HB 115

Abstract

Amends the State Treasurer Act. Provides that the Treasurer and the State Fire Marshal shall administer a fire truck revolving loan program to provide zero interest loans for the purchase of fire trucks by a fire department or fire protection district. Provides that the Treasurer shall make loans based on need, as determined by the State Fire Marshal, and that the loan funds, subject to appropriation, shall be paid out of the Fire Truck Revolving Loan Fund, a special fund in the State treasury. Provides that (i) a loan for the purchase of fire trucks may not exceed $250,000 to any fire department or fire protection district; (ii) the repayment period for the loan may not exceed 20 years; and (iii) the fire department or fire protection district must repay each year at least 5% of the principal amount borrowed or the remaining balance of the loan, whichever is less. Provides that the Treasurer and the State Fire Marshal shall adopt rules to administer the program. Amends the State Finance Act to create the fund. Effective immediately.