Public Act 93-0035

HB0115 Enrolled                      LRB093 03382 MKM 03400 b

    AN ACT in relation to fire protection.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.  The Rural Bond Bank Act is amended by adding
Section 3-27 as follows:

    (30 ILCS 360/3-27 new)
    Sec.  3-27.  Fire  truck  revolving  loan  program.   The
Illinois  Rural  Bond  Bank  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  or  a  fire protection
district or a township fire department.  The  Illinois  Rural
Bond  Bank  shall  make loans based on need, as determined by
the  State  Fire  Marshal.    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 into or appropriated
to the Fund as well as all repayments  of  loans  made  under
this  Section.   The  Fund  shall  be  used for loans to fire
departments and fire protection districts  to  purchase  fire
trucks  and  for  no  other  purpose.  All interest earned on
moneys in the Fund shall be deposited into the Fund.
    A loan for the purchase of fire  trucks  may  not  exceed
$250,000  to any fire department or fire protection district.
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.
    The Illinois Rural Bond Bank and the State  Fire  Marshal
shall adopt rules to administer the program.

    Section  10.   The State Finance Act is amended by adding
Section 5.595 as follows:

    (30 ILCS 105/5.595 new)
    Sec. 5.595.  The Fire Truck Revolving Loan Fund.

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.