(60 ILCS 1/245-20)
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.
(Source: P.A. 92-107, eff. 7-20-01.)
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