Illinois General Assembly - Full Text of Public Act 098-0662
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Public Act 098-0662


 

Public Act 0662 98TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 098-0662
 
SB2690 EnrolledLRB098 16111 HLH 51167 b

    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2003, and repealed by Public Act 93-205, effective January 1,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.
    (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.

Effective Date: 6/23/2014