Illinois General Assembly - Bill Status for SB1988

Amends the Fire Protection District Act. Provides that, if a fire protection district makes a contract with a separate fire department entity to provide fire protection services for the district, then the fire protection district may sell assets and invest the proceeds using the Public Treasurers' Investment Pool. Specifies that the proceeds and investment income must be used by a fire protection district to pay for the district's contractual obligations to a separate fire department entity or for any other fire protection related purpose. In a Section authorizing a Board of Trustees of a fire protection district to levy taxes, adds that a Board of Trustees may levy taxes for the purpose of paying all contractual obligations to a separate fire department entity or any other fire protection related purpose. Provides that the Board of Trustees may accumulate funds for the purpose of paying all contractual obligations to a separate fire department entity for fire protection services. Effective immediately.

×