[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB4301
LRB9110703MWpc
1 AN ACT to amend the Township Code by adding Section
2 245-20.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Township Code is amended by adding
6 Section 245-20 as follows:
7 (60 ILCS 1/245-20 new)
8 Sec. 245-20. Transfer of interest income. The legal
9 voters of any township, when requested by the treasurer, may
10 authorized the transfer of interest earned on any of the
11 moneys of the township into the fund of the township that is
12 most in need of the interest. This Section does not apply to
13 any interest earned that has been earmarked or restricted for
14 a designated purpose. This Section does not apply to any
15 interest earned on any funds for the purpose of municipal
16 retirement under the Illinois Pension Code and tort immunity
17 under the Local Governmental and Governmental Employees Tort
18 Immunity Act. Interest earned on these funds may be used only
19 for the purposes authorized for the respective funds from
20 which the interest earnings were derived.
21 Section 99. Effective date. This Act takes effect upon
22 becoming law.