SB3679 97TH GENERAL ASSEMBLY

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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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Municipal Code is amended by adding Section 8-1-19 as follows:

(65 ILCS 5/8-1-19 new)

Sec. 8-1-19. Bankruptcy; petitions. Any municipality may file a petition and exercise powers pursuant to applicable federal bankruptcy law.

Section 99. Effective date. This Act takes effect upon becoming law.