|Public Act 094-0829
||LRB094 04351 RCE 34380 b
AN ACT concerning State government.
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 825-85 as follows:
(20 ILCS 3501/825-85 new)
Ambulance revolving loan program.
(a) The Authority and the State Fire Marshal shall jointly
administer an ambulance revolving loan program. The program
shall provide zero-interest loans for the purchase of
ambulances by a fire department, a fire protection district, a
township fire department, or a non-profit ambulance service.
The Authority shall make loans based on need, as determined by
the State Fire Marshal.
(b) The loan funds, subject to appropriation, shall be paid
out of the Ambulance 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. The Fund shall be
used for loans to fire departments, fire protection districts,
and non-profit ambulance services to purchase ambulances and
for no other purpose. All interest earned on moneys in the Fund
shall be deposited into the Fund.
(c) A loan for the purchase of ambulances may not exceed
$100,000 to any fire department, fire protection district, or
non-profit ambulance service. The repayment period for the loan
may not exceed 10 years. The fire department, fire protection
district, or non-profit ambulance service` 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 Ambulance
Revolving Loan Fund.