Sen. John M. Sullivan
Filed: 3/28/2006
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 623 




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    AMENDMENT NO. ______. Amend Senate Bill 623  by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Illinois Finance Authority Act is amended  
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by 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.
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    (d) The Authority and the State Fire Marshal shall adopt 
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rules to administer the program.

 
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    Section 95. The State Finance Act is amended by adding 
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Section
5.663 as follows:


 
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    (30 ILCS 105/5.663 new)


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    Sec. 5.663. The Ambulance Revolving Loan Fund.

 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".