SB1568 95TH GENERAL ASSEMBLY

LRB095 08997 HLH 29188 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1568

Introduced 2/9/2007, by Sen. Randall "Randy" M. Hultgren

SYNOPSIS AS INTRODUCED:

70 ILCS 805/13.8 new

Amends the Downstate Forest Preserve District Act. Provides that the district may establish a separate fund for capital improvements, repairs, or replacements. Provides that the amount accumulated in the fund shall not exceed 0.02% of the equalized assessed value of taxable property in the district. Provides for the distribution of surplus moneys. Effective immediately.

A BILL FOR

AN ACT concerning forest preserve districts.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Downstate Forest Preserve District Act is amended by adding Section 13.8 as follows:

(70 ILCS 805/13.8 new)

Sec. 13.8. In the preparation of the annual appropriation ordinance, an amount not to exceed 0.02% of the equalized assessed value of property subject to taxation by the district may be accumulated in a separate fund for the purpose of specific capital improvements, repairs, or replacements of district equipment or other tangible property. The Fund shall be designated as the "Capital Improvement, Repair, or Replacement Fund". Expenditures from the Capital Improvement, Repair, or Replacement Fund shall be appropriated for the fiscal year in which the capital improvement, repair, or replacement will occur. If any surplus moneys remain in the Fund after the completion or abandonment of any object for which moneys from the Capital Improvement, Repair, or Replacement Fund were used, then any funds no longer necessary for capital improvement, repair, or replacement shall be transferred into the general corporate fund of the district on the first day of the fiscal year following the abandonment or completion of the object or the discovery of the surplus funds.

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