HB5185 Summary

• Changes the Illinois Finance Authority and State Fire Marshal's administration of fire truck and ambulance revolving loan programs from mandatory ("shall") to discretionary ("may").

• Authorizes the Authority to determine financial structures of loans and guarantees, including terms, conditions, collateral, maturity, and interest rates for fire truck, fire station, and ambulance programs.

• Allows the Authority and State Fire Marshal to access program funds and charge fees in connection with the three revolving loan programs.

• Creates a new Public Life Safety Capital Investment Finance Program enabling loans and guarantees to finance capital equipment, vehicles, fire stations, and land acquisitions for local government public life safety purposes as determined by the State Fire Marshal.

• Takes effect immediately upon becoming law.