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IL HB5478
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Mary Canty
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AI Summary
- Establishes an interest-free bridge loan program for Cook County school districts experiencing cash flow shortages due to delayed property tax bill issuance by the Cook County Treasurer
- Requires the State Board of Education to certify that a district has experienced or will imminently experience a cash flow deficit to qualify for a loan
- Limits loans to amounts necessary for essential operations, with a maximum term of 12 months and mandatory repayment upon receipt of delayed property tax revenues
- Requires the Cook County Treasurer to reimburse the State Treasury for all interest income lost on loans issued, plus reasonable administrative costs
- Authorizes the State Comptroller to withhold State payments to Cook County if reimbursement is not made within 90 days of written demand
Legislative Description
SCHOOL DISTRICT BRIDGE LOAN
Last Action
Assigned to Revenue & Finance Committee
3/12/2026
Committee Referrals
Revenue & Finance3/12/2026
Rules2/13/2026
Full Bill Text
No bill text available