PRINTER'S NO. 155
No. 150 Session of 2003
INTRODUCED BY DENT, WAGNER, TARTAGLIONE, COSTA, KITCHEN,
BOSCOLA, RHOADES, TOMLINSON, WOZNIAK AND WAUGH,
FEBRUARY 4, 2003
REFERRED TO LABOR AND INDUSTRY, FEBRUARY 4, 2003
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 "High-rise building." Any building with a height of more
17 than 75 feet above the lowest ground-level entrance.
18 Section 3. Sprinkler Loan Fund.
1 A special fund is hereby established in the Department of
2 Community and Economic Development to be known as the Sprinkler
3 Loan Fund. The fund shall be use exclusively for the purposes
4 set forth in this act.
5 Section 4. Sprinkler loan program.
6 The department shall establish and administer a loan program
7 for the purpose of providing loans to high-rise building
8 ownership in this Commonwealth to install sprinkler systems in
9 buildings. Loan payments shall be credited to the fund.
10 Section 5. Loan terms and conditions.
11 Each loan approved by the department under this act shall
12 contain the following terms and conditions:
13 (1) The loan shall be subject to interest at a rate of
14 2% per annum.
15 (2) The loan shall be repaid within 120 months of the
16 date of the loan.
17 (3) Other terms and conditions as promulgated by the
18 department.
19 Section 6. Application.
20 The department shall develop an application for loans from
21 the fund, and all applications for loans shall be received
22 within two years of the effective date of this act. No loan
23 shall be approved by the department unless the building owner
24 seeking the loan has completed the application and agreed to the
25 terms and conditions required by the department.
26 Section 7. Expiration of fund.
27 This act shall expire ten years from its effective date and
28 any moneys remaining in the fund shall be transferred to the
29 General Fund.
30 Section 8. Rules and regulations.
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1 The department shall promulgate rules and regulations to
2 administer the provisions of this act.
3 Section 9. Appropriation.
4 The sum of $20,000,000 is hereby appropriated to the
5 Department of Community and Economic Development for the
6 administration of the Sprinkler Loan Fund.
7 Section 10. Effective date.
8 This act shall take effect in 60 days.
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