IL HB5703

Amends Section 8-1-3.1 of the Illinois Municipal Code regarding municipal borrowing authority

Allows municipal corporate authorities to borrow from banks, savings banks, savings and loan associations, and credit unions established under U.S., state, or other state laws, with repayment required within 10 years

Expands the definition of "financial institution" to include any bank, savings bank, savings and loan association, or credit union from any jurisdiction, plus regional planning commissions

Requires borrowed funds to be documented by promissory note or similar debt instrument (not bonds) authorized by municipal ordinance and representing a general obligation of the municipality

Aggregate indebtedness incurred under this section combined with existing municipal debt cannot exceed the debt limitation in Section 8-5-1 of the Illinois Municipal Code