Full Text of HB2313 097th General Assembly
HB2313eng 97TH GENERAL ASSEMBLY |
| | HB2313 Engrossed | | LRB097 07892 PJG 48007 b |
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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enacted as Section 3-27 of | 10 | | the Rural Bond Bank Act by Public Act 93-35, effective June 24, | 11 | | 2003, and repealed by Public Act 93-205, effective January 1, | 12 | | 2004.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 shall jointly | 20 | | administer a fire truck revolving loan program. The program | 21 | | shall provide zero-interest loans for the purchase of fire | 22 | | trucks by a fire department, a fire protection district, or a | 23 | | township fire department. For the purchase of brush trucks by a |
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| 1 | | fire department, a fire protection district, or a township fire | 2 | | department, the program shall provide loans at a 2% rate of | 3 | | simple interest per year for a brush truck if both the chassis | 4 | | and the apparatus are built outside of Illinois, a 1% rate of | 5 | | simple interest per year for a brush truck if either the | 6 | | chassis or the apparatus is built in Illinois, or a 0% rate of | 7 | | interest for a brush truck if both the chassis and the | 8 | | apparatus are built in Illinois. The Authority shall make loans | 9 | | based on need, as determined by the State Fire Marshal. | 10 | | (c) The loan funds, subject to appropriation, shall be paid | 11 | | out of the Fire Truck Revolving Loan Fund, a special fund in | 12 | | the State Treasury. The Fund shall consist of any moneys | 13 | | transferred or appropriated into the Fund, as well as all | 14 | | repayments of loans made under the program and any balance | 15 | | existing in the Fund on the effective date of this Section. The | 16 | | Fund shall be used for loans to fire departments and fire | 17 | | protection districts to purchase fire trucks and brush trucks | 18 | | and for no other purpose. All interest earned on moneys in the | 19 | | Fund shall be deposited into the Fund. | 20 | | (d) A loan for the purchase of fire trucks or brush trucks | 21 | | may not exceed $250,000 to any fire department or fire | 22 | | protection district. A loan for the purchase of brush trucks | 23 | | may not exceed $100,000 per truck. The repayment period for the | 24 | | loan may not exceed 20 years. The fire department or fire | 25 | | protection district shall repay each year at least 5% of the | 26 | | principal amount borrowed or the remaining balance of the loan, |
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| 1 | | whichever is less. All repayments of loans shall be deposited | 2 | | into the Fire Truck Revolving Loan Fund. | 3 | | (e) The Authority and the State Fire Marshal shall adopt | 4 | | rules to administer the program.
| 5 | | (f) Notwithstanding the repeal of Section 3-27 of the Rural | 6 | | Bond Bank Act, all otherwise lawful actions taken on or after | 7 | | January 1, 2004 and before the effective date of this Section | 8 | | by any person under the authority originally granted by that | 9 | | Section 3-27, including without limitation the granting, | 10 | | acceptance, and repayment of loans for the purchase of fire | 11 | | trucks, are hereby validated, and the rights and obligations of | 12 | | all parties to any such loan are hereby acknowledged and | 13 | | confirmed.
| 14 | | (Source: P.A. 94-221, eff. 7-14-05.)
| 15 | | Section 99. Effective date. This Act takes effect upon | 16 | | becoming law.
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