97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3679

 

Introduced 2/10/2012, by Sen. Kimberly A. Lightford

 

SYNOPSIS AS INTRODUCED:
 
65 ILCS 5/8-1-19 new

    Amends the Illinois Municipal Code. In provisions concerning finance, provides that a municipality may file a petition and exercise powers pursuant to applicable federal bankruptcy law. Effective immediately.


LRB097 18592 KMW 63824 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3679LRB097 18592 KMW 63824 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 Illinois Municipal Code is amended by adding
5Section 8-1-19 as follows:
 
6    (65 ILCS 5/8-1-19 new)
7    Sec. 8-1-19. Bankruptcy; petitions. Any municipality may
8file a petition and exercise powers pursuant to applicable
9federal bankruptcy law.
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.