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35 ILCS 200/21-330
(35 ILCS 200/21-330)
Sec. 21-330. Fund for payment of interest. In all counties of less than 3,000,000 inhabitants, the county board, by resolution, may impose a fee for payment of interest and costs. Each person purchasing any property at a sale under this Code shall pay to the county collector, prior to the issuance of any certificate of purchase, a fee of up to $60 for each item purchased.
Each person purchasing
any
property at a sale held under this Code in a county with 3,000,000 or more
inhabitants shall pay to the county collector,
prior to the issuance of any certificate of purchase, a fee of $100 for each
item purchased. That amount shall be included in the
price paid for the certificate of purchase and the amount required to redeem
under Section 21-355.
All sums of money received under this Section shall be paid by the
collector to the county treasurer of the county in which the property is
situated for deposit into a special fund. It
shall be the duty of the county treasurer, as trustee of the fund, to
invest the principal and income of the fund from time to time, if not
immediately required for payments under this Section, in investments as are
authorized by Sections 3-10009 and 3-11002 of the Counties Code. The fund
shall be held to pay interest and costs
by the county treasurer as trustee of the fund. No payment shall be made
from the fund except by order of the court declaring a sale in error under
Section 21-310, 22-35, or 22-50
or by declaration of the county collector under subsection (c) of Section
21-310.
Payments under this Section are subject to the provisions of subsection (a) of Section 21-315 concerning sales in error declared under Section 22-50 in counties of 3,000,000 or more inhabitants. Any moneys accumulated in the fund by the county treasurer in excess of (i) $100,000 in counties with 250,000 or less inhabitants or (ii) $500,000 in counties with more than 250,000 inhabitants shall be paid each year prior to the commencement of the
annual tax sale, first to satisfy
any existing unpaid judgments entered pursuant to Section 21-295, and any funds
remaining thereafter shall be paid to the general fund of the county.
(Source: P.A. 103-555, eff. 1-1-24.)
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