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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB1323 Introduced 1/28/2025, by Rep. Dan Ugaste SYNOPSIS AS INTRODUCED:
| | | 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. |
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| | A BILL FOR |
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| | HB1323 | | LRB104 03221 HLH 13243 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Bond Authorization Act is amended by adding |
| 5 | | Section 8 as follows:
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| 6 | | (30 ILCS 305/8 new) |
| 7 | | Sec. 8. Roll-over prohibited. Notwithstanding any other |
| 8 | | provision of law, the authority of a public corporation to |
| 9 | | levy taxes in connection with the payment of bonds or other |
| 10 | | evidences of indebtedness ceases upon the maturity date of the |
| 11 | | bond or other evidence of indebtedness or upon the discharge |
| 12 | | of the debt, whichever comes first. Nothing in this Section |
| 13 | | shall be construed to impair any contract in existence on the |
| 14 | | effective date of this amendatory Act of the 104th General |
| 15 | | Assembly.
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| 16 | | Section 99. Effective date. This Act takes effect upon |
| 17 | | becoming law. |