Section 292.80  Repayment Procedures

a)         Loans shall be repaid within 10 years.

b)         The rate of interest shall be stipulated on the loan application as 0 percent.

c)         Payments on the loan (principal) shall be made by check on a quarterly basis in 40 equal installments.

1)         Loan payments shall be due quarterly on December 30, March 30, June 30 and September 30, with the first payment under each loan due on the second due date following the receipt of the loan.

2)         Checks shall be made payable to the "Illinois Finance Authority Ambulance Revolving Loan Fund" and mailed to the Illinois Finance Authority in care of the Office of the State Fire Marshal.

3)         Payments not received within 15 calendar days after the due date shall be assessed a penalty of 5 percent of the payment due; however, the late payment penalty shall be waived when the postmark date on the envelope used to submit the payment is dated five days or more before the end of the 15-day grace period. 

d)         A recipient may prepay the balance due on the loan in its entirety on any scheduled payment date, provided that the recipient first contacts the Authority to obtain the total amount of the principal due at that time.