Illinois General Assembly - Full Text of HB2807
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Full Text of HB2807  102nd General Assembly




HB2807 EngrossedLRB102 14652 AWJ 20005 b

1    AN ACT concerning local government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 1. Short title. This Act may be cited as the Local
5Accumulation of Funds Act.
6    Section 5. Definition. As used in this Act, "capital fund"
7means a capital fund of a township or a similar fund of another
8unit of local government established to dedicate funds toward
9capital improvement as a part of the unit of local
10government's annual budget.
11    Section 10. Accumulation of funds. A unit of local
12government's funds, excluding the capital fund, shall not
13exceed an amount equal to or greater than 2.5 times the annual
14average expenditure of the previous 3 fiscal years of the unit
15of local government.
16    (60 ILCS 1/85-65 rep.)
17    Section 98. The Township Code is amended by repealing
18Section 85-65.
19    Section 99. Effective date. This Act takes effect upon
20becoming law.