Illinois HB5241 requires Cook County to reimburse taxing districts for interest losses due to delayed property tax distributions.
Illinois HB5241 amends the Counties Code to address delays in property tax distribution by Cook County. If Cook County fails to distribute property tax proceeds to taxing districts on time, it must reimburse those districts for the interest they would have earned by keeping the proceeds in reserves and the interest paid on debts due to the delay. This reimbursement requirement applies to taxing districts affected by Cook County's delinquency.
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