(55 ILCS 5/5-1026) (from Ch. 34, par. 5-1026)
Sec. 5-1026.
Accumulation of surplus of general taxes for building
purposes; referendum. Within the rate limitations set out in Section
5-1024 and subject to the referendum provisions of this Section, a county
of less than 500,000 inhabitants may accumulate a surplus of general
corporate taxes for building purposes which when added to the total
indebtedness of the county does not exceed 5% of the equalized assessed
valuation of all taxable property in the county.
The county board of any county of less than 500,000 inhabitants, by
resolution, may provide for submission to the electors of a proposition to
accumulate a surplus from the tax levy for general corporate purposes for a
specified building project to be undertaken by the county when such
accumulation is sufficient to pay for the project. The board shall certify
the resolution and the proposition to the proper election officials who
shall submit the proposition at an election in accordance with the general
election law.
The proposition shall be in substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall the county of.... accumulate general YEScorporate funds for the purpose of ------------------------------------------------------------building.... (here state building purpose)? NO---------------------------------------------------------------------------------------------------------------------
If a majority of the electors voting on the proposition vote in favor
of it, the county may use a portion of the funds levied for general
corporate purposes, within the tax rate and to the extent allowed by
Section 5-1024, for the purpose of accumulating funds for the
building project.
No funds accumulated pursuant to this Section shall be used for any
purpose other than the specified building purpose stated in the
proposition which was approved by a referendum, unless a proposition to
use such funds, or a specified dollar amount thereof, for such other
purpose is submitted to the electors of the county at a subsequent
referendum. Such referendum shall be governed by the same statutory
provisions as are provided for the submission of the proposition to
accumulate funds. The proposition shall be in substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall the funds (or $.... of thefunds) accumulated by.... county YESfor the purpose of building.... ----------------------------------------------------------------(here state original purpose) be used NOinstead for.... (here state proposed use)?---------------------------------------------------------------------------------------------------------------------
If a majority of the electors voting on the proposition vote in favor
of it, the county may use such accumulated funds, or the amount thereof
specified in the proposition, for the new purpose stated in the
proposition.
(Source: P.A. 86-962.)
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