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Public Act 92-0107
HB1957 Enrolled LRB9204183MWpcA
AN ACT in relation to townships.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Township Code is amended by adding
Section 245-20 as follows:
(60 ILCS 1/245-20 new)
Sec. 245-20. Transfer of interest income. The township
board of any township, when requested by the treasurer, may
authorize the transfer of interest earned on any of the
moneys of the township into the fund of the township that is
most in need of the interest. This Section does not apply to
any interest earned that has been earmarked or restricted for
a designated purpose. This Section does not apply to any
interest earned on any funds for the purpose of municipal
retirement under the Illinois Pension Code and tort immunity
under the Local Governmental and Governmental Employees Tort
Immunity Act. Interest earned on these funds may be used only
for the purposes authorized for the respective funds from
which the interest earnings were derived.
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly May 01, 2001.
Approved July 20, 2001.
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