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92_SB1556enr SB1556 Enrolled LRB9211722BDdv 1 AN ACT concerning airport authorities. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Airport Authorities Act is amended by 5 adding Sections 13.2 and 13.3 as follows: 6 (70 ILCS 5/13.2 new) 7 Sec. 13.2. Capital improvement program and budget. Each 8 airport authority organized under this Act may annually 9 prepare and update a 5-year capital improvement program and 10 yearly capital budgets based on the program. The purposes of 11 the program are to (i) inventory the airport authority's 12 capital assets, (ii) determine the match between needs and 13 resources, (iii) plan for capital investments and the 14 maintenance of existing facilities, (iv) analyze the 15 relationships between capital maintenance and operating 16 spending, and (v) assist the airport authority in competing 17 for its fair share of State and federal moneys. 18 (70 ILCS 5/13.3 new) 19 Sec. 13.3. Appropriations for capital improvements. An 20 airport authority that has prepared a capital improvement 21 program under Section 13.2 may, in its annual appropriation 22 ordinance, appropriate an amount not to exceed 3% of the 23 equalized assessed value of property subject to taxation by 24 the airport authority for the purpose of making specified 25 capital improvements, acquisitions, repairs, or replacements 26 of the airport authority's real property or equipment or 27 tangible personal property. The amount appropriated for that 28 purpose shall be deposited into a special fund known as the 29 Capital Program Fund. Expenditures from the Capital Program 30 Fund must be budgeted in the fiscal year in which the capital SB1556 Enrolled -2- LRB9211722BDdv 1 improvement, acquisition, repair, or replacement will occur. 2 If any surplus moneys remain after the completion or 3 abandonment of any object for which the Capital Program Fund 4 was established, the moneys no longer necessary for capital 5 improvement, acquisition, repair, or replacement shall be 6 transferred into the airport authority's general corporate 7 funds on the first day of the fiscal year following the 8 abandonment or completion of the project or the discovery of 9 the surplus moneys. 10 Section 99. Effective date. This Act takes effect upon 11 becoming law.
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