102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0846

 

Introduced 2/10/2021, by Rep. Dan Ugaste

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 305/8 new

    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.


LRB102 10677 RJF 16006 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0846LRB102 10677 RJF 16006 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Bond Authorization Act is amended by adding
5Section 8 as follows:
 
6    (30 ILCS 305/8 new)
7    Sec. 8. Roll-over prohibited. Notwithstanding any other
8provision of law, the authority of a public corporation to
9levy taxes in connection with the payment of bonds or other
10evidences of indebtedness ceases upon the maturity date of the
11bond or other evidence of indebtedness or upon the discharge
12of the debt, whichever comes first.
 
13    Section 99. Effective date. This Act takes effect upon
14becoming law.