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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0501 Introduced 1/20/2017, by Rep. Allen Skillicorn SYNOPSIS AS INTRODUCED:
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Amends the Illinois Municipal Code. In provisions concerning finance, provides that a municipality may file a petition and exercise powers pursuant to applicable federal bankruptcy law. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB0501 | | LRB100 07371 AWJ 17435 b |
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| 1 | | AN ACT concerning local government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Municipal Code is amended by adding |
| 5 | | Section 8-1-19 as follows:
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| 6 | | (65 ILCS 5/8-1-19 new) |
| 7 | | Sec. 8-1-19. Bankruptcy; petitions. Any municipality may |
| 8 | | file a petition and exercise powers pursuant to applicable |
| 9 | | federal bankruptcy law.
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| 10 | | Section 99. Effective date. This Act takes effect upon |
| 11 | | becoming law.
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