IL HB0038

Establishes a fire station revolving loan program jointly administered by the Illinois Finance Authority and State Fire Marshal to provide zero-interest loans for fire station construction, rehabilitation, remodeling, expansion, or land acquisition.

Eligible borrowers include fire departments, fire protection districts, and township fire departments, with loans allocated based on need as determined by the State Fire Marshal.

Creates the Fire Station Revolving Loan Fund in the State treasury, funded through appropriations, transfers, loan repayments, and interest earned on fund moneys.

Sets maximum loan amount at $2,000,000 per fire department or fire protection district, with repayment period not exceeding 25 years and minimum annual repayment of 5% of principal borrowed or remaining balance, whichever is less.

Takes effect July 1, 2009.