State of Illinois
92nd General Assembly
Legislation

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[ Introduced ][ Engrossed ][ Senate Amendment 002 ]


92_HB3557ham001

 










                                           LRB9206673SMdvam01

 1                    AMENDMENT TO HOUSE BILL 3557

 2        AMENDMENT NO.     .  Amend House Bill 3557  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section 5.  The State Treasurer Act is amended by adding
 5    Section 20 as follows:

 6        (15 ILCS 505/20 new)
 7        Sec.   20.    Fire  truck  revolving  loan  program.  The
 8    Treasurer  shall  administer  a  fire  truck  revolving  loan
 9    program.  The program shall provide zero interest  loans  for
10    the  purchase  of  fire trucks by a fire department or a fire
11    protection   district.    The   Treasurer   shall   determine
12    eligibility for the loans based on need, as determined by the
13    Treasurer.  The loan funds, subject to  appropriation,  shall
14    be  paid out of the Fire Truck Revolving Loan Fund, a special
15    fund in the State treasury.  The Fund shall  consist  of  any
16    moneys  transferred  into or appropriated to the Fund as well
17    as all repayments of loans made under this Section.  The Fund
18    shall  be  used  for  loans  to  fire  departments  and  fire
19    protection districts to purchase fire trucks and for no other
20    purpose.  All interest earned on moneys in the Fund shall  be
21    deposited into the Fund.
22        A  loan  for  the  purchase of fire trucks may not exceed
 
                            -2-            LRB9206673SMdvam01
 1    $250,000 to any fire department or fire protection  district.
 2    The  repayment  period  for the loan may not exceed 20 years.
 3    The fire department or fire protection district  shall  repay
 4    each year at least 5% of the principal amount borrowed or the
 5    remaining  balance  of  the  loan,  whichever  is  less.  All
 6    repayments of loans shall be deposited into  the  Fire  Truck
 7    Revolving Loan Fund.
 8        The   Treasurer  shall  adopt  rules  to  administer  the
 9    program.

10        Section 10.  The State Finance Act is amended  by  adding
11    Section 5.545 as follows:

12        (30 ILCS 105/5.545 new)
13        Sec. 5.545.  The Fire Truck Revolving Loan Fund.".

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