SCHOOL DISTRICT BRIDGE LOAN

Illinois General Assembly - Full Text of HB5478

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HB5478 - 104th General Assembly

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5478

Introduced 2/13/2026, by Rep. Mary Beth Canty

SYNOPSIS AS INTRODUCED:

30 ILCS 105/6z-149 new
35 ILCS 200/20-227 new

Amends the State Finance Act. Provides that the State Comptroller, in
coordination with the State Board of Education, shall establish and
administer a program under which eligible school districts located in Cook
County may receive interest-free loans from the State Treasury to address
cash flow shortages caused by the delayed issuance of property tax bills by
the Cook County Treasurer. Provides that a school district shall be
eligible for a loan if the Cook County Treasurer fails to issue property
tax bills by the statutory deadline under the Property Tax Code, the
failure results in a delay in the receipt of property tax revenues, and the
State Board of Education certifies that the district has experienced or
will immediately experience a cash flow deficit as a result of the delay.
Provides that the loans shall be limited to the amount necessary to
maintain essential operations and shall bear no interest to the borrowing
district. Provides that the term for a loan shall not exceed 12 months, and
that the loan shall repaid in full upon receipt of delayed property tax
revenues. Provides that the Cook County shall reimburse the State Treasury
for the full amount of interest income lost by the State on any loan.
Effective immediately.
LRB104 19261 HLH 32707 b

A BILL FOR

HB5478
LRB104 19261 HLH 32707 b
1

AN ACT concerning State government.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The State Finance Act is amended by adding
5
Section 6z-149 as follows:

6

(30 ILCS 105/6z-149 new)
7

Sec. 6z-149.
Cook County school district bridge loan
8
program.
9

(a) The State Comptroller, in coordination with the State
10
Board of Education, shall establish and administer a program
11
under which eligible school districts located within Cook
12
County may receive interest-free loans from the State Treasury
13
to address cash flow shortages caused by the delayed issuance
14
of property tax bills by the Cook County Treasurer.
15

(b) A school district shall be eligible for a loan under
16
this Section if:

17

(1) the Cook County Treasurer fails to issue property
18

tax bills by the statutory deadline under the Property Tax
19

Code;
20

(2) the failure results in a delay in the receipt of
21

property tax revenues; and
22

(3) the State Board of Education certifies that the
23

district has experienced or will imminently experience a

HB5478
- 2 -
LRB104 19261 HLH 32707 b
1

cash flow deficit as a result of the delay.

2

(c) Loans issued under this Section:

3

(1) shall be limited to the amount necessary to
4

maintain essential operations;
5

(2) shall bear no interest to the borrowing district;
6

(3) shall be repaid in full upon receipt of delayed
7

property tax revenues; and
8

(4) shall not exceed a term of 12 months.

9

(d) The Cook County Treasurer shall reimburse the State
10
Treasury for the full amount of interest income lost by the
11
State on any loan issued under this Section.
12

(e) The State Comptroller shall determine the interest
13
amount due under subsection (d) based on the average monthly
14
yield of State investment instruments during the term of the
15
loan.
16

(f) The State Board of Education may adopt rules to
17
implement this Section.

18

Section 10.
The Property Tax Code is amended by adding
19
Section 20-227 as follows:

20

(35 ILCS 200/20-227 new)
21

Sec. 20-227.
Responsibility for State bridge loans.
22

(a) If the Cook County Treasurer fails to issue property
23
tax bills in accordance with this Code and a school district
24
receives a loan pursuant to Section 6z-149 of the State

HB5478
- 3 -
LRB104 19261 HLH 32707 b
1
Finance Act as a result of that failure, the Cook County
2
Treasurer shall reimburse the State for:

3

(1) interest lost by the State; and
4

(2) reasonable administrative costs incurred by the
5

State in administering the loan.

6

(b) Reimbursement required under this Section shall be
7
paid from funds available to the Office of the Cook County
8
Treasurer and may not be deducted from distributions owed to
9
any school district.
10

(c) If reimbursement is not made within 90 days after a
11
written demand by the Comptroller, the Comptroller may
12
withhold State payments otherwise payable to Cook County in an
13
amount necessary to satisfy the liability.

14

Section 99.
Effective date.
This Act takes effect upon
15
becoming law.

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