COUNTIES CD-BORROWING MONEY Senate SponsorsSen. Dave Syverson and Wm. Sam McCann House Sponsors(Rep. John M. Cabello) 8/23/2013SenatePublic Act . . . . . . . . . 98-0525 55 ILCS 5/5-1134 newAmends the Counties Code. Provides that the county board of a county may borrow money for county purposes from one fund for the use of another fund, as long as it is repaid within the current fiscal year. Provides that the county board of a county may borrow money from any bank or financial institution, provided that the money shall be repaid within 10 years from the time the money is borrowed. Sets forth requirements concerning the documentation of the loan. Prohibits the indebtedness incurred, when aggregated with the existing indebtedness of the county, from exceeding the debt limitation otherwise provided for by law. Defines "financial institution". Effective immediately.House Floor Amendment No. 2 Provides that the county board of a county may borrow money for any corporate purpose from a bank or other financial institution provided that the money shall be repaid within 2 years (rather than 10 years). Deletes a provision allowing the Cook County Board President to execute a promissory note or similar debt instrument. Deletes a provision that provides that borrowing from financial institutions shall not be construed to grant any additional authority to a county to borrow money or to remove any referendum approval required of a county to borrow money. 2/6/2013SenateFiled with Secretary by Sen. Dave Syverson 2/6/2013SenateFirst Reading 2/6/2013SenateReferred to Assignments 2/14/2013SenateAssigned to Local Government 2/28/2013SenateDo Pass Local Government; 013-000-000 2/28/2013SenatePlaced on Calendar Order of 2nd Reading March 1, 2013 2/28/2013SenateAdded as Co-Sponsor Sen. Wm. Sam McCann 3/1/2013SenateSecond Reading 3/1/2013SenatePlaced on Calendar Order of 3rd Reading March 5, 2013 4/11/2013SenateThird Reading - Passed; 050-001-000 4/11/2013HouseArrived in House 4/12/2013HouseChief House Sponsor Rep. John M. Cabello 4/12/2013HouseFirst Reading 4/12/2013HouseReferred to Rules Committee 4/24/2013HouseAssigned to Counties & Townships Committee 5/2/2013HouseDo Pass / Short Debate Counties & Townships Committee; 004-000-000 5/2/2013HousePlaced on Calendar 2nd Reading - Short Debate 5/7/2013HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. John M. Cabello 5/7/2013HouseHouse Floor Amendment No. 1 Referred to Rules Committee 5/7/2013HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. John M. Cabello 5/7/2013HouseHouse Floor Amendment No. 2 Referred to Rules Committee 5/8/2013HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000 5/8/2013HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 005-000-000 5/9/2013HouseSecond Reading - Short Debate 5/9/2013HouseHouse Floor Amendment No. 1 Withdrawn by Rep. John M. Cabello 5/9/2013HouseHouse Floor Amendment No. 2 Adopted 5/9/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/15/2013HouseThird Reading - Short Debate - Passed 088-023-002 5/15/2013SenateSecretary's Desk - Concurrence House Amendment(s) 2 5/15/2013SenatePlaced on Calendar Order of Concurrence House Amendment(s) 2 - May 16, 2013 5/22/2013SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Dave Syverson 5/22/2013SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments 5/23/2013SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Local Government 5/24/2013SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Local Government; 010-000-000 5/28/2013SenateHouse Floor Amendment No. 2 Senate Concurs 055-002-000 5/28/2013SenatePassed Both Houses 6/26/2013SenateSent to the Governor 8/23/2013SenateGovernor Approved 8/23/2013SenateEffective Date August 23, 2013 8/23/2013SenatePublic Act . . . . . . . . . 98-0525