HB2807eng 102ND GENERAL ASSEMBLY

HB2807 Engrossed LRB102 14652 AWJ 20005 b

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 1. Short title. This Act may be cited as the Local Accumulation of Funds Act.

Section 5. Definition. As used in this Act, "capital fund" means 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.

Section 10. Accumulation of funds. 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.

(60 ILCS 1/85-65 rep.)

Section 98. The Township Code is amended by repealing Section 85-65.

Section 99. Effective date. This Act takes effect upon becoming law.