101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4494

 

Introduced 2/4/2020, by Rep. Dan Ugaste

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 305/8 new

    Amends the Bond Authorization Act. Provides that the authority of a public corporation to levy taxes in connection with the payment of bonds or other evidences of indebtedness ceases upon the maturity date of the bond or other evidence of indebtedness or upon the discharge of the debt, whichever comes first. Effective immediately.


LRB101 17440 HLH 66849 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4494LRB101 17440 HLH 66849 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Bond Authorization Act is amended by adding
5Section 8 as follows:
 
6    (30 ILCS 305/8 new)
7    Sec. 8. Roll-over prohibited. Notwithstanding any other
8provision of law, the authority of a public corporation to levy
9taxes in connection with the payment of bonds or other
10evidences of indebtedness ceases upon the maturity date of the
11bond or other evidence of indebtedness or upon the discharge of
12the debt, whichever comes first.
 
13    Section 99. Effective date. This Act takes effect upon
14becoming law.