IL SB1778

Amends the Illinois Finance Authority Act to allow the Authority to retain loan repayments and interest from three revolving loan programs (fire trucks, fire stations, and ambulances) and use them for authorized purposes, rather than depositing them into state funds.

Permits loan repayments and accrued interest to be used directly by the Authority without requiring a separate appropriation, while maintaining existing appropriation mechanisms for initial fund transfers from the State Fire Marshal.

Increases the maximum loan amount for ambulance purchases from $100,000 to $200,000 per fire department, fire protection district, or non-profit ambulance service.

Allows repayment structures for interest-bearing loans to be arranged as approximate level debt service payments instead of requiring fixed annual percentage payments.