Bill Text: IL HB3108 | 2017-2018 | 100th General Assembly | Chaptered
Bill Title: Amends the Illinois Finance Authority Act. In Sections concerning the fire truck revolving loan program, the fire station revolving loan program, and the ambulance revolving loan program, provides that repayments of loans made under those programs (and interest on those moneys) may be retained by the Authority and used for the purposes for which they are otherwise authorized to be used (currently, deposited into the Fire Truck Revolving Loan Fund, the Fire Station Revolving Loan Fund, and the Ambulance Revolving Loan Fund, as applicable). Provides that a loan for the purchase of an ambulance may not exceed $200,000 (instead of $100,000).
Spectrum: Bipartisan Bill
Status: (Passed) 2017-08-18 - Public Act . . . . . . . . . 100-0152 [HB3108 Detail]
Download: Illinois-2017-HB3108-Chaptered.html
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Public Act 100-0152 | ||||
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AN ACT concerning finance.
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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 825-85 as follows:
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(20 ILCS 3501/825-85) | ||||
Sec. 825-85. Ambulance revolving loan program. | ||||
(a) The Authority and the State Fire Marshal may jointly | ||||
administer an ambulance 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 ambulances by a fire | ||||
department, a fire protection district, a township fire | ||||
department, or a non-profit ambulance service. The Authority | ||||
shall make loans based on need, as determined by the State Fire | ||||
Marshal. | ||||
(b) The loan funds, subject to appropriation, shall be paid | ||||
out of the Ambulance 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. The Fund shall be | ||||
used for loans to fire departments, fire protection districts, | ||||
and non-profit ambulance services to purchase ambulances and |
for no other purpose. All interest earned on moneys in the Fund | ||
shall be deposited into the Fund. As soon as practical after | ||
the effective date of this amendatory Act of the 97th General | ||
Assembly, all moneys in the Ambulance Revolving Loan Fund shall | ||
be paid by the State Fire Marshal to the Authority, and, on and | ||
after the effective date of this amendatory Act of the 97th | ||
General Assembly, all future moneys deposited into the | ||
Ambulance Revolving Loan Fund under this Section shall be paid | ||
by the State Fire Marshal to the Authority under the continuing | ||
appropriation provision of subsection (b-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. | ||
(b-1) There is hereby appropriated, on a continuing annual | ||
basis in each fiscal year, from the Ambulance Revolving Loan | ||
Fund, the amount, if any, of funds received into the Ambulance | ||
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. | ||
(c) A loan for the purchase of ambulances may not exceed | ||
$200,000 $100,000 to any fire department, fire protection | ||
district, or non-profit ambulance service. The repayment | ||
period for the loan may not exceed 10 years. The fire |
department, fire protection district, or non-profit ambulance | ||
service` 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 | ||
Ambulance Revolving Loan Fund. | ||
(d) 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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(Source: P.A. 97-901, eff. 1-1-13.)
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