Public Act 098-0662 Public Act 0662 98TH GENERAL ASSEMBLY |
Public Act 098-0662 | SB2690 Enrolled | LRB098 16111 HLH 51167 b |
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| AN ACT concerning finance.
| Be it enacted by the People of the State of Illinois,
| represented in the General Assembly:
| 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loan program enacted as Section 3-27 of | the Rural Bond Bank Act by Public Act 93-35, effective June 24, | 2003, and repealed by Public Act 93-205, effective January 1, | 2004.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 may jointly | administer a fire truck 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 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. As soon as practical | after January 1, 2013 (the effective date of Public Act | 97-901), all moneys in the Fire Truck Revolving Loan Fund shall | be paid by the State Fire Marshal to the Authority, and, on and | after that date, all future moneys deposited into the Fire | Truck Revolving Loan Fund under this Section shall be paid by |
| the State Fire Marshal to the Authority under the continuing | appropriation provision of subsection (c-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. | (c-1) There is hereby appropriated, on a continuing annual | basis in each fiscal year, from the Fire Truck Revolving Loan | Fund, the amount, if any, of funds received into the Fire Truck | 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. | (d) A loan for the purchase of fire trucks or brush trucks | may not exceed $350,000 $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 may adopt | rules in accordance with the Illinois Administrative Procedure | Act 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.
| (Source: P.A. 97-900, eff. 8-6-12; 97-901, eff. 1-1-13; 98-463, | eff. 8-16-13.)
| Section 99. Effective date. This Act takes effect upon | becoming law.
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Effective Date: 6/23/2014
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