(35 ILCS 200/Art. 30 heading) Article 30.
Fiscal Responsibility Law
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(35 ILCS 200/30-1)
Sec. 30-1.
Short title.
This Article may be cited as the Fiscal
Responsibility Law.
(Source: P.A. 88-455.)
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(35 ILCS 200/30-5)
Sec. 30-5.
Definition.
As used in this Article, "taxing district" has the
meaning stated in Section 1-150.
(Source: P.A. 84-205; 88-455.)
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(35 ILCS 200/30-10)
Sec. 30-10.
Special reserve fund.
The governing body of any taxing district
may, by ordinance or resolution, establish a special reserve fund for the
purpose of accumulating monies to pay refunds of erroneously or illegally
collected taxes. A taxing district establishing a special fund may transfer
into the fund each year taxes or monies from the general corporate fund to be
used solely for the payment of tax refunds and expenses incident to refunds.
The balance of the fund shall not exceed 1/2 of 1% of the equalized assessed
valuation of property in the taxing district.
(Source: P.A. 84-205; 88-455.)
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(35 ILCS 200/30-15)
Sec. 30-15.
Effect of fund on levies.
A tax levy of a taxing district shall
not be deemed invalid for the sole reason that the taxing district has
accumulated monies in a special reserve fund pursuant to this Article.
(Source: P.A. 84-205; 88-455.)
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(35 ILCS 200/30-20)
Sec. 30-20.
Tax reimbursement account.
If the corporate authorities of a
taxing district determine that the taxing district has on hand surplus
funds from any source, then the corporate authorities may transfer those
surplus funds into a tax reimbursement account.
(Source: P.A. 87-737; 87-767; 88-455.)
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(35 ILCS 200/30-25)
Sec. 30-25.
Distributions from account.
(a) At the direction of the corporate
authorities of a taxing district, the treasurer of the taxing district shall
disburse the amounts held in the tax reimbursement account. Unless the taxing
district has divided the moneys as provided in subsection (b), disbursements
shall
be made to all of the owners of taxable homestead property within the taxing
district. Each owner of taxable homestead property shall receive a
proportionate share of the total disbursement based on the amount of ad valorem
taxes on taxable homestead property paid by the owner to the taxing district
under the most recent tax bill.
(b) The corporate authorities of a taxing district may direct the
treasurer to
divide the moneys deposited into the account into 2 separate pools to be
designated the homestead property pool and the commercial or industrial
property pool. The
amount to be deposited into each pool shall be determined by the corporate
authorities of the taxing district, except that at least 50% of the moneys in
the
account shall be deposited into the homestead property pool. The treasurer
shall
disburse the amounts held in each pool in the tax reimbursement account at the
direction of the corporate authorities. Disbursements from the homestead
property
pool shall be made to all of the owners of taxable homestead property within
the
taxing district. Each owner of taxable homestead property shall receive a
proportionate share of the total disbursement from the pool based on the amount
of
ad valorem taxes on taxable homestead property paid by the owner to the taxing
district under the most recent tax bill. Disbursements from the commercial or
industrial
property pool shall be made to all of the owners of taxable commercial or
industrial
property,
except those owners whose property is located within a tax increment financing
district or those owners whose property is classified as an apartment building.
Each eligible owner of taxable commercial or industrial property shall receive
a
proportionate share of the total disbursement from the pool based on the amount
of
ad valorem taxes on taxable commercial or industrial property paid by the owner
to the
taxing district under the most recent tax bill.
(c) In determining the proportionate share of each owner of homestead
property, the numerator
shall
be the amount of taxes on homestead property paid by that owner to the
taxing district under the most recent tax bill, and the denominator shall
be the aggregate total of all taxes on homestead property paid by all
owners to the taxing district under the most recent tax bills.
(d) In determining the proportionate share of each owner of commercial or
industrial
property, the numerator shall be the amount of taxes on commercial or
industrial property
paid by that owner to the taxing district under the most recent tax bill, and
the
denominator shall be the aggregate total of all taxes on commercial or
industrial property
paid by all owners to the taxing district under the most recent tax bills less
taxes
paid on commercial or industrial property located in a tax increment financing
district
and
taxes paid on an apartment building.
(Source: P.A. 90-471, eff. 8-17-97.)
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(35 ILCS 200/30-30)
Sec. 30-30.
Fiscal Responsibility Report Card.
The corporate authority of
each taxing district, other than a school district, that imposes ad valorem
taxes, within 180 days of the conclusion of the fiscal year of the taxing
district, shall submit to the State Comptroller and the county clerk of
each county in which a part of the taxing district is located a Fiscal
Responsibility Report Card in the form prescribed by the State Comptroller
after consultation with other State Constitutional officers as the State
Comptroller selects. The Fiscal Responsibility Report Card shall inform
taxpayers about the amounts, sources, and uses of tax revenues received and
expended by the taxing district.
(Source: P.A. 87-782; 87-1002; 88-455; incorporates 88-280;
88-670, eff. 12-2-94.)
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(35 ILCS 200/30-31)
Sec. 30-31. Fiscal Responsibility Report Card; State Comptroller. The State
Comptroller, within 180 days of the conclusion of the fiscal year of the State,
shall make available on the Comptroller's website a Fiscal
Responsibility Report Card in the form prescribed by the State Comptroller
after consultation with other State Constitutional officers selected by the
State Comptroller. The Fiscal Responsibility Report Card shall inform the
General Assembly and the county clerks about the amounts, sources, and uses of
tax revenues received and expended by each taxing district, other than a school
district, that imposes ad valorem taxes.
(Source: P.A. 102-291, eff. 8-6-21.)
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