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| Public Act 097-0900 | ||||
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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 | ||||
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2003, and repealed by Public Act 93-205, effective January 1, | ||||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 shall jointly | ||||
administer a fire truck revolving loan program. The program | ||||
shall provide zero-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. | ||
(d) A loan for the purchase of fire trucks or brush trucks | ||
may not exceed $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 shall adopt | ||
rules to administer the program.
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(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.
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(Source: P.A. 94-221, eff. 7-14-05.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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