Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/20-135

(35 ILCS 200/20-135)

Sec. 20-135.

Interest on amount collected in counties of less than
3,000,000.  All taxing districts have a vested interest in interest earned by
the county collector on all collected but undistributed taxes due the taxing
district.  The county collector shall maintain an account into which all tax
payments shall be deposited when they are available for investment, and from
which all interest distribution shall be made in accordance with the provisions
of this Section.  Taxes collected in counties with a population of less than
3,000,000 shall be invested in accordance with the provisions of Section 1 of
the Public Funds Deposit Act. All interest earned on this account shall be
disbursed in accordance with the provisions of Section 20-130 to each district
which is entitled to receive the interest in the same proportionate ratio that
district shared in the distribution of principal taxes to all units of local
government.

On or before January 31st of each year the county collector shall file with
the Office of the County Clerk and with each taxing district which received
interest during the last year, a report identifying each of the receiving
taxing districts with the interest amounts paid to each for the entire
preceding year.

(Source: P.A. 84-1454; 88-455.)