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| Public Act 100-0152 | ||||
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AN ACT concerning finance.
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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 | ||||
changing Section 825-85 as follows: | ||||
(20 ILCS 3501/825-85) | ||||
Sec. 825-85. Ambulance revolving loan program. | ||||
(a) The Authority and the State Fire Marshal may jointly | ||||
administer an ambulance 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 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. As soon as practical after | ||
the effective date of this amendatory Act of the 97th General | ||
Assembly, all moneys in the Ambulance Revolving Loan Fund shall | ||
be paid by the State Fire Marshal to the Authority, and, on and | ||
after the effective date of this amendatory Act of the 97th | ||
General Assembly, all future moneys deposited into the | ||
Ambulance Revolving Loan Fund under this Section shall be paid | ||
by the State Fire Marshal to the Authority under the continuing | ||
appropriation provision of subsection (b-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. | ||
(b-1) There is hereby appropriated, on a continuing annual | ||
basis in each fiscal year, from the Ambulance Revolving Loan | ||
Fund, the amount, if any, of funds received into the Ambulance | ||
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. | ||
(c) A loan for the purchase of ambulances may not exceed | ||
$200,000 $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. | ||
(d) The Authority and the State Fire Marshal may adopt | ||
rules in accordance with the Illinois Administrative Procedure | ||
Act to administer the program.
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(Source: P.A. 97-901, eff. 1-1-13.)
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