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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0846 Introduced 2/10/2021, by Rep. Dan Ugaste SYNOPSIS AS INTRODUCED:
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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.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB0846 | | LRB102 10677 RJF 16006 b |
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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 Bond Authorization Act is amended by adding |
| 5 | | Section 8 as follows:
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| 6 | | (30 ILCS 305/8 new) |
| 7 | | Sec. 8. Roll-over prohibited. Notwithstanding any other |
| 8 | | provision of law, the authority of a public corporation to |
| 9 | | levy taxes in connection with the payment of bonds or other |
| 10 | | evidences of indebtedness ceases upon the maturity date of the |
| 11 | | bond or other evidence of indebtedness or upon the discharge |
| 12 | | of the debt, whichever comes first.
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| 13 | | Section 99. Effective date. This Act takes effect upon |
| 14 | | becoming law.
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