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Public Act 097-0900
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| HB5283 Enrolled | LRB097 19341 PJG 64590 b |
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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:
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(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2003, and repealed by Public Act 93-205, effective January 1, |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 |
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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, |
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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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