(35 ILCS 200/30-10)
Special reserve fund.
The governing body of any taxing district
may, by ordinance or resolution, establish a special reserve fund for the
purpose of accumulating monies to pay refunds of erroneously or illegally
collected taxes. A taxing district establishing a special fund may transfer
into the fund each year taxes or monies from the general corporate fund to be
used solely for the payment of tax refunds and expenses incident to refunds.
The balance of the fund shall not exceed 1/2 of 1% of the equalized assessed
valuation of property in the taxing district.
(Source: P.A. 84-205; 88-455.)