(510 ILCS 67/25)
Sec. 25.
Assessments.
(a) The Board shall set the assessment at $2 per ton or 5 cents per 50-pound
bag of commercial equine feed. The assessed amount shall apply to all
manufacturers of commercial equine feed when the feed is sold or imported for
sale in Illinois. The assessment when made shall be listed as a separate line
on the bill labeled "Illinois Equine Research and Promotion Assessment".
Assessments collected are due to the Board the 25th day of each quarter and
shall include the total collected for the previous calendar quarter. The
remitting manufacturer may retain 2% of the amount of
assessment
as a collection fee. If payment is not made in full to the Board by the due
date as specified under this subsection, an interest penalty of 5% of any
unpaid amount shall be added for each month or fraction of a month after the
due date, until final payment is made. No collection fee may be retained on
amounts not remitted in full by the 25th day of each quarter.
(b) The Board may establish an alternative means of collecting the
assessment if another means is found to be more effective and efficient. The
Board shall assess any charges incurred in conjunction with action to secure
compliance with this Act by any person who fails to remit any amount due the
Board under this Act.
(c) Pending disbursement pursuant to a program, plan, or project, the Board
shall invest funds collected through assessments, and any other funds received
by the Board, only (i) in obligations of the United States or any agency
thereof, (ii) in general obligations of any state or political subdivision
thereof, (iii) in any interest-bearing account or certificate of deposit of a
bank that is a member of the Federal Reserve System, or (iv) in obligations
fully guaranteed as to the principal and interest by the United States.
(Source: P.A. 93-135, eff. 7-10-03.)
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