Bill Text: IL SB0279 | 2009-2010 | 96th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Municipal Code. In a Section authorizing the corporate authorities of a municipality to borrow money from any bank or other financial institution, adds to the definition of "financial institution" any regional planning commission or joint regional planning commission established in accordance with the Counties Code. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2009-05-08 - Rule 19(a) / Re-referred to Rules Committee [SB0279 Detail]

Download: Illinois-2009-SB0279-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB0279 Introduced 2/6/2009, by Sen. John O. Jones SYNOPSIS AS INTRODUCED:
65 ILCS 5/8-1-3.1 from Ch. 24, par. 8-1-3.1
Amends the Illinois Municipal Code. In a Section authorizing the corporate authorities of a municipality to borrow money from any bank or other financial institution, adds to the definition of "financial institution" any regional planning commission or joint regional planning commission established in accordance with the Counties Code. Effective immediately.
LRB096 08024 RLJ 18129 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
SB0279 LRB096 08024 RLJ 18129 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
changing Section 8-1-3.1 as follows:
(65 ILCS 5/8-1-3.1) (from Ch. 24, par. 8-1-3.1)
Sec. 8-1-3.1. The corporate authorities may borrow money
for corporate purposes from one fund for the use of another
fund providing such borrowing shall be repaid within the
current fiscal year.
The corporate authorities may also borrow money from any
bank or other financial institution provided such money shall
be repaid within 10 years from the time the money is borrowed.
The mayor or president of the municipality, as the case may be,
shall execute a promissory note or similar debt instrument, but
not a bond, to evidence the indebtedness incurred by the
borrowing. The obligation to make the payments due under the
promissory note or other debt instrument shall be a lawful
direct general obligation of the municipality payable from the
general funds of the municipality and such other sources of
payment as are otherwise lawfully available. The promissory
note or other debt instrument shall be authorized by an
ordinance passed by the corporate authorities and shall be

SB0279 - 2 - LRB096 08024 RLJ 18129 b
valid whether or not an appropriation with respect to that
ordinance is included in any annual or supplemental
appropriation adopted by the corporate authorities. The
indebtedness incurred under this Section, when aggregated with
the existing indebtedness of the municipality, may not exceed
the debt limitation provided in Section 8-5-1 of this Code.
"Financial institution" means any bank subject to the "Illinois
Banking Act", any savings and loan association subject to the
"Illinois Savings and Loan Act of 1985", and any federally
chartered commercial bank or savings and loan association
organized and operated in this State pursuant to the laws of
the United States, and any regional planning commission or
joint regional planning commission established in accordance
with Section 5-14001 or Section 5-14003 of the Counties Code.
(Source: P.A. 95-693, eff. 11-5-07.)
Section 99. Effective date. This Act takes effect upon
becoming law.