|HB2807 Engrossed||LRB102 14652 AWJ 20005 b|
AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Accumulation of Funds Act.
As used in this Act, "capital fund"
means a capital fund of a township or a similar fund of another
unit of local government established to dedicate funds toward
capital improvement as a part of the unit of local
government's annual budget.
Accumulation of funds.
A unit of local
government's funds, excluding the capital fund, shall not
exceed an amount equal to or greater than 2.5 times the annual
average expenditure of the previous 3 fiscal years of the unit
of local government.
(60 ILCS 1/85-65 rep.)
The Township Code is amended by repealing
This Act takes effect upon