SB580

Senate Bill 580 proposes an amendment to Arkansas Code § 14-284-307(c) regarding the financing terms for loans used by rural fire protection districts to purchase vehicles and equipment. Currently, the law stipulates that such loans cannot exceed a period of three years. This bill seeks to extend that maximum allowable loan period from three years to five years. The extension is subject to approval by rule of the Arkansas Forestry Commission. The primary purpose of the bill is to provide rural fire departments with more flexibility in managing the financing of necessary capital expenditures.