SB3638

SB3638 requires Cook County to reimburse taxing districts for interest if it fails to distribute property tax proceeds on time.

SB3638 amends the Counties Code to mandate that Cook County reimburse taxing districts for interest if it is late in distributing property tax proceeds. Specifically, Cook County must cover the interest taxing districts would have earned by holding the tax proceeds in reserves and the interest paid on debts due to the delay. This provision applies to taxing districts defined in the Property Tax Code and prohibits Cook County from regulating the distribution of funds in a way that contradicts this requirement.