State of Illinois
92nd General Assembly
Legislation

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92_HB1957eng

 
HB1957 Engrossed                              LRB9204183MWpcA

 1        AN ACT in relation to townships.

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

 4        Section  5.  The  Township  Code  is  amended  by  adding
 5    Section 245-20 as follows:

 6        (60 ILCS 1/245-20 new)
 7        Sec. 245-20.  Transfer of interest income.  The  township
 8    board  of  any township, when requested by the treasurer, may
 9    authorize the transfer of  interest  earned  on  any  of  the
10    moneys  of the township into the fund of the township that is
11    most in need of the interest. This Section does not apply  to
12    any interest earned that has been earmarked or restricted for
13    a  designated  purpose.  This  Section  does not apply to any
14    interest earned on any funds for  the  purpose  of  municipal
15    retirement  under the Illinois Pension Code and tort immunity
16    under the Local Governmental and Governmental Employees  Tort
17    Immunity Act. Interest earned on these funds may be used only
18    for  the  purposes  authorized  for the respective funds from
19    which the interest earnings were derived.

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

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