|Public Act 094-0221
||LRB094 06057 EFG 36118 b
AN ACT concerning the Fire Truck Revolving Loan Program.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Finance Authority Act is amended by
adding Section 825-80 as follows:
(20 ILCS 3501/825-80 new)
Fire truck 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2003, and repealed by Public Act 93-205, effective January 1,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 revolving loan program. The program
shall provide zero-interest loans for the purchase of fire
trucks by a fire department, a fire protection district, or a
township fire department. The Authority shall make loans based
on need, as determined by the State Fire Marshal.
(c) The loan funds, subject to appropriation, shall be paid
out of the Fire Truck 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 to purchase fire trucks and for no other
purpose. All interest earned on moneys in the Fund shall be
deposited into the Fund.
(d) A loan for the purchase of fire trucks may not exceed
$250,000 to any fire department or fire protection district.
The repayment period for the loan may not exceed 20 years. The