PRINTER'S NO. 1982
No. 1625 Session of 2001
INTRODUCED BY MANN AND BROWNE, MAY 21, 2001
REFERRED TO COMMITTEE ON URBAN AFFAIRS, MAY 21, 2001
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 owners of high-rise
8 buildings in this Commonwealth to install sprinkler systems in
9 high-rise buildings located within municipalities that have
10 adopted ordinances requiring sprinkler systems in buildings of
11 any specified height. Loan payments shall be credited to the
12 fund.
13 Section 5. Loan terms and conditions.
14 Each loan approved by the department under this act shall
15 contain the following terms and conditions:
16 (1) The loan shall be subject to interest at a rate of
17 2% per annum.
18 (2) The loan shall be repaid within 120 months of the
19 date of the loan.
20 (3) Other terms and conditions as promulgated by the
21 department.
22 Section 6. Application.
23 The department shall develop an application for loans from
24 the fund, and all applications for loans shall be received
25 within two years of the effective date of this act. No loan
26 shall be approved by the department unless the owner of the
27 high-rise building seeking the loan has completed the
28 application and agreed to the terms and conditions required by
29 the department.
30 Section 7. Expiration of fund.
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1 This act shall expire ten years from its effective date and
2 any moneys remaining in the fund shall be transferred to the
3 General Fund.
4 Section 8. Rules and regulations.
5 The department shall promulgate rules and regulations to
6 administer the provisions of this act.
7 Section 9. Appropriation.
8 The sum of $20,000,000 is hereby appropriated to the
9 Department of Community and Economic Development for the
10 administration of the Sprinkler Loan Fund.
11 Section 10. Effective date.
12 This act shall take effect in 60 days.
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