Bill Status of HB4210 9th General Assembly
Short Description: MUNI CD-SURPLUS FUNDS
Rep. Maria Antonia Berrios - Greg Harris - Jaime M. Andrade, Jr. and Ann Williams
|Session Sine Die
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Municipal Code. Provides that in municipalities with more than 1,000,000 inhabitants, all surplus funds in the special tax allocation fund shall be distributed annually within 180 days after the close of the municipality's fiscal year by being paid by the municipal treasurer to any public school district operating under general school law in the municipality. Further provides that if there are 2 or more school districts operating under general school law in the municipality, the funds shall be disbursed proportionately to the number of students enrolled in each district. Prohibits special charter districts from receiving these surplus funds. Effective immediately.