103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1397

 

Introduced 2/6/2023, by Sen. Sally J. Turner

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 350/16  from Ch. 17, par. 6916

    Amends the Local Government Debt Reform Act. Provides that an ordinance levying a tax for the payment of principal of and interest on general obligation bonds or limited bonds may be filed electronically with the county clerk. Effective immediately.


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A BILL FOR

 

SB1397LRB103 04922 HLH 49932 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Local Government Debt Reform Act is amended
5by changing Section 16 as follows:
 
6    (30 ILCS 350/16)  (from Ch. 17, par. 6916)
7    Sec. 16. Levy for bonds.
8    (a) A governmental unit may levy a tax for the payment of
9principal of and interest on general obligation bonds or
10limited bonds at any time prior to March 1 of the calendar year
11during which the tax will be collected. The county clerk shall
12accept the filing of the ordinance levying such tax
13notwithstanding that such time is subsequent to the end of the
14calendar year next preceding the calendar year during which
15such tax will be collected.
16    (b) The county clerk shall accept the electronic filing of
17any ordinance under subsection (a). If a governmental unit
18files an ordinance under subsection (a) electronically, then
19the governmental unit shall maintain an original signed copy
20of the ordinance as long as the general obligation bonds or
21limited bonds remain outstanding.
22    (c) In extending taxes for general obligation bonds, the
23county clerk shall add to the levy for debt service on such

 

 

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1bonds an amount sufficient, in view of all losses and
2delinquencies in tax collection, to produce tax receipts
3adequate for the prompt payment of such debt service.
4(Source: P.A. 91-493, eff. 8-13-99.)
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.