Bill Status of HB4225 100th General Assembly
Short Description: MUNI CD-ASSIGNMENT OF RECEIPTS
Rep. Robert Martwick and David S. Olsen
| 1/8/2019||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Municipal Code. Provides that home rule municipalities with a population over 1,000,000 may only authorize the conveyance of all or any portion of sales tax revenues to (i) corporations, trusts, or other entities that have been established for the limited purpose of issuing obligations for the benefit of a home rule municipality, or (ii) a bank or trust company in its capacity as trustee for obligations issued by the bank or trust company for the benefit of a home rule municipality. Effective immediately.