Full Text of SB0087 99th General Assembly
SB0087 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 SB0087 Introduced 1/28/2015, by Sen. Pamela J. Althoff SYNOPSIS AS INTRODUCED: |
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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 their County Capital Improvement, Repair, or Replacement Fund.
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| | A BILL FOR |
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| | | SB0087 | | LRB099 03642 AWJ 23650 b |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Counties Code is amended by changing Section | 5 | | 6-1002.5 as follows:
| 6 | | (55 ILCS 5/6-1002.5)
| 7 | | Sec. 6-1002.5. Capital Improvement, Repair, or Replacement | 8 | | Fund.
| 9 | | (a) In the preparation of the its annual budget, an amount | 10 | | not to exceed 3% of the equalized assessed value of property | 11 | | subject to taxation by the county may be accumulated in a | 12 | | separate fund a county may appropriate an amount not to exceed
| 13 | | 5% of the amount appropriated to the county's general corporate | 14 | | or operating
fund,
for the purpose of making specified capital | 15 | | improvements, repairs,
or replacements with respect to real | 16 | | property or equipment or other tangible
personal property of | 17 | | the county. Any amount so accumulated appropriated shall be | 18 | | deposited
into a special fund to be known as the County Capital | 19 | | Improvement, Repair, or
Replacement Fund ("the Fund"). | 20 | | Expenditures from the Fund shall be budgeted in
the fiscal year | 21 | | in which the capital improvement, repair, or replacement
will | 22 | | occur.
| 23 | | (b) Moneys shall be transferred from the Fund into the |
| | | SB0087 | - 2 - | LRB099 03642 AWJ 23650 b |
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| 1 | | county's general
corporate or operating fund as follows:
| 2 | | (1) When a capital improvement, repair, or replacement | 3 | | project is
completed, or when such a project is abandoned, | 4 | | and the county board determines
that there remain in the | 5 | | Fund unspent moneys that were budgeted for the
project, | 6 | | those unspent moneys shall be transferred.
| 7 | | (2) When the county board determines that surplus | 8 | | moneys, not needed for
any capital improvement, repair, or | 9 | | replacement project for which the Fund was
established, | 10 | | remain in the Fund, those surplus moneys shall be | 11 | | transferred.
| 12 | | Moneys transferred to the county's general corporate or | 13 | | operating fund under
this
subsection shall be transferred on | 14 | | the first day of the fiscal year following
the fiscal year in
| 15 | | which the unspent or surplus moneys were determined to
exist.
| 16 | | (Source: P.A. 94-644, eff. 8-22-05.)
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