093_HB0859sam001
LRB093 05731 BDD 16721 a
1 AMENDMENT TO HOUSE BILL 859
2 AMENDMENT NO. . Amend House Bill 859 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Property Tax Code is amended by changing
5 Sections 21-295 as follows:
6 (35 ILCS 200/21-295)
7 Sec. 21-295. Creation of indemnity fund.
8 (a) In counties of less than 3,000,000 inhabitants, each
9 person purchasing any property at a sale under this Code
10 shall pay to the County Collector, prior to the issuance of
11 any certificate of purchase, a fee of $20 for each item
12 purchased. A like sum shall be paid for each year that all
13 or a portion of subsequent taxes are paid by the tax
14 purchaser and posted to the tax judgment, sale, redemption
15 and forfeiture record where the underlying certificate of
16 purchase is recorded.
17 (a-5) In counties of 3,000,000 or more inhabitants, each
18 person purchasing property at a sale under this Code shall
19 pay to the County Collector a fee of $80 for each item
20 purchased plus an additional sum equal to 5% of taxes,
21 interest, and penalties paid by the purchaser, including the
22 taxes, interest, and penalties paid under Section 21-240. In
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1 these counties, the certificate holder shall also pay to the
2 County Collector a fee of $80 for each year that all or a
3 portion of subsequent taxes are paid by the tax purchaser and
4 posted to the tax judgment, sale, redemption, and forfeiture
5 record, plus an additional sum equal to 5% of all subsequent
6 taxes, interest, and penalties. The additional 5% fees shall
7 not be paid after June 30, 2003 are not required after
8 December 31, 2006. The changes to this subsection made by
9 this amendatory Act of the 91st General Assembly are not a
10 new enactment, but declaratory of existing law.
11 (b) The amount paid prior to issuance of the certificate
12 of purchase pursuant to subsection (a) or (a-5) shall be
13 included in the purchase price of the property in the
14 certificate of purchase and all amounts paid under this
15 Section shall be included in the amount required to redeem
16 under Section 21-355. Except as otherwise provided in
17 subsection (b) of Section 21-300, all money received under
18 subsection (a) or (a-5) shall be paid by the Collector to the
19 County Treasurer of the County in which the land is situated,
20 for the purpose of an indemnity fund. The County Treasurer,
21 as trustee of that fund, shall invest all of that fund,
22 principal and income, in his or her hands from time to time,
23 if not immediately required for payments of indemnities under
24 subsection (a) of Section 21-305, in investments permitted by
25 the Illinois State Board of Investment under Article 22A of
26 the Illinois Pension Code. The county collector shall report
27 annually to the Circuit Court on the condition and income of
28 the fund. The indemnity fund shall be held to satisfy
29 judgments obtained against the County Treasurer, as trustee
30 of the fund. No payment shall be made from the fund, except
31 upon a judgment of the court which ordered the issuance of a
32 tax deed.
33 (Source: P.A. 91-564, eff. 8-14-99; 91-924, eff. 7-7-00.)
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1 Section 99. Effective date. This Act takes effect upon
2 becoming law.".