IL HB0777

Amends the definition of "financial institution" in the Illinois Municipal Code to include savings banks, credit unions, and banks established under U.S. or state law, replacing previous references to specific banking acts.

Expands "financial institution" to include regional planning commissions and joint regional planning commissions established under the Counties Code.

Maintains existing provisions allowing municipalities to borrow money from financial institutions with repayment required within 10 years, documented by promissory note or similar debt instrument.

Requires that any indebtedness incurred under this section, when combined with existing municipal debt, may not exceed the debt limitation in Section 8-5-1 of the Illinois Municipal Code.

Becomes effective immediately upon passage.