State of Illinois
Public Acts
92^nd General Assembly

Public Act 92-0640

SB1668 Enrolled                                LRB9214489SMtm

    AN ACT concerning taxes.

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

    Section  5.  The Property Tax Code is amended by changing
Section 21-220 as follows:

    (35 ILCS 200/21-220)
    Sec. 21-220.  Letter of credit or  bond  in  counties  of
3,000,000   or  more;  registration  in  other  counties.  In
counties with 3,000,000 or more inhabitants, no person  shall
make  an  offer to pay the amount due on any property and the
collector shall not accept or acknowledge an offer  from  any
person  who  has  not  deposited with the collector, not less
than 10 days prior to making such offer, an  irrevocable  and
unconditional  letter  of  credit or such other unconditional
bond payable to the order of the collector in an  amount  not
less  than  1.5  times  the  amount  of  any  tax  or special
assessment due upon the property, provided that in  no  event
shall  the  irrevocable and unconditional letter of credit or
such other unconditional bond  be  in  an  amount  less  than
$1,000.    The  collector  may  without  notice draw upon the
letter of credit or bond in the event payment of  the  amount
due  together  with  interest  and  costs thereon is not made
forthwith by the person  purchasing  any  property.   At  all
times  during  the sale, any person making an offer or offers
to pay the amount or amounts  due  on  any  properties  shall
maintain  the  letter of credit or bond with the collector in
an amount not less than 1.5  times  the  amount  due  on  the
properties  which he or she has purchased and for which he or
she has not paid.
    In counties with less than 3,000,000 inhabitants,  unless
the  county  board  provides  otherwise,  no  person shall be
eligible  to  bid  who  did  not  register  with  the  county
collector at least 10 business days prior to the first day of
sale authorized under Section 21-115.
(Source:  P.A.  88-455;  incorporates  88-221;  88-670,  eff.
12-2-94.)

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.
    Passed in the General Assembly April 24, 2002.
    Approved July 11, 2002.
    Effective July 11, 2002.