HB5478

Illinois HB5478 establishes a bridge loan program for Cook County school districts facing cash flow deficits due to delayed property tax bill.

Illinois HB5478 creates a bridge loan program for Cook County school districts experiencing cash flow deficits caused by the Cook County Treasurer's failure to issue property tax bills by the statutory deadline. Eligible districts can receive interest-free loans from the State Treasury to maintain essential operations. The loans must be repaid in full upon receipt of delayed property tax revenues and cannot exceed 12 months. The Cook County Treasurer is responsible for reimbursing the State for interest lost and administrative costs. Effective immediately.