State of Illinois
92nd General Assembly

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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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