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Public Act 92-0836
SB1556 Enrolled LRB9211722BDdv
AN ACT concerning airport authorities.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Airport Authorities Act is amended by
adding Sections 13.2 and 13.3 as follows:
(70 ILCS 5/13.2 new)
Sec. 13.2. Capital improvement program and budget. Each
airport authority organized under this Act may annually
prepare and update a 5-year capital improvement program and
yearly capital budgets based on the program. The purposes of
the program are to (i) inventory the airport authority's
capital assets, (ii) determine the match between needs and
resources, (iii) plan for capital investments and the
maintenance of existing facilities, (iv) analyze the
relationships between capital maintenance and operating
spending, and (v) assist the airport authority in competing
for its fair share of State and federal moneys.
(70 ILCS 5/13.3 new)
Sec. 13.3. Appropriations for capital improvements. An
airport authority that has prepared a capital improvement
program under Section 13.2 may, in its annual appropriation
ordinance, appropriate an amount not to exceed 3% of the
equalized assessed value of property subject to taxation by
the airport authority for the purpose of making specified
capital improvements, acquisitions, repairs, or replacements
of the airport authority's real property or equipment or
tangible personal property. The amount appropriated for that
purpose shall be deposited into a special fund known as the
Capital Program Fund. Expenditures from the Capital Program
Fund must be budgeted in the fiscal year in which the capital
improvement, acquisition, repair, or replacement will occur.
If any surplus moneys remain after the completion or
abandonment of any object for which the Capital Program Fund
was established, the moneys no longer necessary for capital
improvement, acquisition, repair, or replacement shall be
transferred into the airport authority's general corporate
funds on the first day of the fiscal year following the
abandonment or completion of the project or the discovery of
the surplus moneys.
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly June 02, 2002.
Approved August 22, 2002.
Effective August 22, 2002.
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