Illinois HB 1323: BOND AUTH-NO ROLLOVER

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB1323

Introduced 1/28/2025, by Rep. Dan Ugaste 

SYNOPSIS AS INTRODUCED:

30 ILCS 305/8 new

 Amends the Bond Authorization Act. Provides that the authority of a public corporation to levy taxes in connection with the payment of bonds or other evidences of indebtedness ceases upon the maturity date of the bond or other evidence of indebtedness or upon the discharge of the debt, whichever comes first. Effective immediately.

LRB104 03221 HLH 13243 b

A BILL FOR

HB1323LRB104 03221 HLH 13243 b

1 AN ACT concerning finance.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Bond Authorization Act is amended by adding 

5Section 8 as follows:

6 (30 ILCS 305/8 new)

7 Sec. 8. Roll-over prohibited. Notwithstanding any other 

8provision of law, the authority of a public corporation to 

9levy taxes in connection with the payment of bonds or other 

10evidences of indebtedness ceases upon the maturity date of the 

11bond or other evidence of indebtedness or upon the discharge 

12of the debt, whichever comes first. Nothing in this Section 

13shall be construed to impair any contract in existence on the 

14effective date of this amendatory Act of the 104th General 

15Assembly.

16 Section 99. Effective date. This Act takes effect upon 

17becoming law.

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