PRINTER'S NO. 757
No. 702 Session of 1999
INTRODUCED BY THOMPSON, HELFRICK, WAGNER, TOMLINSON, MUSTO,
WHITE, KASUNIC, WAUGH, RHOADES, MOWERY, O'PAKE, KUKOVICH,
LAVALLE, HART, BOSCOLA AND HOLL, MARCH 24, 1999
REFERRED TO STATE GOVERNMENT, MARCH 24, 1999
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 assistance to volunteer fire companies, ambulance service
13 and rescue squads.
14 The General Assembly of the Commonwealth of Pennsylvania
15 hereby enacts as follows:
16 Section 1. Section 4(b) and (f) of the act of July 15, 1976
17 (P.L.1036, No.208), known as the Volunteer Fire Company,
18 Ambulance Service and Rescue Squad Assistance Act, amended
19 December 12, 1994 (P.L.1065, No.145), are amended to read:
20 Section 4. Assistance to Volunteer Fire Companies, Ambulance
21 Service and Rescue Squads.--* * *
22 (b) Loans made by the department in the amount of $15,000 or
23 less shall be for a period of not more than five years. Loans
1 made by the department in excess of $15,000 but for $50,000 or
2 less shall be for a period of not more than ten years. The
3 payback period of any loan in excess of $50,000, except a loan
4 for establishing or modernizing facilities, shall not exceed 15
5 years. The payback period for any loan in excess of $100,000 for
6 establishing or modernizing facilities shall not exceed 20
7 years. Loans shall be subject [to the payment of interest at 2%
8 per annum and shall be subject] to such security as shall be
9 determined by the department. Loans shall not be subject to the
10 payment of interest. The total amount of interest earned by the
11 investment or reinvestment of all or any part of the principal
12 of any loan shall be returned to the department and transferred
13 to the Volunteer Companies Loan Fund, and shall not be credited
14 as payment of principal [or interest] on the loan. The minimum
15 amount of any loan shall be $5,000.
16 * * *
17 (f) All payments of [interest] principal on said loans [and
18 the principal thereof] shall be deposited by the department in
19 the Volunteer Companies Loan Fund.
20 * * *
21 Section 2. This act shall take effect in 60 days.
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