the granting, | 20 |
| acceptance, and repayment of loans for the purchase of fire | 21 |
| trucks, are hereby validated, and the rights and obligations of | 22 |
| all parties to any such loan are hereby acknowledged and | 23 |
| confirmed.
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| (Source: P.A. 94-221, eff. 7-14-05.) | 25 |
| Section 10. The State Finance Act is amended by renumbering | 26 |
| and changing Section 5.595, as enacted by Public Act 93-35, as | 27 |
| follows:
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| (30 ILCS 105/5.598)
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| Sec. 5.598
5.595 . The Fire Truck and EMS Service Vehicle
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| Revolving Loan Fund. | 31 |
| (Source: P.A. 93-35, eff. 6-24-03; revised 10-9-03.)
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