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.
50 ILCS 505/4
Any bill approved for payment pursuant to Section 3 shall be paid within 30 days after the date of approval
Known as the Local Government Prompt Payment Act
The act spans §§ 50-505-1 to 50-505-9 (8 sections).
P.A. 84-731.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.