Bill Text: IL HB4725 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code and the State Finance Act. Creates the Tax Anticipation Revolving Loan Fund. Provides that moneys in the Fund may be used by the Department of Revenue to make short-term loans to taxing districts that (i) are located within Cook County and (ii) are authorized to issue tax anticipation warrants. Provides that loans may be made if (i) any property tax proceeds are not distributed to the taxing district in a timely manner and (ii) as a result of the delay, it will be necessary for the taxing district to issue tax anticipation warrants. Contains provisions concerning repayment of the loans. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2010-01-04 - Referred to Rules Committee [HB4725 Detail]

Download: Illinois-2009-HB4725-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB4725 Introduced 1/4/2010, by Rep. Michael J. Zalewski SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.756 new
35 ILCS 200/20-157 new
Amends the Property Tax Code and the State Finance Act. Creates the Tax Anticipation Revolving Loan Fund. Provides that moneys in the Fund may be used by the Department of Revenue to make short-term loans to taxing districts that (i) are located within Cook County and (ii) are authorized to issue tax anticipation warrants. Provides that loans may be made if (i) any property tax proceeds are not distributed to the taxing district in a timely manner and (ii) as a result of the delay, it will be necessary for the taxing district to issue tax anticipation warrants. Contains provisions concerning repayment of the loans. Effective immediately.
LRB096 16238 HLH 31494 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB4725 LRB096 16238 HLH 31494 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by adding
Section 5.756 as follows:
(30 ILCS 105/5.756 new)
Sec. 5.756. The Tax Anticipation Revolving Loan Fund.
Section 10. The Property Tax Code is amended by adding
Section 20-157 as follows:
(35 ILCS 200/20-157 new)
Sec. 20-157. Tax Anticipation Revolving Loan Fund.
(a) The Tax Anticipation Revolving Loan Fund is created
within the State Treasury. Subject to appropriation, moneys in
the Fund may be used by the Department of Revenue to make
short-term loans to taxing districts as provided in this
Section. Any taxing district that is authorized to issue tax
anticipation warrants and is located, in whole or in part,
within Cook County may enter into an agreement with the
Department of Revenue for a short-term loan from the Fund if
(i) any property tax proceeds are not distributed to the taxing
district in a timely manner as provided in this Article and

HB4725 - 2 - LRB096 16238 HLH 31494 b
(ii) as a result of the delay, it will be necessary for the
taxing district to issue tax anticipation warrants. Taxing
districts shall repay any moneys received from the Fund,
including any accrued interest, as provided in the agreement
with the Department.
(b) The Treasurer may invest any moneys available in the
Tax Anticipation Revolving Loan Fund and shall deposit any
accrued interest or income from investments into the Fund.
Section 99. Effective date. This Act takes effect upon
becoming law.