Bill Text: IL HB4494 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB4494 Detail]

Download: Illinois-2019-HB4494-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB4494 Introduced , 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.
LRB101 17440 HLH 66849 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB4494 LRB101 17440 HLH 66849 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 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.
Section 99. Effective date. This Act takes effect upon
becoming law.