Bill Text: IL HB1882 | 2011-2012 | 97th General Assembly | Engrossed

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

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Bill Title: Amends the Illinois Finance Authority Act. Provides that the fire truck revolving loan program shall provide loans for the purchase of brush trucks by a fire department, limited to $100,000 per truck. Provides for a 2% rate of interest on loans for the purchase of a brush truck if the chassis and the apparatus are built outside of Illinois, a 1% rate of interest for a brush truck if either the chassis or the apparatus is built in Illinois, or a 0% rate of interest for a brush truck if both the chassis and the apparatus are built in Illinois. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Passed) 2012-06-29 - Public Act . . . . . . . . . 97-0721 [HB1882 Detail]

Download: Illinois-2011-HB1882-Engrossed.html

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HB1882 Engrossed LRB097 10201 PJG 50396 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 825-80 as follows:
(20 ILCS 3501/825-80)
Sec. 825-80. Fire truck revolving loan program.
(a) This Section is a continuation and re-enactment of the
fire truck revolving loan program enacted as Section 3-27 of
the Rural Bond Bank Act by Public Act 93-35, effective June 24,
2003, and repealed by Public Act 93-205, effective January 1,
2004. Under the Rural Bond Bank Act, the program was
administered by the Rural Bond Bank and the State Fire Marshal.
(a-5) For purposes of this Section, "brush truck" means a
pickup chassis with or equipped with a flatbed or a pickup box.
The truck must be rated by the manufacturer as between
three-fourths of a ton and one ton and outfitted with a fire or
rescue apparatus.
(b) The Authority and the State Fire Marshal shall jointly
administer a fire truck revolving loan program. The program
shall provide zero-interest loans for the purchase of fire
trucks by a fire department, a fire protection district, or a
township fire department. For the purchase of brush trucks by a

HB1882 Engrossed - 2 - LRB097 10201 PJG 50396 b
fire department, a fire protection district, or a township fire
department, the program shall provide loans at a 2% rate of
simple interest per year for a brush truck if both the chassis
and the apparatus are built outside of Illinois, a 1% rate of
simple interest per year for a brush truck if either the
chassis or the apparatus is built in Illinois, or a 0% rate of
interest for a brush truck if both the chassis and the
apparatus are built in Illinois. The Authority shall make loans
based on need, as determined by the State Fire Marshal.
(c) The loan funds, subject to appropriation, shall be paid
out of the Fire Truck 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 and any balance
existing in the Fund on the effective date of this Section. The
Fund shall be used for loans to fire departments and fire
protection districts to purchase fire trucks and brush trucks
and for no other purpose. All interest earned on moneys in the
Fund shall be deposited into the Fund.
(d) A loan for the purchase of fire trucks or brush trucks
may not exceed $250,000 to any fire department or fire
protection district. A loan for the purchase of brush trucks
may not exceed $100,000 per truck. The repayment period for the
loan may not exceed 20 years. The fire department or fire
protection district shall repay each year at least 5% of the
principal amount borrowed or the remaining balance of the loan,

HB1882 Engrossed - 3 - LRB097 10201 PJG 50396 b
whichever is less. All repayments of loans shall be deposited
into the Fire Truck Revolving Loan Fund.
(e) The Authority and the State Fire Marshal shall adopt
rules to administer the program.
(f) Notwithstanding the repeal of Section 3-27 of the Rural
Bond Bank Act, all otherwise lawful actions taken on or after
January 1, 2004 and before the effective date of this Section
by any person under the authority originally granted by that
Section 3-27, including without limitation the granting,
acceptance, and repayment of loans for the purchase of fire
trucks, are hereby validated, and the rights and obligations of
all parties to any such loan are hereby acknowledged and
confirmed.
(Source: P.A. 94-221, eff. 7-14-05.)
Section 99. Effective date. This Act takes effect upon
becoming law.