State of Illinois
92nd General Assembly

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[ Introduced ][ Senate Amendment 001 ]


HB4082 Engrossed                               LRB9214490SMtm

 1        AN ACT concerning taxes.

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

 4        Section 5.  The Property Tax Code is amended by  changing
 5    Section 21-220 as follows:

 6        (35 ILCS 200/21-220)
 7        Sec.  21-220.   Letter  of  credit or bond in counties of
 8    3,000,000  or  more;  registration  in  other  counties.   In
 9    counties  with 3,000,000 or more inhabitants, no person shall
10    make an offer to pay the amount due on any property  and  the
11    collector  shall  not accept or acknowledge an offer from any
12    person who has not deposited with  the  collector,  not  less
13    than  10  days prior to making such offer, an irrevocable and
14    unconditional letter of credit or  such  other  unconditional
15    bond  payable  to the order of the collector in an amount not
16    less than  1.5  times  the  amount  of  any  tax  or  special
17    assessment  due  upon the property, provided that in no event
18    shall the irrevocable and unconditional letter of  credit  or
19    such  other  unconditional  bond  be  in  an amount less than
20    $1,000.  The collector  may  without  notice  draw  upon  the
21    letter  of  credit or bond in the event payment of the amount
22    due together with interest and  costs  thereon  is  not  made
23    forthwith  by  the  person  purchasing  any property.  At all
24    times during the sale, any person making an offer  or  offers
25    to  pay  the  amount  or  amounts due on any properties shall
26    maintain the letter of credit or bond with the  collector  in
27    an  amount  not  less  than  1.5  times the amount due on the
28    properties which he or she has purchased and for which he  or
29    she has not paid.
30        In  counties with less than 3,000,000 inhabitants, unless
31    the county board  provides  otherwise,  no  person  shall  be
HB4082 Engrossed            -2-                LRB9214490SMtm
 1    eligible  to  bid  who  did  not  register  with  the  county
 2    collector at least 10 business days prior to the first day of
 3    sale authorized under Section 21-115.
 4    (Source:  P.A.  88-455;  incorporates  88-221;  88-670,  eff.
 5    12-2-94.)

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

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