SB3018 amends the Illinois Finance Authority Act to modify loan programs for fire trucks, fire stations, and ambulances.
SB3018 amends the Illinois Finance Authority Act to revise the fire truck, fire station, and ambulance revolving loan programs. The bill specifies that loans for fire trucks can be up to $750,000 per truck, with interest rates varying based on where the truck's chassis and apparatus are built. Loans for ambulances are capped at $350,000, while loans for fire stations can be up to $2,000,000. The repayment periods for these loans are set at 10, 20, and 25 years, respectively. The bill also mandates that all repayments be deposited into their respective revolving loan funds.
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- Critical Issues
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