Bill Text: IL HB0501 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Municipal Code. In provisions concerning finance, provides that a municipality may file a petition and exercise powers pursuant to applicable federal bankruptcy law. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB0501 Detail]

Download: Illinois-2017-HB0501-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB0501 Introduced , by Rep. Allen Skillicorn SYNOPSIS AS INTRODUCED:
65 ILCS 5/8-1-19 new
Amends the Illinois Municipal Code. In provisions concerning finance, provides that a municipality may file a petition and exercise powers pursuant to applicable federal bankruptcy law. Effective immediately.
LRB100 07371 AWJ 17435 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB0501 LRB100 07371 AWJ 17435 b
AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Municipal Code is amended by adding
Section 8-1-19 as follows:
(65 ILCS 5/8-1-19 new)
Sec. 8-1-19. Bankruptcy; petitions. Any municipality may
file a petition and exercise powers pursuant to applicable
federal bankruptcy law.
Section 99. Effective date. This Act takes effect upon
becoming law.