Bill Text: IL SB1397 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: 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.
Spectrum: Bipartisan Bill
Status: (Introduced) 2024-03-22 - Added as Co-Sponsor Sen. Laura M. Murphy [SB1397 Detail]
Download: Illinois-2023-SB1397-Introduced.html
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1 | AN ACT concerning finance.
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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 Local Government Debt Reform Act is amended | |||||||||||||||||||
5 | by changing Section 16 as follows:
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6 | (30 ILCS 350/16) (from Ch. 17, par. 6916)
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7 | Sec. 16. Levy for bonds. | |||||||||||||||||||
8 | (a) A governmental unit may levy a tax for the
payment of | |||||||||||||||||||
9 | principal of and interest on general obligation bonds or | |||||||||||||||||||
10 | limited
bonds at any
time prior to March 1 of the calendar year | |||||||||||||||||||
11 | during which the tax will be
collected. The county clerk shall | |||||||||||||||||||
12 | accept the filing of
the ordinance
levying such tax | |||||||||||||||||||
13 | notwithstanding that such time is subsequent to the end of
the | |||||||||||||||||||
14 | calendar year next preceding the calendar year during which | |||||||||||||||||||
15 | such tax
will be collected. | |||||||||||||||||||
16 | (b) The county clerk shall accept the electronic filing of | |||||||||||||||||||
17 | any ordinance under subsection (a). If a governmental unit | |||||||||||||||||||
18 | files an ordinance under subsection (a) electronically, then | |||||||||||||||||||
19 | the governmental unit shall maintain an original signed copy | |||||||||||||||||||
20 | of the ordinance as long as the general obligation bonds or | |||||||||||||||||||
21 | limited bonds remain outstanding. | |||||||||||||||||||
22 | (c) In extending taxes for general obligation bonds, the
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23 | county clerk shall add to the levy for debt service on such |
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1 | bonds an amount
sufficient, in view of all losses and | ||||||
2 | delinquencies in tax collection, to
produce tax receipts | ||||||
3 | adequate for the prompt payment of such debt service.
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4 | (Source: P.A. 91-493, eff. 8-13-99.)
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5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.
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