Public Act 103-0137
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Local Government Debt Reform Act is amended
by changing Section 16 as follows:
(30 ILCS 350/16) (from Ch. 17, par. 6916)
Sec. 16. Levy for bonds.
(a) A governmental unit may levy a tax for the payment of
principal of and interest on general obligation bonds or
limited bonds at any time prior to March 1 of the calendar year
during which the tax will be collected. The county clerk shall
accept the filing of the ordinance levying such tax
notwithstanding that such time is subsequent to the end of the
calendar year next preceding the calendar year during which
such tax will be collected.
(b) The county clerk shall accept the electronic filing of
any ordinance under subsection (a). If a governmental unit
files an ordinance under subsection (a) electronically, then
the governmental unit shall maintain an original signed copy
of the ordinance as long as the general obligation bonds or
limited bonds remain outstanding.
(c) In extending taxes for general obligation bonds, the
county clerk shall add to the levy for debt service on such
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bonds an amount sufficient, in view of all losses and
delinquencies in tax collection, to produce tax receipts
adequate for the prompt payment of such debt service.
(Source: P.A. 91-493, eff. 8-13-99.)
Section 99. Effective date. This Act takes effect upon
becoming law.