Bill Text: IL HB4710 | 2009-2010 | 96th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Finance Authority Act. In provisions concerning the fire station revolving loan program, provides that a fire department or fire protection district shall repay each year at least 4% (now 5%) of the principal amount borrowed or the remaining balance of the loan, whichever is less. Effective immediately.

Sponsorship: Partisan Bill (Republican 3)

Status: (Passed) 2010-07-22 - Public Act . . . . . . . . . 96-1172 [HB4710 Detail]

Download: Illinois-2009-HB4710-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB4710 Introduced 1/4/2010, by Rep. Donald L. Moffitt SYNOPSIS AS INTRODUCED:
20 ILCS 3501/825-81
Amends the Illinois Finance Authority Act. In provisions concerning the fire station revolving loan program, provides that a fire department or fire protection district shall repay each year at least 4% (now 5%) of the principal amount borrowed or the remaining balance of the loan, whichever is less. Effective immediately.
LRB096 15757 RLJ 30996 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB4710 LRB096 15757 RLJ 30996 b
AN ACT concerning State government.
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 825-81 as follows:
(20 ILCS 3501/825-81)
Sec. 825-81. Fire station revolving loan program.
(a) The Authority and the State Fire Marshal may jointly
administer a fire station revolving loan program. The program
may provide zero-interest loans for the construction,
rehabilitation, remodeling, or expansion of a fire station or
the acquisition of land for the construction or expansion of a
fire station by a fire department, a fire protection district,
or a township fire department. Once the program receives
funding, the Authority shall make loans based on need, as
determined by the State Fire Marshal.
(b) The loan funds, subject to appropriation, may be paid
out of the Fire Station Revolving Loan Fund, a special fund in
the State treasury. The Fund may consist of any moneys
transferred or appropriated into the Fund, as well as all
repayments of loans made under the program. Once the program
receives funding, the Fund may be used for loans to fire
departments and fire protection districts to construct,

HB4710 - 2 - LRB096 15757 RLJ 30996 b
rehabilitate, remodel, or expand fire stations or acquire land
for the construction or expansion of fire stations and for no
other purpose. All interest earned on moneys in the Fund shall
be deposited into the Fund.
(c) A loan under the program may not exceed $2,000,000 to
any fire department or fire protection district. The repayment
period for the loan may not exceed 25 years. The fire
department or fire protection district shall repay each year at
least 4% 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 Station Revolving Loan Fund.
(Source: P.A. 96-135, eff. 8-7-09.)
Section 99. Effective date. This Act takes effect upon
becoming law.