SB2949sam001 94TH GENERAL ASSEMBLY

Sen. Deanna Demuzio

Filed: 2/14/2006

09400SB2949sam001 LRB094 19194 RCE 56001 a

AMENDMENT TO SENATE BILL 2949

AMENDMENT NO. ______. Amend Senate Bill 2949 by replacing everything after the enacting clause with the following:

"Section 5. The Illinois Finance Authority Act is amended by changing Section 825-80 as follows:

(20 ILCS 3501/825-80)

Sec. 825-80. Fire truck and EMS service vehicle revolving loan program.

(a) This Section is a continuation and re-enactment of the fire truck revolving loan program enacted as Section 3-27 of the Rural Bond Bank Act by Public Act 93-35, effective June 24, 2003, and repealed by Public Act 93-205, effective January 1, 2004. Under the Rural Bond Bank Act, the program was administered by the Rural Bond Bank and the State Fire Marshal.

(b) The Authority and the State Fire Marshal shall jointly administer a fire truck and EMS service vehicle revolving loan program. The program shall provide zero-interest loans for the purchase of fire trucks and EMS service vehicles by a fire department, a fire protection district, or a township fire department, or an EMS provider. The Authority shall make loans based on need, as determined by the State Fire Marshal. EMS providers that operate as a for-profit business are not eligible for loans.

(c) The loan funds, subject to appropriation, shall be paid out of the Fire Truck and EMS Service Vehicle 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 and any balance existing in the Fund on the effective date of this Section. The Fund shall be used for loans to fire departments, and fire protection districts, and EMS providers to purchase fire trucks and EMS service vehicles and for no other purpose other than the ordinary and contingent expenses of administering the program. All interest earned on moneys in the Fund shall be deposited into the Fund.

(d) A loan for the purchase of fire trucks or EMS service vehicles may not exceed $250,000 to any fire department, or fire protection district, or EMS provider. The repayment period for the loan may not exceed 20 years. The fire department, or fire protection district, or EMS provider 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 Fire Truck and EMS Service Vehicle Revolving Loan Fund.

(e) The Authority and the State Fire Marshal shall adopt rules to administer the program.

(f) Notwithstanding the repeal of Section 3-27 of the Rural Bond Bank Act, all otherwise lawful actions taken on or after January 1, 2004 and before the effective date of this Section by any person under the authority originally granted by that Section 3-27, including without limitation the granting, acceptance, and repayment of loans for the purchase of fire trucks, are hereby validated, and the rights and obligations of all parties to any such loan are hereby acknowledged and confirmed.

(Source: P.A. 94-221, eff. 7-14-05.)

Section 10. The State Finance Act is amended by renumbering and changing Section 5.595, as enacted by Public Act 93-35, as follows:

(30 ILCS 105/5.598)

Sec. 5.598 5.595. The Fire Truck and EMS Service Vehicle Revolving Loan Fund.

(Source: P.A. 93-35, eff. 6-24-03; revised 10-9-03.)".