HB0501 100TH GENERAL ASSEMBLY

LRB100 07371 AWJ 17435 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0501

Introduced 1/20/2017, by Rep. Allen Skillicorn

SYNOPSIS AS INTRODUCED:

65 ILCS 5/8-1-19 new

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Municipal Code is amended by adding Section 8-1-19 as follows:

(65 ILCS 5/8-1-19 new)

Sec. 8-1-19. Bankruptcy; petitions. Any municipality may file a petition and exercise powers pursuant to applicable federal bankruptcy law.

Section 99. Effective date. This Act takes effect upon becoming law.