Public Act 096-0135
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Public Act 096-0135 |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Finance Authority Act is amended by | ||||
adding Section 825-81 as follows: | ||||
(20 ILCS 3501/825-81 new) | ||||
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 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. | ||
Section 10. The State Finance Act is amended by adding | ||
Section 5.719 as follows: | ||
(30 ILCS 105/5.719 new) | ||
Sec. 5.719. The Fire Station Revolving Loan Fund.
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Section 99. Effective date. This Act takes effect July 1, | ||
2009.
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