§ 113.8. Political subdivision.
(a) A volunteer company is eligible for a loan regardless of legal ownership in whole or part by a political subdivision of facilities, apparatus equipment or other equipment used by the volunteer company. Title to the real personal property so financed shall vest in either the volunteer company or the political subdivision during the period of the loan. When the title to the real or personal property vests in the political subdivision, the political subdivision and the volunteer company shall cosign the mortgage, promissory note and security agreement for the real property loan (such as facilities) or the promissory note, security agreement and financing statements for the personal property loan (such as apparatus equipment or protective, accessory or communications equipment).
(b) Apparatus equipment or facilities financed under the act may be transferred to a political subdivision served by the volunteer fire company, volunteer ambulance or volunteer rescue service if the OSFC receives 30 days written notice of the transfer. In this situation, the OSFC will determine the type of security required.
Source The provisions of this § 113.8 adopted December 23, 1982, effective December 25, 1982, 12 Pa.B. 4333; amended December 18, 1992, effective December 19, 1992, 22 Pa.B. 6019. Immediately preceding text appears at serial page (153422).
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