HB1355 103RD GENERAL ASSEMBLY

LRB103 05172 HLH 50187 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1355

Introduced 1/31/2023, 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.

A BILL FOR

AN ACT concerning finance.

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

Section 5. The Bond Authorization Act is amended by adding Section 8 as follows:

(30 ILCS 305/8 new)

Sec. 8. Roll-over prohibited. Notwithstanding any other provision of law, 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. Nothing in this Section shall be construed to impair any contract in existence on the effective date of this amendatory Act of the 103rd General Assembly.

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