Section 1100.1100  Definitions

The following definitions apply in this Subpart:

"Applicant" means a unit of local government, including any municipality, township, township fire department, or special district such as a fire protection district that operates a fire department or provides fire suppression services itself without contracting those services from another entity.

"Authority" means the Illinois Finance Authority created by the Illinois Finance Authority Act [20 ILCS 3501] or its successor agency.

"Board" means the governing body of the entity receiving the loan.

"Fire Department" means a fire department, fire protection district, or township fire department that is a unit of local government (as defined in Article VII, Section 1 of the Illinois Constitution of 1970 and in Section 1.28 of the Statute on Statutes [5 ILCS 70/1.28] in Illinois that provides fire suppression within a geographical area.  For purposes of this Part, "Fire Department" is defined to include volunteer fire departments and volunteer fire protection districts (that are units of local government.

"Fire Station" means a building or structure set aside for storage of firefighting apparatus, personal protective equipment, fire hose, and other fire extinguishing equipment.  It may also include dormitory living facilities and work areas such as offices, meeting rooms, workshops, kitchens or laundry facilities.  The term includes additions to existing buildings as well as new construction.

"Fund" means the Fire Station Revolving Loan Fund.

"Funding Date" means the date on which a zero-interest or low-interest loan is closed and funded.

"Low Interest Loan" means a loan with a fixed rate of interest lower than commercially available.

"OSFM" means the Office of the State Fire Marshal.

"Program" means the Illinois Fire Station Revolving Loan Program.

"Recipient" means an applicant that has successfully applied for and received all required approvals from OSFM and the Authority, agreed to and executed loan documentation prepared by the Authority, and closed and funded its fire station loan.

"Zero-Interest Loan" means a loan bearing a zero percent rate of interest for the duration of the loan.

(Source:  Added at 39 Ill. Reg. 4924, effective March 19, 2015)