Establishment; purposes; reversion; audit
Sec. 1. (a) The firefighting and emergency equipment revolving
loan fund is established. The office shall administer the revolving
fund. The revolving fund must be used for the purposes of:
(1) providing loans for the purchase of new or used firefighting
and other emergency equipment or apparatus under this chapter;
and
(2) paying the costs of administering this chapter.
(b) The revolving fund consists of:
(1) amounts appropriated by the general assembly;
(2) the repayment proceeds (including interest) of loans made
from the revolving fund;
(3) donations, grants, and money received from any other
source; and
(4) amounts that the department transfers to the revolving fund
from the fire and building services fund.
(c) The treasurer of state shall invest the money in the revolving
fund not currently needed to meet the obligations of the revolving
fund in the same manner as other public funds may be invested.
(d) Money in the revolving fund at the end of the fiscal year does
not revert to the state general fund.
(e) The revolving fund is subject to an annual audit by the state
board of accounts. The revolving fund shall pay all costs of the audit.
As added by P.L.70-1995, SEC.5.
Last modified: May 27, 2006