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SB0623 Engrossed |
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LRB094 04351 RCE 34380 b |
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| AN ACT concerning State government.
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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 |
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| adding Section 825-85 as follows:
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| (20 ILCS 3501/825-85 new) |
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| Sec. 825-85. Ambulance revolving loan program. |
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| (a) The Authority and the State Fire Marshal shall jointly |
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| administer an ambulance revolving loan program. The program |
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| shall provide zero-interest loans for the purchase of |
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| ambulances by a fire department, a fire protection district, a |
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| township fire department, or a non-profit ambulance service. |
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| The Authority shall make loans based on need, as determined by |
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| the State Fire Marshal. |
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| (b) The loan funds, subject to appropriation, shall be paid |
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| out of the Ambulance Revolving Loan Fund, a special fund in the |
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| State treasury. The Fund shall consist of any moneys |
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| transferred or appropriated into the Fund, as well as all |
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| repayments of loans made under the program. The Fund shall be |
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| used for loans to fire departments, fire protection districts, |
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| and non-profit ambulance services to purchase ambulances and |
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| for no other purpose. All interest earned on moneys in the Fund |
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| shall be deposited into the Fund. |
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| (c) A loan for the purchase of ambulances may not exceed |
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| $100,000 to any fire department, fire protection district, or |
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| non-profit ambulance service. The repayment period for the loan |
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| may not exceed 10 years. The fire department, fire protection |
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| district, or non-profit ambulance service` shall repay each |
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| year at least 5% of the principal amount borrowed or the |
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| remaining balance of the loan, whichever is less. All |
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| repayments of loans shall be deposited into the Ambulance |
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| Revolving Loan Fund. |