AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE DELAWARE VOLUNTEER FIRE SERVICE REVOLVING LOAN FUND.

More loan funding for Delaware fire companies

Delaware’s volunteer fire service loan fund can now accept county contributions and donations from individuals or charities, alongside state funding. County contributions must finance loans to companies in that county, supporting local equipment and facilities. Eligible volunteer fire, rescue, and emergency medical companies can get loans for equipment and facilities, including technical emergency response needs. The fund can also buy or refinance their debt. Companies can pledge state grant-in-aid and health insurance rebate money as security for loans. The Department of Finance holds the fund, and the Delaware Council on Volunteer Fire Service sets loan rules and oversees operations. The fund can collect repayments, earn interest, maintain interest-bearing accounts, and cover reasonable state costs of running the program. It cannot finance equipment already ordered or facility or parking expansions already begun, except expansions the Council finds necessary for adequate service.