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.
50 ILCS 505/5
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.