Public Act 098-0662
 
SB2690 EnrolledLRB098 16111 HLH 51167 b


  
    AN ACT concerning finance.
  
 
    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 825-80 as follows:
 
 

    (20 ILCS 3501/825-80)

 
    Sec. 825-80. 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2003, and repealed by Public Act 93-205, effective January 1, 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.
    (a-5) For purposes of this Section, "brush truck" means a 
pickup chassis with or equipped with a flatbed or a pickup box. 
The truck must be rated by the manufacturer as between 
three-fourths of a ton and one ton and outfitted with a fire or 
rescue apparatus. 
    (b) The Authority and the State Fire Marshal may jointly 
administer a fire truck revolving loan program.  The program 
shall, in instances where sufficient loan funds exist to permit 
applications to be accepted, provide zero-interest and 
low-interest loans for the purchase of fire trucks by a fire 
department, a fire protection district, or a township fire 
department.  For the purchase of brush trucks by a fire 
department, a fire protection district, or a township fire 
department, the program shall provide loans at a 2% rate of 
simple interest per year for a brush truck  if both the chassis 
and the apparatus are built outside of Illinois, a 1% rate of 
simple interest per year for a brush truck if either the 
chassis or the apparatus is built in Illinois, or a 0% rate of 
interest for a brush truck if both the chassis and the 
apparatus are built in Illinois. 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 brush trucks 
and for no other purpose.  All interest earned on moneys in the 
Fund shall be deposited into the Fund. As soon as practical 
after January 1, 2013 (the effective date of Public Act 
97-901), all moneys in the Fire Truck Revolving Loan Fund shall 
be paid by the State Fire Marshal to the Authority, and, on and 
after that date,  all future  moneys deposited into the Fire 
Truck Revolving Loan Fund under this Section shall be paid by 
the State Fire Marshal to the Authority under the continuing 
appropriation provision of subsection (c-1) of this Section; 
provided that the Authority and the State Fire Marshal enter 
into an intergovernmental agreement to  use the moneys 
transferred to the Authority from the Fund solely for the 
purposes for which the moneys would otherwise be used under 
this Section and to set forth procedures to otherwise 
administer the use of the moneys. 
    (c-1)  There is hereby appropriated, on a continuing annual 
basis in each fiscal year, from the Fire Truck Revolving Loan 
Fund, the amount, if any, of funds received into the Fire Truck 
Revolving Loan Fund to the State Fire Marshal for payment to 
the Authority for the purposes for which the moneys would 
otherwise be used under this Section. 
    (d) A loan for the purchase of fire trucks or brush trucks 
may not exceed $350,000 $250,000 to any fire department or fire 
protection district.  A loan for the purchase of brush trucks 
may not exceed $100,000 per truck. The repayment period for the 
loan may not exceed 20 years. The fire department or fire 
protection district 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 Revolving Loan Fund.
    (e) The Authority and the State Fire Marshal may adopt 
rules in accordance with the Illinois Administrative Procedure 
Act 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. 97-900, eff. 8-6-12; 97-901, eff. 1-1-13; 98-463, 
eff. 8-16-13.)
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law. 
  


Effective Date:  6/23/2014