Bill Text: IL SB0087 | 2015-2016 | 99th General Assembly | Chaptered
Bill Title: Amends the Counties Code. Provides that a county may accumulate an amount not to exceed 3% of the equalized assessed value of property subject to taxation by the county (rather than 5% of the amount appropriated to the county's general corporate or operating fund) in its County Capital Improvement, Repair, or Replacement Fund.
Sponsorship: Bipartisan Bill
Status: (Passed) 2015-07-10 - Public Act . . . . . . . . . 99-0019 [SB0087 Detail]
Download: Illinois-2015-SB0087-Chaptered.html
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| Public Act 099-0019 | ||||
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Counties Code is amended by changing Section | ||||
6-1002.5 as follows:
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(55 ILCS 5/6-1002.5)
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Sec. 6-1002.5. Capital Improvement, Repair, or Replacement | ||||
Fund.
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(a) In the preparation of the its annual budget, an amount | ||||
not to exceed 3% of the equalized assessed value of property | ||||
subject to taxation by the county may be accumulated in a | ||||
separate fund a county may appropriate an amount not to exceed
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5% of the amount appropriated to the county's general corporate | ||||
or operating
fund,
for the purpose of making specified capital | ||||
improvements, repairs,
or replacements with respect to real | ||||
property or equipment or other tangible
personal property of | ||||
the county. Any amount so accumulated appropriated shall be | ||||
deposited
into a special fund to be known as the County Capital | ||||
Improvement, Repair, or
Replacement Fund ("the Fund"). | ||||
Expenditures from the Fund shall be budgeted in
the fiscal year | ||||
in which the capital improvement, repair, or replacement
will | ||||
occur.
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(b) Moneys shall be transferred from the Fund into the | ||||
county's general
corporate or operating fund as follows:
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(1) When a capital improvement, repair, or replacement | ||
project is
completed, or when such a project is abandoned, | ||
and the county board determines
that there remain in the | ||
Fund unspent moneys that were budgeted for the
project, | ||
those unspent moneys shall be transferred.
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(2) When the county board determines that surplus | ||
moneys, not needed for
any capital improvement, repair, or | ||
replacement project for which the Fund was
established, | ||
remain in the Fund, those surplus moneys shall be | ||
transferred.
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Moneys transferred to the county's general corporate or | ||
operating fund under
this
subsection shall be transferred on | ||
the first day of the fiscal year following
the fiscal year in
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which the unspent or surplus moneys were determined to
exist.
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(Source: P.A. 94-644, eff. 8-22-05.)
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