Public Act 096-1172
 
HB4710 EnrolledLRB096 15757 RLJ 30996 b


  
    AN ACT concerning State government.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Illinois Finance Authority Act is amended  by 
changing Section 825-81 as follows:
 
    (20 ILCS 3501/825-81)
    Sec. 825-81. Fire station revolving loan program. 
    (a) The Authority and the State Fire Marshal may jointly 
administer a fire station revolving loan program. The program 
may provide zero-interest loans for the construction, 
rehabilitation, remodeling, or expansion of a fire station or 
the acquisition of land for the construction or expansion of a 
fire station by a fire department, a fire protection district, 
or a township fire department. Once the program receives 
funding, the Authority shall make loans based on need, as 
determined by the State Fire Marshal.
    (b) The loan funds, subject to appropriation, may be paid 
out of the Fire Station Revolving Loan Fund, a special fund in 
the State treasury. The Fund may consist of any moneys 
transferred or appropriated into the Fund, as well as all 
repayments of loans made under the program. Once the program 
receives funding, the Fund may be used for loans to fire 
departments and fire protection districts to construct, 
rehabilitate, remodel, or expand fire stations or acquire land 
for the construction or expansion of fire stations and for no 
other purpose. All interest earned on moneys in the Fund shall 
be deposited into the Fund.
    (c) A loan under the program may not exceed $2,000,000 to 
any fire department or fire protection district. The repayment 
period for the loan may not exceed 25 years. The fire 
department or fire protection district shall repay each year at 
least 4% 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 Station Revolving Loan Fund.

(Source: P.A. 96-135, eff. 8-7-09.)
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law. 
  


Effective Date:  07/22/2010