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92_HB3557eng HB3557 Engrossed LRB9206673SMdvA 1 AN ACT concerning firefighting. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The State Treasurer Act is amended by adding 5 Section 20 as follows: 6 (15 ILCS 505/20 new) 7 Sec. 20. Fire truck revolving loan program. The 8 Treasurer shall administer a fire truck revolving loan 9 program. The program shall provide zero interest loans for 10 the purchase of fire trucks by a fire department or a fire 11 protection district. The Treasurer shall determine 12 eligibility for the loans based on need, as determined by the 13 Treasurer. The loan funds, subject to appropriation, shall 14 be paid out of the Fire Truck Revolving Loan Fund, a special 15 fund in the State treasury. The Fund shall consist of any 16 moneys transferred into or appropriated to the Fund as well 17 as all repayments of loans made under this Section. The Fund 18 shall be used for loans to fire departments and fire 19 protection districts to purchase fire trucks and for no other 20 purpose. All interest earned on moneys in the Fund shall be 21 deposited into the Fund. 22 A loan for the purchase of fire trucks may not exceed 23 $250,000 to any fire department or fire protection district. 24 The repayment period for the loan may not exceed 20 years. 25 The fire department or fire protection district shall repay 26 each year at least 5% of the principal amount borrowed or the 27 remaining balance of the loan, whichever is less. All 28 repayments of loans shall be deposited into the Fire Truck 29 Revolving Loan Fund. 30 The Treasurer shall adopt rules to administer the 31 program. HB3557 Engrossed -2- LRB9206673SMdvA 1 Section 10. The State Finance Act is amended by adding 2 Section 5.545 as follows: 3 (30 ILCS 105/5.545 new) 4 Sec. 5.545. The Fire Truck Revolving Loan Fund.