Section 2721 - Delaware Volunteer Fire Service Revolving Loan Fund(a) A special fund appropriation account is hereby created in the Department of Finance, to be known as the Delaware Volunteer Fire Service Revolving Loan Fund, hereinafter referred to as the Fund. Sums appropriated by the General Assembly to the Fund shall be used to create a loan program to be administered according to guidelines and procedures developed by the Delaware Council on Volunteer Fire Service to upgrade equipment and improve facilities that are essential to providing adequate fire, rescue, emergency medical and technical emergency response related service to Delaware communities. Loan funds shall not be made available for equipment that has already been ordered or the expansion of facilities or parking that has already begun, except where such expansion is deemed necessary to provide adequate fire, rescue and emergency medical and technical emergency response services to the surrounding community by the Delaware Council on Volunteer Fire Service. The Fund shall serve as a revolving loan account and shall be eligible to receive loan repayments. The Fund shall be deemed a special fund and shall be approved by the Governor for the following purposes: (1) To accept and retain the funds and revenues appropriated by the General Assembly;(2) To make loans to eligible volunteer fire, rescue and emergency medical service companies meeting the criteria established herein; (3) To buy or refinance debt obligations of eligible volunteer fire, rescue and emergency medical service companies;(4) To facilitate the pledging by an eligible fire, rescue and emergency medical service company of its state grant-in-aid and health insurance rebate funds as collateral for securing a loan from the Fund;(5) To earn interest on amounts on deposit in such Fund;(6) To establish all necessary interest bearing accounts for deposit of loan repayments; and(7) To finance the reasonable costs incurred by the State in the administration of the Fund.(b) The Council shall develop a competitive process to approve loan applications for improving fire, rescue, emergency medical and technical emergency response services throughout the State and, in connection therewith, shall develop criteria to assess the relative needs for fire service and loan assistance throughout the State. Such criteria shall include and shall give highest priority to, but shall not be limited to, consideration of the financial need of the fire, rescue, and emergency medical service companies and the surrounding community. In addition, the Council shall consider:(1) The financial assets of the volunteer fire, rescue, and emergency medical service company making the application, as well as its ability to obtain revenue, income and financial support and loans from outside sources;(2) The age and existing conditions of the volunteer fire, rescue and emergency medical service company's apparatus, equipment, or facilities, including, but not limited to, whether such apparatus, equipment and facility are in compliance with National Fire Protection Association standards; and(3) The demographic, geographic and financial conditions of the community served by the volunteer fire, rescue and emergency medical service company making the application.(c) The Council shall be required to submit a strategic plan for accomplishing the goals to be met by the Fund and a procedure for the application process by January 31, 2003. Such plan shall contain the guidelines and procedures for the administration of the program and shall be presented to the cochairs of the Joint Legislative Committee on Capital Improvement Programs. No funds shall be loaned from the Delaware Volunteer Fire Service Revolving Loan Fund until the cochairs of the Joint Legislative Committee on Capital Improvement Programs have reviewed and approved the plan.(d) Upon the request of the Council, subsequent to approval of an application in accordance with this subsection, the State Treasurer is authorized to release funds appropriated to the Volunteer Fire Service Revolving Loan Fund sufficient to make such loans.(e) The Council shall submit an annual report to the Governor and cochairs of the Joint Legislative Committee on Capital Improvement programs by October 15 of each succeeding year.73 Del. Laws, c. 434, § 2.;