PRINTER'S NO. 480
No. 443 Session of 2001
INTRODUCED BY L. I. COHEN, ARGALL, BARD, BELARDI, BELFANTI,
CALTAGIRONE, CASORIO, COSTA, DALLY, DeWEESE, J. EVANS,
FRANKEL, GRUCELA, HENNESSEY, HUTCHINSON, KAISER, LAUGHLIN,
LESCOVITZ, LEVDANSKY, McCALL, McILHATTAN, MELIO, S. MILLER,
MUNDY, ORIE, PETRARCA, PETRONE, PHILLIPS, PIPPY, PISTELLA,
PRESTON, READSHAW, ROBERTS, SAINATO, B. SMITH, SOLOBAY,
STABACK, STEELMAN, SURRA, THOMAS, TIGUE, WALKO, WILT,
WOJNAROSKI, YOUNGBLOOD, ZUG, HESS AND HARHAI,
FEBRUARY 5, 2001
REFERRED TO COMMITTEE ON VETERANS AFFAIRS AND EMERGENCY
PREPAREDNESS, FEBRUARY 5, 2001
AN ACT
1 Amending the act of July 15, 1976 (P.L.1036, No.208), entitled,
2 as amended, "An act authorizing the indebtedness, with the
3 approval of the electors, of fifty million dollars for loans
4 to volunteer fire companies, volunteer ambulance services and
5 volunteer rescue squads for the purpose of establishing or
6 modernizing facilities to house fire fighting apparatus
7 equipment, ambulances, and rescue vehicles, and for
8 purchasing new fire fighting apparatus equipment, ambulances,
9 and rescue vehicles, protective and communications equipment,
10 and any other accessory equipment necessary for the proper
11 performance of such organizations' duties," further providing
12 for the rate of loan interest.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. Section 4(b) of the act of July 15, 1976
16 (P.L.1036, No.208), known as the Volunteer Fire Company,
17 Ambulance Service and Rescue Squad Assistance Act, amended
18 December 12, 1994 (P.L.1065, No.145), is amended to read:
19 Section 4. Assistance to Volunteer Fire Companies, Ambulance
1 Service and Rescue Squads.--* * *
2 (b) Loans made by the department in the amount of $15,000 or
3 less shall be for a period of not more than five years. Loans
4 made by the department in excess of $15,000 but for $50,000 or
5 less shall be for a period of not more than ten years. The
6 payback period of any loan in excess of $50,000, except a loan
7 for establishing or modernizing facilities, shall not exceed 15
8 years. The payback period for any loan in excess of $100,000 for
9 establishing or modernizing facilities shall not exceed 20
10 years. Loans shall be subject to the payment of interest at [2%]
11 0% per annum and shall be subject to such security as shall be
12 determined by the department. The total amount of interest
13 earned by the investment or reinvestment of all or any part of
14 the principal of any loan shall be returned to the department
15 and transferred to the Volunteer Companies Loan Fund, and shall
16 not be credited as payment of principal or interest on the loan.
17 The minimum amount of any loan shall be $5,000.
18 * * *
19 Section 2. This act shall take effect immediately.
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