State of Illinois
92^nd General Assembly
Legislation

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92_SB1262eng

 
SB1262 Engrossed                              SRS92SB0022MHge

 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
 
SB1262 Engrossed            -2-               SRS92SB0022MHge
 1    Fund must be budgeted in the fiscal year in which the capital
 2    improvement, acquisition, repair, or replacement will  occur.
 3    If   any  surplus  moneys  remain  after  the  completion  or
 4    abandonment of any object for which the Capital Program  Fund
 5    was  established,  the moneys no longer necessary for capital
 6    improvement, acquisition, repair,  or  replacement  shall  be
 7    transferred  into  the  airport authority's general corporate
 8    funds on the first day  of  the  fiscal  year  following  the
 9    abandonment  or completion of the project or the discovery of
10    the surplus moneys.

11        Section 99.   Effective date.  This Act takes effect upon
12    becoming law.

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