Rep. John M. Cabello
Filed: 5/7/2013
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 1430 




2    AMENDMENT NO. ______. Amend Senate Bill 1430 by replacing 
3everything after the enacting clause with the following:


 
 
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 or county executive shall execute a promissory 
12note or similar debt instrument, but not a bond, to evidence 
13the indebtedness incurred by the borrowing. The obligation to 
14make the payments due under the promissory note or other debt 
15instrument shall be a lawful direct general obligation of the 
16county payable from the general funds of the county and such 
 
 
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1other sources of payment as are otherwise lawfully available. 
2The promissory note or other debt instrument shall be 
3authorized by an ordinance passed by the county board and shall 
4be valid whether or not an appropriation with respect to that 
5ordinance is included in any annual or supplemental 
6appropriation adopted by the county board. The indebtedness 
7incurred under this Section, when aggregated with the existing 
8indebtedness of the county, may not exceed any debt limitation 
9otherwise provided for by law. This Section shall not be 
10construed to grant any additional authority to a county to 
11borrow money or to remove any referendum approval required of a 
12county to borrow money. "Financial institution" means any bank 
13subject to the Illinois Banking Act, any savings and loan 
14association subject to the Illinois Savings and Loan Act of 
151985, any savings bank subject to the Savings Bank Act, any 
16credit union subject to the Illinois Credit Union Act, and any 
17federally chartered commercial bank, savings and loan 
18association, savings bank, or credit union organized and 
19operated in this State pursuant to the laws of the United 
20States.
 
 
21    Section 99. Effective date. This Act takes effect upon 
22becoming law.".