BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 2721, Title 29 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows and by redesignating accordingly:
§ 2721. Delaware Volunteer Fire Service Revolving Loan Fund.
(a) A special fund appropriation account is hereby created in the Department of Finance, to be known as the Delaware Volunteer Fire Service Revolving Loan Fund, hereinafter referred to as the Fund. Sums appropriated by the General Assembly
, received from any county of the State, or donated by any person, corporation, or charitable organization
to the Fund shall be used to create a loan program to be administered according to guidelines and procedures developed by the Delaware Council on Volunteer Fire Service to upgrade equipment and improve facilities that are essential to providing adequate fire, rescue, emergency
medical
medical,
and technical emergency response related service to Delaware communities.
Loan funds received from a county must be used on upgrading equipment and facilities located within that county.
Loan funds
shall
must
not be made available for equipment that has already been ordered or the expansion of facilities or parking that has already begun, except where such expansion is deemed necessary to provide adequate fire, rescue and emergency medical and technical emergency response services to the surrounding community by the Delaware Council on Volunteer Fire Service. The Fund shall serve as a revolving loan account and shall be eligible to receive loan repayments. The Fund shall be deemed a special fund and shall be approved by the Governor for the following purposes:
(1) To accept and retain the funds and revenues appropriated by the General
Assembly;
Assembly, received from any county of the State, or donated by any person, corporation, or charitable organization.
(2) To make loans to eligible volunteer fire,
rescue
rescue,
and emergency medical service companies meeting the criteria established
herein;
under this section.
(3) To buy or refinance debt obligations of eligible volunteer fire,
rescue
rescue,
and emergency medical service
companies;
companies.
(4) To facilitate the pledging by an eligible fire,
rescue
rescue,
and emergency medical service company of its state grant-in-aid and health insurance rebate funds as collateral for securing a loan from the
Fund;
Fund.
(5) To earn interest on amounts on deposit in such
Fund;
Fund.
(6) To establish all necessary interest bearing accounts for deposit of loan
repayments; and
repayments.
(7) To finance the reasonable costs incurred by the State in the administration of the Fund.
Section 2. This Act takes effect 90 days after its enactment into law.
