Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE41. FIRE PROTECTION |
PART293. FIRE SPRINKLER DORMITORY REVOLVING LOAN PROGRAM |
§293.20. Purpose and Qualifications
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a) OSFM and the Authority will jointly administer a program to provide low-interest loans to post-secondary educational institutions for the planning, purchasing, installing, upgrading, altering, modifying, fixing or repairing of a fire sprinkler system or fire sprinkler systems.
b) OSFM will determine loan awards based on system needs, financial need and how recently the applicant has received a previous loan under this program, supplemented by recommendations from the Authority based on creditworthiness. A loan for the purchase of fire sprinkler systems shall not exceed $1,000,000 in any single fiscal year to any post-secondary educational institution.