PRINTER'S NO. 787
No. 694 Session of 2005
INTRODUCED BY MANN, ALLEN, BEBKO-JONES, BELFANTI, CALTAGIRONE, CAWLEY, COSTA, CRAHALLA, DeLUCA, FREEMAN, GINGRICH, GRUCELA, KILLION, O'NEILL, SAINATO, THOMAS, WALKO, DALEY, FABRIZIO, GEORGE, GOODMAN, HENNESSEY, McGEEHAN, PETRARCA, SHANER, TIGUE, YOUNGBLOOD, WASHINGTON AND PISTELLA, MARCH 1, 2005
REFERRED TO COMMITTEE ON VETERANS AFFAIRS AND EMERGENCY PREPAREDNESS, MARCH 1, 2005
AN ACT 1 Establishing a low-interest loan fund for the installation of 2 sprinkler systems in high-rise buildings; and making an 3 appropriation. 4 The General Assembly of the Commonwealth of Pennsylvania 5 hereby enacts as follows: 6 Section 1. Short title. 7 This act shall be known and may be cited as the Sprinkler 8 Loan Program Act. 9 Section 2. Definitions. 10 The following words and phrases when used in this act shall 11 have the meanings given to them in this section unless the 12 context clearly indicates otherwise: 13 "Department." The Department of Community and Economic 14 Development of the Commonwealth. 15 "Fund." The Sprinkler Loan Fund established under section 3 16 (relating to Sprinkler Loan Fund).
1 "High-rise building." Any building with a height of more 2 than 75 feet above the lowest ground-level entrance. 3 Section 3. Sprinkler Loan Fund. 4 A special fund is hereby established in the Department of 5 Community and Economic Development to be known as the Sprinkler 6 Loan Fund. The fund shall be use exclusively for the purposes 7 set forth in this act. 8 Section 4. Sprinkler loan program. 9 The department shall establish and administer a loan program 10 for the purpose of providing loans to owners of high-rise 11 buildings in this Commonwealth to install sprinkler systems in 12 high-rise buildings located within municipalities that have 13 adopted ordinances requiring sprinkler systems in buildings of 14 any specified height. Loan payments shall be credited to the 15 fund. 16 Section 5. Loan terms and conditions. 17 Each loan approved by the department under this act shall 18 contain the following terms and conditions: 19 (1) The loan shall be subject to interest at a rate of 20 2% per annum. 21 (2) The loan shall be repaid within 120 months of the 22 date of the loan. 23 (3) Other terms and conditions as promulgated by the 24 department. 25 Section 6. Application. 26 The department shall develop an application for loans from 27 the fund, and all applications for loans shall be received 28 within two years of the effective date of this act. No loan 29 shall be approved by the department unless the owner of the 30 high-rise building seeking the loan has completed the 20050H0694B0787 - 2 -
1 application and agreed to the terms and conditions required by 2 the department. 3 Section 7. Expiration of fund. 4 This act shall expire ten years from its effective date and 5 any moneys remaining in the fund shall be transferred to the 6 General Fund. 7 Section 8. Rules and regulations. 8 The department shall promulgate rules and regulations to 9 administer the provisions of this act. 10 Section 9. Appropriation. 11 The sum of $20,000,000 is hereby appropriated to the 12 Department of Community and Economic Development for the 13 administration of the Sprinkler Loan Fund. 14 Section 10. Effective date. 15 This act shall take effect in 60 days. A25L35MSP/20050H0694B0787 - 3 -