State Codes and Statutes
Statutes > Illinois > Chapter50 > 725 (50 ILCS 505/1) (from Ch. 85, par. 5601) Sec. 1. This Act shall be known and may be cited as the "Local Government Prompt Payment Act". (Source: P.A. 84‑731.) |
(50 ILCS 505/2) (from Ch. 85, par. 5602) Sec. 2. This Act shall apply to every county, township, municipality, municipal corporation, school district, school board, forest preserve district, park district, fire protection district, sanitary district and all other local governmental units. It shall not apply to the State or any office, officer, department, division, bureau, board, commission, university or similar agency of the State, except as provided in Section 7. (Source: P.A. 85‑1159.) |
(50 ILCS 505/4) (from Ch. 85, par. 5604) Sec. 4. Any bill approved for payment pursuant to Section 3 shall be paid within 30 days after the date of approval. If payment is not made within such 30 day period, an interest penalty of 1% of any amount approved and unpaid shall be added for each month or fraction thereof after the expiration of such 30 day period, until final payment is made. (Source: P.A. 84‑731.) |
(50 ILCS 505/5) (from Ch. 85, par. 5605) Sec. 5. If the local governmental official or agency whose approval is required for any bill fails to approve or disapprove that bill within the period provided for approval by Section 3, the penalty for late payment of that bill shall be computed from the date 60 days after the receipt of that bill or the date 60 days after the goods or services are received, whichever is later. (Source: P.A. 84‑731.) |
(50 ILCS 505/6) (from Ch. 85, par. 5606) Sec. 6. The time periods specified in Sections 3, 4 and 5, as they pertain to particular goods or services, are superseded by any greater time periods as agreed to by the local government agency and the particular vendor or contractor. (Source: P.A. 87‑773.) |
(50 ILCS 505/7) (from Ch. 85, par. 5607) Sec. 7. If the funds from which the local governmental official or agency is to pay for goods or services are funds appropriated or controlled by the State, then the local governmental official or agency may certify to the State Treasurer, Comptroller and State agency responsible for administering such funds that a specified amount is anticipated to be necessary within 45 days after certification to pay for specified goods or services and that such amount is not currently available to the local governmental official or agency. The State Treasurer, Comptroller and State agency shall than expedite distribution of funds to the local governmental unit to make such payments. The certification shall be mailed on the date of certification by certified U. S. mail, return receipt requested. Any interest penalty incurred by the local governmental unit under Section 3 or 4 because of the failure of funds to be distributed from the State to the local governmental unit within the 45 day period shall be reimbursed by the State to the local governmental unit as an amount in addition to the funds to be otherwise distributed from the State. (Source: P.A. 85‑1159.) |