IL HB0297

Authorizes the Illinois Finance Authority and State Fire Marshal to jointly administer a fire station revolving loan program providing zero-interest loans to fire departments, fire protection districts, and township fire departments.

Eligible loan uses include construction, rehabilitation, remodeling, and expansion of fire stations, plus acquisition of land for fire station construction or expansion.

Establishes the Fire Station Revolving Loan Fund as a special fund in the state treasury, funded through appropriations, transfers, loan repayments, and interest earnings.

Limits individual loans to a maximum of $2,000,000 with a repayment period not exceeding 20 years; borrowers must repay at least 5% of principal annually or the remaining balance, whichever is less.

Effective July 1, 2009.