(Chicago, IL) — February 19, 2010. Since cash has run dry in local governments and in Springfield, Illinois lawmakers are pushing all sorts of borrowing bills this year, for universities, community colleges, Medicaid, etc.
In the latest borrowing scheme, the Illinois House Fire Protection Committee yesterday approved, 4-0, legislation, House Bill 4710, sponsored by State Rep. Don Moffitt (R-Gilson), who chairs the committee, that allows fire protection districts to repay each year at least 4% (now 5%) of the principal amount borrowed in the fire station revolving loan program or the remaining balance of the loan, whichever is less.
In addition to Moffitt, committee members include: Linda Chapa LaVia (D), Bill Mitchell (R), Dan Burke (D), John Cavaletto (R), Chapin Rose (R), and Mike Smith (D).
The legislation now moves to full House for consideration.