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90_HB3406
50 ILCS 425/12 new
Amends the Revenue Anticipation Act. Provides that if
anticipated revenues under the Act are proceeds or receipts
of a loan or grant, or both, from a federal agency in
connection with waterworks or wastewater facilities, or both,
and related facilities, improvements, and costs, and
reasonable provision has been made for the payment of
interest on the notes when due while the notes are
outstanding; (i) the requirement in the Act for a filing with
the County Clerk shall not apply, (ii) the 12-month limit on
the due date of the notes in the Act shall be 18 months, and
(iii) the 85% limitation on the anticipatory revenues in the
Act shall be 100%.
LRB9009735KDpc
LRB9009735KDpc
1 AN ACT to amend the Revenue Anticipation Act by adding
2 Section 12.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Revenue Anticipation Act is amended by
6 adding Section 12 as follows:
7 (50 ILCS 425/12 new)
8 Sec. 12. Anticipation of certain federal revenues. In
9 the event the anticipated revenues under this Act are
10 proceeds or receipts of a loan or grant, or both, from a
11 federal agency in connection with waterworks or wastewater
12 facilities, or both, and related facilities, improvements,
13 and costs, and reasonable provision has been made for the
14 payment of interest on the notes when due while the notes are
15 outstanding; (i) the requirement in Section 2 of this Act for
16 a filing with the County Clerk shall not apply, (ii) the 12
17 month limit on the due date of the notes in Section 3 shall
18 be 18 months, and (iii) the 85% limitation on the
19 anticipatory revenues in Section 7 of this Act shall be 100%.