State of Illinois
91st General Assembly
Legislation

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]


[ Introduced ][ Enrolled ]

91_HB1151eng

 
HB1151 Engrossed                               LRB9102027MWpc

 1        AN ACT to amend the Park District Code by adding  Section
 2    8-8a.

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

 5        Section 5.  The Park District Code is amended  by  adding
 6    Section 8-8a as follows:

 7        (70 ILCS 1205/8-8a new)
 8        Sec.   8-8a.  Transfer  of  interest  income.   Any  park
 9    district, when requested by its treasurer, may  transfer  the
10    interest earned on any of the moneys of the district into the
11    fund  of  the  district that is most in need of the interest.
12    This Section does not apply to any interest earned  that  has
13    been  earmarked or restricted for a designated purpose.  This
14    Section does not apply to any interest earned  on  any  funds
15    for  the  purposes of municipal retirement under the Illinois
16    Pension Code and  tort immunity under the Local  Governmental
17    and  Governmental  Employees  Tort  Immunity  Act.   Interest
18    earned  on  these  funds  may  be  used only for the purposes
19    authorized for the respective funds from which  the  interest
20    earnings were derived.

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

[ Top ]