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91_HB1151
LRB9102027MWpc
1 AN ACT to amend the Park District Code by adding Section
2 8-8a.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Park District Code is amended by adding
6 Section 8-8a as follows:
7 (70 ILCS 1205/8-8a new)
8 Sec. 8-8a. Transfer of interest income. Any park
9 district, when requested by its treasurer, may transfer the
10 interest earned on any of the moneys of the district into the
11 fund of the district that is most in need of the interest.
12 This Section does not apply to any interest earned that has
13 been earmarked or restricted for a designated purpose. This
14 Section does not apply to any interest earned on any funds
15 for the purposes of municipal retirement under the Illinois
16 Pension Code and tort immunity under the Local Governmental
17 and Governmental Employees Tort Immunity Act. Interest
18 earned on these funds may be used only for the purposes
19 authorized for the respective funds from which the interest
20 earnings were derived.
21 Section 99. Effective date. This Act takes effect upon
22 becoming law.