IL HB4541

Amends the Illinois Municipal Code to expand the definition of "financial institution" from which municipalities may borrow money to include banks, savings banks, savings and loan associations, and credit unions established under U.S., state, or other state laws.

Removes the previous restriction limiting financial institutions to those subject to the Illinois Banking Act and Illinois Savings and Loan Act of 1985.

Retains the requirement that borrowed money from financial institutions must be repaid within 10 years and authorizes the mayor or municipal president to execute promissory notes or debt instruments to evidence the borrowing.

Maintains that municipal borrowing must be authorized by ordinance and cannot exceed the debt limitation in Section 8-5-1 of the Illinois Municipal Code when aggregated with existing municipal indebtedness.

Includes regional planning commissions and joint regional planning commissions established under Illinois Counties Code as eligible financial institutions for municipal borrowing.