093_HB0859sam001

 










                                     LRB093 05731 BDD 16721 a

 1                     AMENDMENT TO HOUSE BILL 859

 2        AMENDMENT NO.     .  Amend House Bill  859  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section 5.  The Property Tax Code is amended by changing
 5    Sections 21-295 as follows:

 6        (35 ILCS 200/21-295)
 7        Sec. 21-295. Creation of indemnity fund.
 8        (a)  In counties of less than 3,000,000 inhabitants, each
 9    person  purchasing  any  property  at  a sale under this Code
10    shall pay to the County Collector, prior to the  issuance  of
11    any  certificate  of  purchase,  a  fee  of $20 for each item
12    purchased.  A like sum shall be paid for each year  that  all
13    or  a  portion  of  subsequent  taxes  are  paid  by  the tax
14    purchaser and posted to the tax  judgment,  sale,  redemption
15    and  forfeiture  record  where  the underlying certificate of
16    purchase is recorded.
17        (a-5)  In counties of 3,000,000 or more inhabitants, each
18    person purchasing property at a sale under  this  Code  shall
19    pay  to  the  County  Collector  a  fee  of $80 for each item
20    purchased plus an  additional  sum  equal  to  5%  of  taxes,
21    interest,  and penalties paid by the purchaser, including the
22    taxes, interest, and penalties paid under Section 21-240.  In
 
                            -2-      LRB093 05731 BDD 16721 a
 1    these counties, the certificate holder shall also pay to  the
 2    County  Collector  a  fee  of $80 for each year that all or a
 3    portion of subsequent taxes are paid by the tax purchaser and
 4    posted to the tax judgment, sale, redemption, and  forfeiture
 5    record,  plus an additional sum equal to 5% of all subsequent
 6    taxes, interest, and penalties.  The additional 5% fees shall
 7    not be paid after  June  30,  2003  are  not  required  after
 8    December  31,  2006.  The  changes to this subsection made by
 9    this amendatory Act of the 91st General Assembly  are  not  a
10    new enactment, but declaratory of existing law.
11        (b)  The amount paid prior to issuance of the certificate
12    of  purchase  pursuant  to  subsection  (a) or (a-5) shall be
13    included in  the  purchase  price  of  the  property  in  the
14    certificate  of  purchase  and  all  amounts  paid under this
15    Section shall be included in the amount  required  to  redeem
16    under   Section  21-355.  Except  as  otherwise  provided  in
17    subsection (b) of Section 21-300, all  money  received  under
18    subsection (a) or (a-5) shall be paid by the Collector to the
19    County Treasurer of the County in which the land is situated,
20    for  the  purpose of an indemnity fund. The County Treasurer,
21    as trustee of that fund,  shall  invest  all  of  that  fund,
22    principal  and income, in his or her hands from time to time,
23    if not immediately required for payments of indemnities under
24    subsection (a) of Section 21-305, in investments permitted by
25    the Illinois State Board of Investment under Article  22A  of
26    the Illinois Pension Code.  The county collector shall report
27    annually  to the Circuit Court on the condition and income of
28    the fund.  The  indemnity  fund  shall  be  held  to  satisfy
29    judgments  obtained  against the County Treasurer, as trustee
30    of the fund. No payment shall be made from the  fund,  except
31    upon  a judgment of the court which ordered the issuance of a
32    tax deed.
33    (Source: P.A. 91-564, eff. 8-14-99; 91-924, eff. 7-7-00.)
 
                            -3-      LRB093 05731 BDD 16721 a
 1        Section 99.  Effective date.  This Act takes effect  upon
 2    becoming law.".