Bill Text: IL SB1430 | 2013-2014 | 98th General Assembly | Amended

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

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Bill Title: Amends the Counties Code. Provides that the county board of a county may borrow money for county purposes from one fund for the use of another fund, as long as it is repaid within the current fiscal year. Provides that the county board of a county may borrow money from any bank or financial institution, provided that the money shall be repaid within 10 years from the time the money is borrowed. Sets forth requirements concerning the documentation of the loan. Prohibits the indebtedness incurred, when aggregated with the existing indebtedness of the county, from exceeding the debt limitation otherwise provided for by law. Defines "financial institution". Effective immediately.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Passed) 2013-08-23 - Public Act . . . . . . . . . 98-0525 [SB1430 Detail]

Download: Illinois-2013-SB1430-Amended.html

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Rep. John M. Cabello

Filed: 5/7/2013

09800SB1430ham002 LRB098 08560 OMW 45428 a
AMENDMENT TO SENATE BILL 1430
AMENDMENT NO. ______. Amend Senate Bill 1430 as follows:
on page 1, line 8, by inserting "for any corporate purpose"
immediately after "money"; and
on page 1, by replacing line 11 with "board chairman or county
executive,"; and
on page 1, line 12, by deleting "President," and;
on page 2, lines 3 through 6, by deleting "This Section shall
not be construed to grant any additional authority to a county
to borrow money or to remove any referendum approval required
of a county to borrow money.".