HB1323 prohibits rollover of bond payment authority for Illinois public corporations.
HB1323 amends the Bond Authorization Act to prohibit the rollover of a public corporation's authority to levy taxes for bond or debt payment once the bond matures or the debt is discharged. This change ensures that tax collection authority ends at the bond's maturity or debt's discharge, whichever occurs first. The amendment takes effect immediately upon becoming law.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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