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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2807 Introduced 2/19/2021, by Rep. Brad Halbrook SYNOPSIS AS INTRODUCED:
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| New Act | | 60 ILCS 1/85-65 rep. | |
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Creates the Local Accumulation of Funds Act. Provides that a unit of local government's funds, excluding the capital fund, shall not exceed an amount equal to or greater than 2.5 times the annual average expenditure of the previous 3 fiscal years of the unit of local government. Defines "capital fund" as a capital fund of a township or a similar fund of another unit of local government established to dedicate funds toward capital improvement as a part of the unit of local government's annual budget. Amends the Township Code repealing a Section about accumulation of funds. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB2807 | | LRB102 14652 AWJ 20005 b |
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| 1 | | AN ACT concerning local government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 1. Short title. This Act may be cited as the Local |
| 5 | | Accumulation of Funds Act.
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| 6 | | Section 5. Definition. As used in this Act, "capital fund" |
| 7 | | means a capital fund of a township or a similar fund of another |
| 8 | | unit of local government established to dedicate funds toward |
| 9 | | capital improvement as a part of the unit of local |
| 10 | | government's annual budget.
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| 11 | | Section 10. Accumulation of funds. A unit of local |
| 12 | | government's funds, excluding the capital fund, shall not |
| 13 | | exceed an amount equal to or greater than 2.5 times the annual |
| 14 | | average expenditure of the previous 3 fiscal years of the unit |
| 15 | | of local government.
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| 16 | | (60 ILCS 1/85-65 rep.) |
| 17 | | Section 98. The Township Code is amended by repealing |
| 18 | | Section 85-65.
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| 19 | | Section 99. Effective date. This Act takes effect upon |
| 20 | | becoming law.
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