Illinois General Assembly - Bill Status for HB4725

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Bill Status of HB4725 96th General Assembly

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Short Description: LOC GOV-TAX ANTICIPATION LOANS

House Sponsors
Rep. Michael J. Zalewski

Last Action

Date	Chamber	Action
1/11/2011	House	Session Sine Die

Statutes Amended In Order of Appearance

30 ILCS 105/5.756 new

35 ILCS 200/20-157 new

Synopsis As Introduced
Amends the Property Tax Code and the State Finance Act. Creates the Tax Anticipation Revolving Loan Fund. Provides that moneys in the Fund may be used by the Department of Revenue to make short-term loans to taxing districts that (i) are located within Cook County and (ii) are authorized to issue tax anticipation warrants. Provides that loans may be made if (i) any property tax proceeds are not distributed to the taxing district in a timely manner and (ii) as a result of the delay, it will be necessary for the taxing district to issue tax anticipation warrants. Contains provisions concerning repayment of the loans. Effective immediately.

Actions

Date	Chamber	Action
12/17/2009	House	Filed with the Clerk by Rep. Michael J. Zalewski
1/4/2010	House	First Reading
1/4/2010	House	Referred to Rules Committee
1/11/2011	House	Session Sine Die

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