SB3183 EngrossedLRB097 19643 KMW 64897 b


  
1    AN ACT concerning local government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Counties Code is amended  by adding Section 
55-1134 as follows:
 
6    (55 ILCS 5/5-1134 new)
7    Sec. 5-1134. Borrowing from financial institutions. The 
8county board of a county may borrow money from any bank or 
9other financial institution provided such money shall be repaid 
10within 2 years from the time the money is borrowed. The County 
11Board Chairman, County Executive, or County Board President, as 
12the case may be, shall execute a promissory note or similar 
13debt instrument, but not a bond, to evidence the indebtedness 
14incurred by the borrowing. The obligation to make the payments 
15due under the promissory note or other debt instrument shall be 
16a lawful direct general obligation of the county payable from 
17the general funds of the county and such other sources of 
18payment as are otherwise lawfully available. The promissory 
19note or other debt instrument shall be authorized by an 
20ordinance passed by the county board and shall be valid whether 
21or not an appropriation with respect to that ordinance is 
22included in any annual or supplemental appropriation adopted by 
23the county board. The indebtedness incurred under this Section, 
 
 
SB3183 Engrossed- 2 -LRB097 19643 KMW 64897 b

1when aggregated with the existing indebtedness of the county, 
2may not exceed any debt limitation otherwise provided for by 
3law. This Section shall not be construed to grant any 
4additional authority to a county to borrow money or to remove 
5any referendum approval required of a county to borrow money. 
6"Financial institution" means any bank subject to the Illinois 
7Banking Act, any savings and loan association subject to the 
8Illinois Savings and Loan Act of 1985, any savings bank subject 
9to the Savings Bank Act, any credit union subject to the 
10Illinois Credit Union Act, and any federally chartered 
11commercial bank, savings and loan association, savings bank, or 
12credit union organized and operated in this State pursuant to 
13the laws of the United States.
 
 
14    Section 99. Effective date. This Act takes effect upon 
15becoming law.