Bill Text: IL HB1882 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Amended.html
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-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 1882
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| 2 | AMENDMENT NO. ______. Amend House Bill 1882 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Illinois Finance Authority Act is amended | ||||||
| 5 | by changing Section 805-10 as follows:
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| 6 | (20 ILCS 3501/805-10)
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| 7 | Sec. 805-10. Definitions. The
The following terms, | ||||||
| 8 | whenever used or referred
to in this Article, shall have the | ||||||
| 9 | following meanings ascribed to them, except
where the context | ||||||
| 10 | clearly requires otherwise: | ||||||
| 11 | (a) "Financial Institution" means a financial institution | ||||||
| 12 | which is a trust
company, a bank, a savings bank, a credit | ||||||
| 13 | union, an investment bank, a broker,
an investment trust, a | ||||||
| 14 | pension fund, a building and loan association, a savings
and | ||||||
| 15 | loan association, an insurance company, or any other | ||||||
| 16 | institution acceptable
to the Authority, authorized to do | ||||||
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| 1 | business in the State and approved by the
Authority to insure | ||||||
| 2 | bonds or loans for industrial projects authorized by this
Act.
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| 3 | (b) "Participating lender" means any trust company, bank, | ||||||
| 4 | savings bank,
credit
union, investment bank, broker, | ||||||
| 5 | investment trust, pension fund, building and
loan association, | ||||||
| 6 | savings and loan association, insurance company or other
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| 7 | institution approved by the Authority which assumes a portion | ||||||
| 8 | of the risk on a
loan for an industrial project as provided in
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| 9 | Section 805-30 of this Act.
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| 10 | (Source: P.A. 93-205, eff. 1-1-04.)".
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