(105 ILCS 5/18-15)
(from Ch. 122, par. 18-15)
Township loanable fund-Distribution of income.
All bonds, notes, mortgages, moneys and effects which have accrued or
may accrue from the sale of Section 16 of the common school lands of any
township, or from the sale of any real estate or other property taken on
any judgment or for any debt due to the principal of any township fund, and
all other funds which have been or may be carried to and made part of the
principal of any township fund, shall constitute the principal of the
township fund; and no part thereof shall be distributed or expended for any
purpose, except upon liquidation of the fund but shall be loaned and held
to use, rent or profit, as provided by law. The interest, rents, issues and
profits arising and accruing from the principal of any township fund shall
be used in the manner and at the times provided by this Act.
(Source: Laws 1961, p. 31.)