Public Act 098-0525
 
SB1430 EnrolledLRB098 08560 OMW 38674 b


  
    AN ACT concerning local government.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Counties Code is amended  by adding Section 
5-1134 as follows:
 
    (55 ILCS 5/5-1134 new)
    Sec. 5-1134. Borrowing from financial institutions. The 
county board of a county may borrow money for any corporate 
purpose from any bank or other financial institution provided 
such money shall be repaid within 2 years from the time the 
money is borrowed. The county board chairman or  county 
executive, as the case may be, shall execute a promissory note 
or similar debt instrument, but not a bond, to evidence the 
indebtedness incurred by the borrowing. The obligation to make 
the payments due under the promissory note or other debt 
instrument shall be a lawful direct general obligation of the 
county payable from the general funds of the county and such 
other sources of payment as are otherwise lawfully available. 
The promissory note or other debt instrument shall be 
authorized by an ordinance passed by the county board and shall 
be valid whether or not an appropriation with respect to that 
ordinance is included in any annual or supplemental 
appropriation adopted by the county board. The indebtedness 
incurred under this Section, when aggregated with the existing 
indebtedness of the county, may not exceed any debt limitation 
otherwise provided for by law. "Financial institution" means 
any bank subject to the Illinois Banking Act, any savings and 
loan association subject to the Illinois Savings and Loan Act 
of 1985, any savings bank subject to the Savings Bank Act, any 
credit union subject to the Illinois Credit Union Act, and any 
federally chartered commercial bank, savings and loan 
association, savings bank, or credit union organized and 
operated in this State pursuant to the laws of the United 
States.
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law. 
  


Effective Date:  8/23/2013